Core Viewpoint - The AI Fund Yongying State-Owned Enterprise Opportunity Selection Mixed Fund A (023824) reported a profit of 886,700 yuan for Q3 2025, with a weighted average profit per fund share of 0.0105 yuan, indicating a net value growth rate of 1.05% during the reporting period [3]. Fund Performance - As of the end of Q3 2025, the fund's scale was 84.97 million yuan, with a unit net value of 0.975 yuan as of October 21 [3]. - The fund manager, Wang Wenlong, currently manages three funds [3]. Investment Strategy - The fund's investment strategy focuses on "valuation reconstruction + growth breakthrough," with three main areas of emphasis: 1. High-quality state-owned enterprises undergoing asset integration and upgrades, particularly those with opportunities for value reassessment through asset injection [3]. 2. Technology innovation-driven state-owned enterprises, focusing on leading stocks with attributes of industrial chain leaders in new productivity directions [3]. 3. Stable holding positions in core assets [3]. Top Holdings - As of the end of Q3 2025, the fund's top ten holdings included: 1. Dongli New Science 2. Yandong Micro 3. Northern Huachuang 4. Kaipu Cloud 5. Huahong Semiconductor 6. AVIC Shenyang Aircraft 7. Shanda Diwei 8. Guodun Quantum 9. Zhongke Shuguang 10. GF Securities [3].

Core Insights - The commercialization of quantum communication and measurement is accelerating, driven by leading domestic research and application scenarios, with significant advancements in core hardware and industrial applications [1][4][8] - The 2025 Nobel Prize in Physics awarded for practical applications of quantum mechanics in chip design indicates a shift towards engineering-focused quantum computing, providing a validated investment direction [1][2] - The global quantum competition is intensifying, with supportive policies expected to enhance investment opportunities in the quantum information sector [5][6] Quantum Computing - Google and IBM are focusing on superconducting routes, with Google's Willow processor achieving 105 qubits and demonstrating exponential growth in quantum error correction capabilities [2] - IBM's Loon processor, set to launch in June 2025, will reduce bit overhead by 90% using advanced qLDPC error correction codes [2] - IonQ claims commercial advantages in specific applications, with significant investments from Nvidia in quantum technology companies [2] Quantum Communication - IDQ and Turkcell completed the world's first land-based intercontinental QKD transmission in February 2025 [2] - Toshiba successfully implemented coherent quantum communication over existing commercial fiber networks, significantly lowering deployment costs [2] - China Telecom launched a distributed encryption system integrating QKD and PQC, enhancing quantum network capabilities [4] Quantum Measurement - Bosch showcased a prototype quantum sensor in October 2025, while Infleqtion secured $100 million in funding to apply quantum measurement technologies in defense and aerospace [3] Domestic Developments - The "Zu Chongzhi No. 3" superconducting quantum computer demonstrates a speed advantage of 10^15 times over the fastest supercomputers [4] - GuoDun Quantum launched China's first commercially viable dilution refrigerator and secured a 60 million yuan computing order [4] - China Mobile introduced a quantum communication technology system aimed at reducing deployment and operational costs [4] Policy Support - The Chinese government has defined quantum technology as a future industry, with tax incentives and increased R&D funding expected to support the sector [5][6] - The 2025 government work report emphasizes the importance of quantum technology, indicating a shift from basic research to technology breakthroughs and application scenarios [6] Investment Opportunities - Companies involved in quantum computing hardware and components are recommended for investment [8] - Firms focusing on quantum and post-quantum cryptography algorithms are also highlighted as potential investment targets [9] - Companies developing quantum software and sensors are suggested for investment consideration [10]

