文章ID:2071

有希望的男人

中日英联手抛售美债,特朗普威胁出动美军“救市”,王雨田观察,原创 中日英联手抛售美债,特朗普威胁出动美军“救市”_我的网站

黑金

A |     

    
Photos: Courtesy of Landspace
    Photos: Courtesy of Landspace
    

A rocket that once would have been discarded after completing its mission has now taken a different path - returning from the edge of space back to Earth. In the early hours on Wednesday, the Zhuque-3 Y2 reusable launch vehicle lifted off for a flight test, carrying not only a satellite payload but also 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, with its developers Beijing-based private firm LandSpace describing the mission as a key transition from technology verification toward engineering application for China's commercial aerospace industry.
About 137 seconds after liftoff, the rocket’s first and second stages separated. The second stage continued its flight and successfully placed the Honghu-03 satellite, independently developed by Hongqing Technology, into its designated orbit. And at around 7:43 am, the rocket’s first stage successfully made a soft landing as planned at the Zhuque-3 landing site in Minqin county, Northwest China’s Gansu Province, marking the successful completion of the flight test mission.
This mission marked China's first-ever recovery of a launch vehicle's first stage using landing legs, as well as the country's first land-based recovery of the first stage of an orbital-class launch vehicle, the developer highlighted.
The achievement came shortly after China's Long March-10B reusable rocket successfully completed its maiden flight and a sea-based recovery test on July 10, marking a wave of breakthroughs in reusable launch technology. The parallel progress of state-owned and private aerospace players through different technical approaches is creating a dual-track development landscape for China's future low-cost and high-frequency space transportation, some aerospace experts told the Global Times.
    
Photos: Courtesy of Landspace
    Photos: Courtesy of LandspaceDesigned to fly again

Unlike traditional expendable rockets, which are discarded after a single mission, reusable launch vehicles are designed around an entirely different concept: a rocket should not only complete a launch, but also return safely and be prepared for future missions.
According to LandSpace, for conventional expendable liquid launch vehicles, the rocket itself represents the majority of launch costs, while fuel expenses generally account for only 1-3 percent. The first stage typically makes up about 70 percent of the total rocket cost. As a result, repeated reuse of rockets - particularly the first stage - can significantly lower launch costs by amortizing the cost of the vehicle over multiple missions. For partially reusable rockets that reuse the first stage while discarding the second stage, the cost advantage becomes increasingly evident as the number of reuse cycles grows.
The Zhuque-3 is a reusable liquid oxygen-methane launch vehicle independently developed by Beijing-based private aerospace firm LandSpace for future large satellite constellation deployment missions, according to the company's statement.
The rocket adopts a two-stage configuration, with a diameter of 4.5 meters, a total length of 66.1 meters and a liftoff mass of about 570 tons. Its first stage is equipped with nine Tianque-12A liquid oxygen-methane engines, as well as recovery systems including grid fins, attitude control systems and landing legs, enabling autonomous return and soft landing after orbital missions, LandSpace said.  
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.  
The mission also further verified key technologies including the use of stainless-steel rocket structures, liquid oxygen-methane propulsion and landing-leg recovery systems.
According to LandSpace, stainless steel provides advantages in manufacturing cost, processing efficiency, high- and low-temperature performance and post-recovery maintenance, making it suitable for reusable rocket development.  

Photos: Courtesy of Landspace
    Photos: Courtesy of LandspaceMore than a single rocket's return

