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] ...

2026年农历新年期间，2025年4月成立的工业智能无人机企业数航智境（苏州）航空发展有限公司，亮相北 京卫视、江苏卫视等多地春节联欢晚会，让企业"AI赋能低空经济"的发展方向被更多观众了解。 各地春晚持续深化"思想+艺术+技术"的创新表达，AI、机器人等科技企业成为重要合作方，数航智境作为 工业无人机领域的新进企业，凭借技术创新贴合工业场景需求的特点登上地方春晚舞台。当前低空经济发 展势头良好，工业无人机赛道的市场需求不再局限于单纯设备制造，"技术+场景+解决方案"的综合能力成 为企业发展的重要支撑，数航智境聚焦工业场景痛点，以"AI+工业无人机"深度融合为发展核心，凭借差 异化定位和商业模式，成立后快速获得资本市场与头部客户的认可，同时持续深化与国内大型油田、能源 集团及矿业集团的合作，业务触角延伸至中东、东南亚等海外市场。 在深耕国内市场的同时，数航智境推进全球化布局，依托核心技术优势，在国内与欧洲设置研发中心，业 务覆盖中东石油能源场景与东南亚物流探矿领域，具备跨市场适配能力。 2026年春节前夕，数航智境完成千万级天使轮融资，此次融资将用于企业在工业智能无人机赛道的研发投 入与市场拓展。此次登陆多地 ...

2026年农历新年的钟声已经敲响，一家成立尚不满一年的工业智能无人机企业——数航智境(苏州)航空发展有限 公司，同步亮相于北京卫视、江苏卫视等多地春节联欢晚会的舞台，成为首个在多个省级春晚集中亮相的工业级无人 机科技公司。这不仅标志着数航智境的技术实力与品牌价值获得区域市场的广泛认可，也为其"AI赋能低空经济"的使 命，提供了面向不同地区观众的精准展示窗口。 "机网云一体化"，用硬核技术征服市场 数航智境能够快速崛起，关键在于其构建的"机-网-云"一体化全链条生态，形成了难以复制的技术壁垒，这也是其 吸引市场与国民平台关注的核心底气。 多元化的硬件矩阵，构成了数航智境的核心产品根基。针对工业场景的多样化需求，公司精准布局，推出了三大 产品线：AI智能巡检无人机可实现100%自动巡检，风险预警准确率提高30%；氢能无人机破解续航瓶颈，可实现长 时重载作业；太阳能无人机拥有超过24小时的超长航时、800里作业半径，支持全自主AI飞行，开启"长航时+全场 景"新纪元。在现有产品线之外，数航智境eVTOL也正在预研之中，通过载货、载人项目，构建"由物及人"的低空智能 交通体系。 如果说硬件是基础，那么智能化软件系统与 ...

纵横股份（688070）深度研究报告 推荐（首次） 全谱系工业无人机领军企业，以"低空+AI 行业应用"深 化布局低空数字经济——华创交运|低空 60 系列（二十七） 公司研究 证 券 研 究 报 告 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 474 | 618 | 794 | 955 | | 同比增速(%) | 57.1% | 30.4% | 28.4% | 20.3% | | 归母净利润(百万) | -36 | 10 | 55 | 100 | | 同比增速(%) | 44.5% | 129.1% | 430.1% | 80.3% | | 每股盈利(元) | -0.41 | 0.12 | 0.63 | 1.14 | | 市盈率(倍) | -143 | 491 | 93 | 51 | | 市净率(倍) | 9.0 | 8.1 | 7.4 | 6.5 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 12 日收 ...

公司研究 证 券 研 究 报 告 纵横股份（688070）深度研究报告 推荐（首次） 全谱系工业无人机领军企业，以"低空+AI 行业应用"深 化布局低空数字经济——华创交运|低空 60 系列（二十七） [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 474 | 618 | 794 | 955 | | 同比增速(%) | 57.1% | 30.4% | 28.4% | 20.3% | | 归母净利润(百万) | -36 | 10 | 55 | 100 | | 同比增速(%) | 44.5% | 129.1% | 430.1% | 80.3% | | 每股盈利(元) | -0.41 | 0.12 | 0.63 | 1.14 | | 市盈率(倍) | -143 | 491 | 93 | 51 | | 市净率(倍) | 9.0 | 8.1 | 7.4 | 6.5 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 12 日收 ...

