Investment Rating - The report gives a "Buy" rating for the quantum computing hardware industry, marking its first coverage [1]. Core Insights - The report addresses key issues in traditional computing, explaining the principles of quantum computing and its advantages over classical computing, including overcoming computational bottlenecks, utilizing quantum tunneling phenomena, and addressing thermal dissipation effects [2]. - It identifies superconducting, ion trap, and neutral atom methods as the three most viable paths for quantum computing, with superconducting technology progressing the fastest [2]. - The report concludes that quantum computing is on the brink of large-scale application, with significant developments expected between 2027 and 2029, driven by global strategic planning and investments in quantum information [2]. - It highlights the importance of QPU, dilution refrigerators, and measurement control systems as the three core hardware components of quantum computing, estimating their market share in the quantum computing hardware value by 2030 and 2035 [2]. - The report emphasizes the acceleration of quantum computing industrialization and suggests focusing on scalability and fidelity as key indicators for investment opportunities [2]. Summary by Sections 1. Comparison of Quantum and Classical Computing - Classical computing is based on bits, which face challenges as processes shrink, leading to computational bottlenecks, quantum tunneling issues, and thermal dissipation problems [4][14]. - Quantum computing utilizes qubits, which can exist in superposition and entangled states, allowing for exponential parallel processing capabilities [14][18]. 2. Current State and Future of Quantum Computing - Major global powers view quantum computing as a strategic priority, with increasing investments and supportive policies [24]. - The report outlines significant investments from various countries, including the US, UK, and EU, aimed at advancing quantum technologies [24]. - The quantum computing industry is projected to experience rapid growth, with a CAGR of 87.66% from 2024 to 2030, driven by applications in finance, pharmaceuticals, and defense [35]. 3. Key Hardware Components - The report identifies QPU, dilution refrigerators, and measurement control systems as essential components, predicting their market sizes and shares by 2030 and 2035 [44][50][59]. - The dilution refrigerator market is expected to reach approximately $19.4 billion by 2030, driven by the demand from quantum computing [51]. - The measurement control system market is projected to exceed $210 billion by 2030, with major suppliers identified [63]. 4. Investment Opportunities - The report recommends focusing on companies such as Guoshun Quantum, Hexin Instruments, and others involved in quantum computing hardware and technology [2][71].

国盾量子 20251009 摘要 国盾量子业务覆盖量子通信、量子计算和量子精密测量三大领域，全球 稀缺，2025 年上半年营收同比增长 74.5%至 1.2 亿元，毛利率维持在 50%左右，手持订单超 2.2 亿元，未来订单预期乐观。 量子通信领域，国盾量子是国内最大供应商，市占率超 90%，已完成 20 余座城市城域网建设，并参与国际项目。中国电信入股后，加速城市 间组网建设，预计 2030 年完成 100 个城市城域网建设。 量子计算领域，国盾量子依托中科大技术平台，参与祖冲之三号研究， 在测控设备、稀释冷机等方面领先。2025 年上半年该领域营收同比增 长近三倍至 5,600 万元，并签订多笔大额订单。 量子精密测量方面，冷原子重力仪产品表现突出，已完成两笔订单并确 认营收，另有三笔冷原子钟订单，单价约 300 万元。该领域未来在矿场 勘测和地下结构勘探方面有增长潜力。 中国电信入股为国盾量子提供平台支持，加速城市间通信组网建设，提 升市场份额，并带来大额订单，如 6,400 万元整机订单有望在明年交付， 巩固行业领军地位。 Q&A 国盾量子公司在 A 股市场中的地位如何？ 国盾量子是目前 A 股市场上 ...

