长十二甲发射国金联合解读：回收失利不改产业逻辑，回调即是布局良机

Summary of Conference Call on Long March 12A Rocket and Commercial Space Industry Industry Overview - The conference call discusses the commercial space industry in China, focusing on the Long March 12A rocket, which utilizes liquid oxygen and methane fuel and has vertical recovery capabilities. This rocket is designed for large-scale networking tasks, differentiating itself from the Long March 12, which uses kerosene and lacks recovery capabilities [1][2]. Key Points and Arguments - Launch Details: The Long March 12A rocket was launched on December 23, 2025, achieving successful second-stage orbit insertion despite the first-stage recovery failure. The rocket measures 70.4 meters in length and weighs approximately 437 tons [3][4]. - Technological Comparison: China has reached a stage in reusable launch technology comparable to SpaceX's Falcon 9's initial success, with advancements in using liquid oxygen and methane as propellants [5]. - Investment Opportunity: The period from late 2025 to 2026 is identified as a prime investment opportunity in the commercial space sector due to the convergence of policy support, international law deadlines for satellite constellations, and competitive pressures from SpaceX [6][7]. - Upcoming Launches: Multiple significant launches are anticipated in the first half of 2026, including Long March 12B and other key missions, which are expected to catalyze the commercial space sector and drive innovation in manufacturing processes [8][9]. Additional Important Insights - Investment Focus Areas: Recommended areas for investment include satellite communication payloads (e.g., Shanghai Hanyun, Chengchang Technology) and core rocket components (e.g., China Aerospace Science and Industry Corporation) [3][11]. - National Strategy: The commercial space sector is not only a business opportunity but also a matter of national strategic security, with significant investments and policies being directed towards enhancing China's capabilities in this field [19]. - Market Trends: The commercial rocket market is expected to see a surge in orders, with the potential for significant growth in the number of launches and the development of reusable rocket technologies [21][23]. - Technological Advancements: The development of reusable rockets is crucial for reducing launch costs and increasing launch frequency, which is essential for the growth of the commercial space industry [20][24]. Conclusion The Long March 12A rocket's development and the broader commercial space industry in China present significant investment opportunities, driven by technological advancements, supportive policies, and competitive dynamics. The upcoming years are critical for establishing a robust commercial space infrastructure and enhancing China's position in the global space market.