Western: Successful maiden flight of reusable rocket, commercial aerospace materials start "volume increase + iteration" double drive.

Western published a research report stating that on July 10, 2026, the Long March 10-B carrier rocket successfully made its maiden flight at the Hainan Commercial Space Launch Center. The first stage was captured vertically for recovery by the "Pathfinder" recovery ship using a grid system. The breakthrough in reusable rocket technology is seen as a key turning point for commercial space industry towards scaled commercial operations. Several reusable rockets are expected to make their maiden flights for validation in the second half of the year. The breakthrough in reusable rocket technology may lead to an increase in launch frequency and a decrease in costs, driving the acceleration of low Earth orbit satellite constellations, and creating a dual pull effect on upstream materials for rockets and satellites with "quantity increase + accelerated iteration." Western's main points are as follows: Carbon Fiber Materials Carbon fiber and its composites are mainly used in rocket/satellite structures such as fuselage, propellant tank, satellite frame, payload adapter, and key components such as solid rocket engine casing. High-frequency launches imply a systematic increase in the demand for carbon fiber, while cost reductions from reusability will release more demand for satellite launches, driving an increase in carbon fiber usage for satellite structures. Recommended companies to watch: Sinofibers Technology, Weihai Guangwei Composites, Zhongfu Shenying Carbon Fiber, Hangzhou Heshun Technology. UHMWPE Fiber UHMWPE fibers have extremely high strength-to-weight ratio and impact resistance, making them suitable for applications in aerospace terminals such as lightweight cables, protective structures, parachute system ropes for deceleration. In the recovery scenario, high-strength lightweight fibers have the potential for application in interception cable/hanging cable systems and maritime recovery operations. The "lightweight + high strength" characteristics of UHMWPE fibers align well with the simplification and weight reduction route of structural reorganization in recovery systems. Recommended companies to watch: Beijing Tongyizhong New Material Technology Corporation, Shandong Nanshan Fashion Sci-Tech. Aramid/Aramid Paper/Honeycomb/High-Performance Thermal Protection and High-Temperature Resistant Materials Aramid fibers and their derivative products (aramid paper, aramid honeycomb) are mainly used in aerospace terminals for lightweight honeycomb sandwich structures, bulletproof/fragment protection layers, high-temperature resistant insulation materials, etc. Aramid honeycomb structure has extremely high specific stiffness and is a key material for reducing weight in large structures such as satellite panels and rocket fairings. Jinan Shengquan Group Share Holding's self-developed high-performance thermal protection products are applied to two key equipment in rocket launch platforms and recovery platforms. Shaanxi Sirui Advanced Materials' main products include materials for liquid rocket engine thrust chambers. Recommended companies to watch: Tayho Advanced Materials Group, METASTAR, Jinan Shengquan Group Share Holding, Shaanxi Sirui Advanced Materials (covered). Special Polymer Materials Polyimide (PI) film is mainly used in aerospace terminals for thermal control materials (multi-layer insulation blankets), electrical insulation, flexible solar wing substrates/encapsulation materials, etc. Transparent polyimide (CPI) film has properties such as resistance to atomic oxygen, space radiation, UV radiation, making it suitable for flexible solar wing encapsulation. High-frequency launches driving the acceleration of low Earth orbit satellite constellations directly drive the demand for PI/CPI film in satellites. Recommended companies to watch: Rayitek Hi-Tech Film, Shenzhen WOTE Advanced Materials. Ceramic/Quartz Materials Advanced ceramic materials can be used in aerospace terminals for antenna covers, high-temperature resistant heat-resistant components, electronic packaging substrates, etc. High-purity quartz materials are mainly used in the semiconductor, photovoltaic, optical fiber fields, with applications in aerospace terminals including optical windows, precision quartz devices, etc. Recommended companies to watch: Shandong Sinocera Functional Material, Jiangsu Pacific Quartz. Risk factors: Failure to meet expectations for scale reusability, failure to meet expectations for satellite launch volume, failure to meet expectations for customer validation, etc.