Guotai Haitong: Long March 10B achieves recyclable rocket for the first time, effectively breaking through the bottleneck of rocket launch capacity.

Guotai Haitong released a research report stating that the Chang'e 10B rocket successfully made its first flight, achieving China's first large liquid rocket sea-capture and recovery. In terms of satellite manufacturing, it is recommended to focus on whole-star manufacturing companies with large-scale low-cost production capabilities, as well as core component suppliers such as phased array antennas, satellite laser communication terminals, and Hall thrusters. Regarding rocket launches, the successful launch of the Long March 10B will increase the demand for rocket launches, benefiting top commercial rocket companies with "high capacity + reusable" technology and related core component enterprises. As the manned lunar project continues to advance, photovoltaics are expected to have more opportunities for application in the construction of orbital data centers as an important energy supply method in space scenarios. Guotai Haitong's main points are as follows: Event Overview: The Chang'e 10B rocket successfully made its first flight, achieving China's first large liquid rocket sea-capture and recovery. At 12:15 on July 10, 2026, the Long March 10B carrier rocket successfully launched from the Hainan commercial space launch site. In this mission, the rocket not only placed the satellite into the designated orbit, but also achieved controlled retrieval and sea-capture recovery of a sub-stage in just 8 minutes. This historic breakthrough marks China's entry into the era of "reusable rockets" from "disposable rockets," laying the foundation for low-cost, high-frequency round-trip capabilities for China's commercial space industry. The "innate gene" design + new liquid oxygen methane module lay the technical foundation for subsequent reuse. The Chang'e 10B rocket demonstrates high technical integration and foresight in its design. The first stage uses the same configuration as the Long March 10A, with seven liquid oxygen kerosene engines and the ability to be reused; the second stage is the first to carry a newly developed high-thrust liquid oxygen methane engine. Liquid oxygen methane has a higher density than liquid hydrogen, allowing for a more compact tank design, less carbon buildup after combustion, and lower production and usage costs suitable for high-frequency tasks, laying the foundation for the development of reusable first-stage liquid oxygen methane modules. The "gas-driven thrust separation scheme" ensures the integrity of the first stage as much as possible, and the "three-horizontal test and launch mode" effectively reduces time redundancy. In terms of separation, traditional disposable rockets rely on pyrotechnics for first and second stage separation, with explosive bolts breaking connections instantly, causing impact loads on the structure. The Chang'e 10B rocket uses a gas-driven thrust separation scheme, where a high-pressure gas drives a push rod to smoothly push the second stage away from the first stage. After completion, the push rod retracts, ensuring the first stage remains intact, creating the ideal product state for return and reuse. The Chang'e 10B rocket uses a "three-horizontal" test and launch mode, where assembly, testing, and transport are done horizontally. The rocket does not require a tall vertical assembly building or a fixed service tower, as the launch vehicle itself can perform the functions of a tower. The rocket completes main assembly and testing inside the factory building, with the launch pad mainly responsible for vertical positioning, fueling, and launching tasks. This process can compress launch preparation time to within 14 days, effectively increasing launch frequency and mission response speed. Risk Warning: Investment progress may not meet expectations, and technological breakthroughs may not meet expectations.