量子科技：在不确定性中超越未来 20260223 摘要 中国将量子科技提升至战略高度，科研成果显著，但产业化与美国存在 差距。2025 年前三季度，美国量子企业融资超 40 亿美元，中国不足其 1/10，需提高公共投资和社会化融资效率。 量子科技产业分为量子通信、量子计算和精密测量三大方向。量子通信 起步早，但带宽受限；量子计算市场规模最大，超导路线相对成熟；精 密测量领域亦有企业积极推进。 量子计算技术路线多样，包括超导、离子阱、光学和中性原子等，各具 优劣，尚未形成大规模应用的成熟方案。超导路线依托半导体工艺，具 有一定工程优势。 量机技术打破欧美垄断，研制出高性能稀释制冷剂，国内市场占有率达 31%，成为核心供应商。2025 年上半年营收 7,000 万元，预计全年净 利润超 5,000 万元。 稀释制冷剂全球市场规模约 5 亿美元，若超导量子计算大规模应用，到 2030 年市场可能增长至百亿美元级别。中国若占据 25%-30%市场份 额，市场规模将达数十亿美元。 Q&A 量子科技行业在未来的发展前景如何？ 量子科技被定位为未来产业，预计在 2025 年至 2035 年间，整个行业的年均 复合增长率将达 ...

20260223 量子更新：春晚量子"破圈"，重视技术突破和产业趋势 【国金机械】 一句话：逐步解决量子通信无法远距离传输的问题，为广域量子网络构建铺平道路。 20260223 量子更新：春晚量子"破圈"，重视技术突破和产业趋势 【国金机械】 量子春晚"破圈"：潘院士在春晚合肥分会场带着"墨子号"现身，并发出"量子的未来就在我们手中"，我们解读下来 核心要义为两点：技术自信和产业趋势。 技术自信： 1量子计算：潘院士团队在25年12月突破的量子表面码技术，实现了"低于阈值，越纠越对"的重大进展，对标谷歌 Willow的纠错技术。 其中核心技术为微波量子态泄漏抑制架构，实现了码距为7的表面码逻辑比特，逻辑错误率随码距增加显著下降。 2量子通信：2月潘院士团队构建了可扩展量子中继模块，并将器件无关量子密钥分发（DI-QKD）距离突破百公 里，较国际水平提升两个数量级。 量子春晚"破圈"：潘院士在春晚合肥分会场带着"墨子号"现身，并发出"量子的未来就在我们手中"，我们解读下来 核心要义为两点：技术自信和产业趋势。 技术自信： 1量子计算：潘院士团队在25年12月突破的量子表面码技术，实现了"低于阈值，越纠越对"的重 ...

产业缩影。 作者/周佳丽 合肥又火了。 除夕夜，当春晚的镜头切换到合肥骆岗公园，一只科技感满满的"眼眸"缓缓睁开。七分 钟时间，展现了合肥当下最硬核的三张产业名片——量子信息、聚变能源、深空探测。 这是一抹缩影。外界可能不知道，在合肥高新区云飞路，一条"量子大道"悄然崛起，超 3 0家量子科技企业比邻而居。继商业航天后，量子上市潮开始—— 来自合肥的 国 仪 量 子、本源量子正在拍马奔赴I PO。 更不用说，合肥今年将诞生中国最大I PO——长鑫科技，市值有望破万亿。 还有核聚变隐隐爆发。一位春节前刚交割完当地可控核聚变项目的投资人半开玩笑地感 慨，"开年去合肥抢项目，可能要更卷了。" 合肥7分钟，燃爆了 合肥的产业秘密，就藏在"皖美之瞳"里。 作为春晚合肥分会场《合韵满江淮》的主舞台，"皖美之瞳"搭建在骆岗公园内。这是目 前全球最大的城市公园，占地面积达到1 2 . 7平方公里。这里不仅是合肥的文化地标，同 报道/投资界PEdaily 时也是低空飞行、无人驾驶等科技场景的应用地。 最 动 人 的 镜 头 ， 是 " 夸 父 园 区 " 那 一 幕 。 当 演 员 陈 晓 仰 望 巨 像 ， 掌 心 相 合 ...

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

（文章来源：证券日报） 证券日报网讯 2月11日，国盾量子在互动平台回答投资者提问时表示，公司会在定期报告中公布普通股 股东总数及前10名股东持股情况。 ...

