本报记者 刘诗瑶 长征十号系列运载火箭第二次系留点火试验。 张馨方摄 近日，我国在文昌航天发射场成功组织实施长征十号系列运载火箭第二次系留点火试验，按计划完成了 全部预定系留点火试验。所谓"系留试验"就是将试验箭体牢牢固定在试验平台上点火试车，拴住它不要 让它飞走。 试验当天，随着指挥中心下达点火指令，火箭一子级试验产品七台发动机同时点火，按预定程序完成多 项试验流程，试验总时长320秒，重点考核了火箭一子级七台并联发动机低工况工作和二次点火启动工 作能力，获取了完整的试验数据，试验取得圆满成功。 长征十号系列运载火箭系留点火试验，按照循序渐进、逐步验证的思路，围绕一级七机并联发动机动力 系统性能验证、回收及重复使用验证两个目标分步推进实施，目的是获取一级七机并联工作状态下的真 实载荷环境特性，并对回收段工作程序进行验证，是释放首飞风险的重要手段。 8月15日下午，我国在文昌航天发射场成功组织实施长征十号系列运载火箭首次系留点火试验。 两次系留点火有何不同？ 专家介绍，第一次系留点火试验主要是考验两型火箭共用的起飞段的工作状态，模拟近1000吨推力的作 用下，各个系统工作的协调性和匹配性；第二次试验重点对火箭 ...

Core Viewpoint - The article discusses the renewed focus on the lunar exploration competition between the United States and China, highlighting the differences in their approaches and the implications for future space exploration [1][16]. Comparison of Lunar Exploration Plans - The U.S. relies on a complex system involving the SLS heavy-lift rocket and the Orion spacecraft, requiring multiple in-orbit refueling operations, which adds complexity and potential delays [4][8]. - In contrast, China's plan involves a simpler "dual rocket integration" approach using two Long March 10 rockets to send a crewed spacecraft and lunar lander into orbit, allowing for a more straightforward mission structure [7][12]. - The Apollo program was characterized by a single Saturn V rocket delivering all components in one go, which, while effective, was costly and limited in sustainability [6][10]. Progress and Risk Analysis - The U.S. aims to conduct the Artemis II mission in 2026 and Artemis III by 2027, but faces significant delays due to technical challenges and high costs, with each SLS launch exceeding $4 billion [10][14]. - China's timeline for a crewed lunar landing is set for before 2030, with steady progress on the Long March 10 and associated technologies, indicating a more manageable risk profile [11][12]. Cost and Sustainability - The Apollo program's limited missions highlight the financial unsustainability of high-cost lunar missions, while the Artemis program's complexity raises concerns about its long-term viability [14][16]. - China's approach, with lower costs and a clearer path to execution, suggests a potential for more frequent lunar missions and sustainable exploration efforts [12][16]. Future Implications - The competition is shifting from merely reaching the moon to establishing a sustainable presence, with China already planning for lunar base construction while the U.S. debates the necessity of a lunar gateway [16]. - The ability to transition from concept to reality in lunar base development will determine strategic advantages in future deep space exploration [16].

我国新一代载人运载火箭第二次 系留点火试验在文昌取得圆满成功 当日15时00分，随着试验指挥中心下达点火指令，火箭一子级试验产品七台发动机同时点火，按预 定程序完成多项试验流程，试验总时长320秒，重点考核了火箭一子级七台并联发动机低工况工作和二 次点火启动工作能力，获取了完整的试验数据，试验取得圆满成功。 截至目前，计划进行的两次系留点火试验已全部完成，全面检验了火箭一级七机动力系统性能和回 收段工作程序设计的正确性和可靠性，标志着长征十号系列运载火箭初样研制工作取得阶段性突破。 长征十号系列运载火箭是中国面向载人月球探测任务研制的新一代载人运载火箭，包括长征十号和 长征十号甲两种构型。据中国载人航天工程办公室介绍，长征十号系列运载火箭系留点火试验，按照循 序渐进、逐步验证的思路，围绕一级七机并联发动机动力系统性能验证、回收及重复使用验证两个目标 分步推进实施，目的是为了获取一级七机并联工作状态下的真实载荷环境特性，并对回收段工作程序进 行验证，是释放首飞风险的重要手段。 目前，我国载人月球探测工程研制工作进展顺利。今年6月中旬以来，相关试验工作多线并举、密 集实施，梦舟载人飞船、揽月着陆器、长征十号系列运 ...

