Guosheng: The global intensification of the aerospace era, the domestic rocket recovery accelerates to break through industry bottlenecks.

Guosheng published a research report stating that, according to the Science and Technology Innovation Board Daily News, on December 18th local time, Trump signed an executive order outlining a vision for a "America First" space policy, increasing support for space policy. At the same time, by training Karpathy nano-GPT, the first Large Language Model (LLM) was created by the H100 space GPU. In the future, Starcloud will also integrate modules from the cloud infrastructure company Crusoe, allowing customers to directly deploy and run AI workloads in space. In the domestic market, the recovery of the Zhuque-3 rocket has accumulated valuable experience for China's commercial space technology. Once recovery technology is implemented, it will significantly reduce launch costs and drive the maturation of the commercial space profit model. Guosheng's main points are as follows: - Trump signed an executive order, increasing support for space policy According to the Science and Technology Innovation Board Daily News, on December 18th local time, the White House issued a statement stating that Trump had signed an executive order outlining a vision for a "America First" space policy to ensure that the US "leads the world" in space exploration, security, and commercial fields. The order calls for Americans to return to the moon by 2028 and establish initial facilities for a permanent lunar outpost by 2030; it instructs the deployment of nuclear reactors on the moon and in orbit. The order aims to replace the International Space Station by 2030 by upgrading launch infrastructure and developing commercial approaches to stimulate innovation and investment in the private sector. In the lunar mission, the launch rocket plays an extremely important role. For example, the Starship has conducted multiple test flights and can reliably achieve a new generation of rocket recovery using a "chopstick-grabbing rocket" method. The Starship has begun verification of the V2 version spacecraft and payload deployment tests, laying a solid foundation for future deep space exploration experiments including the launch of Starlink V3 satellites and lunar missions. - The first LLM trained by the H100 space GPU was created According to Xinzhiyuan, on December 11th, the first Large Language Model (LLM) trained by the H100 space GPU was created, based on the Karpathy nano-GPT training. Additionally, Google's Gemma has successfully operated in space, sending the world its first greeting: "Hello, Earthlings." Using the H100-powered Starcloud-1 satellite, the startup company completed training in Shakespeare's language data using Karpathy's nanoGPT. Starcloud CEO Philip Johnston firmly believes, "Anything you can do in a ground data center, I believe you can do in space in the future." Ultimately, Starcloud aims to build a 5GW orbital data center equipped with approximately 4km wide and high CECEP Solar Energy panels and cooling panels. Currently, Starcloud has announced its next roadmap for October 2026, where the next launch will carry multiple H100 rockets simultaneously, integrating the Blackwell platform to improve AI performance. It will also integrate modules from the cloud infrastructure company Crusoe to allow customers to deploy and operate AI workloads in space. - China's recoverable rocket as the highlight of December, accelerating the breakthrough of industrial bottlenecks According to 21st Century Business Herald, 2025 is the year when China's commercial space industry transitions from technological accumulation to explosion. In this year, multiple models of private aerospace companies completed rocket launch tests, with the acceleration of satellite internet networking, the commercial logic gradually becoming clearer, and the development pace of multiple new rocket models fully pressing the fast forward button. On December 3rd, the Zhuque-3 Y1 carrier rocket launched from the Dongfeng Commercial Space Innovation Test Zone. The rocket's second stage accurately entered its predetermined orbit, completing its flight mission according to procedure. This mission also conducted a verification of rocket stage one recovery, but an abnormal combustion occurred during the process and a soft landing at the recovery site was not achieved. Despite the failed recovery test, this achievement is still seen as a valuable experience for China's private aerospace sector in rocket recovery technology. Following the Zhuque-3 rocket, the latest development on December 18th showed that the reusable Long March 12A carrier rocket developed by the Eighth Institute of China Aerospace Hi-Tech Holding Group is scheduled to have its maiden flight in the middle and late December in Jiuquan. The intensive coordination of these two major tasks can be seen as the most significant progress in China's commercial aerospace industry in 2025, reshaping market rules. Previously, rockets were mostly "disposable," with the rocket itself unable to return to the landing point for reuse after the spacecraft entered orbit. Once recovery technology is implemented, it will significantly reduce launch costs and drive the maturation of the commercial space profit model. Related targets: 1) Space computing power: Shanghai Shunho New Materials Technology (002565.SZ), Cetc Potevio Science&Technology (002544.SZ), Suzhou Maxwell Technologies (300751.SZ), etc. 2) Rockets: Western Metal Materials (002149.SZ), Shaanxi Aerospace Power Hi-tech (600343.SH), Shanghai Aerospace Automobile Electromechanical (600151.SH), Essence Fastening Systems (301005.SZ), Shaanxi Sirui Advanced Materials (688102.SH), Xi'an Bright Laser Technologies (688333.SH), Finework (Hunan) New Energy Technology (301232.SZ), Guanglian Aviation Industry (300900.SZ), etc. 3) Satellites: China Spacesat (600118.SH), Jushri Technologies, Inc (300762.SZ), Great Microwave Technology (688270.SH), Piesat Information Technology (688066.SH), Geovis Technology Co., Ltd (688568.SH), Guangzhou Haige Communications Group Incorporated (002465.SZ), NanJing GOVA Technology (688539.SH), Shaanxi Huada Science Technology (301517.SZ), Guizhou Space Appliance (002025.SZ), CETC Digital Technology (600850.SH), Jiayuan Science and Technology (301117.SZ), Chengdu M&S Electronics Technology (688311.SH), Genew Technologies (688418.SH), Tongyu Communication Inc. (002792.SZ), Shenzhen Sunway Communication (300136.SZ), etc. Risk Warning: - Downstream demand lower than expected; intensified industry competition; development of the industry falling short of expectations.