Market Sector - The Sci-Tech 50 Index increased by 35.92% in 2025, ranking third among various sector indices, outperforming both the Shanghai 50 and Shenzhen 50 indices [1][3] - By the end of 2025, the total market capitalization of the Sci-Tech Board reached 11.12 trillion yuan, an increase of 4.4 trillion yuan from 6.72 trillion yuan at the end of 2024, representing a growth rate of 65.38%, which is higher than other sectors [3] - The total trading volume of the Sci-Tech Board in 2025 was 37.79 trillion yuan, with an average trading volume per stock of 629.82 million yuan, which is lower than the average trading volumes of the Shanghai and Shenzhen main boards and the ChiNext [5][6] - The average daily turnover rate for the Sci-Tech Board in 2025 was 3.37%, higher than that of the Shanghai main board but lower than that of the Shenzhen main board and ChiNext [7] - At the end of 2025, the price-to-book ratio of the Sci-Tech Board was 5.61 times, higher than that of the ChiNext and the Shanghai and Shenzhen main boards [11] - By the end of 2025, the financing balance of the Sci-Tech Board reached 270.33 billion yuan, an increase of 125.03 billion yuan from the beginning of the year [13] - The securities lending balance of the Sci-Tech Board at the end of 2025 was 0.925 billion yuan, an increase of 0.0466 billion yuan from the beginning of the year [15] Individual Stocks - By the end of 2025, SMIC led with a market capitalization exceeding 600 billion yuan, followed by Cambrian (571.615 billion yuan) and Haiguang Information (521.605 billion yuan), with three companies including Moore Threads (276.33 billion yuan), BeiGene (263.457 billion yuan), and Muxi (232.098 billion yuan) surpassing 200 billion yuan [17] - Excluding the significant fluctuations on the first day of new stock listings, Weiqi New Materials had the highest increase of 1820.29% in 2025, followed by Shijia Photon (442.55%), Pinming Technology (428.78%), and Dongxin Co. (427.51%) [21] - By the end of 2025, Cambrian had the highest financing balance at 15.121 billion yuan, followed by SMIC (13.691 billion yuan), Haiguang Information (7.221 billion yuan), and Lanke Technology (6.197 billion yuan) [23] - Haiguang Information had the highest securities lending balance at 34.2342 million yuan, followed by Cambrian (31.6128 million yuan) and SMIC (28.4114 million yuan), with Guodun Quantum and Tuojing Technology exceeding 20 million yuan in securities lending [25] Issuance - By the end of 2025, there were 600 companies listed on the Sci-Tech Board, with 18 new stocks successfully issued in 2025, a 20% increase from 15 in 2024 [28] - The companies issued in 2025 were distributed across four Wind Sci-Tech thematic industries, with the new generation information technology industry leading with 10 companies, followed by the biotechnology industry with 5 companies, and new materials and high-end equipment manufacturing industries with 1 company each [30] - Among the companies issued in 2025, 10 met the first standard for listing, which requires positive net profits for the last two years and a cumulative net profit of no less than 50 million yuan, or positive net profit for the last year and operating income of no less than 100 million yuan, with an expected market value of no less than 1 billion yuan [33] - In terms of geographical distribution, Beijing led with 5 companies, followed by Jiangsu with 3, with North China (Beijing) and East China (Jiangsu, Zhejiang, Fujian, Shanghai) accounting for over 70% [36] - The total IPO financing for Sci-Tech Board companies in 2025 was 37.844 billion yuan, a year-on-year increase of 187.83%, with 13 companies raising over 1 billion yuan, 4 companies raising between 500 million to 1 billion yuan, and 1 company raising under 500 million yuan [39] - In the IPO financing of 2025, Moore Threads led with 8 billion yuan, followed by Xi'an Yicai (4.636 billion yuan) and Muxi (4.197 billion yuan), with four companies raising over 2 billion yuan [43]

