摘要： 产业观察 [table_Header]2026.02.27 风起青萍，拥抱趋势，空天产业 2026 年十大展望 产业研究中心 [商业航天展望 Table_Summary] 低空经济展望 风险提示 1）可复用火箭研制及回收试验不及预期；2）巨型星座组网进度及商业化 落地缓慢；3）工业无人机市场竞争加剧致盈利持续承压；4）重型无人机 及 eVTOL 适航取证与场景落地不及预期。 | [Table_Authors] | 周天乐(分析师) | | | --- | --- | --- | | 0755-23976003 | | | | zhoutianle@gtht.com | 登记编号 | S0880520010003 | | 徐淋(分析师) | | | | 021-38677826 | | | | xulin4@gtht.com | 登记编号 | | | S0880523090005 | | | | 肖洁(分析师) | | | | | xiaojie3@gtht.com | | --- | --- | | 登记编号 | 021-38674660 S0880513080002 | [Table_Report] ...

平安产险：以保 险之力，精准护 航"粤制造"发展 _南方+_南方 plus 2月24日，2026 年广东省高质量 发展大会如期召 开。连续四年召 开的"新春第一 会"，本届主题 聚焦制造业与服 务业协同发展， 在现场设置的制 造业与服务协同 发展案例展上， 中国平安财产保 险股份有限公司 （下称"平安产 险"）作为本土 金融强企亮相， 企业通过现场展 示、分享保险服 务广东制造业高 质量发展的创新 模式与典型案 例，展示其护航 广东制造业高质 量发展的创新实 践。 产险保障"制造 业当家" 制造业当家，保 险来护航。制造 业创新成果的落 地与大规模商业 化应用，往往伴 随着新的风险与 不确定性。保险 业通过创新产品 与服务模式，为 制造业创新成果 化解风险、稳步 扩张提供了关键 支撑。其中，平 安产险与极飞科 技的合作，便 是"保险+智能装 备制造"融合赋 能智慧农业的典 范。 针对农业无人机 作业风险高、传 统投保理赔流程 繁琐的痛点，双 方携手搭建了智 慧数字化承保与 理赔系统。实现 了农业无人机的 全天候线上化投 保、一键报案、 系统自动定责与 极速理赔，并创 新推出维修费用 透明、用户无需 垫付等便利 ...

作为制造业大省和服务业强省，广东现代化产业体系基础雄厚、门类齐全，2025年全省规上工业企业营业收入、服务业增加值 均居全国首位，为建设具有国际竞争力的现代化产业体系奠定了坚实根基。当前，广东正聚焦制造业发展关键环节，制定实施 一批具有突破性、引领性、可操作性的重大政策和改革举措，推动服务业以前所未有的深度和广度，持续赋能制造业高质量发 展。 在此发展趋势下，众多广东制造业企业正经历一场深刻的"进化"，从"造产品"向"做服务"的转型。对广东企业而言，凝聚制造业 和服务业这对"最佳搭档"，将产生怎样的效果？若放到更宏观的视角，提升制造业与服务业的协同发展水平，将为广东加快打 造更具国际竞争力的现代化产业体系提供怎样的发展空间？ 制造业粤企的蜕变之旅 步入广东省高质量发展大会会场，一场"制造业与服务业协同发展案例展"俨然成为广东硬核智造实力的检验场。 会场中，智平方AlphaBot机器人展现出灵活的互动能力，其应用场景广泛——小到为消费者递送咖啡，大到协助一线半导体制 造厂工人"造芯"、在车企代替工人完成上下料、拖拽料车等工业任务，甚至能协助拿下国际头部车企订单。另一边，极飞农业 的无人飞机与农业无人车协同作业， ...

"制造业与服务业双向奔赴，关乎广东高质量发展大局、现代化建设全局。要以制造业之强牵引服务业 之优，以服务业之优增进制造业之强，在'制造强省'与'服务高地'相互成就中打开产业发展新天地，让 现代化产业体系这棵大树在广东的发展沃土上深深扎根、茁壮成长。"广东省委书记黄坤明在广东省高 质量发展大会上表示。 2月24日，农历丙午马年首个工作日，广东省委、省政府召开全省高质量发展大会。今年，广东高质量 发展大会聚焦"制造业与服务业协同发展"，释放出经济第一大省以"两业协同"锻造新质生产力、抢占产 业新赛道的明确信号。 作为制造业大省和服务业强省，广东现代化产业体系基础雄厚、门类齐全，2025年全省规上工业企业营 业收入、服务业增加值均居全国首位，为建设具有国际竞争力的现代化产业体系奠定了坚实根基。当 前，广东正聚焦制造业发展关键环节，制定实施一批具有突破性、引领性、可操作性的重大政策和改革 举措，推动服务业以前所未有的深度和广度，持续赋能制造业高质量发展。 在此发展趋势下，众多广东制造业企业正经历一场深刻的"进化"，从"造产品"向"做服务"的转型。对广 东企业而言，凝聚制造业和服务业这对"最佳搭档"，将产生怎样的效果？ ...

