商业航天与卫星互联网：关注火箭产业链突破 20251123 摘要 商业航天迎来多重拐点：政策支持力度加大，部分核心公司三季度业绩 已显现积极变化，可回收火箭技术及 NTN 标准体系成为关注焦点，预示 行业进入加速发展期。 全球可回收火箭技术竞争加剧：SpaceX 猎鹰 9 号和星舰已成熟运行， Blue Origin 新格伦火箭实现一级回收，国内蓝箭等公司计划年底密集 发射，标志着全球商业航天进入新阶段。 算力上天面临挑战：带宽限制、太空环境复杂、设备折旧等问题制约发 展，需探索解决方案，这些因素对相关投资策略产生直接影响。 2026 年商业航天展望：作为"十五"规划首年，民商火箭密集发射将 降低成本，国家队也将推出可回收火箭，星网和垣信建设有望加速，推 动行业快速发展。 朱雀 3 号首发意义重大：作为民商火箭，其首发抢在国家队之前，采用 全舰不锈钢设计，借鉴猎鹰 9 号技术，成功将提升国内商业航天信心， 并推动技术发展。 Q&A 目前商业航天领域的三重拐点是什么？具体情况如何？ 商业航天领域的三重拐点包括两个确定性的拐点和一个可能出现的拐点。第一 个确定性的拐点是政策型的，主要体现在商业航天司的成立，这一机 ...

Group 1 - The Dow futures rose by 0.36%, S&P 500 futures increased by 0.11%, while Nasdaq futures fell by 0.05% [1] - Cathie Wood's ARK Investment Management purchased 93,374 shares of Nvidia following the company's strong earnings report, marking the first purchase of Nvidia shares since August 4 [1] - Bitcoin experienced a significant drop, falling below $82,000 and reaching a low of $81,330, marking the lowest point since April 7, with a daily decline of over 9% [1] Group 2 - Blue Origin, founded by Amazon's Jeff Bezos, announced plans to build a new heavy-lift rocket that will be larger and more powerful than its existing New Glenn rocket [1] - Middle Eastern airlines made substantial purchases at the Dubai Airshow, with Boeing and Airbus receiving multi-billion dollar orders, including Emirates Airlines ordering 65 Boeing 777-9 aircraft [1]

⑤ 【中东航司大举采购，波音、空客均获数百亿美元订单】据媒体报道，本周举办的迪拜航展迎来中东航司采购潮，空客波音两大公司均获百亿美元大 单。其中，阿联酋航空重点押注波音777X系列，确认订购65架777-9飞机；阿提哈德航空订购6架空客A330-900、7架A350-1000及3架A350F货机。并通过 租赁方式引进另外9架A330-900。 ⑥ 【OpenAI向全球用户推出ChatGPT群聊功能】据OpenAI公告，ChatGPT群聊功能已正式面向全球开放，适用于所有登录用户，包括Free、Go、Plus与 Pro订阅计划用户。此前该功能已在早期测试者中进行试点。 每经编辑｜段炼 ① 【三大期指涨跌互现】道指期货涨0.36%、标普500指数期货涨0.11%、纳指期货跌0.05%。 ② 【"木头姐"旗下旗舰基金买入93374股英伟达股票】英伟达公布亮眼财报后，"木头姐"Cathie Wood旗下旗舰基金本周四买入该公司股票，重申旗下公司 ARK Investment Management对这家芯片巨头的看涨立场。美国主动管理型交易所交易基金ARK Innovation ETF周四买入93374股英伟达股票。彭 ...

凤凰网科技讯 北京时间11月21日，据路透社报道，杰夫·贝佐斯(Jeff Bezos)旗下太空公司蓝色起源周四 表示，将研制一款更大、动力更强劲的"新格伦"火箭变体，初步规划出一个类似埃隆·马斯克(Elon Musk)旗下SpaceX"猎鹰"火箭系列的轨道卫星运载火箭家族。 该公司指出，两款"新格伦"火箭变体"将同时服务于市场，为客户任务提供更多发射选择，包括巨型星 座部署、月球与深空探索，以及'金穹'等国家安全项目"。 这款新型火箭被命名为"新格伦9x4"，其名称含义为一级火箭配备9台发动机，二级配备4台发动机，较 当前设计方案的各级均增加2台发动机。该消息在"新格伦"火箭上周执行第二次发射任务后公布。在这 次任务中，"新格伦"火箭不但首次为美国宇航局(NASA)运送火星卫星，还首次完成了一级火箭的回 收。 蓝色起源公司在概述火箭升级计划的声明中表示："新格伦发展路线图的下一篇章是研制新型超重型运 载火箭。" 蓝色起源并未披露更大火箭型号的预期首飞时间。该公司发言人表示："我们今天不会披露具体时间节 点。由于它是从当前的7x2型号迭代设计而来，意味着我们可以快速建造这枚火箭。" 蓝色起源CEO戴夫·林普(D ...