长征十号系列运载火箭是中国面向载人月球探测任务研制的新一代载人运载火箭，包括长征十号和 长征十号甲两种构型。据中国载人航天工程办公室介绍，长征十号系列运载火箭系留点火试验，按照循 序渐进、逐步验证的思路，围绕一级七机并联发动机动力系统性能验证、回收及重复使用验证两个目标 分步推进实施，目的是为了获取一级七机并联工作状态下的真实载荷环境特性，并对回收段工作程序进 行验证，是释放首飞风险的重要手段。 目前，我国载人月球探测工程研制工作进展顺利。今年6月中旬以来，相关试验工作多线并举、密 集实施，梦舟载人飞船、揽月着陆器、长征十号系列运载火箭等接连取得可喜进展，文昌航天发射场相 关配套设施设备建设正在扎实稳步推进。后续，长征十号系列运载火箭将陆续开展飞行试验验证工作。 新华社海南文昌9月12日电（李国利、邓孟）我国12日在文昌航天发射场成功组织实施长征十号系 列运载火箭第二次系留点火试验，按计划完成了全部预定系留点火试验。 当日15时00分，随着试验指挥中心下达点火指令，火箭一子级试验产品七台发动机同时点火，按预 定程序完成多项试验流程，试验总时长320秒，重点考核了火箭一子级七台并联发动机低工况工作和二 次点火启 ...

Group 1 - The core point of the news is the successful completion of the second tethered ignition test for the Long March 10 series launch vehicle, marking a significant milestone in its development [1] - The ignition test lasted 320 seconds and involved the simultaneous ignition of seven engines in the first stage, validating the performance of the power system and recovery procedures [1] - The successful completion of both tethered ignition tests indicates the correctness and reliability of the design for the first stage's power system and recovery segment, which is crucial for reducing risks ahead of the maiden flight [1] Group 2 - The lunar exploration program in China is progressing smoothly, with multiple tests being conducted since mid-June, including advancements in the Dream Boat crewed spacecraft, lunar lander, and Long March 10 series launch vehicle [2] - The supporting facilities and equipment construction at the Wenchang Space Launch Site is steadily advancing, preparing for upcoming flight test verifications of the Long March 10 series [2]

Group 1 - The core viewpoint of the news is that China's Long March 10 series rocket has successfully completed its second tethered ignition test, marking a significant milestone in its development [1] - The tethered ignition test lasted for 320 seconds, during which seven engines of the rocket's first stage were ignited simultaneously, validating the performance of the power system and recovery procedures [1] - The successful completion of the two planned tethered ignition tests indicates a breakthrough in the initial development of the Long March 10 series rocket, confirming the reliability of its design [1] Group 2 - China's manned lunar exploration program is progressing smoothly, with multiple tests being conducted since mid-June, including advancements in the Dream Boat manned spacecraft and the lunar lander [2] - The supporting facilities and equipment at the Wenchang Space Launch Site are being steadily developed, with future flight test verification work planned for the Long March 10 series rocket [2]

Group 1 - The US stock market showed mixed results with major tech stocks fluctuating, while popular Chinese concept stocks mostly rose, suggesting a strategy of buying on dips [2] - The Shanghai Composite Index reached a ten-year high, with significant trading volume, indicating a bullish market sentiment and opportunities for active participation [2] - The focus on the ChiNext and STAR Market reflects a trend towards high volatility stocks, which are seen as the fastest route to profit in the current bull market [2] Group 2 - A significant breakthrough in star-ground communication technology was achieved by a Chinese research team, doubling the transmission rate to 4200 Mbps using dual-channel X-band [3] - The micro-short drama industry is rapidly expanding, with over 2300 vertical screen micro-short drama crews received in the first seven months of the year, surpassing the total for 2024 [4] - The global DRAM market reached a historical quarterly high of $32.101 billion in Q2 2025, driven by AI demand and rising prices for traditional DDR4/LPDDR4X [5] - China's manned lunar exploration program made a significant milestone with the successful ignition test of the Long March 10 series rocket, following previous successful tests [6] - The launch of multiple models by Zhiyuan Robotics aims to enhance online sales channels and broaden brand coverage, with products set to be available on major e-commerce platforms [8]

