行 业 及 产 业 2025 年 11 月 25 日 可复用技术引领变革，商业火箭开 行 业 研 究 / 行 业 深 度 证 券 研 究 报 告 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 穆少阳 A0230524070009 musy@swsresearch.com 田昕 A0230124060003 tianxin@swsresearch.com 联系人 穆少阳 (8621)23297818× musy@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证券分析师 韩强 A0230518060003 ⚫ 商业火箭迎来黄金时代，可复用技术引领变革。商业航天在全球航天产业中占据主导地 位，商业运载火箭关键环节，迎来黄金时代。运载火箭分类方式多样，可按照动力系统 能源种类、运力大小、发射方式等划分多种类型；运载火箭主要由结构系统、推进系统 及控制系统三大系统组成。可重复使用火箭是未来商业运载火 ...

Core Points - The "Vulcan" rocket successfully launched, marking its first participation in the U.S. Space Force's National Security Space Launch (NSSL) program, providing a new option to break SpaceX's monopoly in the space launch sector [1][2] - The "Vulcan" rocket is entirely manufactured in the U.S., utilizing American-made engines, which aligns with the U.S. government's shift towards domestic production for national security payloads [2][3] Group 1: Launch Details - The "Vulcan" rocket successfully delivered two military satellites into geostationary orbit, approximately 36,000 kilometers from Earth [1] - The launch occurred at 8:56 PM Eastern Time, featuring two BE-4 engines, and was described as a spectacular display in the night sky [1] - The mission was conducted under high secrecy due to its military nature, with subsequent flight details not disclosed [1] Group 2: Industry Context - The "Vulcan" rocket aims to replace the Delta IV and Atlas V rockets, which previously relied on Russian RD-180 engines, a dependency criticized by the U.S. Congress [3] - The U.S. military previously relied on United Launch Alliance (ULA) for over 70% of its space launches before the emergence of SpaceX [3][4] - The "Vulcan" rocket's development faced delays, with its first flight pushed back by five years, highlighting the challenges in coordinating multiple contractors [4] Group 3: Competitive Landscape - Currently, only ULA and SpaceX hold NSSL certification, with SpaceX dominating the market, having launched 97 Falcon 9 rockets this year alone [4] - ULA's CEO emphasized the "Vulcan" rocket's unique capabilities, particularly its ability to deliver heavy military payloads to orbits that conventional rockets struggle to reach [5][6] - The "Vulcan" rocket is designed to be more cost-effective and efficient than previous multi-core rockets, which required three cores for similar missions [6] Group 4: Payload Information - The "Vulcan" rocket's payload included a classified U.S. defense satellite and the NTS-3 navigation technology validation satellite, marking a significant milestone in U.S. satellite navigation efforts [7][8] - NTS-3 is the first experimental navigation satellite launched by the Pentagon since the 1970s, aimed at enhancing GPS technology and resilience against interference [7][8] - The satellite's capabilities include reprogramming in orbit to broadcast new signals and testing protocols to protect against GPS spoofing [7][8]

Group 1 - The U.S. government is urgently seeking alternatives to SpaceX due to increasing disagreements with the company [1] - The United Launch Alliance (ULA) is set to launch its new "Vulcan" rocket for the first military space mission on August 12, which will carry the experimental navigation satellite NTS-3 [1][3] - The "Vulcan" rocket is designed to compete with SpaceX's Falcon 9, which has gained significant market share in military launches [3][4] Group 2 - ULA has been a long-term partner of the U.S. Department of Defense for space launches, but SpaceX's Falcon 9 has challenged its position since receiving certification for national security space launches [3] - The "Vulcan" rocket features a reusable design and is equipped with two BE-4 engines, with a maximum payload capacity of 27.2 tons and a geostationary orbit capacity of 15.3 tons [3] - The launch of NTS-3 represents a significant advancement for the "Vulcan" rocket and is crucial for enhancing the U.S. military's satellite navigation capabilities [4]