Industry Overview - The quantum computing industry is currently experiencing a critical phase of technological breakthroughs, application exploration, and industry cultivation [1] - Domestic quantum computing development shows a positive trend with "hardware blooming in multiple areas, software tools complementing, and industry collaboration gaining momentum" [1] Market Growth - According to IDC, the global quantum computing technology market (including hardware, software, and service solutions) was valued at $1.1 billion in 2022 and is projected to grow to approximately $7.6 billion by 2027 [1] - The commercial year for quantum computing is expected to be 2030, with market demand exceeding $100 billion and an annual compound growth rate of 79.72% from 2022 to 2030 [1] Company Performance - On the 15th, quantum technology stocks surged, with HeXin Instruments rising over 17% to reach a new high, and Geer Software hitting the daily limit [1] - Other companies such as GuoDun Quantum and XinAn Century saw increases of over 8%, while KeDa GuoChuang rose over 5% [1] Competitive Position - According to ZhongHang Securities, global advancements in quantum technology are making quantum information a key driver of future technological transformation [1] - Domestic companies are positioned with relatively leading, comprehensive, and in-depth technology, products, and market layouts in the frontier of quantum technology, potentially benefiting from the rapid growth of this emerging industry [1]

Market Overview - On October 15, A-shares opened slightly higher, initially dipped into the red, and then quickly rebounded, with all three major indices turning positive by the time of reporting [2][3]. - The Shanghai Composite Index rose by 0.24%, the Shenzhen Component Index increased by 0.17%, and the ChiNext Index gained 0.09% [3]. Sector Performance - The retail, beauty care, building materials, and non-ferrous metals sectors saw collective gains, while e-commerce, cement manufacturing, and cybersecurity stocks were active [3][4]. - The defense sector underperformed, with stocks related to photolithography machines and photovoltaic inverters declining [3][5]. Notable Stocks - In the e-commerce sector, stocks like Pinduoduo and JD Health saw increases of 1.93% and 3.39%, respectively [4][6]. - The building materials sector experienced a surge, with Yao Pi Glass and Jianlang Hardware rising by 9.98% and 6.94%, respectively [10]. - In the non-ferrous metals sector, Shenghe Resources hit the daily limit with a 10% increase, while other gold-related stocks also performed well [8][9]. Software Sector Activity - The domestic software sector was active, with stocks like Jiuqi Software and Geer Software reaching their daily limits, increasing by 10.03% and 10% respectively [11][12]. - New Kai Lai's subsidiary launched two EDA design software products at the Bay Area Semiconductor Industry Expo, achieving a 30% performance improvement over industry benchmarks [12]. Defense and Photolithography Sector Decline - The defense and military sector saw significant declines, with North China Long Dragon dropping over 10% and several other stocks experiencing substantial losses [14][15]. - Photolithography-related stocks collectively fell, with companies like Xinlai Materials and Guolin Technology seeing declines of over 10% [16]. Company-Specific News - Ruiyi Group's stock hit the daily limit down, falling by 9.98% to 5.23 CNY per share after the company received a notice of investigation from the China Securities Regulatory Commission for suspected information disclosure violations [19][20].

Core Insights - The A-share market has seen a strong performance in domestic software stocks, with several companies experiencing significant price increases [1] Group 1: Stock Performance - Pinming Technology (品茗科技) rose by 15.52%, with a total market capitalization of 9.108 billion and a year-to-date increase of 380.60% [2] - Jiuxi Software (久其软件) increased by 10.03%, with a market cap of 6.337 billion and a year-to-date rise of 17.22% [2] - Geer Software (格尔软件) saw a 10.00% increase, with a market cap of 3.838 billion and a year-to-date increase of 27.67% [2] - Rongji Software (榕基软件) rose by 9.95%, with a market cap of 5.021 billion and a year-to-date increase of 34.72% [2] - Haocen Software (浩辰软件) increased by 9.87%, with a market cap of 3.960 billion and a year-to-date rise of 54.88% [2] - Guodun Quantum (国盾量子) rose by 8.36%, with a market cap of 44.3 billion and a year-to-date increase of 44.19% [2] - Other notable performers include Zhongchuang Co. (中创股份) up 6.48%, Fangzhi Technology (方直科技) up 5.95%, and Guozi Software (国子软件) up 5.93% [2] Group 2: Market Trends - The MACD golden cross signal has formed, indicating a positive trend for these stocks [1]

