行业研究丨点评报告丨软件与服务 [Table_Title] 我国达成量子纠错关键里程碑，关注量子计算产 业进展 报告要点 [Table_Summary] 近日，中国科学技术大学团队基于超导量子处理器"祖冲之 3.2 号"在码距为 7 的表面码上实 现了低于纠错阈值的量子纠错，使得我国达到了"低于阈值，越纠越对"的关键里程碑。我国 基于超导量子处理器"祖冲之 3.2 号"在量子纠错领域实现突破，为构建实用的大规模量子计 算机铺平了道路，我国量子计算有望进入快速发展阶段，从而重塑现有的计算体系，进而带动 包含稀释制冷机、量子芯片，整机制造、量子计算软件以及下游应用的产业上下游共同发展， 打开未来巨大产业空间。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 丨证券研究报告丨 [Table_Title 我国达成量子纠错关键里程碑，关注量子计算 2] 产业进展 [Table_Summary2] 事件描述 近日，中国科学技术大学团队基于超导量子处理器"祖冲之 3.2 号"在码距为 ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 工信部标准化技术委员会成立，人形机器人产业 迎来新里程碑 报告要点 [Table_Summary] 2025 年 12 月 26 日，工业和信息化部人形机器人与具身智能标准化技术委员会成立会议在京 召开。当前时点，我国机器人产业正进入快速发展阶段，此次标委会的成立，或将加速我国人 形机器人产业的标准化进程，进而有望加速其商业化落地进程。建议关注机器人全产业链，重 点关注 1）机器人"大脑"供应商；2）机器人操作系统等软件相关厂商。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% 软件与服务 cjzqdt11111 [Table_Title 工信部标准化技术委员会成立，人形机器人产 2] 业迎来新里程碑 [Table_Summary2] 事件描述 2025 年 12 月 26 日，工业和信息化部人形机器人与具身智能标准化技术委员会（以下简称"标 委会"）成立会议在京召开。工业和信息化 ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [6]. Core Insights - Alibaba is a rare domestic player with a full-stack AI layout, recently launching several core C-end AI native products, including Qianwen APP, Lingguang APP, and Ant Aifu, aiming to complete the last piece of the full-stack AI puzzle [2][4]. - The comprehensive push by Alibaba in the C-end is not merely about traffic entry but is crucial for occupying communication channels and platforms with users in the AI era, deeply binding user habits [2][9]. Summary by Sections Recent Product Launches - Qianwen APP was launched on November 17, marking Alibaba's entry into the consumer AI market, featuring high-quality dialogue based on large models, task execution capabilities, and multi-modal functions. As of December 10, it surpassed 30 million monthly active users within 23 days of public testing, becoming the fastest-growing AI application globally [9]. - Lingguang APP was released on November 18, achieving over 1 million downloads within 4 days, surpassing other notable products. Its unique feature allows users to generate applications with a single description, leading to over 3.3 million flash applications created within two weeks [9]. - Ant Aifu, upgraded from the AI health application AQ on December 15, focuses on health companionship, leveraging a solid user base of 800 million medical insurance code users and a vast network of medical resources, including over 30,000 real doctors [9].

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 2025 深圳脑博会召开，关注脑机接口产业进展 报告要点 [Table_Summary] 2025 年 12 月 28 日至 30 日，第五届脑科学前沿与产业大会暨 2025 深圳脑机接口博览会在深 圳光明天安云谷召开。当前，我国脑机接口产业成果频出。政策扶持下，脑机接口产业有望迎 来发展机遇期，并加速由产业研究向商业化转化，进而加速脑机接口大规模商业化落地进度。 建议关注三条主线：1、侵入式脑机接口海外先进产业链的国内映射标的；2、非侵入式脑机接 口在消费场景的产品落地相关标的；3、脑机接口下游应用端相关标的。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title2] 2025 深圳脑博会召开，关注脑机接口产业进展 [Table_Summary2] 事件描述 2025 年 ...

丨证券研究报告丨 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 行业研究丨点评报告丨软件与服务 [Table_Title] 上交所发布专项指引，商业航天 IPO 有望提速 报告要点 [Table_Summary] 12 月 26 日，上海证券交易所正式发布《上海证券交易所发行上市审核规则适用指引第 9 号— —商业火箭企业适用科创板第五套上市标准》，支持正处于大规模商业化关键时期的商业火箭 企业，适用第五套上市标准登陆科创板。此次《指引》的发布或将是我国商业航天产业加速资 本化的重要标志，头部商业航天企业有望迎来密集 IPO，进而通过资本运作助力产业发展。建 议关注产业链各环节的核心供应商，重点关注卫星应用相关标的。 分析师及联系人 事件评论 research.95579.com 风险提示 1、卫星互联网组网不及预期； 1 软件与服务 cjzqdt11111 [Table_Title2] 上交所发布专项指引，商业航天 IPO 有望提速 [Table_Summary2] 事件描述 %% ...

联合研究丨组合推荐 [Table_Title] 大消费行业 2026 年 1 月金股推荐 %% %% %% %% 请阅读最后评级说明和重要声明 2 / 11 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 长江大消费九大优势行业（农业、零售、社服、汽车、纺服、轻工、食品、家电、医药）2026 年 1 月重点推荐金股。 分析师及联系人 [Table_Author] 陈佳 李锦 赵刚 SAC：S0490513080003 SAC：S0490514080004 SAC：S0490517020001 SFC：BQT624 SFC：BUV258 SFC：BUX176 高伊楠 于旭辉 蔡方羿 SAC：S0490517060001 SAC：S0490518020002 SAC：S0490516060001 SFC：BUW101 SFC：BUU942 SFC：BUV463 董思远 陈亮 彭英骐 SAC：S0490517070016 SAC：S0490517070017 SAC：S0490524030005 SFC：BQK487 SFC：BUW408 ...