Core Viewpoint - MSCI has announced the inclusion of 37 Chinese companies into its global standard index while removing 16, resulting in a net increase of 21 companies, marking the largest expansion since May 2023. This adjustment provides new support for the Chinese stock market, which has experienced an unexpected rebound since last year [1][2]. Group 1: Market Impact - The adjustment will directly affect the allocation of passive funds tracking the MSCI index, potentially leading to increased buying of Chinese stocks [1]. - The attractiveness of the Chinese stock market is growing, especially as interest in U.S. asset allocation declines, driven by China's technological advancements and trade resilience [2]. Group 2: Sector Focus - The newly added companies are predominantly in the technology sector, including semiconductor manufacturer Anji Microelectronics, autonomous driving technology provider Pony AI, and quantum information product manufacturer GuoDun Quantum [4]. - Several consumer companies have been removed from the index, reflecting a shift in investor interest towards artificial intelligence and innovation-related sectors [5]. Group 3: Future Outlook - There is an expectation that more companies will be included in the future, as new growth opportunities arise from emerging industries. Global investors are encouraged to focus more on the Chinese mainland market for genuine growth opportunities [5].

Summary of Key Points from the Conference Call Industry Focus - The discussion centers around the **quantum computing industry**, highlighting its potential for investment opportunities in the near future [1]. Core Insights and Arguments - The company emphasizes that **quantum technology** is a promising investment theme, suggesting a phased approach to investment in this sector [1]. - It is anticipated that by **2026**, multiple provinces will likely initiate tenders for **hyper-converged computing** systems, which is expected to benefit leading companies such as **Guodun Quantum** [1]. - In terms of applications, **Guoxin Technology** has recently developed quantum chips for **L4 safety in intelligent driving**, marking a significant step towards practical applications of quantum technology in this field [1]. Individual Stock Insights - The company highlights **Hexin** as a stock to watch, indicating that it is expected to see developments soon, and suggests that the negative impacts from ST (Special Treatment) have largely been absorbed [1]. Investment Recommendations - The company recommends investing in the following stocks: - **Guodun Quantum** - **Hexin Instruments** - **Guoxin Technology** [1].

Group 1 - The core announcement is the election of Zhang Wenqiang as the chairman and legal representative of GuoDun Quantum, following the company's first extraordinary shareholders' meeting of 2026 and the 22nd meeting of the fourth board of directors [1][3] - Zhang Wenqiang, previously a senior official at China Telecom Group, has taken on the role of chairman of GuoDun Quantum just one month after becoming the chairman and general manager of China Telecom Quantum Information Technology Group [1][3] - The board of directors also approved the resignation of certain directors and elected Zhang Wenqiang and Gan Yu as non-independent directors, with their term lasting until the current board's term ends [3] Group 2 - Zhang Wenqiang's career reflects a dual development in technology and management, having worked extensively in network maintenance, technical research, and project management at China Telecom Group [3] - The establishment of China Telecom Quantum Group in 2023 is a key part of China Telecom's strategy in the quantum field, highlighting the importance of quantum communication for future information security [4] - In January 2025, China Telecom Quantum Group became the controlling shareholder of GuoDun Quantum through a subscription for newly issued shares, with the actual controller changing to the State-owned Assets Supervision and Administration Commission of the State Council [4]

国盾量子涨5.5%，报705.35元/股，股价再创新高，总市值突破725.53亿元，成交额达14.24亿元。（AI 生成） ...

数据显示，中欧基金旗下1只基金重仓国盾量子。中欧上证科创板100指数发起A（021660）四季度持有 股数4405股，占基金净值比例为2.32%，位居第六大重仓股。根据测算，今日浮盈赚取约14.88万元。 中欧上证科创板100指数发起A（021660）成立日期2024年7月31日，最新规模3876.56万。今年以来收益 8.39%，同类排名664/5579；近一年收益56.6%，同类排名479/4289；成立以来收益103.53%。 2月9日，国盾量子涨5.05%，截至发稿，报702.36元/股，成交12.26亿元，换手率2.22%，总市值722.45 亿元。 资料显示，科大国盾量子技术股份有限公司位于安徽省合肥市高新区华佗巷777号科大国盾量子科技 园，成立日期2009年5月27日，上市日期2020年7月9日，公司主营业务涉及量子通信产品的研发、生 产、销售及技术服务,为各类光纤量子保密通信网络以及星地一体广域量子保密通信地面站的建设系统 地提供软硬件产品,为政务、金融、电力、国防等行业和领域提供组网及量子安全应用解决方案。主营 业务收入构成为：相关技术服务35.68%，量子通信产品34.31%，量子精密测 ...