Core Viewpoint - The financial technology sector is experiencing significant activity, with multiple stocks showing strong performance, indicating a potential bullish trend in the market [1][3]. Group 1: Market Performance - Financial technology stocks are actively rising, with notable gains such as Geer Software hitting the daily limit and Xin'an Century increasing over 8% [1]. - The financial technology ETF (159851) has rebounded, with a price increase of over 1% and a real-time transaction volume exceeding 1 billion CNY [1][4]. Group 2: Industry Trends - The sentiment around domestic innovation (信创) is expected to continue expanding, potentially serving as a catalyst for the financial technology sector's recent performance [3]. - The financial technology sector is projected to benefit from a significant market opportunity, with the domestic innovation industry expected to reach a trillion-level scale by 2025 [3]. - The replacement of financial PCs and core systems is anticipated to be completed by the end of 2023, indicating a rapid pace of technological upgrades in the financial sector [3]. Group 3: Investment Opportunities - The financial technology ETF (159851) is highlighted as a key investment opportunity, with over 120 billion CNY in size and an average daily trading volume exceeding 10 billion CNY [4]. - The ETF's index primarily consists of computer-related stocks, aligning with the current trends of self-sufficiency and domestic substitution [3]. - The capital market's high activity level is seen as a major support factor for opportunities in the financial technology sector, with a focus on internet brokerages [3].

证券代码：603232 证券简称：格尔软件 公告编号：2025-060 格尔软件股份有限公司 关于使用部分闲置募集资金购买理财产品到期赎回 并再次进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 公司于 2024 年 10 月 15 日使用募集资金 10,000 万元认购了国融证券股份有 限公司的"国融证券安享收益凭证 2485 号"，具体详情详见公司于 2024 年 10 月 16 日刊登在上海证券交易所网站（www.sse.com.cn）的《格尔软件股份有限 公司关于使用部分闲置募集资金进行现金管理的进展公告》（公告编号： 2024-075）。公司已按期收回前述理财产品本金 10,000 万元，并获得收益 287.62 万元。 截至本公告披露日，公司已收回本金和获得理财收益并划至募集资金专用账 户。具体情况如下： 重要内容提示： 基本情况 | 产品名称 | 国融证券安享收益凭证 2579 号 | | --- | --- | | 受托方名称 | 国融证券股份有限公司 | | 购买金额 | 万元 9,500 ...

Core Viewpoint - The announcement details the change of the continuous supervision sponsor representative for Geer Software Co., Ltd. from CITIC Securities, ensuring that the change will not affect the company's operations or the ongoing supervision process [1]. Group 1: Change of Sponsor Representative - Geer Software received a notice from CITIC Securities regarding the replacement of the continuous supervision sponsor representative [1]. - The original representatives were Zhang Junhui and Kong Lei, with Kong Lei stepping down due to work arrangements [1]. - Sun Lu has been appointed as the new representative, joining Zhang Junhui in overseeing the project [1]. Group 2: Impact of the Change - The change in sponsor representatives will not impact CITIC Securities' continuous supervision work or the company's operational activities [1]. - The board of directors expressed gratitude for Kong Lei's contributions during his tenure [1]. Group 3: Background of New Representative - Sun Lu is currently a senior vice president at CITIC Securities' Investment Banking Management Committee, with 13 years of investment banking experience and 3 years of auditing experience [3]. - She has been involved in significant projects, including IPOs and asset restructuring for various companies [3].

证券代码：603232 证券简称：格尔软件 公告编号：2025-059 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 格尔软件股份有限公司（以下简称"公司"）于 2025 年 9 月 30 日收到中信 证券股份有限公司（以下简称"中信证券"）出具的《关于更换持续督导保荐代 表人的函》，中信证券作为公司 2020 年非公开发行 A 股股票的保荐机构，原指 派张俊晖和孔磊先生担任保荐代表人负责持续督导工作。现孔磊先生因工作安排 原因，不再担任公司持续督导的保荐代表人，中信证券现委派保荐代表人孙璐女 士接替其负责该项目后续的持续督导工作，继续履行持续督导职责。此次变更后， 公司 2020 年非公开发行 A 股股票持续督导项目的保荐代表人为张俊晖先生和孙 璐女士。 本次保荐代表人变更不会影响中信证券对公司的持续督导工作，亦不会对公 司的生产经营活动造成风险和影响。公司董事会对保荐代表人孔磊先生为公司所 做出的贡献表示衷心感谢！ 孙璐女士的简历详见附件。 特此公告。 格尔软件股份有限公司董事会 2025 年 10 月 1 日 格尔软件 ...

