Long March 10B Maiden Flight Succeeds, Commercial Aerospace Stocks in Focus
Claire Weston
China's Long March 10B completed its maiden flight on July 10, achieving the world's first controlled net-based sea recovery of a rocket first stage; brokerages call it a zero-to-one breakthrough in reusable rockets, set to cut satellite launch costs and accelerate constellation deployment.
What did this launch actually achieve?
The Long March 10B pulled off the world's first controlled net-based sea recovery of a rocket first stage — the booster flew back to a sea platform and was caught by a net.
This means → the most expensive part of the rocket can be reused, sharply cutting launch costs.
Huatai Securities calls it a historic zero-to-one breakthrough; multiple reusable rocket models could soon enter routine, "airline-style" launch operations.
After costs drop, how does the industry chain unfold?
Everbright Securities lays out a four-step thesis: reusable rockets cut costs → satellite constellations deploy faster → integrated space-air-ground networks take shape → downstream applications open up.
Near-term catalysts: follow-on launches of Long March 10B, Zhuque-3 and others. Medium-term pull: GW and Qianfan constellation build-outs drive demand for satellite manufacturing and launch services.
Long-term, 6G space-air-ground integration, space-based computing, space solar power and on-orbit servicing continue to widen the addressable market.
Where do brokerages say to focus?
CITIC Securities recommends focusing on private-sector reusable commercial rockets, watching for further recovery-tech validation and satellite manufacturing capacity scale-up.
CITIC also flags the 2026–2027 IPO pipeline for private commercial space firms — This means → capital markets are about to see a wave of new aerospace listings.
In plain terms = the brokerages' core call: the technology works; what matters next is who can mass-produce and who lists first.
Which Hong Kong-listed stocks are linked to this theme?
Guoxing Aerospace (listing application filed with HKEX; sole sponsor Guotai Junan International): satellite manufacturing and applications; signed a "Star Computing" strategic deal with Tencent Cloud in June 2026, targeting AI cloud services and commercial computing.
CIMC Enric (03899): supplies propellant storage, transport and gas-supply systems for rocket launches, leveraging its energy-equipment expertise to enter commercial space.
Junda Technology (02865): Huatai Securities views it as a rare Chinese platform company holding both space solar-power core technology and satellite manufacturing capability.
What other Hong Kong stocks are worth watching?
Goldwind Technology (02208): holds an 8.3% stake in LandSpace. LandSpace's Zhuque-2 Y2 was the world's first methane-fuelled rocket to reach orbit; its STAR Market IPO application has been accepted.
Shanghai Fudan (01385): a leader in high-end FPGA chips — programmable logic chips that are standard components in satellites — poised to benefit from rising chip procurement as commercial space demand grows.
This reflects a broader point: commercial-space investment opportunities extend well beyond rockets and satellites — upstream core components and equity stakes are equally in focus.
What should investors watch next?
First checkpoint: whether the cost-reduction logic of reusable rockets holds up in subsequent launches — one success does not equal routine operations.
Second checkpoint: the pace of IPOs for private commercial space firms, especially LandSpace's STAR Market progress and Guoxing Aerospace's Hong Kong listing timeline.
In plain terms = the technology breakthrough is done; whether the sector rally lasts depends on whether cost savings can be replicated and whether listings actually land.
Content is for reference only, not financial advice.