（文章来源：21世纪经济报道） 服务制造一起强极飞科技：我们服务于农户帮助农户服务于土地 ...

Investment Rating - The report rates the low-altitude economy industry as "Outperform the Market" [1] Core Insights - The low-altitude economy is defined as a comprehensive economic form driven by low-altitude aviation activities, encompassing four main sectors: low-altitude manufacturing, low-altitude operations, low-altitude infrastructure and information services, and low-altitude supporting industries [1][15] - The development of the low-altitude economy is supported by breakthroughs in technology and increased policy support, leading to rapid growth in the sector [1][15] - The domestic general aviation industry has reached new highs, with 760 companies holding operational licenses and a total of 5,224 registered general aviation aircraft by the end of 2024, marking a year-on-year increase of 10.1% [1] Summary by Sections 1. Low-altitude Manufacturing Opportunities - Low-altitude manufacturing accounts for nearly 60% of the total value in the industry chain, with domestic companies accelerating the localization of high-strength carbon fiber products [2] - The electric propulsion systems for aircraft require higher performance parameters, with companies like Wolong Electric and Inbol accelerating the development of high-performance motors [2] - The industry is expected to transition towards a primarily electric and hybrid model, with solid-state batteries showing promise for future applications in low-altitude aircraft [2] 2. Low-altitude Operations Opportunities - Key catalysts in low-altitude operations include the progress of airworthiness certification for electric vertical takeoff and landing (eVTOL) aircraft and the transition of application scenarios from pilot projects to normalization [3] - By the third quarter of 2025, approximately 17 products are expected to enter the airworthiness acceptance or certification stage, with most manned eVTOL models anticipated to be approved by 2028 [3] - The commercialization of low-altitude logistics operations is progressing rapidly, with companies like Fengfei Aviation achieving successful pilot results in intercity and inter-island transport [3] 3. Low-altitude Infrastructure Opportunities - The low-altitude infrastructure includes both physical facilities and technical systems, with an estimated construction cost of 599.6 billion yuan for low-altitude economic infrastructure (general airports + takeoff and landing sites) from 2025 to 2030 [3] - The planning and consulting costs for this infrastructure are projected to be 35.97 billion yuan during the same period [3] 4. Low-altitude Supporting Industries Opportunities - The demand for low-altitude aircraft testing is expected to realize commercial viability first, as it is closely tied to the entire lifecycle of aircraft development, certification, and commercial operation [4] - Third-party testing institutions with aerospace experience and robust testing capabilities are likely to benefit from this demand [4]

Core Insights - The article highlights the advancements in low-altitude economy products, particularly focusing on the achievements of Guangzhou-based companies like EHang and XAG in the field of unmanned aerial vehicles (UAVs) and their global expansion efforts [1][2][4]. Group 1: EHang's Developments - EHang's EH216-S, the world's first manned autonomous aerial vehicle to receive full airworthiness certification, has completed over 80,000 safe flights across 21 countries, including the USA, Canada, and several European and Asian nations [2][3]. - The company plans to initiate an advanced air mobility sandbox project in Thailand by October 2025, aiming to commercialize eVTOL operations through innovative regulatory frameworks [2][3]. - EHang's international expansion is supported by its early overseas initiatives, including establishing a drone command and control system in the Middle East, which laid a solid foundation for its global strategy [3]. Group 2: XAG's Agricultural Innovations - XAG's agricultural drones are gaining popularity among farmers in Australia, where they are utilized to enhance agricultural efficiency and reduce costs associated with labor and pesticide use [4][5]. - The company has established a global distribution network, with products available in over 60 countries, focusing on precision farming and digital management of agricultural operations [5]. - XAG's competitive edge in the global smart agriculture sector stems from its robust self-research capabilities and a fully integrated supply chain from R&D to manufacturing [5]. Group 3: Industry Growth and Statistics - Guangzhou's civil drone production saw a significant increase of 29.8% last year, reflecting the rapid growth of the low-altitude economy [6][7]. - The city is home to over 4,200 enterprises in the low-altitude economy sector, ranking second nationally, with 65 core companies forming a complete industrial chain from research to service [7]. - The Guangdong-Hong Kong-Macao Greater Bay Area is recognized for its advanced precision manufacturing capabilities, supporting the production of key components for UAVs [7].