Group 1 - China's Chang'e 6 mission has discovered micron-sized hematite (α-Fe2O3) and magnetite (γ-Fe2O3) crystals from lunar samples, marking a significant breakthrough in lunar science research [1][3] - The research indicates that large impact events can create a transient high oxygen fugacity environment, leading to the oxidation of iron sulfide (FeS) and the formation of hematite and magnetite, challenging the traditional view of the Moon's lack of oxidation [3] Group 2 - China Telecom has achieved a milestone by completing the world's first quantum-classical hollow-core fiber transmission experiment over a distance of 101.6 kilometers, showcasing advanced technology in quantum communication [4] - The experiment utilized innovative spectrum coordination and crosstalk suppression techniques, achieving a stable transmission capacity of 37.6 Tbps and a key rate of 5 kbps, positioning China Telecom as a leader in this field [4] Group 3 - Elon Musk aims to launch 100 gigawatts of solar-powered AI satellites annually, which he believes could be the most cost-effective way to power large-scale AI operations [5] - Musk emphasized the importance of collaboration with TSMC and Samsung for AI chip manufacturing, expressing concerns about the lengthy timeline for new wafer fabrication plants [5] Group 4 - Blue Origin successfully completed the second flight of its New Glenn rocket, achieving a vertical landing of the booster on a recovery ship, and is evaluating whether to reuse the booster for future flights [6][8] - The company plans to launch the "Blue Moon" MK1 lunar lander in its next mission, with a goal to produce 20 second stages annually by 2026 [8] Group 5 - SES has signed a contract with Infinite Orbits to become the first commercial customer for its "Endurance" satellite servicing vehicle, aimed at extending the lifespan of geostationary satellites [11] - SES is developing a comprehensive satellite servicing system that includes robotic docking and propulsion upgrades, setting a new standard for GEO fleet management [11] Group 6 - Sierra Space's "Dream Chaser" spaceplane has completed critical electromagnetic interference tests, confirming its systems will not interfere with its rocket or itself [12][14] - The company plans to focus on national security applications for the Dream Chaser, which was originally developed for cargo missions to the International Space Station [14] Group 7 - Virgin Galactic confirmed its new generation Delta suborbital spaceplane is on track for test flights in Q3 2026, with commercial flights expected to begin shortly thereafter [16] - The company plans to resume ticket sales in 2026, with prices expected to increase from the previous $600,000 [16] Group 8 - OHB expressed concerns over the necessity of a joint venture among competitors in the European aerospace sector, questioning its impact on market opportunities [19] - OHB anticipates significant growth in European government space spending, including a planned investment of €35 billion in military space systems over the next five years [19] Group 9 - Canadian company SBQuantum has secured an €800,000 contract from the European Space Agency to develop a quantum diamond magnetometer, enhancing Earth observation capabilities [20][22] - The instrument aims to provide superior sensitivity for monitoring ecological changes, leveraging advanced laser and microwave technology [20] Group 10 - A bipartisan group of Maryland Congress members has raised concerns about NASA's plans to close facilities at the Goddard Space Flight Center, fearing it may weaken research capabilities [23][25] - NASA has defended its consolidation plan, stating it will save operational costs while maintaining mission support [25] Group 11 - Yushu Technology has completed its IPO counseling and plans to apply for an initial public offering in China [27] - The company is backed by its controlling shareholder, Wang Xingxing, who holds a significant portion of its equity [27] Group 12 - Alibaba's AI application "Tongyi" has undergone a major rebranding, now named "Qianwen," and has launched with enhanced features aimed at competing with top AI applications globally [27][28] Group 13 - Google's new model for transcribing ancient texts has achieved a core error rate of only 0.56%, demonstrating high accuracy comparable to expert transcribers [29] - The model showcases strong adaptability and contextual reasoning capabilities, enhancing its performance in complex transcription tasks [29]