Core Insights - The communication equipment sector experienced a rise of 0.54% on October 9, with GuoDun Quantum leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Summary by Category Stock Performance - GuoDun Quantum (688027) closed at 398.79, with a significant increase of 13.62% and a trading volume of 64,800 shares, amounting to a transaction value of 2.581 billion [1] - Guanghe Tong (300638) saw a rise of 10.77%, closing at 33.64 with a trading volume of 926,600 shares, totaling 3.101 billion [1] - Other notable performers included: - Shijia Technology (002796) up 9.99% at 21.46 [1] - Yongding Co. (600105) up 9.99% at 13.98 [1] - ZTE Corporation (000063) up 9.51% at 49.98 with a trading volume of 4,508,700 shares, totaling 22.121 billion [1] Market Trends - The overall communication equipment sector saw a net outflow of 804 million from institutional funds, while retail investors contributed a net inflow of 1.257 billion [2] - The sector's performance indicates a mixed sentiment among different types of investors, with retail investors showing confidence despite institutional outflows [2]

10月9日，国盾量子涨6.74%，截至发稿，报374.65元/股，成交3.80亿元，换手率1.24%，总市值385.37 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%，量子精密测量产品13.03%，量子计算 产品12.42%，其他(补充)4.56%。 截至发稿，唐屹兵累计任职时间3年81天，现任基金资产总规模98.74亿元，任职期间最佳基金回报 77.07%， 任职期间最差基金回报-41.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [6][17]. Core Insights - The Nobel Prize in Physics awarded for quantum science research is expected to enhance the attention of governments and leading tech companies towards the industrialization of quantum technology, accelerating its commercialization process [3][10]. - The research recognized by the Nobel Prize lays a theoretical foundation for the industrialization of quantum technology, with significant contributions from the awarded scientists in developing superconducting circuits and quantum bits [9][10]. - Recent advancements in quantum technology, such as the installation of the first quantum computer in a data center in New York City, signify a shift from laboratory research to practical applications in the industry [9][10]. Summary by Sections Investment Recommendations and Targets - The report suggests focusing on leading domestic quantum technology companies, including Guandun Quantum, Guoxin Technology, Tengjing Technology, and Huagong Technology, as potential investment targets [3][10]. Industry Overview - The report highlights the growing interest in quantum technology following the Nobel Prize announcement, with expectations for increased investment and development in quantum computing, communication, and measurement technologies [9][10].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 550.41 RMB based on a 2026 PS of 100x [4]. Core Viewpoints - The company is positioned to benefit from strong policy support and is expected to accelerate its growth in the quantum technology sector, which has been highlighted as a core area for future industrial development by the government [2]. - The company has shown significant revenue growth across its business segments, particularly in quantum computing, which has seen a remarkable increase of 283.92% in revenue [3][28]. - The company is expected to gradually overcome its low profitability issues, with a forecasted return to profitability in 2025, driven by revenue growth and improved cost management [3]. Summary by Sections Company Overview - Established in 2009, the company focuses on the R&D, production, and sales of quantum communication, quantum computing, and quantum precision measurement products, holding strong technical and cost advantages [1]. - In 2024, the company raised 1.775 billion RMB through a private placement, with China Telecom Quantum Group becoming the controlling shareholder [1]. Investment Logic - The quantum technology sector is receiving increased government investment, with over 2 billion USD allocated in 2024, positioning the company for accelerated growth [2]. Growth Potential - Revenue from quantum computing, quantum communication, and quantum precision measurement reached 55.96 million, 51.74 million, and 8.57 million RMB respectively in the first half of 2025, with significant year-on-year growth [3][28]. - The company is optimizing operational efficiency and reducing costs, with a notable decrease in sales and management expense ratios [3][29]. Financial Forecast and Valuation - Projected revenues for 2025, 2026, and 2027 are 371 million, 566 million, and 900 million RMB, respectively, with corresponding net profits of 24 million, 37 million, and 87 million RMB [4][8]. - The company is expected to achieve a significant increase in profitability, with a forecasted EPS of 0.23 RMB in 2025 [4]. Business Segments - The company has a diversified product portfolio across three main areas: quantum computing, quantum communication, and quantum precision measurement, each contributing to its growth [15][25]. - The quantum communication segment is particularly strong, with the company being a leading supplier of quantum communication devices in China [15][34]. Market Trends - The quantum communication market is projected to grow significantly, with an expected market size of 93.7 billion RMB by 2025, driven by increasing demand for secure communication technologies [40][44].

