Core Viewpoint - The article emphasizes that "rocket body stainless steel + engine high-temperature alloy" is evolving into a new generation of rocket material systems, driven by the commercialization and reusability of space launches [1][7]. Group 1: Investment Opportunities in New Materials - The rapid development of commercial space is driving the demand for aerospace stainless steel and high-temperature alloy materials [2]. - Stainless steel is becoming the primary choice for rocket bodies in reusable rockets due to its low cost, high-temperature resistance, and ease of processing [4][12]. - High-temperature alloys are essential for the hot-end components of liquid rocket engines, with an average usage of 28% in liquid rocket engines [5][19]. Group 2: Historical Context and Current Trends - Historically, aluminum alloys dominated rocket materials, with limited applications for stainless steel and high-temperature alloys [3]. - Currently, the rocket material system is transitioning from aluminum-dominated to a combination of stainless steel and high-temperature alloys, particularly in reusable rocket designs [4][11]. Group 3: Future Outlook - In the future, aerospace stainless steel and high-temperature alloys are expected to be key materials for rocket technology evolution, providing advantages in extreme temperature environments and manufacturing speed [6][8]. - The demand for large low-orbit satellite constellations is anticipated to drive the scale of rocket launches, enhancing the growth prospects for stainless steel and high-temperature alloys [47]. Group 4: Supply Chain and Market Dynamics - The supply of aerospace stainless steel is highly segmented and customized, with early movers and validated companies likely to experience structural growth opportunities [8]. - High-temperature alloy suppliers face high barriers to entry, resulting in a favorable competitive landscape [8][21].

证券研究报告 科技/工业/基础材料 商业航天拉动不锈钢及高温合金需求 华泰研究 2026 年 1 月 22 日│中国内地 动态点评 关注火箭端上游新材料投资机遇：箭体航天不锈钢&发动机高温合金 随着火箭发射进入规模化与可复用时代，"箭体用航天不锈钢+发动机用高温 合金"正逐步演化为新一代运载火箭材料体系。结构系统方面，不锈钢成为 星舰、朱雀三号等中美新一代复用火箭的共同选择，主因其低成本、耐高温、 易加工等综合优势明显；动力系统方面，高温合金是液体火箭发动机燃烧室、 喷管、涡轮泵等热端部件的基础材料，增加发动机耐高温高压能力。我们认 为，商业航天的快速发展带动航天不锈钢材料和高温合金材料景气上行，建 议关注：1）已切入不锈钢火箭贮箱、壳段及管路配套体系的特种不锈钢厂 商；2）掌握核心牌号熔炼与锻造能力的高温合金龙头企业。 历史：铝合金占据主导地位，不锈钢与高温合金应用有限 过去，在"固体/一次性液体火箭"的传统范式下，铝合金是火箭材料的绝 对主角，不锈钢和高温合金长期处于配角。在箭体材料方面，铝合金长期占 据绝对主导地位，经历铝镁、铝铜、铝锂的三代发展，广泛应用于箭体蒙皮、 贮箱、级间段等大部分结构，而不锈钢 ...