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Viewpoints - The successful launch of the Long March 12甲 rocket marks a significant step in China's exploration of reusable rocket technology, despite the failure to recover the first stage. This event lays a solid foundation for future reusable launches, which are expected to significantly reduce launch costs and accelerate the development of China's commercial space industry [10][11] - The report emphasizes that short-term setbacks are a necessary part of industry development, and as technology advances, the cost of rocket launches is likely to decrease, thereby promoting the growth of the commercial space sector. It is recommended to pay attention to key suppliers across the industry chain, particularly those related to satellite applications [10][11] Summary by Sections Event Description - On December 23, at 10:00 AM, the Long March 12甲 rocket was launched from the Dongfeng Commercial Space Innovation Test Area, successfully placing its second stage into the designated orbit, although the first stage was not successfully recovered. The flight test was deemed a basic success [5][10] Event Commentary - The Long March 12甲 rocket, designed for "first-stage reuse," is approximately 70.4 meters long and weighs about 437 tons. Although the first stage recovery was not achieved, valuable data was collected for future launches. The report highlights that reusable technology will greatly enhance rocket capacity and reduce average launch costs, supporting the acceleration of satellite constellation deployment [10][11] - The report notes that both state-owned and commercial space sectors are progressing together, with various companies working on reusable rockets across different payload capacities and technologies, which will complement China's aerospace industry [10][11]

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - The liquor sector is experiencing a phase of "supply optimization and weak demand recovery," with inventory destocking expected to continue in Q4. Short-term price recovery is anticipated due to Moutai's controlled supply, with attention on Spring Festival sales and inventory turnover [2][5] - Demand for mass consumer goods is expected to show marginal recovery, with January anticipated to see a strong start due to delayed Spring Festival stocking [2][5] - The latest recommended companies include Ganhe Weiye, Guoquan, Anqi Yeast, Babi Foods, Ligao Foods, Wancheng Group, Anjii Foods, Kuaijishan, Shanxi Fenjiu, Yanghe, and Guizhou Moutai [2][5] Summary by Sections Production Data - In November, the industry production data revealed that meat and soft drinks led the growth, with meat production increasing by 16.3% and soft drinks by 0.4%. Other categories, such as alcoholic beverages, continue to face downward pressure [4][16] - Non-alcoholic categories showed stable production growth, with notable increases in fresh and chilled meat production, driven by declining prices of core items like pork, stimulating demand [20] Market Review - Since the beginning of the year, the Food and Beverage (Yangtze) Index has decreased by 4.22%, underperforming compared to the CSI 300. The market has seen significant differentiation, particularly in Q2 and Q3, due to consumption scene restrictions and a trend towards cost-effective consumption preferences [6][28] - In the past week, the restaurant supply chain sector (including food and condiments) has outperformed, while the liquor sector (including beer and wine) has shown relatively weak performance [6][28] Industry Dynamics - Companies in the soft drink sector are focusing on core categories to enhance competitiveness, such as Yuanqi Forest divesting its dairy business to concentrate on tea and sparkling water. Cross-industry innovations are also being explored, with new products like rice whiskey targeting specific dining scenarios [7][34] - Digital transformation and employee incentives are driving channel changes, with integrated online and offline strategies becoming mainstream. Companies like Luckin Coffee and Three Squirrels are rapidly expanding into high-traffic areas [7][34]

丨证券研究报告丨 行业研究丨专题报告丨食品、饮料与烟草 [Table_Title] 饮酒思源系列（二十五）：如何看待原箱、散瓶 及公斤茅台的价格趋同 报告要点 [Table_Summary] 2025 年 12 月份以来，原箱和散瓶茅台的单瓶价差已基本收窄到 20 元以内。我们认为，散瓶 茅台的价格下行幅度小于原箱，主要原因在于随着茅台价格的下行，茅台的大众需求逐步被激 发，而散瓶作为大众需求的主要载体，其价格具备相对更强的支撑。同时，原箱和散瓶的单瓶 价差收窄，亦表明茅台在不同场景上的消费结构正趋于均衡，消费者结构正变得更加稳定。 请阅读最后评级说明和重要声明 %% %% %% %% 分析师及联系人 research.95579.com [Table_Author] 1 董思远 石智坤 SAC：S0490517070016 SAC：S0490522090002 SFC：BQK487 SFC：BVF934 [Table_Title 饮酒思源系列（二十五）：如何看待原箱、散瓶 2] 及公斤茅台的价格趋同 [Table_Summary2] 如何理解原箱茅台和散瓶茅台的价格趋同 从历史看，散瓶茅台与原箱茅台的批价之 ...

[Table_scodeMsg1] 联合研究丨公司深度丨特变电工（600089.SH） [Table_Title] 特变电工：圭璋"特"达，"变"启新程 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 我们认为特变电工经过多年的深耕和产业拓展布局，目前已经形成装备和能源的多元化布局， 公司正从输变电龙头企业向能源综合巨头发展。近 2 年受到硅料、煤炭价格下降影响，公司整 体经营有所波动。当前时点，我们认为公司几大核心业务有望迎来全面向上发展，并且公司积 极拓展能源一体化业务，未来有望带来增量贡献。 分析师及联系人 [Table_Author] 邬博华 王鹤涛 曹海花 SAC：S0490514040001 SAC：S0490512070002 SAC：S0490522030001 SFC：BQK482 SFC：BQT626 肖勇 司鸿历 易轰 SAC：S0490516080003 SAC：S0490520080002 SAC：S0490520080012 SFC：BUT918 SFC：BVD284 SFC：BUZ394 袁澎 周相君 ...