2月9日，低空经济赛道在农历新年前迎来又一笔大额融资——成都工业无人机企业四川傲势科技有限公司（AOSSCI）宣布完成超3亿元D轮融资。 融资之外，傲势科技近期在多个维度的动态同样值得关注。 2026年1月19日，神舟二十号返回舱在东风着陆场成功着陆，这是我国首次无人化神舟飞船搜索回收任务。傲势XC系列无人机作为航天搜救体系无人机分 队的核心空中力量参与了此次任务，在零下23.8℃的极端严寒环境中，协助构建了"无人机搜索+无人车观察+地面处置"的无人化协同搜救体系。据公开信 在技术层面，傲势科技以"统一技术架构"为核心，通过架构标准化实现技术的快速复用、迭代与跨场景适配。目前，公司已构建覆盖1kg至300kg全量级的 产品矩阵，涵盖垂直起降（VTOL）、短距起降（STOL）、零长起降（ZLL）固定翼及多旋翼等多种机型，具备从飞行平台、任务载荷、指挥控制到综合 保障的全流程自主研发与交付能力，累计专利约200项。新资金将用于进一步优化产品性能与场景适配性，提升面向能源、林草、应急、水利等重点领域 的解决方案能力。 在绿色能源方面，将聚焦新能源产业生态融合与零碳技术创新，攻坚无人机新能源动力系统升级、绿电应用场景 ...

Core Viewpoint - The company, Zongheng Co., Ltd. (688070.SH), plans to raise up to 548 million yuan through a private placement to enhance its capabilities in drone systems and AI technology, marking a significant step in its low-altitude digital economy strategy and driving performance improvement [1] Group 1: Investment and Project Focus - The private placement will focus on three main areas: the development of new unattended aerial inspection systems, key technology research for large fixed-wing drones, and AI capability enhancement, with a total investment of 144 million yuan [3] - The company aims to create a low-altitude AI model and automated training system tailored for specific industries such as transportation, agriculture, and emergency response, facilitating rapid integration and deployment of AI solutions [3] Group 2: AI and Industry Integration - The integration of AI technology with low-altitude drones is a confirmed industry trend, supported by government policies aimed at advancing autonomous flight and intelligent decision-making capabilities [2] - The company has developed a comprehensive AI solution that enhances drone capabilities in complex environments, providing end-to-end intelligent services and achieving a transformative upgrade in the integration of AI and drone technology [4] Group 3: Business Development and Performance - The company has successfully implemented its "unattended + cloud platform + AI" model across various regions, demonstrating the scalability of low-altitude economic applications and providing a replicable development framework for the industry [5] - For the first nine months of 2025, the company reported a 57.01% year-on-year increase in revenue, with a significant reduction in net losses, indicating a positive growth trajectory [6] Group 4: Dividend Policy and Future Outlook - The company has announced a dividend plan for the next three years (2026-2028), committing to distribute at least 10% of its distributable profits as cash dividends, reflecting confidence in future profitability [7]

Core Viewpoint - The event "I am a Shareholder" provided investors with an opportunity to gain in-depth insights into the leading industrial drone company, Zongheng Co., through factory visits and discussions, highlighting the growth potential in the low-altitude economy supported by national policies and technological advancements [1][8]. Company Overview - Zongheng Co. was established in 2010, focusing on the research and development of drone flight control navigation systems and complete systems, participating in major national aircraft projects and setting multiple industry standards [3][10]. - The company has developed four main product lines: vertical take-off and landing fixed-wing drones, multi-rotor drones, unattended systems, and sliding fixed-wing drones, with the unattended system allowing remote autonomous flight across the country [3][10]. Financial Performance - In the third quarter, Zongheng Co. reported revenue of 322 million yuan, a year-on-year increase of 57%, and a quarterly profit of 16.52 million yuan, marking a return to profitability [4][11]. - The gross profit margin for the first three quarters reached 48.9%, an increase of 2.2 percentage points compared to the previous year [4][11]. Technological Advancements - The company developed a smart air traffic control system in 2022, which won a special award from the Transportation Association, and the UTMIS system, co-developed with the Civil Aviation Second Institute, has become the national air traffic control baseline version [4][11]. - Zongheng Co. holds nearly 500 intellectual property rights, including over 100 invention patents, and has participated in the formulation of numerous industry standards [4][11]. Future Outlook - Zongheng Co. plans to increase R&D investment, enhance its product portfolio, and expand its applications in smart governance, with expectations for overseas business to gradually account for one-third or more of its operations [6][13]. - The company aims to focus on the low-altitude digital economy and logistics sectors, leveraging unattended systems and AI technology to promote the large-scale development of the low-altitude economy [6][13].

