Core Insights - SpaceX successfully completed the 11th test flight of its next-generation heavy-lift rocket "Starship" on October 13, marking a significant breakthrough in reusable heavy rocket technology [1] - The use of self-developed "30X cold-rolled stainless steel" for the rocket's exterior has garnered significant attention, with speculation about improvements in reducing nickel content to enhance hardness and achieving ultra-thin profiles through cold-rolling processes [1] Industry Implications - The Long March 9 heavy-lift rocket, referred to as the "Chinese version of Starship," also adopts stainless steel design, indicating recognition of the material's value in low-cost, reusable scenarios within the domestic aerospace sector [1] - However, research from the Chinese Academy of Sciences highlights that existing stainless steel grades like 301 and 304 still face challenges with toughness after cold-rolling, suggesting that advancements in thin-walled forming and welding technologies are necessary [1]

Core Insights - SpaceX's Starship successfully completed its 11th test flight, marking a significant breakthrough in reusable heavy rocket technology, with particular attention on the 30X cold-rolled stainless steel used in its shell [2][4]. Industry Overview - The 30X stainless steel is an improved variant of the 300 series austenitic stainless steel, primarily composed of iron, chromium, and nickel alloys, which enhances performance through precise adjustments in element ratios [3][4]. - The material exhibits advantages such as corrosion resistance, weldability, and low-temperature toughness, with a thermal conductivity lower than aluminum alloys, effectively reducing thermal loss in aerospace applications [3][4]. Technical Developments - The 30X material is optimized to potentially lower nickel content to enhance hardness and achieve ultra-thin profiles through cold-rolling processes, aligning with the trend of high strength and lightweight requirements in rocket shell design [4]. - The Chinese aerospace sector is actively exploring stainless steel materials, with the China Academy of Launch Vehicle Technology announcing the successful production of a 10-meter diameter stainless steel storage tank prototype, indicating advancements in large-diameter stainless steel welding and forming technologies [4][8]. Market Landscape - The A-share market has developed a comprehensive cold-rolled stainless steel industry chain, with over ten listed companies involved, including major players like Angang Steel, CITIC Special Steel, and Yongjin Co., which focus on various segments from special steel to high-end industrial pipes [5][6]. - The market capitalization of companies involved in cold-rolled stainless steel varies, with Angang Steel at approximately 257.65 billion yuan and CITIC Special Steel at around 255.82 billion yuan, showcasing the scale and diversity of the industry [6]. Challenges and Opportunities - Domestic companies possess the foundational technology to produce materials similar to 30X, but face challenges in scaling production due to supply chain coordination issues and reliance on imported key alloying elements like nickel and chromium [7]. - The demand for aerospace-grade stainless steel is expected to grow with the development of China's commercial space sector, although the overall demand in the aerospace field remains limited in the short term, suggesting that the primary value lies in material upgrades and expansion into high-end markets [8].