Group 1 - The report highlights that Guoshield Quantum has achieved significant revenue growth, with a 90.27% year-on-year increase in revenue for the first three quarters of 2025, leading to a substantial reduction in losses [3][4] - The company’s revenue for Q3 2025 reached 68.36 million yuan, marking a 126.52% increase year-on-year, while the net profit attributable to shareholders narrowed to a loss of 2.68 million yuan [3][4] - The quantum computing sector is entering a phase of rapid expansion, with major players like Google and IBM launching quantum computing cloud services, and the global quantum computing market projected to grow from 5.037 billion USD in 2024 to 21.998 billion USD by 2030 [5][6] Group 2 - Lianlong's revenue for the first three quarters of 2025 was 4.509 billion yuan, reflecting a year-on-year increase of 5.72%, while net profit attributable to shareholders rose by 24.92% to 392 million yuan [12][13] - The company’s Q3 2025 performance showed a strong year-on-year growth in net profit of 60.83%, driven by stable demand for anti-aging agents and lubricating oil additives [14][15] - The report indicates that the AI industry is expected to drive demand for anti-aging agents and lubricating oil additives, particularly in data centers and robotics [16] Group 3 - The coal industry saw a 1.8% year-on-year decline in raw coal production in September 2025, although the decline was less severe than in August, indicating a gradual recovery [18][20] - Electricity production in September 2025 showed a stable growth of 1.5% year-on-year, with significant increases in hydropower generation [19][20] - The report notes that the coal price has slightly increased in September, with the average price for Qinhuangdao 5500 kcal coal remaining stable compared to August [26][27] Group 4 - The cloud computing industry is transitioning towards intelligence, with the IaaS market expected to reach nearly 800 billion yuan by 2029, driven by AI applications [28][30] - Major cloud providers are increasing capital expenditures significantly to enhance AI infrastructure, with Microsoft’s AI services contributing 16 percentage points to Azure's growth in Q2 2025 [31][32] - The report emphasizes that AI is becoming the core driver of growth in the cloud computing sector, with a shift in focus from infrastructure to application layers [34]

Core Insights - The total margin balance of the STAR Market on October 20 was 246.904 billion yuan, a decrease of 1.14 billion yuan from the previous trading day [1] - The financing balance was 246.045 billion yuan, down by 1.148 billion yuan, while the securities lending balance increased by 0.08 billion yuan to 0.859 billion yuan [1] Individual Stock Performance - On October 20, 215 stocks in the STAR Market experienced net financing inflows, with 13 stocks having net inflows exceeding 20 million yuan [1] - Cambricon Technologies led the net financing inflows with an amount of 368 million yuan, followed by companies such as Lattice Semiconductor, Tuojing Technology, Guodun Quantum, Southern Power Grid Technology, SMIC, and Yingshi Network [1]

Core Viewpoint - The average stock price of the STAR Market is 39.55 yuan, with significant price variations among stocks, indicating a diverse performance landscape in the market [1]. Group 1: Stock Performance - A total of 447 stocks on the STAR Market rose today, while 137 stocks fell [1]. - The highest closing price was recorded by Cambrian-U at 1281.12 yuan, which increased by 2.68% [1]. - Among stocks priced over 100 yuan, the average increase was 1.13%, with 47 stocks rising and 22 stocks falling [1]. - The average premium of stocks priced over 100 yuan relative to their issue price is 404.10%, with Cambrian-U, Anji Technology, and Haibo Sichuang leading in premium rates at 1889.63%, 1502.17%, and 1405.31% respectively [1]. Group 2: Industry Concentration - The industries with the highest concentration of stocks priced over 100 yuan include Electronics (34 stocks), Pharmaceuticals and Biology (11 stocks), and Computers (9 stocks) [1]. Group 3: Capital Flow - The net outflow of main funds from stocks priced over 100 yuan today was 5.07 billion yuan, with significant inflows into stocks like Source Technology and GuoDun Quantum [2]. - The total margin balance for stocks priced over 100 yuan is 877.14 billion yuan, with major balances held by SMIC, Cambrian-U, and Haiguang Information [2].

Group 1 - The core viewpoint of the news is the performance and market position of GuoDun Quantum Technology Co., Ltd., which saw a stock price increase of 5.01% to 395.67 CNY per share, with a total market capitalization of 40.699 billion CNY [1] - GuoDun Quantum, established on May 27, 2009, specializes in the research, production, sales, and technical services of quantum communication products, providing solutions for various sectors including government, finance, power, and national defense [1] - The company's revenue composition includes: technical services (35.68%), quantum communication products (34.31%), quantum precision measurement products (13.03%), quantum computing products (12.42%), and other (4.56%) [1] Group 2 - From the perspective of fund holdings, ShanZheng Asset Management has a fund that heavily invests in GuoDun Quantum, specifically the ShanZheng Asset Management Selected Industry Mixed Initiation A (018750), which increased its holdings by 200 shares in the second quarter [2] - The fund's current holdings amount to 1,671 shares, representing 4.06% of the fund's net value, making it the seventh largest holding [2] - The fund has a total scale of 10.9956 million CNY, with a year-to-date return of 4.15% and a one-year return of 9.43% [2]

