科技平权的下一站：量子计算

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - Quantum computing is viewed as the next technological frontier, attracting significant attention from both China and the United States, with a shift from "Western dominance" to "multipolar competition" in global technology power structures [2][3] - Microsoft achieved a milestone in quantum supercomputing with the launch of the world's first topological core-supported quantum chip in February 2025, which is expected to accelerate the development of practical quantum computers [7] - NVIDIA has established the first "Quantum Day" on March 20, 2025, to enhance collaboration with partners and advance quantum computing technology [10][11] - The Chinese government has emphasized quantum technology in its 2025 work report, indicating a commitment to fostering future industries, including quantum technology [12][14][16] - The current quantum technology industry is in the research and exploration phase, with domestic listed companies involved in various segments of the supply chain [17] Summary by Sections Industry Overview - Quantum computing is recognized as a critical area of competition between China and the U.S., with substantial investments from both nations [3] - The number of quantum computing-related companies in China has increased significantly, with over 85,600 companies as of March 2025, reflecting a growth of more than tenfold since 2020 [16] Key Developments - Microsoft's Majorana 1 chip represents a breakthrough in quantum computing, potentially allowing for the creation of quantum systems scalable to one million qubits [7] - The establishment of "Quantum Day" by NVIDIA aims to foster dialogue among leading quantum technology firms [11] Investment Recommendations - It is advised to focus on companies that are comprehensively engaged in quantum information technology, such as Guodun Quantum and ZhiTe New Materials, as well as HeXin Instruments, which are extending their business into the quantum technology sector [17][18]