[Morgan Stanley: China's First Rocket Recovery a Success, Long-Term Threat to SpaceX] According to Deep Tide TechFlow, citing research from Trend Research, Morgan Stanley's July 10 report highlighted that China's Long March 10B rocket successfully completed its first orbital flight and achieved sea-based recovery, making China the third entity globally to master orbital-class rocket recovery technology, with the technical pathway now established. The Long March 10B is a reusable single-core version of the Long March 10 family, with a payload capacity of approximately 16 tons in its reusable configuration. At the beginning of the year, U.S. Space Force officials estimated that it would take China about 3.5 years to master rocket reusability technology, but this debut may accelerate that timeline. In 2025, China is expected to complete 90 orbital launches, second only to SpaceX's 165 launches. Reusable rockets under development by commercial companies like LandSpace are anticipated to begin operations between 2026 and 2027. China has plans for LEO satellite constellations, including 12,992 satellites for the "Guowang" project, 15,000 satellites for the "Qianfan" project, and 10,000 satellites for the "Honghu" project. Orbital calculations have already been incorporated into the 15th Five-Year Plan, and the 2,800-satellite "Star Computing" orbital supercomputing network has been initiated. Morgan Stanley believes that China represents the greatest long-term competitive threat to SpaceX.