The significance of Zhuque-3 Y2 extends beyond one flight test, as it reflects China's broader effort to develop reusable launch systems through multiple technological routes, according to Chinese experts.
Kang Guohua, a senior member of the Chinese Society of Astronautics and a professor of aerospace engineering at Nanjing University of Aeronautics and Astronautics, told the Global Times that China has become the second country after the US to develop orbital-class rocket recovery capabilities.
The US currently leads reusable rocket development, with SpaceX and Blue Origin advancing different recovery technologies. China, meanwhile, has seen both state-owned aerospace programs and private companies explore different technical pathways, creating a diversified development pattern, Kang said.  
According to Kang, the parallel development of different approaches demonstrates the advantages of combining national strategic capabilities with market-driven innovation.  
Pang Zhihao, a prominent Chinese space exploration expert and retired researcher from the China Academy of Spacecraft Technology, told the Global Times that the successful recovery of Zhuque-3 would carry special significance for China's private aerospace sector.
A landing-leg recovery approach would mean that private aerospace companies have completed the full process of developing a large-capacity reusable rocket system, validating key technologies including stainless-steel structures, multi-engine propulsion and recovery systems, Pang said.  
More to expect 
LandSpace said the first stage represents a significant share of the total cost of a liquid launch vehicle. Through repeated reuse, the cost of each launch can be gradually reduced, while production cycles can be shortened and launch frequency increased.  
Such capabilities are becoming increasingly important as countries and companies accelerate the deployment of large low Earth orbit satellite constellations, it added.
The Zhuque-3 has demonstrated the ability to support various commercial missions, including satellite constellation deployment, single satellite launches and rideshare missions, according to LandSpace.
The company said the rocket has achieved a maximum orbital payload capacity of 14.2 tons in expendable mode, while its reusable configuration is designed to support future constellation deployment needs.  
The Y2 mission also carried the Honghu-03 satellite developed by Hongqing Technology, combining reusable technology verification with a commercial launch application scenario. LandSpace said the mission verified the full chain of "design, manufacturing, testing, launch and recovery," laying the foundation for future commercial operations.  
The Zhuque-3 Y2 test comes as China's aerospace industry accelerates efforts to develop reusable launch vehicles.
According to Chinese experts, multiple companies are now exploring different recovery technologies, including vertical landing and other innovative approaches, reflecting the rapid growth of China's commercial aerospace ecosystem.  
Reusable liquid launch vehicle, Pallas-1 will begin its mission from Galactic Energy's independently built facility at the Dongfeng Commercial Aerospace Innovation Test Zone in northwestern China, where the company will soon complete testing, propellant filling and launch preparation operations, according to its developer Galactic Energy on Thursday.
Orienspace's Gravity-2 reusable large liquid launch vehicle is undergoing final ground testing ahead of its maiden flight, which is scheduled in the fourth quarter of 2026. The rocket is designed with a low Earth orbit payload capacity of 21.5 tons.
Space Pioneer is advancing verification and joint testing of its Yuanxingzhe-1 (YXZ-1) rocket, while i-Space's Hyperbola-3 reusable rocket has completed full-cycle ground verification of offshore recovery and landing technologies and is expected to conduct its maiden flight around the end of 2026.
Meanwhile, CAS Space's reusable Lihong-2 vehicle is being developed as a platform for verifying key recovery and reuse technologies, as well as conducting microgravity experiments. The vehicle is scheduled to complete its maiden flight and 100-kilometer-class recovery verification test in 2026.
Pang said reusable rocket technology could help lower launch costs, increase mission frequency and provide stronger support for emerging sectors such as satellite internet, space-based information networks and future large-scale space applications.  
For China's private space sector, the Zhuque-3 Y2 mission represents a transition from technology verification toward engineering application, according to LandSpace. The company said it aims to further build a "launch-recovery-inspection-reuse" cycle to support future high-frequency and low-cost commercial operations. 
Experts said reusable rocket technology could help reduce launch costs, increase launch frequency and provide stronger support for emerging sectors such as satellite internet and large-scale space applications.  
The future challenge for China's reusable rocket developers will be turning successful flight tests into repeatable commercial operations, as the country advances toward a new era of high-frequency space transportation, they noted.
Photos: Courtesy of Landspace
    Photos: Courtesy of Landspace

。        美国总统特朗普8月21日说了一句话,让全世界金融圈炸了锅。    在被记者问到“面对美国长期债券收益率再回升还有什么干预手段”时,特朗普脱口而出:“终极干预手段是美军,如果需要,将出动美军。”    救市救到要出动军队,美国国债这是出了多大的事?    先看数据。8月19日,美国财政部发布了一个“不祥的里程碑”——美国联邦政府债务总额首次突破40万亿美元。截至8月18日,未偿还公共债务总额达到40.047万亿美元,比美国2025年GDP还多出近10万亿美元。

B | 2026财年前九个月净利息支出已达8270亿美元,超过国防支出。

C |     更扎心的是,全球债主们正在用脚投票。    美国财政部8月18日公布的国际资本流动报告显示,6月份海外投资者美债持有量较5月减少721亿美元。过去4个月里,海外持仓已有3个月下滑,总持有量降至9.299万亿美元。    谁在带头跑? 日本,美国最大的海外债主。6月份单月减持264亿美元,持仓降至1.1167万亿美元。从2月到6月,日本4个月减持超1200亿美元。    英国也没闲着,6月减持87亿美元,持仓降至9399亿美元。中国6月减持259亿美元,持仓降至6334亿美元,创2008年9月以来最低水平。过去4个月里,中国合计减持超600亿美元。美国前八大海外债主中,有六个在6月集体减持。    盟友们在集体“叛变”——日本卖美债救日元,中国持续多元化外汇储备,英国跟着跑。而特朗普这边,财政部的“救市”操作已经宣告失败。        美国财政部8月20日宣布将长期国债回购规模“至少扩大一倍”,贝森特甚至暗示可能进一步扩大。结果呢?30年期美债收益率短暂回落后直接反弹,8月21日盘中一度升至5.27%,创2007年以来新高。市场用脚投票,告诉白宫:这点回购,不够。    更麻烦的是,美国财政部的回购计划本身就有“天花板”——根据现行法律,财政部回购国债需要国会授权额度。如果大规模回购导致财政赤字进一步扩大,反而会加剧市场对美债信用的担忧。

D |         桥水基金创始人达利欧已经发出警告:按照当前路径,美国债务危机最早1年、最晚5年就会爆发,“如果维持现有路线不变,危机大概率将在3年左右到来”。他建议投资者减持债券,配置10%到15%的黄金,再持有“少量”比特币。    回到特朗普那句“出动美军”。网友的评论很直接:“特朗普的意思是,只要挑起一场真正的全面战争,就能逼出避险买盘给美债接盘。”还有人调侃:“美国这是想直接占领头号持债国日本,然后把欠他们的债一笔勾销吗?”    玩笑归玩笑,但“美军干预美债”这句话从一个美国总统嘴里说出来,本身就是美国信用正在崩塌的信号。当全球最大的债务国开始用军事威胁来给自己的国债找买家时——这场40万亿美元的债务游戏,离终局还有多远?    主要信息源:    https://news.sina.com.cn/c/2026-08-22/doc-inipavkk1253909.shtml返回,查看更多

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