Core Viewpoint - Guodun Quantum's stock has shown significant growth this year, with a year-to-date increase of 28.87% and a notable rise of 41.97% over the past 60 days, indicating strong market interest and performance in the quantum technology sector [1][2]. Company Overview - Guodun Quantum Technology Co., Ltd. was established on May 27, 2009, and went public on July 9, 2020. The company is based in Hefei, Anhui Province, and specializes in the research, production, sales, and technical services of quantum communication products [1]. - The company's main business revenue composition includes: technical services (35.68%), quantum communication products (34.31%), quantum precision measurement products (13.03%), quantum computing products (12.42%), and other (4.56%) [1]. Financial Performance - For the period from January to September 2025, Guodun Quantum achieved operating revenue of 190 million yuan, representing a year-on-year growth of 90.27%. However, the company reported a net profit attributable to shareholders of -26.47 million yuan, which is a year-on-year increase of 51.98% in losses [2]. - Since its A-share listing, Guodun Quantum has distributed a total of 9.6 million yuan in dividends, with no dividends paid in the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Guodun Quantum reached 21,700, an increase of 12.24% from the previous period. The average number of circulating shares per shareholder decreased by 10.91% to 3,711 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the newest entrant, holding 1.1147 million shares, while Guangfa Multi-Factor Mixed Fund has exited the top ten list [3].

Summary of Quantum Technology Conference Call Industry Overview - The quantum technology industry is divided into three main branches: quantum computing, quantum communication, and quantum measurement [2][3] - The development of quantum technology can be categorized into three stages: theoretical foundation (early 20th century to 1980), technological exploration (1990 to 2018), and product breakthroughs (2018 to present) [1][2] Key Companies and Developments - Major companies like Google and IBM have launched practical prototypes, including Google's 53-qubit superconducting chip and IBM's System One [3] - In 2024, significant breakthroughs are expected from technologies such as China's Long Number and Google Vivo chips [1][3] - GuoDun Quantum's products include the world's first quantum secure communication satellite "Mozi," ground networks, and miniaturized ground station equipment [2][24] Market Growth and Financials - GuoDun Quantum is projected to generate approximately 350 million RMB in revenue in 2025, with a net profit of over 20 million RMB [2][27] - The quantum computing market is expected to reach tens of billions of dollars by 2030 and potentially hundreds of billions by 2035, depending on technological advancements [18] Technological Insights - Quantum entanglement allows for strong correlations between multiple quantum systems, which is crucial for simulating complex interactions in new material and drug development [2][10] - Quantum superposition enables a quantum bit to exist in multiple states simultaneously, leading to exponential growth in computational capacity [9] Challenges and Future Directions - The transition from classical computing to quantum computing is driven by limitations in classical systems, such as the "quantum tunneling" effect that restricts performance [5][6] - Current challenges include the "decoherence" problem, which affects computational accuracy and efficiency due to environmental factors [15] - Companies are exploring specialized machines and hybrid algorithms to facilitate the practical application of quantum computing [16] Global Competitiveness - The U.S. and China are leading in quantum technology research, with the U.S. having a higher proportion of highly cited papers and patents [19] - China is investing heavily in quantum communication infrastructure, with significant resources allocated to build a secure quantum internet [20][22] Applications and Industry Impact - GuoDun Quantum is actively exploring applications in government, finance, and electricity sectors, with products aimed at secure communication and data encryption [28] - The company has developed various terminal products and partnered with China Telecom to offer encrypted office applications, reaching millions of users nationwide [28] Conclusion - The quantum technology industry is poised for significant growth, driven by advancements in quantum computing and communication, with companies like GuoDun Quantum at the forefront of innovation and application development [1][27]