Group 1 - Blue Origin's "New Glenn" rocket successfully launched for the second time on November 13, 2023, marking the first successful sea recovery of its first stage, making Blue Origin the second company globally, after SpaceX, to master orbital rocket recovery technology [1] - China's Shenzhou-20 successfully returned on November 14, 2023, with multiple reusable rocket plans set for upcoming test flights and recoveries, including the Zhuque-3 rocket expected to launch in mid to late November [1] - The successful launches of commercial rockets are anticipated to address key bottlenecks in China's satellite constellation networking, including capacity, launch costs, and launch sites, thereby accelerating the development of two major satellite constellations [1] Group 2 - Shanghai Hanxun is a core research and development unit for the communication subsystem of the Qianfan satellite constellation and is responsible for providing key satellite communication equipment, including communication payloads and ground stations [2] - Zhenlei Technology is a core supplier of chips and components for satellite internet, with a comprehensive product range and collaborations with various research institutions and leading companies in the industry [2]

Aviation Industry - China Southern Airlines' C919 aircraft successfully arrived at Dubai Al Maktoum International Airport on November 14, preparing for the Dubai Airshow from November 17 to 21, 2025. The C919 has received over 1,000 domestic and international orders, marking a significant milestone in China's aviation industry development [1] - Boeing predicts that the Middle East will require 3,000 new passenger aircraft over the next 20 years, valued at over $500 billion. China's fleet is expected to grow at an average annual rate of 4.4%, with a projected total of 9,323 jet aircraft by 2043, making it the largest single aviation market globally [1] Animation Industry - Bilibili held an online launch event for 40 domestic animation works for 2025-2026, including new titles and updates on various IP sequels. The return of "The King's Avatar" TV animation and the announcement of "Chinese Folktales 2" set for January 1, 2026, were highlighted [2] - Since 2018, Bilibili has launched over 3,000 domestic creations, with nearly 970 million hours of viewing time in the past year. The platform's user base reached 330 million, with a 104% year-on-year increase in viewing time for domestic content in Q3 [2] Robotics Industry - CITIC Securities reported the completion of the IPO guidance for Yushu Technology Co., which is positioned to strengthen its industry-leading status in humanoid robotics. The company is noted for its continuous technological and product iterations [3][7] - The demand for domestic production of key systems like aviation engines is expected to drive the expansion of the domestic aviation market and upgrade the industry chain [1] Commercial Space Industry - Blue Origin's "New Glenn" rocket successfully launched on November 13, marking its second flight and the first successful sea recovery of its first stage, making Blue Origin the second company globally to master orbital rocket recovery technology after SpaceX [4] Satellite Internet - The Chinese Academy of Sciences conducted a successful high-rate communication experiment, achieving data transmission rates of 6.0 Gbps in the X-band and 20 Gbps in the Ka-band, indicating significant technological advancements in satellite communication [5] - The satellite communication market is currently valued at approximately 40-50 billion yuan, with projections to exceed 200-400 billion yuan by 2030, reflecting a compound annual growth rate of 10%-28% [5] Quantum Technology - IBM announced significant progress towards achieving quantum advantage by the end of 2026 and fault-tolerant quantum computing by 2029, introducing its most advanced quantum processor, "Quantum Nighthawk," expected to be delivered by the end of 2025 [6] - China's "Zuchongzhi 3" superconducting quantum computer has successfully manipulated 105 qubits, becoming the highest-performing superconducting quantum computing prototype globally [6] Physical AI - Yushu Technology's founder emphasized that AI technology will enable robots to truly "understand the world" in the next decade, with their humanoid robots capable of performing most work actions through offline pre-learning and real-time imitation [7] - The emergence of Physical AI aims to enhance autonomous machines' capabilities in real-world physical interactions, bridging the gap between virtual and embodied intelligence [7]

