Minsheng Securities·2025-09-16 02:46Investment Rating - The report maintains a positive investment rating for the quantum computing and post-quantum cryptography sectors, highlighting significant growth potential and competitive dynamics in the industry [4]. Core Insights - Quantum computing is poised to revolutionize AI capabilities by overcoming computational bottlenecks, with the market expected to grow from $4.7 billion in 2023 to over $800 billion by 2035, reflecting a compound annual growth rate (CAGR) of 44.8% [1][27]. - Post-quantum cryptography (PQC) is emerging as a critical defense against the threats posed by quantum computing to traditional encryption systems, with the U.S. leading in the development and standardization of PQC technologies [1][36]. - Domestic companies are accelerating their efforts in the quantum computing and cybersecurity sectors, aiming to establish a robust information security framework that is self-sufficient and resilient against quantum threats [2][3]. Summary by Sections 1. Addressing Quantum Computing Challenges and Advancements in Post-Quantum Cryptography - Quantum computing leverages unique quantum mechanical properties to achieve unprecedented computational power, enabling significant advancements in parallel processing and energy efficiency [7][10]. - The quantum computing market is expected to reach $10.5 billion by 2027, driven by breakthroughs in specialized quantum computers and applications across various sectors [27]. - The development of post-quantum cryptography is essential to safeguard against the vulnerabilities of traditional encryption methods, with various algorithms being explored to ensure security in a quantum computing era [30][32]. 2. Focus on Future Technological Transformations and Domestic Leaders' Accelerated Layout - Leading domestic enterprises are actively investing in quantum computing and post-quantum cryptography, enhancing their capabilities in algorithm development, hardware innovation, and practical applications [2][3]. - Companies like GuoDun Quantum and Sanwei Xinan are at the forefront of developing comprehensive solutions that integrate quantum key distribution (QKD) and post-quantum cryptography [61][52]. - The report identifies key players such as GuoDun Quantum, Sanwei Xinan, and Jida Zhengyuan as significant contributors to the advancement of post-quantum cryptography technologies [3][47][57].