Core Viewpoint - The recent quarterly reports from various companies listed on the Sci-Tech Innovation Board (STAR Market) show strong performance, particularly in emerging industries such as AI computing chips and optical communication, indicating the board's role in fostering strategic emerging and future industries [1] Group 1: AI Computing Chip Industry - The domestic AI chip design ecosystem is becoming increasingly robust, with companies like Haiguang Information and Cambricon Technologies showing significant financial improvements, contributing to the foundational construction of China's AI industry [2][3] - Haiguang Information reported a total revenue of 9.49 billion yuan for the first three quarters, a year-on-year increase of 54.65%, and a net profit of 1.96 billion yuan, up 28.56% [2] - Cambricon Technologies achieved a remarkable revenue of 4.607 billion yuan, a year-on-year increase of 2300%, and a net profit of 1.605 billion yuan, up 321.49% [3] Group 2: Optical Communication Industry - Optical communication is identified as a key infrastructure for future information industries, with companies like Shijia Photonics and Tengjing Technology showing impressive growth [4] - Shijia Photonics reported a revenue of 1.56 billion yuan for the first three quarters, a year-on-year increase of 113.96%, and a net profit of 299 million yuan, up 727.74% [4] - Tengjing Technology achieved a revenue of 425 million yuan, a year-on-year increase of 28.11%, and a net profit of 64 million yuan, up 15.00% [4] Group 3: Future Technology and Energy Materials - Companies are strategically positioning themselves in frontier technologies, with notable performances in quantum technology and future energy sectors [5][6] - GuoDun Quantum reported a revenue of 190 million yuan, a year-on-year increase of 90.27%, and a net loss of 26 million yuan, a reduction of 51.98% [5] - Rongbai Technology announced advancements in solid-state battery materials, achieving ten-ton level shipments of high-nickel and ultra-high-nickel solid-state cathode materials, with production expected to commence in mid-2026 [6]

Core Insights - The quantum simulator industry in China is projected to reach a market size of approximately 1.506 billion yuan in 2024, reflecting a year-on-year growth of 15.23% [10][11] - Key challenges facing the quantum simulator sector include quantum noise accumulation and system scalability [10] - The development of modular architectures in quantum simulators, such as the nano-electronic quantum simulator by a US-UK joint team, enhances scalability from single units to large networks [10][11] Industry Overview - Quantum simulators are specialized computational tools based on quantum mechanics principles, primarily used to simulate the behavior of quantum systems [2] - They are categorized into digital quantum simulators and analog quantum simulators [2] Industry Development History - The concept of quantum simulation was established in 1982 by Richard Feynman, with significant milestones achieved in subsequent years, including the realization of the Fermi-Hubbard model by the University of Science and Technology of China in 2024 [4][5] - The development trajectory showcases a complete evolution from theoretical foundations to technological breakthroughs [4] Relevant Policies - Quantum technology has been included in China's "14th Five-Year Plan," emphasizing its importance as a core future industry [6] - The government has introduced various policies to support the research and industrialization of quantum technology, enhancing its global competitiveness [6] Industry Value Chain - The upstream of the quantum simulator industry includes essential components such as quantum chips, dilution refrigerators, and quantum light sources [8] - The midstream focuses on the manufacturing of quantum simulators and software development, while the downstream applications span finance, pharmaceuticals, logistics, and energy sectors [8] Market Size - The quantum simulator market in China is expected to grow significantly, with a projected size of 1.506 billion yuan in 2024, driven by advancements in quantum technology and government support [10][11] - Investment in quantum technology has surged, with 29 financing events recorded in the first eight months of 2025, marking a 93.33% increase year-on-year [10][11] Key Companies' Performance - The competitive landscape of the quantum simulator industry is characterized by leading hardware companies like GuoDun Quantum and Benyuan Quantum, which have established significant technological barriers [11] - GuoDun Quantum reported a revenue of 121 million yuan in the first half of 2025, a 74.54% increase year-on-year, with R&D investment also rising [11][12] Industry Development Trends 1. **Technological Integration and Hardware Breakthroughs**: The next five years will see deep integration of quantum simulators with AI and digital twin technologies, enhancing performance and reducing error rates [14] 2. **Deepening Application Scenarios**: Quantum simulators will penetrate core sectors such as manufacturing and finance, optimizing processes and improving returns [14] 3. **Accelerated Standardization**: China aims to lead in establishing international standards for quantum simulators, enhancing compatibility and competitiveness on a global scale [15]