CITIC SEC: Long March-11B carrier rocket achieves controllable recovery at sea, follow-up needs to focus on the field of private recoverable commercial rockets.

CITIC SEC released a research report stating that on July 10, 2026, the maiden flight of the Long March 10B carrier rocket was successful, completing the world's first controllable recovery of a rocket first stage at sea, marking a key milestone in the development of China's commercial space industry. The success of this reusable launch mission is expected to significantly reduce the cost of satellite launches in China, thereby accelerating the satellite networking process and leading to significant investment opportunities. It is recommended to focus on the private reusable commercial rocket sector, and to pay attention to the progress of recovery technology verification for commercial rocket companies, as well as the scale-up of satellite manufacturing capabilities and the IPO process of private commercial space companies from 2026 to 2027. Key viewpoints from CITIC SEC: Event: According to media reports, at around 12:10 pm on July 10, 2026, the Long March 10B carrier rocket, developed by the China Aerospace Hi-Tech Holding Group, was successfully launched from the No. 2 site at the Hainan Commercial Space Launch Center and completed its maiden flight mission. The core objectives of this mission were achieved, with the payload accurately entering orbit and successfully completing the global first-ever controllable recovery of a rocket first stage at sea. Approximately 6 minutes after the separation of the rocket stages, the first stage accurately returned to the predetermined area in the South China Sea and was stably captured by the first domestic rocket recovery platform "Pathfinder" using a giant flexible net, with the rocket body intact and in good condition. This successful maiden flight mission not only represents a new breakthrough for the Long March series of carrier rockets but also fills the technological gap in China's large-capacity reusable commercial rockets, officially starting a new era of large-scale, low-cost commercial space launches in China. Pioneering recycling model, creating a new approach for Chinese aerospace. Compared to the traditional vertical hard landing recovery method at sea, the innovative flexible recovery technology of the sea-based net system is highly innovative. The traditional recovery method requires high precision in rocket landing and platform stability, with the rocket body landing with high impact, easily causing structural damage and significantly affecting the reuse frequency and maintenance costs of the rocket. The flexible net system capture technology used in this mission, with the flexible buffer structure of the "Pathfinder" sea platform, can effectively mitigate the landing impact of the rocket first stage, maximum...