量子芯片系统：算力核心的“硬支撑”

Core Insights - Quantum computing has transitioned from research exploration to a critical stage of industrial cultivation, revealing significant investment opportunities within the global competition focused on the entire technology stack [1] Investment Points - The quantum computing industry has six key investment points: three hardware components (quantum chip systems, quantum computing measurement and control systems, quantum computing environmental support systems) and three software components (quantum operating systems and software, quantum computing cloud platforms, quantum computing application software), which are interdependent and essential for the industry's development [1] - Quantum chips are considered the "brain and heart" of quantum computers, representing the core hardware that determines computational power limits and is one of the most strategically valuable investment directions in the industry [1] Investment Value of Quantum Chips - The core investment value of quantum chips lies in their ability to manipulate quantum bits to achieve computational power that far exceeds classical computers, with performance determined by three key indicators: the scale of quantum bits, logical gate fidelity, and decoherence time [2] - The global landscape for quantum chip technology is characterized by a parallel development of superconducting, photonic, ion trap, and neutral atom technologies, with countries prioritizing chip autonomy as a strategic focus [2] Domestic Developments - China's quantum chip research has progressed from a following position to a competitive one, establishing an industrial foundation for mass production along the superconducting route, with successful delivery of multiple generations of superconducting quantum chips [2] - The 72-qubit "Wukong" chip has been integrated into China's third-generation autonomous superconducting quantum computer "Benyuan Wukong," completing over 760,000 quantum computing tasks across various advanced fields, demonstrating the practical value and commercial potential of domestic quantum chips [2] Industrialization Challenges - Despite achieving significant breakthroughs, China's quantum chips face challenges in scaling integration and improving yield, particularly for high-bit quantum chips required for general quantum computers, which must overcome high error correction costs and increased process complexity [3] - Investment opportunities in quantum chips require a focus on both technological innovation and industrial collaboration, emphasizing breakthroughs in chip design, nano-processing, and low-temperature packaging, while also tracking the standardization of the entire industry chain and the effectiveness of collaborative innovation systems [3] Investment Logic - The iterative development of quantum chips is expected to continuously release investment value, fostering a positive cycle of "chip breakthroughs—ecosystem upgrades—demand explosions," with each technological advancement reinforcing the investment logic of the entire quantum computing industry [3]