Core Insights - The article discusses the rapid growth and competitive landscape of the agricultural drone market in China, particularly focusing on crop protection drones and their applications in agriculture [1][7]. Industry Overview - Agricultural aviation has evolved from manned aircraft operations to a coexistence of manned and unmanned operations, with a significant increase in the use of agricultural drones for tasks such as spraying, seeding, and pest control [1][7]. - The demand for agricultural drones is driven by the need for efficient pest control, especially during outbreaks of biological disasters [3]. Market Data - According to the National Bureau of Statistics, China's crop sowing area has remained above 1.6 billion hectares from 2016 to 2024, with projections indicating that the sowing area for grain crops will reach 1.196 billion hectares in 2024 [6]. - The sales of crop protection drones in China have surged from 7,500 units in 2017 to 99,500 units in 2024, reflecting a compound annual growth rate of 43.7% [7]. Competitive Landscape - The agricultural drone market is primarily dominated by DJI and XAG, with both companies offering a range of products and services in the agricultural sector [11]. - DJI has released multiple agricultural drone models and aims to sell nearly 200,000 units by 2025, with a projected operational area exceeding 1.9 million acres [13]. - XAG has developed a comprehensive product matrix and has served 9.31 million farmers, covering over 1.45 billion acres, while also expanding its overseas business significantly [13]. Future Trends - The article highlights the expected increase in major crop pest occurrences by 6.2% in 2025, necessitating enhanced monitoring and control measures [6]. - The competitive dynamics suggest a strong focus on technological advancements and service expansion among leading companies in the agricultural drone sector [11][13].

Core Insights - Guangdong's low-altitude economy has surpassed 100 billion, with over 15,000 related enterprises, accounting for more than 30% of the national total, and leading the global market in consumer and industrial drones [1][2][4] Group 1: Industry Overview - The low-altitude economy in Guangdong is characterized by innovative applications such as flying cars and drones, with significant advancements in technology and production capabilities [2][4] - Major players like EHang and XAG are leading the market, with EHang becoming the first profitable eVTOL company globally, and XAG's agricultural drones enhancing farming efficiency [2][3] Group 2: Market Dynamics - The consumer drone sector is dominated by DJI, which holds a substantial market share, while emerging companies like Yingshi are providing diverse aerial experiences [3] - The product matrix of Guangdong's low-altitude economy spans various applications, from agriculture to urban commuting, showcasing the versatility and innovation of "Guangdong-made" products [3][6] Group 3: Enabling Factors - The growth of Guangdong's low-altitude economy is supported by policies that provide financial and technical assistance, creating a conducive environment for innovation [4][5] - A robust supply chain with over 2,000 manufacturing companies in the region underpins the industry's strength, facilitating the development of core components and complete systems [4] - Continuous infrastructure improvements, including the establishment of general airports and flight service stations, enhance operational capabilities and streamline airspace management [4][6]

Core Viewpoint - The agricultural pesticide sector is experiencing a significant upward trend driven by multiple favorable factors, including policy incentives, the upcoming spring farming season, and a recovery in global market demand [1][2]. Group 1: Policy Changes - The "One Certificate, One Product" policy will be fully implemented on January 1, 2026, aiming to eliminate the long-standing issues of "one pesticide with multiple names" and "certificate borrowing" in the industry [1]. - This policy is expected to compel companies to shift focus from "labeling" to "research and development," fostering competition based on technology, quality, and service, thereby promoting high-quality industry development [1]. Group 2: Export Tax Adjustments - The cancellation of export tax rebates for certain pesticide raw materials starting April 1, 2026, is anticipated to pressure profit margins for related companies in the short term [2]. - However, this adjustment may accelerate the elimination of outdated production capacity and encourage companies to transition to high-end products, enhancing product value [2]. - In 2024, China's pesticide formulation export value reached 61.36 billion, surpassing raw material exports for the first time, with a share of 54.12% [2]. Group 3: Demand Dynamics - The upcoming spring farming season is expected to release strong demand for pesticides, with an estimated 3.8 billion acres of crops affected by pests, leading to direct economic losses exceeding 42 billion [3]. - The industry has maintained an operating rate of over 80% for the past eight months, with inventory levels at their lowest since the beginning of 2024, indicating a favorable supply-demand balance [3]. Group 4: Benefiting Industries - The pesticide intermediate sector is likely to benefit from the rising demand for pesticide raw materials, with companies like Lianhua Technology expected to see performance growth due to stable demand from downstream clients [4]. - The phosphorus chemical industry will also benefit, as the recovery in pesticide demand will increase the consumption of upstream raw materials like phosphate rock and phosphoric acid [4]. - The integration of precision agriculture and the pesticide industry is expected to drive growth in the plant protection service and smart pesticide machinery sectors, with significant increases in the adoption of precision application equipment projected [5].