Core Insights - The successful high-precision variable thrust test of the CQ-50 engine marks a significant advancement in China's private aerospace sector, particularly in the core technology of vertical recovery for liquid rockets [2][5] - The engine's ability to operate at a thrust limit of 32% of its rated power and achieve a rapid response time of under 0.5 seconds demonstrates its stability and potential for reusable rocket applications [2][5] Company Overview - Beijing Xinghe Power Aerospace Technology Co., Ltd. was established in February 2018 with a registered capital of approximately 432.87 million RMB, focusing on low-cost commercial launch vehicle development and launch services [3] - Within seven years, the company has become a leading player in China's private rocket sector, completing 21 commercial launches and placing 85 satellites into orbit, capturing a market share of 15% [3] Technological Advancements - The CQ-50 engine features a thrust-to-weight ratio greater than 120, a swing capability of ±6°, and a design life of 50 reuses, with a combustion efficiency exceeding 96% [2][5] - The use of metal 3D printing technology for key components has significantly improved production efficiency and reduced costs to one-third of traditional methods [5] Industry Context - Since 2016, China's aerospace sector has entered a phase of rapid innovation, with significant advancements in space infrastructure and satellite systems [7] - In 2023, China's commercial space activities saw a 29% year-on-year increase in the number of commercial satellites launched, with 141 satellites launched and 23 commercial launches conducted [11] Market Dynamics - The commercial launch sector is experiencing accelerated growth, with government support and local policies fostering innovation and collaboration across related fields [14] - Experts predict that with ongoing technological breakthroughs and capital support, China's commercial aerospace industry is poised to mature by the end of the 14th Five-Year Plan, paving the way for a new phase in space economy development [14]

Core Viewpoint - The successful launch of the Vesta-1 rocket by Beijing Xinghe Power Aerospace Technology Co., Ltd. marks a significant achievement in China's commercial space sector, highlighting the potential for collaboration between state-owned and private enterprises in the aerospace industry [1][2]. Company Overview - Liu Jianshe, the president and technical leader of Xinghe Power, has been a driving force in the company's development since its founding, believing in the vast prospects of the commercial space market [2]. - The company has achieved 20 successful launches in just eight years, serving 27 satellite clients and successfully placing 85 different types of commercial satellites into orbit [2][3]. Technological Advancements - Xinghe Power is preparing for significant milestones in the fourth quarter, with the Vesta-2 and Zhi-1 rockets entering critical stages of development, aiming to enhance their launch capabilities [3]. - The Vesta-2 rocket is an upgraded model with parameters reaching international leading levels, designed to support various launch platforms and significantly reduce launch costs [3]. Market Position - Xinghe Power is recognized for its high success rate and cost control in the commercial space sector, achieving a 95% launch success rate and creating multiple milestones for private rocket companies in China [4][5]. - The company has implemented strict quality control and failure mitigation mechanisms, which have been crucial for maintaining its operational success [5]. Future Prospects - The company has recently completed a D-round financing of 2.4 billion yuan, aimed at accelerating the development of reusable liquid rockets and enhancing production and launch capabilities [7]. - Liu Jianshe anticipates a significant demand for low-orbit satellite launches in the next decade, emphasizing the importance of cost and reliability in the sustainable development of the industry [7].

来源：科技日报 ◎ 科技日报记者 付毅飞 记者9月28日从北京星河动力航天科技股份有限公司（以下简称星河动力）获悉，智神星一号运载火箭 二子级动力系统试车近日在星河动力航天动力试验中心实施，试车取得圆满成功。 据悉，本次二子级动力系统试车按照智神星一号二级任务全剖面实施，充分验证了智神星一号运载火箭 加注停放、发动机预冷、二级飞行参试各系统匹配、推迟24小时发射的设计正确性，具有参试要素全、 流程覆盖全、考核内容全等特点。 智神星一号运载火箭由星河动力研制，是国内首批即将开展轨道级发射的可重复使用液体运载火箭。该 火箭采用两级构型，主要面向大型星座组网和大型卫星发射市场。 ...

Core Viewpoint - The commercial rocket industry in China is rapidly developing due to supportive policies, with a new model rocket, "Zhishenxing No. 1," set for its first orbital launch by the end of the year [1][3]. Group 1: Rocket Development - The "Zhishenxing No. 1" is a medium to large, reusable launch vehicle, measuring 50 meters in length and over 3 meters in diameter, currently undergoing installation and testing [1]. - The rocket is equipped with eight "Cangqiong" liquid fuel engines, which are fully self-developed by the company, using liquid oxygen and kerosene as fuel [3][5]. - The company has previously focused on solid fuel rockets, achieving mass production and high-frequency launches, successfully completing 19 commercial rocket launches and delivering 81 satellites to their designated orbits [3]. Group 2: Technological Innovation - Since 2019, the company has been developing liquid fuel rockets, which are more economical and environmentally friendly compared to solid fuel rockets, and designed for vertical recovery with up to 25 reuse cycles [5]. Group 3: Financial and Policy Support - The success of the company in research and development is closely linked to supportive technology finance policies, with significant investments in the aerospace industry in Anhui Province, including four commercial space projects with a total investment of 11.12 billion yuan [7]. - Local financial support addresses challenges faced by startups, such as limited market size and funding shortages, providing direct financial assistance and establishing a commercial aerospace industry fund [7]. - Anhui Province has implemented a comprehensive reform plan for future industries, promoting diversified funding sources and supporting companies in the capital market for listing and financing [7].