目前，蓝箭航天拥有朱雀二号改进型、朱雀三号两型能承担卫星互联网星座组网及其他商业航天任务的 运载火箭。2月初，该公司成功完成了多星堆叠压紧释放机构和卫星组合体振动及解锁冲击试验，以及 星间锁机构在经历组合体振动、堆叠柱解锁冲击后的星间解锁试验。此次试验标志着该公司自研的多星 堆叠压紧释放机构，已具备服务卫星互联网星座大规模组网的能力，将助力我国加快卫星互联网星座组 网速度。 本报讯（记者 刘苏雅）昨天，记者从蓝箭航天获悉，该公司研制的朱雀三号重复使用运载火箭正在优 化着陆流程，计划于今年第二季度再次开展回收试验，并将根据回收试验情况，争取于第四季度尝试首 次回收复用飞行。 2025年12月3日，朱雀三号重复使用遥一运载火箭入轨圆满成功，但在一子级垂直回收技术的飞行验证 中，火箭一子级在着陆段点火后出现异常，未实现在回收场坪的软着陆，残骸着陆于回收场坪边缘。基 于该任务获取的数据和经验，型号团队开展全面复盘与技术改进，持续推进火箭可重复使用技术的验证 与应用。 ...

Group 1 - The "2026 Beijing International Commercial Aerospace Exhibition" was held from January 23 to 25, focusing on the theme "Gathering Global Resources to Promote Commercial Aerospace" [1] - The exhibition showcased over 300 commercial aerospace companies and related institutions from both domestic and international markets, creating a high-end platform for global industry exchange and cooperation [1] - Notable products included the world's first continuously launched liquid oxygen-methane rocket, the Zhuque-2 improved model, and the Zhuque-3 model, which successfully completed China's first large reusable rocket launch [1] Group 2 - In the space application and exploration sector, Galaxy Aerospace presented China's first flexible solar wing flat satellite, the Lingxi-03, and a satellite model capable of direct communication between space and ground [2] - A dedicated "Aerospace Investment and Financial Services" area was established, showcasing the deep integration of financial capital with the aerospace industry, featuring customized financial service solutions from major banks [2] - Preliminary statistics indicated significant procurement and cooperation intentions were reached during the exhibition, reflecting global market recognition of China's commercial aerospace supply chain capabilities and cooperation potential [2]

Investment Rating - The industry investment rating is "Outperform the Market - A" [4] Core Insights - The importance of aerospace and satellite technology is increasingly recognized, with the acceleration of space infrastructure construction benefiting the related industry chain in the long term [2][12] - The report highlights significant recent developments in the commercial aerospace and satellite industry, including the launch of new satellite networks and rockets, which are expected to enhance the application potential of satellite infrastructure [1][11] - The report suggests focusing on incremental directions in space infrastructure, such as space computing power, 3D printing, terminal direct connection, and inter-satellite connectivity, as well as value-enhancing segments in low Earth orbit satellites [2][12] Summary by Sections Industry Performance - The report indicates that the industry has shown a relative return of 14.7% over the past month, 9.2% over three months, and 23.8% over twelve months, with absolute returns of 16.5%, 11.2%, and 47.4% respectively [6][13] Recent Developments - The report details various recent events, including the launch of the "TeraWave" satellite communication network by Blue Origin, which will consist of 5,408 low Earth orbit satellites, and the successful launch of multiple satellites by different companies [1][11] - It also mentions the approval of policies in Beijing to support the development of commercial satellite remote sensing data resources from 2026 to 2030, indicating a favorable regulatory environment for the industry [1][11] Investment Focus - The report recommends paying attention to companies involved in satellite and space asset management, safety, and applications, as well as those engaged in testing and simulation services [2][12]

Core Insights - In 2025, global launch frequency reached 329 times, with China's share nearing 30%, indicating that approximately 1 in every 3 rockets launched globally originated from China [1] - China's total launches for the year amounted to 92, representing a 35.3% increase from 68 launches in 2024, with a high success rate of 97.8% [1] Launch Contributions - Multiple commercial rockets achieved significant launch results in 2025, contributing to the overall increase in launch volume [1] - Zhongke Aerospace's Lijian-1 completed 5 launches, placing 27 satellites into orbit with a total payload of about 6 tons, handling all external orders for commercial rockets [1] - Xinghe Power's Gushenxing-1 had 6 launches, successfully placing 27 satellites into orbit with a total payload of approximately 1 ton [1] - Blue Arrow Aerospace's improved Zhuque-2 had 2 launches, placing 6 satellites into orbit with nearly 1 ton of payload, while Zhuque-3 had its maiden flight without carrying any satellites [1] - Interstellar Glory's Hyperbola-1 completed 1 launch, placing 1 satellite into orbit with a payload of nearly 100 kilograms [1] - Dongfang Space's Gravitational-1 had 1 launch, successfully placing 3 satellites into orbit with a total payload of about 500 kilograms [1] Broader Achievements - Beyond rocket launches, China's aerospace sector made significant advancements in satellite constellation networking, commercial space investment and financing, rocket technology, and supporting infrastructure [1]