Core Viewpoint - The article discusses the strategic transformation of China's new materials industry by 2025, emphasizing a "three-dimensional war" approach that includes "fortress materials" for national security, "sovereign materials" for technological independence, and "fusion materials" for future industry definition [3]. Group 1: Fortress Materials - The development of safety dimension materials is closely tied to national core interests, focusing on absolute reliability and performance under extreme conditions rather than cost-effectiveness [5]. - A significant breakthrough in 2025 is the mass production of the fourth-generation single crystal high-temperature alloy turbine blades, which can withstand temperatures above 1200°C and have a lifespan increased by nearly 50% compared to previous generations [8][10]. - Continuous silicon carbide fibers have transitioned from laboratory preparation to stable engineering mass production, with a production capacity of hundreds of tons, marking a strategic leap in the aerospace sector [14][15]. Group 2: Sovereign Materials - Sovereign materials focus on achieving "self-control" and enhancing industrial competitiveness, particularly in strategic sectors like semiconductors and high-end manufacturing [40]. - In the semiconductor sector, the production of 12-inch silicon wafers has reached a milestone with over 500,000 monthly shipments, and significant advancements in low-oxygen high-resistivity silicon wafer technology have been made [44]. - The domestic supply ratio of 300mm semiconductor silicon wafers is expected to increase from 15% to 40% by the end of 2025, significantly reducing reliance on imports [45]. Group 3: Fusion Materials - The fusion materials dimension represents a shift towards creating new demands and defining new products, characterized by the integration of materials science with cutting-edge fields like artificial intelligence and synthetic biology [72]. - AI-driven platforms for materials research have emerged, enabling rapid property prediction and screening, significantly reducing development cycles for critical materials [74]. - The integration of intelligent materials in robotics is evolving, allowing materials to interact with their environment and make autonomous decisions, marking a shift from passive components to intelligent structures [77].

Group 1 - The article discusses the new global positioning of China, emphasizing the competitive landscape and the opportunities for Chinese companies to expand internationally [1] - Key leaders from various industries, such as TCL and GCL Group, highlight the importance of leveraging China's manufacturing advantages to break through domestic competition and achieve global influence [1] - The article also mentions the awakening of consumer demand in China, with experts suggesting measures to stabilize income growth and boost consumption [1] Group 2 - The article outlines the transformation of traditional and emerging industries in China, with leaders from companies like UBTECH and CloudWalk discussing advancements in robotics and technology [1] - It highlights the anticipated growth in commercial aerospace and the automotive market, indicating a shift away from previous trends [1] - The focus on innovation in the pharmaceutical sector is noted, with a transition from explosive growth to sustained development in authorized drug transactions [2]

Core Insights - Hefei's "Quantum Avenue" has become a global hub for quantum technology, housing over 30 leading quantum enterprises and attracting one-third of the world's core quantum companies [1][2] - The city has implemented a comprehensive policy framework to support the long-term development of the quantum industry, emphasizing sustained investment and support rather than short-term tax contributions [1][2] - Hefei aims to cultivate two publicly listed companies and achieve a quantum industry scale of 5 billion yuan by 2027, showcasing its commitment to building a robust quantum ecosystem [3] Policy and Support - Hefei has established a "policy toolbox" since 2020, including the "Hefei Quantum Information Industry Development Plan (2020-2030)" to accelerate the commercialization of quantum technology [1][2] - The city has increased the risk tolerance for angel and seed funds to 40% and 50%, respectively, and introduced unique financial products like "Spark Loan" and "USTC Alumni Entrepreneurship Loan" to support small and medium-sized quantum tech companies [2] - Nearly 10 billion yuan has been invested by Hefei's municipal finance to support quantum technology research, commercialization, and enterprise development [2] Application and Innovation - Hefei is actively creating an "all-domain scenario innovation city" to provide practical applications for quantum technology, integrating it into various sectors such as e-government and industrial power stations [2] - The Hefei quantum metropolitan area has been integrated into the electronic government external network, and a 220 kV substation is set to become the first operational substation in China to incorporate quantum measurement, communication, and computing technologies [2] - Strategic collaborations between quantum technology firms and industries like biomedicine and intelligent driving are accelerating the transition from laboratory research to practical applications [3] Future Prospects - By 2027, Hefei plans to nurture two publicly listed companies and achieve a quantum industry scale of 5 billion yuan, indicating a strong growth trajectory for the sector [3] - The integration of quantum technology into various fields is expected to open new avenues for innovation and application, enhancing the overall ecosystem [3]

