"航天强国"升级为国家蓝图，商业航天顺势驶入高 速扩张期 1.1 商业航天迎来黄金时代，商业运载火箭为重要一环 商业航天产业链具备长坡厚雪的潜力，而火箭研制正是其中的核心环节。 商业航天是以市场为主导、以盈利为目 标，通过商业化模式开展航天技术研 发、制造、发射与应用的全链条活动。其产业链条长坡厚雪，涵盖上、中、 下 三大环节：上游主要包括卫星与火箭的研制及相关设备制造；中游以发射服 务、卫星测控、地面设备与终端运 营为核心；下游则聚焦通信、导航、遥感等 应用服务，并延伸至太空旅游、资源开发等新兴领域。其中，商业运 载火箭的 研制作为进入太空的关键入口和连接卫星制造与应用的中枢环节，具有重大 的战略意义，是推动整个产 业发展的核心引擎。 | Plat传统 价值链 | 卫星制造 | 发射服务 | 地面终端 | 卫星运营 | 卫星服务 | | --- | --- | --- | --- | --- | --- | | 产值占比 | 7% | 3% | 55% | 25% | 10% | | 传统分汇 | 空间集团 | 联盟火箭等 | 休斯/高通 | 国际卫星 | 区域电信 | | 模式(一网) | | | | ਲ ...

Core Viewpoint - The successful launch of the low Earth orbit satellite group 07 by the Long March 12 rocket from the Hainan commercial space launch site marks a significant milestone in China's commercial space industry, indicating the validation of high-frequency launch capabilities at the country's first commercial launch site [1][2]. Group 1: Satellite Internet Development - The GW constellation has completed the deployment of seven satellite groups, with a total of 12,992 satellites planned, including 6,080 in the GW-A59 sub-constellation and 6,912 in the GW-A2 sub-constellation [3]. - The launch frequency has increased significantly, with three satellite groups successfully launched within nine days, signaling the onset of a high-density launch era for satellite internet [2][3]. - The development path of the satellite internet industry is becoming increasingly clear, supported by technological innovations in manufacturing and the operationalization of commercial launch sites [6][7]. Group 2: Hainan Commercial Launch Site - The Hainan commercial launch site has successfully completed four launches, demonstrating its capability for high-frequency launches through a dual-position "relay" launch system [4]. - The second phase of the Hainan commercial launch site project has commenced, which includes the construction of two additional launch positions, aiming for an annual launch capacity of 16 [4]. Group 3: Qianfan Constellation Progress - The Qianfan constellation has completed five launches, with a total of 90 satellites in orbit, showcasing the successful collaboration between commercial satellite constellations and launch facilities [5]. - The Qianfan constellation employs a "one rocket, multiple satellites" technology, indicating the maturity of China's satellite stacking and launch capabilities [5]. Group 4: Investment Opportunities - Companies to watch in the satellite sector include Shaanxi Huada (301517.SZ), New Ray Energy (300593.SZ), and China Satellite (600118.SH), among others [8]. - In the rocket sector, notable companies include Zhongtian Rocket (003009.SZ) and Srey New Materials (688102.SH) [8]. - Ground and operational companies of interest include Alliance Electronics (688311.SH) and China Satcom (601698.SH) [8].

Core Insights - The article highlights the significant progress and achievements of Hainan International Commercial Launch Co., particularly under the leadership of Assistant General Manager Shou Junming in the commercial space launch sector [1][3]. Company Overview - Hainan International Commercial Launch Co. was established in June 2022, facing challenges such as a shortage of technical personnel and the need for compatibility with multiple rocket types [3][4]. - The company successfully completed its first dual-position launch in March 2023 with the Long March 8 rocket, marking a milestone for China's first commercial space launch site [3]. Leadership and Team Development - Shou Junming has played a crucial role in building a professional team of nearly 200 members within eight months to support the company's operational capabilities [4]. - The company has focused on rigorous technical challenges, including the compatibility of various rocket models and the establishment of a robust support system for launch operations [3][4]. Future Prospects - The company is preparing for further launches, with the next significant event scheduled for November 30, 2024, when the Long March 12 rocket is expected to take off [4]. - The successful completion of the first launch has validated the full-system launch capabilities of the Hainan commercial space launch site, paving the way for future missions [4].

Group 1 - The 55th Paris Air Show opened on June 16, showcasing China's aerospace technology capabilities, including the debut of the Long March 6A and Long March 12 rocket models [1][3] - China Aerospace Science and Technology Corporation displayed various rocket models, including Long March 2D, Long March 3B, Long March 6A, Long March 8, and Long March 12, along with the Dongfanghong 3E all-electric small communication satellite [1] - The exhibition included multimedia presentations on sounding rockets, communication satellites, remote sensing satellites, and China's advancements in Beidou navigation, manned spaceflight, lunar exploration, deep space exploration, and international cooperation [1] Group 2 - The Long March 6A is a new generation of non-toxic, pollution-free rocket designed to meet the diverse and dense launch demands of future satellites, while the Long March 12 is a new medium-sized liquid rocket that enhances capabilities for sun-synchronous orbit and low Earth orbit constellation networking [3] - The Long March 12 rocket features a simple and reliable single-core series configuration, improving the payload capacity and large fairing envelope, contributing to the high-quality development of China's space transportation system [3] Group 3 - China Great Wall Industry Corporation, authorized by the government, focuses on commercial launches, satellite system delivery, and space technology cooperation, aiming to promote the globalization of China's commercial aerospace products [5] - Since the 1990s, the Great Wall Company has completed 101 commercial launches, delivering 74 international commercial satellites and 261 domestic commercial satellites, along with providing 52 rideshare launch services [5] - As China's aerospace products gain competitiveness, the Great Wall Company serves as an international platform, integrating various resources to offer more competitive and advanced products and services to the global market [5]

Core Viewpoint - The article discusses the function and evolution of the "排焰口" (exhaust ports) on rockets, highlighting their importance in the separation process of multi-stage rockets and the advancements in rocket technology over time [1][3][4]. Group 1: Function of Exhaust Ports - The primary function of the exhaust ports is to release high-temperature and high-pressure gases generated during the ignition of rocket engines during stage separation [1][3]. - Exhaust ports are designed to manage the gas flow and prevent damage to the lower stage of the rocket during the separation process [3]. Group 2: Evolution of Design - Historically, the design of exhaust ports has evolved, initially using rod structures to allow smooth gas discharge, as seen in earlier models like the Long March 2 and Long March 3 series [3]. - With advancements in rocket technology, newer designs have shifted towards smaller or even absent exhaust ports, as demonstrated by the Long March 2F, which adopted a grid hole design, and the Long March 5, 7, and 8, which utilize cold separation methods [3].