Guotai Junan said that liquid rockets are more suitable for batch and large-scale launch missions. Driven by strong demand for low-orbit Internet constellation construction, it is expected that various types of domestic commercial rockets will have their first concentrated flight in the next two years. Small solid rockets are flexible enough, can be stored for a long time, can be launched quickly and in a timely manner, and the cost of launching a single entire arrow is relatively low. The main goal of large liquid rockets is to reduce the orbital cost per unit weight through scale expansion and reuse, and is more suitable for batch and large-scale launches. According to media reports, taking Interstellar Honor's “hyperbolic” rocket as an example, the hardware cost of the first sub-stage accounts for about 70% of the total arrow cost. If it is reused once, the hardware cost of the first sub-stage will drop to 35% of the total cost; if it is reused 10 times, the hardware cost of the first sub-stage will drop to about 7% of the total cost per launch. Currently, there is no actual domestic rocket that can complete the technical milestone of orbiting and recycling. It is expected that in the next two years, various types of domestic commercial rockets will have their first concentrated flight, and the number of launches is expected to increase dramatically after 2026. Star Glory's “Hyperbola 3” is scheduled to fly for the first time at the end of 2025, with a single-use carrying capacity of 13 tons. It is expected to become the first large-scale liquid launch vehicle in China that can be reused. Guotai Junan believes that large-scale domestic commercial rockets are particularly suited to the construction needs of low-orbit Internet constellations. In the future, the launch of various domestic commercial rockets is expected to break the bottlenecks brought about by insufficient rocket capacity and excessive cost, and commercial space-related targets are expected to continue to benefit.

Guotai Junan said that liquid rockets are more suitable for batch and large-scale launch missions. Driven by strong demand for low-orbit Internet constellation construction, it is expected that various types of domestic commercial rockets will have their first concentrated flight in the next two years. Small solid rockets are flexible enough, can be stored for a long time, can be launched quickly and in a timely manner, and the cost of launching a single entire arrow is relatively low. The main goal of large liquid rockets is to reduce the orbital cost per unit weight through scale expansion and reuse, and is more suitable for batch and large-scale launches. According to media reports, taking Interstellar Honor's “hyperbolic” rocket as an example, the hardware cost of the first sub-stage accounts for about 70% of the total arrow cost. If it is reused once, the hardware cost of the first sub-stage will drop to 35% of the total cost; if it is reused 10 times, the hardware cost of the first sub-stage will drop to about 7% of the total cost per launch. Currently, there is no actual domestic rocket that can complete the technical milestone of orbiting and recycling. It is expected that in the next two years, various types of domestic commercial rockets will have their first concentrated flight, and the number of launches is expected to increase dramatically after 2026. Star Glory's “Hyperbola 3” is scheduled to fly for the first time at the end of 2025, with a single-use carrying capacity of 13 tons. It is expected to become the first large-scale liquid launch vehicle in China that can be reused. Guotai Junan believes that large-scale domestic commercial rockets are particularly suited to the construction needs of low-orbit Internet constellations. In the future, the launch of various domestic commercial rockets is expected to break the bottlenecks brought about by insufficient rocket capacity and excessive cost, and commercial space-related targets are expected to continue to benefit.