Cathay Pacific Haitong: Chang10B achieved an effective breakthrough in the transportation capacity bottleneck of a recyclable rocket for the first time

The Zhitong Finance App learned that Cathay Pacific Haitong released a research report saying that the Chang10B rocket successfully flew for the first time, achieving China's first large-scale liquid rocket being captured and recovered at sea. On the satellite manufacturing side, it is recommended to focus on all-star manufacturers with large-scale low-cost batch production capabilities, as well as suppliers of core components such as phased array antennas, space-borne laser communication terminals, and Hall thrusters. In terms of rocket launches, the successful launch of Long March 10 will increase demand for rocket launches, benefiting leading commercial rocket companies with “large capacity+recyclability” technology and related component core companies. As the manned lunar project continues to advance, as an important energy supply method for space scenarios, photovoltaics is expected to gain more application opportunities during the construction of orbital data centers.

Cathay Pacific Haitong's main views are as follows:

Incident Overview: The Changshiyi rocket successfully flew for the first time, achieving China's first large-scale liquid rocket at sea capture and recovery

At 12:15 on July 10, 2026, the Long March 10B (Chang 10B) carrier rocket successfully ignited at the Hainan commercial space launch site. In this mission, the rocket not only launched the satellite into the intended orbit, but it took only 8 minutes to return a sub-stage from high altitude in a controlled manner and complete the capture and recovery of the maritime network. This historic breakthrough marks China's official transition from “disposable rockets” to “reusable rockets,” laying the foundation for China's commercial space to travel between heaven and earth at low cost and high frequency.

The “innate gene” configuration+newly developed liquid oxymethane module lays the technical foundation for subsequent reuse

The Chang10B rocket showed a high degree of technical integration and forward-looking design. The first sub-stage followed the first sub-stage status of the Long March 10A, with 7 liquid oxygen kerosene engines connected in parallel, with the ability to reuse the first sub-stage; the second stage was equipped for the first time with a newly developed high-thrust liquid oxymethane engine. Liquid methane has a higher density than liquid hydrogen, and the tank design is more compact; there is less carbon accumulation after combustion, which is conducive to reducing engine maintenance workload; preparation and use costs are also more suitable for high-frequency tasks, laying the foundation for the subsequent development of first-class liquid oxymethane reuse modules.

The “air-driven push and impact separation scheme” ensures that the first-level arrow body is complete as much as possible, and the “three-level transmission mode” effectively reduces time redundancy

In terms of separation methods, stage 1 and 2 separation of traditional disposable rockets mostly relies on pyrotechnics. The gunpowder detonates the connector and breaks instantly, and the action is simply smooth, but pyrotechnic separation is disposable, and impact loads also have an effect on the structure. The Changshiyi rocket uses an air-driven push-push separation scheme. The high-pressure gas-driven push rod extends out and smoothly “pushes” the second stage away from the first stage. After the action is completed, the pusher is retracted, leaving the first-level arrow “undamaged” to the greatest extent possible, creating the ideal product condition for subsequent return and reuse. The Changshiyi rocket uses a “three flat” detection mode, that is, horizontal assembly, horizontal testing, and horizontal transfer. The rocket does not need to be equipped with a tall vertical plant, nor does it need to build a fixed service tower; the crane itself can perform the function of a tower. The rocket completed the main assembly and testing in the factory, and the launch station mainly undertook vertical, filling and launch tasks. This process can reduce launch preparation time to less than 14 days, effectively improving launch frequency and mission response speed.

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