Guotai Haitong has released a research report stating that the successful maiden flight of the Long March 10B rocket has achieved China's first-ever capture and recovery of a large liquid rocket at sea. Regarding the satellite manufacturing sector, the report suggests focusing on integrated satellite manufacturers with the capability for large-scale, low-cost batch production, as well as suppliers of core components such as phased array antennas, spaceborne laser communication terminals, and Hall thrusters.

In terms of rocket launches, the successful launch of the Long March 10 is expected to increase demand for launch services, benefiting leading commercial rocket companies possessing "high payload + recoverable" technology and related core component enterprises. As the manned lunar exploration project continues to advance, photovoltaics, as a crucial energy supply method for space scenarios, is expected to gain more application opportunities during the construction of orbital data centers. The main views of Guotai Haitong are as follows:

Event Summary: Long March 10B Rocket Successfully Completes Maiden Flight, Achieving China's First-Ever Sea-Based Capture and Recovery of a Large Liquid Rocket

At 12:15 on July 10, 2026, the Long March 10B launch vehicle successfully ignited and lifted off from the Hainan Commercial Space Launch Site. In this mission, the rocket not only delivered the satellite into its intended orbit but also, in just eight minutes, managed to have its first stage return from high altitude in a controlled manner and complete a net-based capture and recovery at sea. This historic breakthrough signifies that China's space industry has officially transitioned from "expendable rockets" to the era of "reusable rockets," laying a foundation of low-cost, high-frequency Earth-to-orbit transportation capabilities for the nation's commercial space sector.

Inherent Design Configuration and Newly Developed LOX/Methane Module Lay Technical Foundation for Future Reusability

The Long March 10B rocket demonstrates a high degree of technological integration and foresight in its configuration design. Its first stage retains the configuration of the Long March 10A's first stage, featuring seven clustered LOX/kerosene engines, and is designed for reusability. The second stage, for the first time, is equipped with a newly developed, high-thrust LOX/methane engine. LOX/methane has a higher density than liquid hydrogen, allowing for more compact tank design; it produces less soot after combustion, which helps reduce engine maintenance workload; and its production and operational costs are more suitable for high-frequency mission requirements, laying a foundation for the subsequent development of reusable LOX/methane first-stage modules.

"Pneumatic Push-Separation Scheme" Maximizes First-Stage Integrity, "Three-Horizontal Test and Launch Mode" Effectively Reduces Time Redundancy

Regarding separation methods, traditional expendable rockets typically rely on pyrotechnics for first and second stage separation, where explosive charges sever the connecting structures instantaneously. While this method is decisive, pyrotechnic separation is one-time use, and the shock loads can impact the structure. The Long March 10B rocket employs a pneumatic push-separation scheme, where high-pressure gas drives push rods to extend, gently "pushing" the second stage away from the first stage. After the action is completed, the push rods retract, doing the utmost to leave the first stage "unscathed," creating the most ideal product state for subsequent return and reuse.

The Long March 10B rocket adopts a "three-horizontal" test and launch mode, namely horizontal integration, horizontal testing, and horizontal transport. This eliminates the need for tall vertical assembly buildings or fixed service towers, as the erector-transporter itself can perform the functions of a launch tower. The rocket completes its main assembly and testing inside the factory building, with the launch pad primarily responsible for erection, fueling, and launch tasks. This process can compress launch preparation time to within 14 days, effectively increasing launch frequency and mission response speed.

Risk Warnings: Investment progress falling short of expectations, technological breakthroughs not meeting expectations, etc.