Investment Rating - The report suggests a positive outlook for the high-end equipment manufacturing industry in China, emphasizing a "dual-driven" growth model characterized by strong domestic demand and robust international expansion [3][5]. Core Insights - The high-end equipment industry in China is experiencing a structural transformation, with a focus on technological advancements and brand development, leading to increased global market share [3]. - The report highlights two main investment themes: the technological self-reliance driven by AI and the deepening international expansion of Chinese equipment manufacturers [4][5]. - Key sectors to watch include gas turbines, industrial mother machines, controlled nuclear fusion, quantum computing, robotics, and 3D printing, which are expected to drive future growth [4][41]. Summary by Sections Domestic Manufacturing and Investment - Manufacturing investment in China is under short-term pressure, but high-end manufacturing and equipment sectors are emerging as growth engines, with a 1.9% year-on-year increase in manufacturing fixed asset investment [15][19]. - The report notes that high-tech manufacturing and equipment manufacturing sectors maintain high levels of activity despite overall investment slowdowns [15][22]. Export Performance - China's high-end equipment exports are performing well, driven by the global AI investment boom and recovery in demand from developed markets [28][31]. - In the first ten months of 2025, China's exports of electromechanical products reached 13.43 trillion yuan, marking an 8.7% year-on-year increase [28][31]. Technological Self-Reliance - The report emphasizes the importance of technological self-reliance, particularly in sectors like gas turbines and quantum computing, which are expected to see significant growth due to increasing global demand [4][48]. - The global gas turbine market is projected to grow significantly, with sales expected to rise from 44.1 GW in 2023 to an average of 60 GW from 2024 to 2026, reflecting a 36% increase [49][50]. International Expansion - Chinese equipment manufacturers are poised for further international growth, particularly in emerging markets, with sectors like engineering machinery and agricultural equipment expected to see substantial export growth [5][41]. - The report highlights the potential for Chinese companies in the oil and gas equipment sector, particularly in the Middle East, where demand is expected to rise significantly [5][13].

Core Insights - The emergence of domestic AI models like DeepSeek has led to a global reassessment of China's AI capabilities and the value of its technological assets, making AI and digitalization essential for future competitiveness [1] - The integration of AI into various industries is redefining the competitive landscape, with companies like LONGi Green Energy, Guodian Quantum, and BOE leading the way in smart manufacturing, quantum technology, and IoT innovation [1] Group 1: AI Integration in Manufacturing - LONGi Green Energy is embedding AI throughout its manufacturing processes, establishing benchmarks for efficiency and quality, and utilizing AI for process optimization, quality prediction, and accelerated R&D [7][8] - BOE is transitioning from a display leader to an IoT innovation enterprise, leveraging AI across its entire business model, including manufacturing, product development, and operations [2][4] - The concept of the "AI factory" introduced by BOE emphasizes a fully AI-native approach to production, enhancing product intelligence and operational efficiency [3][5] Group 2: Product Innovation and Development - AI is transforming BOE's product development by introducing new production methods and tools, improving material research, simulation design, and process optimization [4] - The company has launched the "BOE Blue Whale Display Model" to enable intelligent upgrades across the industry chain, focusing on quality, power consumption, and user interaction [5] Group 3: Quantum Technology and Security - Guodian Quantum is positioning itself as a leader in quantum communication, expanding its applications from national security to various industries, thereby enhancing digital trust and security [9][10] - The company is actively involved in building a nationwide quantum communication network, which aims to provide advanced security for data transmission in critical sectors like government, finance, and energy [11]

Core Viewpoint - The sudden passing of the chairman of Guoshield Quantum, Lv Pin, raises uncertainties for the company and its future direction in the quantum technology sector [3][18]. Company Overview - Guoshield Quantum (688027.SH) is recognized as the "first stock in quantum technology" and was established in May 2009, listing on the Sci-Tech Innovation Board in July 2020, focusing on quantum communication equipment manufacturing and quantum information system services [33]. - The company has a deep partnership with China Telecom, which has been a significant factor in its business operations since 2014 [33]. Recent Events - On December 18, 2023, Lv Pin, the chairman of Guoshield Quantum, passed away unexpectedly at the age of 46, leading to a police investigation that ruled out foul play [3][14]. - Following his death, Guoshield Quantum confirmed that the board would continue to function normally, with the management team maintaining their responsibilities [19]. Financial Performance - Guoshield Quantum has faced financial challenges, reporting revenues of 1.79 billion, 1.35 billion, 1.56 billion, and 2.53 billion yuan from 2021 to 2024, with corresponding net losses of 370.62 million, 861.85 million, 1.24 billion, and 318.41 million yuan [33]. - As of 2025, the company continues to operate at a loss, although the quarterly loss has narrowed significantly, with net losses of 20.31 million, 3.48 million, and 2.68 million yuan reported in the first three quarters [34]. Leadership Transition - Following Lv Pin's passing, the board appointed Ying Yong as the interim chairman and legal representative, who previously served as the company's chairman and president [19]. - The company emphasized that the board's composition remains compliant with legal standards, and it will expedite the process of electing a new chairman [19]. Market Reaction - After the announcement of Lv Pin's death, Guoshield Quantum's stock experienced a slight decline of 1.78% on December 19, but rebounded with a 2.94% increase by December 23, raising its market capitalization to approximately 53.4 billion yuan [19].

