伐木累

Zhuque-3 chief commander reveals cause of Y1 rocket's failed recovery, saying its data contributed to Y2's success_我的网站

一 | 　　8月26日，“旗手”券商异动冲高，锦龙股份、湘财股份两股涨停，长江证券、招商证券、广发证券等涨幅居前。

二 | 券商ETF华宝（512000）爆量冲高，一举突破10日、20日、半年线等多条均线。

ZQ-3 Y1 rocket took off for maiden flight from the Dongfeng Commercial Aerospace Innovation Test Zone at noon time on December 3, 2025. Photo: courtesy of LandSpaceThe cause of an unsatisfying recovery of the Zhuque-3 Y1 carrier rocket has recently been revealed by Zhuque-3's chief commander, who said an abnormal combustion occurred during a landing ignition as the rocket descended toward the ground, state broadcaster China Central Television (CCTV) News reported on Wednesday.
The recovery of the first stage of Zhuque-3, China's first reusable carrier rocket developed by LandSpace, was failed during a test flight back on December 3, 2025, while the second stage of the rocket managed to successfully enter the designated orbit, according to the Xinhua News Agency.
Dai Zheng, chief commander of Zhuque-3, said that when the rocket was about 3.3 kilometers above the ground, it needs to perform a rapid deceleration maneuver by reigniting its engine, a process known as a "landing ignition."
"The ignition sequence was completed and the engine did ignite, but abnormal combustion occurred afterward. The rocket eventually crashed near the edge of the landing pad," Dai said, according to CCTV.
Although the rocket did not achieve a successful recovery, the mission, China's first orbital-class rocket first-stage recovery test, collected telemetry data during the return phase, provided a clearer picture of the flight environment throughout the recovery process, and yielded a large amount of valuable first-hand test data, per CCTV.
Drawing on the data collected from the Zhuque-3 Y1 mission, the development team made improvements to the Y2 launch vehicle.
Eight months after the Y1's unsatisfying recovery, the Zhuque-3 Y2 reusable launch vehicle on Wednesday conducted a flight test, carrying not only a satellite payload but also successfully carried out a major test of China's emerging reusable rocket capabilities. After completing its orbital mission, the rocket's first stage attempted a controlled return and recovery.
The Y2 mission was conducted on the basis of experience accumulated from the previous flight test, with improvements focused on recovery reliability, flight control and engine performance.
LandSpace said it optimized the first-stage landing propulsion scheme by reducing the number of engines used during landing ignition, simplifying system design and improving reliability during the recovery phase. The company also added an autonomous safety control function capable of predicting landing points based on flight conditions and making corresponding safety adjustments.
Global Times
。　　头部券商中报业绩高增并计划大手笔分红，叠加券商并购重组迎来重要进展，共同提振板块情绪。

三 | 　　券商中报密集披露，头部券商业绩全面超预期。

四 | 中信证券上半年归母净利润233.43亿元，同比增长69.60%，创历史同期最好水平；国泰海通证券上半年盈利202.6亿元，同比增长28.74%；中信建投证券归母净利润76.39亿元，同比增长69.44%。与此同时，多家上市券商公布了中期分红预案，目前已披露的10家券商合计拟派现近170亿元。　　此外，8月24日，东方证券召开临时股东会，审议通过发行股份及支付现金购买上海证券100%股权的合并重组方案，获得高票通过。紧随其后，中金公司换股吸收合并东兴证券、信达证券事项将于明日上会，合并后中金公司总资产将突破万亿。　　站在当下，券商业绩全面高增，估值却处于相对低位，这种“业绩与估值”的背离吸引市场关注。业内人士认为，当前券商板块配置价值有望进一步提升，尤其是综合型龙头券商和在某些特色领域（如科创债、中小微债等）具备差异化优势的券商，超额收益机会值得重视。　　截至8月25日，券商ETF华宝（512000）跟踪的中证全指证券公司指数市净率PB（LF）仅1.25倍，位于近10年13.21%分位点。国泰海通等业绩强劲的头部券商甚至沦为“破净”。　　光大证券认为，在量能收缩和市场情绪回落的背景下，A股的上涨斜率或将改变，市场可能转向震荡格局。在这样的预期下，资金往往会流向估值合理、具备业绩支撑且与市场景气度高度相关的板块。券商作为资本市场的核心中介，其景气度与市场活跃度及改革深化紧密相连，成为震荡市中值得关注的领域。*　　券商ETF华宝（512000）被动跟踪中证全指证券公司指数，一键囊括49只上市券商股，是集中布局头部券商、同时兼顾中小券商的高效率投资工具。场外投资者可关注联接基金（A类 006098、C类007531）。　　数据来源：沪深交易所、Wind等。截至2026.8.25，锦龙股份、湘财股份、长江证券、招商证券、广发证券在中证全指证券公司指数中的权重占比分别为0.3%、0.53%、1.51%、3.45%、3.34%。　　机构观点来源：光大证券20260809《短期内市场或继续反弹，关注三条业绩主线》。　　ETF基金费用相关说明：投资者在申购或赎回基金份额时，申购赎回代理机构可按照不超过0.5%的标准收取佣金，场内交易费用以证券公司实际收取为准，不收取销售服务费。联接基金费用相关说明：华宝中证全指证券公司ETF联接基金（A类）申购费率（前收费）为申购金额200万元（含）以上时1000元/笔，100万元（含）~200万元时0.6%，100万元以下时1%；赎回费率为持有天数7日以下时1.5%，持有天数7日（含）~180日时0.5%，持有天数180日（含）~1年时0.25%，持有天数1年（含）以上时0%；不收取销售服务费。华宝中证全指证券公司ETF联接基金（C类）不收取申购费，赎回费率为持有天数7日以下时1.5%，持有天数7日（含）以上时0%；销售服务费为0.4%。　　风险提示：券商ETF华宝（512000）及其联接基金被动跟踪中证全指证券公司指数基日为2007.6.29，发布于2013.7.15。中证全指证券公司指数2021~2025年年度涨跌幅分别为-4.95%、-27.37%、3.04%、27.26%、2.54%；2021~2025年年度波动率分别为24.46%、23.47%、21.17%、36.95%、20.53%。指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。

五 | 本产品由华宝基金发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金的风险收益特征，选择与自身风险承受能力相适应的产品。基金管理人评估的券商ETF风险评级为R3-中风险，适合适当性评级C3及以上投资者。基金管理人管理的其他基金业绩不构成基金业绩表现保证。基金过往业绩不预示其未来表现，基金有风险，投资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国证监会对本基金的注册，并不表明其对本基金的投资价值、市场前景和收益做出实质性判断或保证。