Investment Rating - The report does not explicitly state an investment rating for the industrial drone industry in China [1]. Core Insights - The industrial drone industry in China is experiencing explosive growth, becoming a core driver of low-altitude economic development [3]. - The industry chain has formed a complete ecosystem consisting of upstream raw materials and subsystems, midstream manufacturing and services, and downstream applications [3]. - Industrial drones are evolving from standalone devices to full-stack solutions that integrate hardware, software, and services [3]. Summary by Sections Industrial Drone Manufacturing Market Characteristics - The multi-rotor industrial drone market in China is highly competitive with numerous manufacturers, while the fixed-wing industrial drone market has a higher concentration due to significant technical barriers [5][17]. - The vertical take-off and landing fixed-wing market is a rapidly growing segment with extremely high market concentration [5][17]. - The manufacturing costs, sales prices, and operational thresholds vary significantly across different product types, with multi-rotor drones being the most accessible and cost-effective [17][19]. Application Scenarios and Technology Trends - In the surveying and geographic information sector, industrial drones will focus on the integration of AI with geographic information, multi-source data fusion, dynamic updates, and autonomous operations [6][21]. - In the inspection field, drones will advance towards fully autonomous flights, AI-driven inspections, and integrated platforms for data fusion [6][30]. - In security monitoring and emergency response, drones will develop around AI integration, edge computing, and modular designs for specialized emergency solutions [6][36]. Downstream Applications - In surveying and geographic information, drones are used for rapid data acquisition, environmental monitoring, and land registration, significantly enhancing efficiency compared to traditional methods [20][26]. - In the inspection sector, drones are applied in various industries such as power, oil and gas, and transportation, improving safety and reducing operational costs [27][29]. - In security and emergency response, drones provide real-time monitoring, rapid response capabilities, and enhanced situational awareness during emergencies [32][38].

Investment Rating - The report indicates a strong growth potential for the industrial drone industry in China, with a compound annual growth rate (CAGR) of 33.79% from 2019 to 2024, and an expected market size of 1710.15 billion yuan by 2029 [9][26]. Core Insights - The industrial drone industry is experiencing explosive growth, becoming a core driver of the low-altitude economy, with a complete ecosystem formed across the supply chain [2]. - The market growth is supported by improved policy frameworks, expanded application scenarios, AI technology integration, and accelerated upstream and downstream integration within the industry [9][28]. - The industrial drone market in China is projected to grow from 151.80 billion yuan in 2019 to 650.68 billion yuan in 2024, with significant contributions from various sectors such as agriculture, logistics, and energy inspection [26][28]. Summary by Sections Industry Overview - The industrial drone market has surpassed the consumer drone market since 2021, indicating a shift in focus towards professional applications [9]. - The industry is characterized by a complete ecosystem that includes upstream raw materials, midstream manufacturing, and downstream applications [2][39]. Market Size and Growth Factors - The Chinese industrial drone market is expected to grow significantly, with a forecasted size of 650.68 billion yuan by 2024 and 1710.15 billion yuan by 2029, driven by policy support and technological advancements [9][26]. - Key growth drivers include the establishment of a supportive policy environment, the integration of AI technology, and the expansion of application scenarios from traditional to emerging fields [28][30]. Industry Chain Analysis - The industrial drone supply chain consists of upstream components such as raw materials and systems, midstream manufacturing, and downstream applications in various sectors including energy, agriculture, and emergency response [39][40]. - The report highlights the importance of collaboration across the supply chain to enhance technological integration and service offerings [31]. Policy and Regulatory Environment - The report outlines various policies aimed at promoting the use of industrial drones in sectors like agriculture and logistics, establishing a framework for safe and efficient operations [25]. - Recent regulations have been introduced to standardize operations and ensure safety in the use of drones across different applications [25]. Technological Advancements - The integration of AI technology is noted as a significant factor in enhancing the operational capabilities of industrial drones, improving navigation and decision-making processes [29]. - The report emphasizes the need for continuous innovation and adaptation to meet the evolving demands of the market [36]. Challenges and Risks - The industry faces challenges such as slow policy implementation, economic uncertainties, and increasing competition, which could impact growth [32][34]. - Technological risks include the need for ongoing research and development to maintain competitive advantages and meet customer demands for customized solutions [36].