证券代码：688027 证券简称：国盾量子 公告编号：2025-055 科大国盾量子技术股份有限公司 关于日常关联交易的公告 一、关联交易概述 公司全资子公司拟与客户 A 签订 1 份销售商品合同，向其销售量子计算测控 设备，预计金额为 410.00 万元。包含此次交易，自此往前追溯 12 个月，公司与 关联方签订的销售商品合同金额合计为 421.92 万元（剔除公司已对外披露的关 联交易金额）。 重要内容提示： 科大国盾量子技术股份有限公司（以下简称"国盾量子"或"公司"） 全资子公司拟与客户 A 签订 1 份销售商品合同，向其销售量子计算测控 设备，预计金额为 410.00 万元。 公司拟与中国科学技术大学（以下简称"中科大"）签订 2 份采购服务 合同，合同一委托其对量子计算核心器件（量子计算芯片）的设计及开 发提供技术服务，合同金额预计为 450.00 万元，合同二委托其对量子计 算核心器件（超导量子行波参量放大器 OLSA）的设计及开发提供技术服 务，合同金额预计为 540.00 万元。 包含上述与客户 A 交易，自此往前追溯 12 个月，公司与关联方签订的销 售商品合同金额合计为 421.92 万 ...

者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 证券代码：688027 证券简称：国盾量子 公告编号：2025-056 科大国盾量子技术股份有限公司 2025年第五次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 （一） 股东大会召开的时间：2025 年 9 月 30 日 （二） 股东大会召开的地点：安徽省合肥市高新区华佗巷 777 号科大国盾量子 科技园 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 271 | | --- | --- | | 普通股股东人数 | 271 | | 2、出席会议的股东所持有的表决权数量 | 8,544,691 | | 普通股股东所持有表决权数量 | 8,544,691 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 8.3070 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 8.3070 | （ ...

证券代码：688027 证券简称：国盾量子 公告编号：2025-054 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 科大国盾量子技术股份有限公司（以下简称"国盾量子"或"公司"）第四 届监事会第十五次会议于 2025 年 9 月 30 日以现场及通讯方式在公司会议室召开。 本次会议由监事会主席冯镭先生主持，本次会议应到监事 3 人，实际到会监事 3 人。本次会议的召集、召开和表决程序符合《中华人民共和国公司法》《上海证 券交易所科创板股票上市规则》等相关法律、行政法规、规范性文件及《科大国 盾量子技术股份有限公司章程》的有关规定。 二、监事会会议审议情况 经与会监事充分讨论，会议以投票表决方式审议通过了一项议案，具体如下： 1、审议通过《关于公司日常关联交易的议案》 1.01 与客户 A 的关联交易 监事会认为：公司本次与客户 A 进行的关联交易属于日常经营活动所需，有 利于公司业务的持续发展，交易定价公允，相关关联方具备良好的商业信誉，本 次交易符合公司和全体股东的利益，没有对上市公司独立性构 ...

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。 一、董事会会议召开情况 科大国盾量子技术股份有限公司（以下简称"国盾量子"或"公司"）第四届董 事会第十七次会议于 2025 年 9 月 30 日以现场及通讯方式在公司会议室召开。本次会 议由董事长吕品先生主持，本次会议应到董事 9 人，实际到会董事 9 人。本次会议的 召集、召开和表决程序符合《中华人民共和国公司法》《上海证券交易所科创板股票 上市规则》等相关法律、行政法规、规范性文件及《科大国盾量子技术股份有限公司 章程》的有关规定。会议决议合法、有效。 二、董事会会议审议情况 证券代码：688027 证券简称：国盾量子 公告编号：2025-053 科大国盾量子技术股份有限公司 第四届董事会第十七次会议决议公告 表决情况：同意 9 票，反对 0 票，弃权 0 票。 1.02 与中科大的关联交易 公司董事会一致同意拟与中科大签订 2 份采购服务合同，合同一委托其对量子计 算核心器件（量子计算芯片）的设计及开发提供技术服务，合同金额预计为 450.00 万元，合同二委托其对量子计 ...