证券代码：603232 证券简称：格尔软件 公告编号：2025-058 格尔软件股份有限公司 关于2025年半年度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 格尔软件股份有限公司（以下简称"公司"）于 2025 年 9 月 18 日下午 13： 00-14:00 在上海证券交易所上证路演中心（http://roadshow.sseinfo.com/）通过网 络互动召开了 2025 年半年度业绩说明会，现将召开情况公告如下： 一、业绩说明会召开情况 公司于 2025 年 8 月 20 日披露了《格尔软件股份有限公司关于召开 2025 年 半年度业绩说明会的公告》（公告编号：2025-050）。2025 年 9 月 18 日，公司 董事长杨文山先生、董事兼总经理叶枫先生、董事兼董事会秘书蔡冠华先生、财 务总监邹瑛女士、独立董事张克勤先生出席了本次说明会，与投资者进行互动交 流和沟通，就投资者关注的问题进行了回复。 二、投资者提出的主要问题及公司回复情况 公司对投资者在本次说明会上提出的普遍关注的问题给 ...

告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 基本情况 | 产品名称 | 国融证券安享收益凭证 号 2566 | | --- | --- | | 受托方名称 | 国融证券股份有限公司 | | 购买金额 | 万元 3,500 | | 产品期限 | 天 95 | | 特别风险提示（如有请勾选） | 其他：不适用 | 证券代码：603232 证券简称：格尔软件 公告编号：2025-057 格尔软件股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公 风险提示 尽管本次公司购买的为安全性高、流动性好、风险低的保本型理财产品，但 金融市场受宏观经济、财政及货币政策的影响较大，不排除该项投资的收益会受 到市场波动的影响。敬请广大投资者注意防范投资风险。 一、本次现金管理概况 （一）委托理财的目的 在不影响公司日常经营，保证公司募集资金投资项目建设和使用的前提下， 为更好地发挥资金效益，提高公司资金的使用效率，更好地实现公司现金资产的 保值增值，保障公司及股东的利益。 （二）现金管理的金额 人民币 3,500 万 ...

Investment Rating - The report maintains a positive investment rating for the quantum computing and post-quantum cryptography sectors, highlighting significant growth potential and competitive dynamics in the industry [4]. Core Insights - Quantum computing is poised to revolutionize AI capabilities by overcoming computational bottlenecks, with the market expected to grow from $4.7 billion in 2023 to over $800 billion by 2035, reflecting a compound annual growth rate (CAGR) of 44.8% [1][27]. - Post-quantum cryptography (PQC) is emerging as a critical defense against the threats posed by quantum computing to traditional encryption systems, with the U.S. leading in the development and standardization of PQC technologies [1][36]. - Domestic companies are accelerating their efforts in the quantum computing and cybersecurity sectors, aiming to establish a robust information security framework that is self-sufficient and resilient against quantum threats [2][3]. Summary by Sections 1. Addressing Quantum Computing Challenges and Advancements in Post-Quantum Cryptography - Quantum computing leverages unique quantum mechanical properties to achieve unprecedented computational power, enabling significant advancements in parallel processing and energy efficiency [7][10]. - The quantum computing market is expected to reach $10.5 billion by 2027, driven by breakthroughs in specialized quantum computers and applications across various sectors [27]. - The development of post-quantum cryptography is essential to safeguard against the vulnerabilities of traditional encryption methods, with various algorithms being explored to ensure security in a quantum computing era [30][32]. 2. Focus on Future Technological Transformations and Domestic Leaders' Accelerated Layout - Leading domestic enterprises are actively investing in quantum computing and post-quantum cryptography, enhancing their capabilities in algorithm development, hardware innovation, and practical applications [2][3]. - Companies like GuoDun Quantum and Sanwei Xinan are at the forefront of developing comprehensive solutions that integrate quantum key distribution (QKD) and post-quantum cryptography [61][52]. - The report identifies key players such as GuoDun Quantum, Sanwei Xinan, and Jida Zhengyuan as significant contributors to the advancement of post-quantum cryptography technologies [3][47][57].