证券研究报告|行业研究周报 大运载时代：百箭争流，共绘天疆新图景 [Table_Date] 2025 年 12 月 14 日 [Table_Title2] 计算机行业周报 [Table_Summary] 本周观点: ► 一、力箭一号和长征十二号发射验证国内火箭大运 力能力 2025 年 12 月，我国商业航天两大运力平台接连完成 重要发射，验证了本土火箭的大运力能力。力箭一号 以"一箭九星"方式成功发射，标志着该民营固体火 箭进入规模化运营阶段。其 500 公里太阳同步轨道运 力达 1.5 吨，运载系数达 1.12%，达到同级别印度火 箭的四倍以上。凭借高性价比优势，已累计将 84 颗 卫星（总重超 11 吨）送入太空。长征十二号作为我 国最强单芯级火箭，近地轨道运力不低于 12 吨，首 次验证了大规模星座组网发射能力。该火箭采用泵后 摆发动机技术，在 3.8 米直径箭体内实现了四发并 联，支撑了大运力光杆构型。其 5.2 米大直径整流罩 为各类载荷提供了充足空间，成为未来星座建设的主 力运载平台。 谷神星二号（遥一箭）将于 2025 年 12 月 15 日在酒 泉发射中心首飞，采用"三级固体+液体上面级"的 ...

Core Viewpoint - The successful development of China's first 10-meter diameter stainless steel storage tank prototype marks a significant leap in the country's heavy rocket manufacturing capabilities, positioning it to compete in the next generation of space exploration and heavy lift systems [1][3][12]. Group 1: Technical Significance - The 10-meter diameter represents a critical threshold in rocket design, as larger storage tanks are essential for heavy rockets, which are necessary for ambitious space missions such as lunar bases and Mars exploration [3][5]. - The introduction of stainless steel as a material for the storage tank signifies a shift in manufacturing philosophy, offering advantages in strength, cost, and reusability compared to traditional aluminum alloys [5][6]. - The prototype is not designed for current rockets but is intended for the next generation of heavy rockets, specifically the Long March 9, which aims to be a reusable system with significant thrust capabilities [6][12]. Group 2: Competitive Landscape - The development of the 10-meter storage tank is a strategic move for China to establish a foothold in the competitive landscape of super heavy rockets, where the U.S. has already made significant advancements with NASA's SLS and SpaceX's Starship [12][13]. - The global race for super heavy rockets is intensifying, with the U.S. focusing on high-reliability systems and commercial deep space capabilities, while China aims to leapfrog existing technologies by directly entering the super heavy and reusable rocket domain [12][15]. - The ability to manufacture large-diameter, modular, and high-temperature resistant structures is crucial for achieving high-frequency, low-cost space launches, which is the future of space transportation [15][16]. Group 3: Industrial Implications - The 10-meter stainless steel storage tank prototype is not merely a component but represents a foundational shift in China's space manufacturing logic, indicating a move towards a more industrialized approach to rocket production [17]. - The successful creation of this prototype demonstrates China's readiness to develop the necessary infrastructure and capabilities to support the next generation of space vehicles, which is essential for maintaining competitiveness in the global space race [16][17]. - The focus on building a robust manufacturing system capable of producing large components is a critical step towards achieving the goal of high-frequency space launches, which will be vital for future missions [15][17].