Core Viewpoint - Keda Guandun Quantum Technology Co., Ltd. announced its entry into the quantum chip design tool sector by developing "Guandun Quantum EDA Software," with an investment of 8.7 million yuan in collaboration with Ququan (Wuhan) Technology Co., Ltd. [2] Group 1: Company Developments - Keda Guandun is expanding its business from quantum communication to quantum computing hardware, marking a strategic shift [2] - The company was founded in May 2009 and is recognized as one of the earliest enterprises in China to engage in the commercialization of quantum information technology [2] - Keda Guandun became the first A-share listed company in the quantum technology sector in July 2020 [3] Group 2: Financial Performance - In the first half of 2025, Keda Guandun's quantum computing business revenue reached 55.96 million yuan, surpassing its quantum communication revenue of 51.74 million yuan for the first time, with a year-on-year growth of 283.92% [4][11] - This revenue growth is attributed to the delivery of superconducting quantum computing systems and core components, as well as the launch of a cloud platform for its self-developed 176-bit quantum computer [4][11] Group 3: Industry Trends - The quantum EDA software sector is heating up as companies aim to accelerate the production cycle of quantum chips [6][12] - McKinsey predicts that quantum computing could generate $2 trillion in economic value by 2035, with China expected to invest over $2 billion in quantum technology by 2024, leading globally [6][12] - Major international players like Keysight Technologies have introduced integrated toolchains to significantly shorten design cycles, while domestic quantum leaders are also entering the market [6][12] Group 4: Competitive Landscape - In the traditional EDA field, three major players—Synopsys, Cadence, and Siemens—dominate over 70% of the market through bundled solutions and long-term service agreements [7][12] - The question remains whether domestic companies can establish a foothold in the new quantum EDA ecosystem with their "quasi-industrial-grade" software [7][13]

Group 1 - The global quantum precision measurement investment and financing activities show a volatile trend with a compound annual growth rate of approximately 33.90% from 2021 to 2024, with a total financing amount of $360 million and 11 financing rounds in 2024 [1] - There is a growing trend in large financing cases within China's quantum precision measurement industry, with a single financing amount of $33 million in 2024, indicating a shift from small, dispersed investments to fewer, larger investments in projects with clear commercialization prospects [3] - The United States leads globally in investment and financing amounts in the quantum precision measurement sector, with a total of 3 financing rounds amounting to $308.70 million in 2024, significantly surpassing China and the UK [7] Group 2 - The distribution of global financing rounds in 2024 shows a significant imbalance, with a concentration in seed rounds, where 10 rounds were recorded, including 7 in seed rounds, reflecting cautious investment in early-stage projects [12] - The primary financing direction for companies in the quantum precision measurement field in 2024 is focused on trapped ions/atoms, with 6 companies receiving funding to advance this technology [14]

12月18日晚间，国盾量子（688027.SH）发布公告称，董事长吕品不幸逝世。 公告显示，吕品不持有国盾量子股票，不存在应当履行而未履行的股份锁定承诺。吕品的逝世不会导致董事会成员人数低于法定人数，不会影响董事会的正 常运作。经营管理团队正常履职，国盾量子将根据有关法律法规和《公司章程》的规定，尽快完成董事补选及董事长选举的相关工作，并及时履行信息披露 义务。 12月18日晚间，合肥高新公安分局发布一则警情通报。通报显示，2025年12月18日13时许，该局接报警称，吕某(男，46岁)在望江西路与孔雀台路交口某公 司一办公室内失去意识。接警后，民警立即到场处置。经120现场确认，吕某已无生命体征。经公安机关勘查调查，已排除案件。 经工作人员及媒体多方确认，吕某即为国盾量子董事长吕品。 国盾量子被称为"量子科技第一股"，于2020年7月9日登陆科创板。官网信息显示，国盾量子成立于2009年，技术源自中国科学技术大学，主要从事量子通 信、量子计算、量子精密测量产品的研发、生产、销售并提供相关技术服务。国盾量子由中国电信全资子公司中电信量子集团控股，是全球极少数在量子信 息三大主要方向（量子通信、量子计算、量子测 ...