《中国经营报》记者了解到，天兵科技主要专注于新一代液体火箭发动机及中大型液体运载火箭的研 制，已构建起覆盖从火箭自研、规模制造到专属发射工位的全产业链布局，具备年产30发"天龙三号"大 运力液体火箭及500台天火系列发动机制造能力，为大规模商业化交付提供了保障。 10月18日，证监会官网披露，天兵科技已报送上市辅导备案，正式冲刺"商业航天第一股"，辅导机构为 中信建投证券股份有限公司。中经记者 郭阳琛 石英婧 上海报道 【市北高新间接参股液体火箭公司 天兵科技冲刺"商业航天第一股"】商业航天.png 12月18日，市北高新（600604.SH）在互动平台回答投资者提问时表示，公司作为央视融媒体产业投资 基金（有限合伙）（以下简称"央视融媒体基金"）的有限合伙人，占基金2.69%份额。央视融媒体基金 于2023年11月投资江苏天兵航天科技股份有限公司（以下简称"天兵科技"），投资金额1亿元，持股比 例为0.55%。 ...

Core Insights - Tianbing Technology successfully completed the "One Arrow 36 Stars" separation test for the Tianlong-3 large liquid launch vehicle, marking a significant breakthrough in China's commercial space industry for multi-satellite deployment and heavy-lift delivery capabilities [1][2] Group 1: Technological Advancements - The traditional multi-satellite separation technology has several drawbacks, including high safety risks, high costs, significant impact on satellites, pollution, lack of pre-launch testing, and low space utilization [1] - Tianbing Technology pioneered the "One Arrow 36 Stars" launch technology, developing an integrated design solution for the rocket and separation mechanism, which utilizes a memory alloy unlocking mechanism [1] - The new separation system demonstrated a 90% reduction in impact strength, a 60% reduction in weight, zero emissions, and a cost that is only 30% of traditional solutions [1] Group 2: Market Position and Future Plans - The Tianlong-3 is China's first commercial launch vehicle with a near-Earth orbit capacity expected to exceed 20 tons, with a total length of 72 meters and a launch weight of approximately 600 tons, scheduled for its maiden flight by the end of 2025 [2] - The rocket's high capacity, low cost, and reusability align well with China's urgent needs for frequent and large-scale satellite internet constellation launches, as well as supporting large cargo transport for the space station and medium-to-high orbit satellite launches [2] - Tianbing Technology has established a comprehensive chain covering rocket self-research, large-scale manufacturing, and dedicated launch facilities, with an initial capacity to produce 30 Tianlong-3 rockets and 500 Tianhu series engines annually [2]

Core Insights - The successful separation test of the Tianlong-3 large liquid launch vehicle, achieving "one rocket, 36 satellites," marks a significant breakthrough in China's commercial aerospace sector, particularly in multi-satellite deployment and heavy-lift delivery capabilities [1][2] Group 1: Technological Advancements - The Tianlong-3's separation system utilizes a memory alloy unlocking mechanism, which reduces impact strength by 90%, weight by 60%, and costs to only 30% of traditional methods, enhancing safety, testability, and impact control [1] - The test validates the design and reliability of the separation system, confirming the Tianlong-3's capability for large-scale satellite launches [1] Group 2: Market Implications - The advancements in the separation system and other innovative technologies position the Tianlong-3 to meet international standards in reliability and cost, providing efficient and low-cost launch services for low Earth orbit satellite constellations [2] - With the rapid development of China's satellite internet infrastructure, there is an anticipated demand for over 30,000 satellite launches, making high reliability, frequency, and low-cost launch capabilities critical for industry growth [2] Group 3: Company Development - Tianbing Technology has established a comprehensive development path from core components and technological innovation to commercial launch services, laying a solid foundation for large-scale network launches [2] - The company has built a full-chain layout covering rocket self-research, large-scale manufacturing, and dedicated launch facilities, with plans to execute the first Tianlong-3 flight by the end of 2025 and support over 60 high-frequency launches annually [2]

Group 1 - The core point of the news is that Jiangsu Tianbing Aerospace Technology Co., Ltd. has officially submitted its listing guidance record, marking a significant step in the commercialization and scaling of China's commercial aerospace sector [1] Group 2 - Tianbing Technology has achieved a domestic record for thrust in liquid rocket engines with the successful sea test of the Tianlong-3 large liquid launch vehicle, indicating its capability for batch launches [2] - The Tianlong-3 rocket is expected to have a near-Earth orbit capacity exceeding 20 tons, comparable to SpaceX's Falcon 9, and can support the launch of 36 satellites in one go, addressing the demand for high-reliability, high-frequency, and low-cost satellite launches in China [2] Group 3 - Prior to initiating its IPO guidance, Tianbing Technology completed nearly 2.5 billion RMB in financing, which will be used for rocket mass production and the development of new-generation engines [3] - The company has established a comprehensive industrial chain covering rocket research, large-scale manufacturing, and dedicated launch facilities, with an initial capacity to produce 30 Tianlong-3 rockets and 500 Tianhu series engines annually [3] Group 4 - The demand for launching over 30,000 satellites for China's satellite internet construction presents a vast market opportunity for commercial aerospace [4] - The initiation of the IPO by Tianbing Technology signifies a transition from "technology validation" to "scale commercialization" in China's commercial aerospace sector, driven by policy support and market demand [4]