Core Insights - The article highlights significant developments in the global expansion of Chinese companies, particularly in e-commerce and technology sectors, showcasing their competitive strategies and market performance [2][3]. E-commerce Developments - AliExpress's overseas "Double 11" sales surpassed Amazon, with over 200 brands achieving sales levels exceeding their daily averages on Amazon by more than 2 times, with some brands like EDIFIER and 70mai reaching 6 to 10 times [5]. - TikTok Shop in Southeast Asia reported a 2.3 times year-on-year increase in total transaction volume during the "Double 11" event, with a single-day GMV surge of 60% on November 11 [6]. Company Movements - Former DeepSeek researcher, Luo Fuli, has joined Xiaomi to lead its AI model team, focusing on developing advanced AI capabilities [8]. - Luckin Coffee's CEO announced plans for a relisting in the U.S. after overcoming a $310 million revenue fraud scandal, with the company now being the largest coffee retailer in China [11]. - Luckin Coffee's major shareholder is considering a bid for Costa Coffee, which is currently owned by Coca-Cola, with an estimated valuation of around £1 billion (approximately $1.3 billion) [12][13]. Technology and Innovation - Li Feifei emphasized the importance of spatial intelligence as the next frontier in AI, which involves understanding and interacting with the physical world [15][16][17]. - CPE Yuanfeng announced a $350 million investment in Burger King China to support its growth and expansion in the market [19][20]. Global Expansion Initiatives - Didi Autonomous Driving has initiated its global expansion with a strategic partnership in Abu Dhabi, aiming to contribute to the development of smart transportation solutions in the region [22][23]. - K-Scale Labs, a robotics startup, has shut down within a year of its establishment due to financial difficulties and failed funding attempts [26]. Major Events in Space Exploration - Blue Origin's New Glenn rocket successfully completed its first NASA mission, marking a significant step in its competitive positioning against SpaceX in the space launch industry [31][33].

Core Points - Blue Origin's New Glenn rocket successfully launched and achieved its first stage recovery at sea, marking a significant milestone for the company in reusable rocket technology [1][3][5] - This launch positions Blue Origin as the second company globally, after SpaceX, to master rocket recovery technology [3][5] - The New Glenn rocket is designed for multiple uses, with the first stage expected to be reusable up to 25 times, enhancing its competitiveness in the launch market [6][7] Technical Specifications - New Glenn rocket features a two-stage design, with a height of 98 meters and a diameter of 7 meters, providing a launch thrust of 1,750 tons [6] - The first stage has a near-Earth orbit capacity of 45 tons and a geostationary transfer orbit capacity of over 13 tons [6] - The rocket's first stage is powered by seven BE-4 engines using liquid methane and liquid oxygen, while the second stage is equipped with two BE-3U engines [6] Mission Details - The rocket successfully deployed NASA's ESCAPADE twin satellites, which will study Mars' atmosphere, after approximately 34 minutes of flight [6][7] - The ESCAPADE mission will not directly head to Mars but will first enter a near-Earth orbit before making its journey to Mars in 2026 [7] - The launch faced multiple delays due to weather conditions and previous mission failures, highlighting the challenges in the aerospace industry [7] Industry Context - The successful launch of New Glenn adds pressure on China's commercial space sector, which is preparing for the maiden flight of its reusable rocket, Zhuque-3, expected in mid-November [8][11] - Other Chinese rockets, such as Tianlong-3 and Chang Zheng-12A, are also in development, indicating a competitive landscape in the global space launch market [11]

Core Points - Blue Origin successfully launched the reusable "New Glenn" heavy-lift rocket, sending NASA's Mars probe into space, marking the first successful sea recovery of the rocket's first stage [1][2] - The ESCAPADE mission, which involves two identical probes, aims to study the interaction between solar wind and Mars' magnetic field, providing insights into Mars' atmospheric escape and its response to space weather [1][2] Group 1 - The "New Glenn" rocket was launched from Cape Canaveral Space Force Station at 15:55 EST on November 13 [1] - The rocket's first stage successfully landed on a recovery ship in the Atlantic Ocean [1] - The ESCAPADE probes will not head directly to Mars but will first orbit near the Earth-Sun L2 point for about a year before using Earth's gravity to accelerate towards Mars [2] Group 2 - This launch, designated "NG-2," is the second flight of the "New Glenn" rocket and the first successful sea recovery of its first stage [2] - The mission was delayed multiple times due to weather, ground equipment issues, and a strong geomagnetic storm [3]