Industry Insights - China's successful ignition test of the Long March 10 series rockets marks a significant milestone in the country's manned lunar exploration program, following previous successful tests of the Dream Chaser spacecraft and lunar lander [1] - The Long March 10 series, designed for manned lunar missions, includes two configurations: Long March 10 and Long March 10A, establishing a crucial technical foundation for future manned lunar exploration [1] - The Chinese space industry is transitioning from a "national strategic drive" to a "dual-driven model of market and technology," with commercial space being recognized as a core emerging industry and a key area for new productive forces [1] - The market size for commercial space is projected to exceed 2.5 trillion yuan by 2025, with a compound annual growth rate of over 20% in the next five years [1] Company Insights - Relevant A-share concept stocks include Tianyin Electromechanical and Aerospace Electronics, which are associated with the developments in the space industry [2]

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [38]. Core Viewpoints - China's defense budget has maintained a growth rate of around 7%, with defense spending accounting for less than 1.5% of GDP, which is below the average level of major military powers. There is significant room for growth in defense spending, which is expected to outpace GDP growth in the long term. The year 2025 is anticipated to mark a turning point for the industry, moving away from a period of stagnation towards a comprehensive recovery. As orders normalize and are gradually released, the military industry sector may enter a phase of performance improvement and valuation enhancement, referred to as the "Davis Double-Trigger" stage. It is recommended to focus on leading companies in advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology, which have favorable competitive landscapes and high technological barriers [4][10]. Summary by Sections Industry Viewpoints - China's defense budget growth has been around 7%, with spending as a percentage of GDP below 1.5%, indicating potential for significant growth. The military sector is expected to recover in 2025, with a return to normal order levels leading to improved performance and valuations [4][10]. Market Performance - In the past week, the CSI 300 Index rose by 2.13%, while the aerospace and defense index fell by 2.13%. For the month, the CSI 300 Index increased by 4.60%, and the aerospace and defense index rose by 9.03% [11]. Industry News - Significant advancements in China's manned lunar exploration program were reported, including successful tests of the Long March 10 series rockets, which are crucial for future manned lunar missions. This marks an important technical foundation for the lunar exploration tasks [3][17][18]. Company Tracking - *ST Chengchang reported a revenue of 201.21 million yuan for the first half of 2025, a year-on-year increase of 180.16%, with a net profit of 56.63 million yuan, marking a significant turnaround [24]. - Aerospace Universe achieved a revenue of 207.02 million yuan, a 23.44% increase year-on-year, with a net profit of 34.70 million yuan, up 52.00% [25]. - Zhenlei Technology reported a revenue of 204.87 million yuan, a 73.64% increase year-on-year, with a net profit of 62.32 million yuan, reflecting a substantial growth [28].

Core Viewpoint - China aims to achieve its first manned moon landing by 2030, with significant progress in the development of the "Dream Boat" spacecraft and the "Moon Catcher" lunar lander [1][10]. Group 1: Manned Moon Landing Mission Overview - The mission involves multiple stages, including launching to the moon, landing, and returning to Earth, with a focus on safety and technological advancements [3][13]. - The average distance to the moon is approximately 380,000 kilometers, presenting unique challenges for space travel [3]. - The investment in space exploration has a high return ratio, estimated at 1:15, benefiting various industries through technological advancements [3]. Group 2: Rocket and Spacecraft Development - The new Long March 10 series rockets are being developed to meet the required payload capacity of at least 27 tons for lunar missions, as current rockets fall short [5][6]. - The "Dream Boat" spacecraft is designed to accommodate up to seven astronauts and features advanced safety systems for emergency situations [9][12]. - The "Moon Catcher" lunar lander will serve as the operational center for astronauts on the moon, supporting their activities and scientific research [11]. Group 3: Challenges and Solutions - Astronauts will face extreme conditions on the moon, including temperature fluctuations and complex terrain, necessitating thorough preparation and technology testing [10][12]. - The return journey involves a "space skipping" technique to ensure safe re-entry into Earth's atmosphere, which requires precise navigation and control systems [15][16]. - Continuous advancements in technology and rigorous testing are essential to ensure the safety and success of the mission [16][17].