Western Securities Co.,Ltd. has released a research report stating that on July 10, 2026, the Long March 10B carrier rocket successfully completed its maiden flight from the Hainan Commercial Space Launch Site, with its first stage being vertically recovered via capture by the "Navigator" recovery vessel's crisscross net system. The breakthrough in reusable rocket technology is seen as a pivotal turning point for commercial space moving towards scaled commercial operations, with multiple reusable rockets potentially undergoing their first flight validations in the second half of the year. This technological advancement may herald an industry inflection point characterized by increased launch frequency and reduced costs. High-frequency launches are expected to accelerate the deployment of low-Earth orbit satellite constellations, creating a dual impetus of "volume growth and accelerated iteration" for upstream materials used in rockets and satellites. The main views of Western Securities are as follows:
Carbon Fiber Materials
Carbon fiber and its composites are primarily used in rocket/satellite applications for load-bearing structural components such as rocket body structures, propellant tanks, satellite supports, and payload adapters, as well as key parts like solid motor casings. High-frequency launches imply a systematic increase in demand for carbon fiber. Concurrently, the cost reductions enabled by reusability are expected to unlock more satellite launch demand, driving incremental demand for carbon fiber used in satellite structures. Suggested companies to watch include: Zhongjian Technology, Guangwei Composites, Zhongfu Shenying, and Heshun Technology.
UHMWPE Fiber
UHMWPE fiber possesses extremely high specific strength and impact resistance. In aerospace applications, it can be used for lightweight ropes/cables, protective structures, and deceleration parachute tethers. In net-based recovery scenarios, high-strength, lightweight fibers have potential application prospects in arrestor/attachment cable systems and offshore recovery operations. The "lightweight + high-strength" characteristics of UHMWPE fiber align well with the net recovery system's approach of simplifying onboard systems and reducing structural weight. Suggested companies to watch include: Tongyizhong and Nanshan Zhishang.
Aramid Fiber / Aramid Paper / Honeycomb / High-Performance Thermal Protection and High-Temperature Resistant Materials
Aramid fiber and its derivative products (aramid paper, aramid honeycomb) are mainly used in aerospace for lightweight honeycomb sandwich structures, bullet/fragment protection layers, and high-temperature resistant insulation materials. Aramid honeycomb structures offer extremely high specific stiffness and are key materials for weight reduction in large structures like satellite panels and rocket fairings. Shengquan Group's self-developed high-performance thermal protection products are applied in both rocket launch platforms and recovery platforms. Sirui New Materials' main products include materials for liquid rocket engine thrust chamber liners. Suggested companies to watch include: Tahe New Materials, Minshida, Shengquan Group, and Sirui New Materials (already covered).
Specialty Polymer Materials
Polyimide (PI) film is primarily used in aerospace for thermal control materials (multi-layer insulation blankets), electrical insulation, and flexible solar array substrates/encapsulation materials. Transparent polyimide (CPI) film features properties such as atomic oxygen resistance, space radiation resistance, and UV resistance, making it suitable for flexible solar array encapsulation. High-frequency launches accelerating LEO constellation deployment directly drive demand for PI/CPI films used in satellites. Suggested companies to watch include: Ruihuatai and Wote Shares.
Ceramic / Quartz Materials
Advanced ceramic materials can be used in aerospace for radomes, high-temperature resistant thermal protection components, and electronic packaging substrates. High-purity quartz materials are mainly used in semiconductors, photovoltaics, and optical fibers, with aerospace applications including optical windows and precision quartz devices. Suggested companies to watch include: Guoci Materials and Quartz Shares.
Risk warnings include potential risks such as scale reusability falling short of expectations, satellite launch volumes being lower than anticipated, and customer validation not meeting expectations.
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