Summary of Quantum Technology Industry Conference Call Industry Overview - The conference call focuses on the **quantum technology industry**, highlighting its potential as a future industry and a new economic growth point as outlined in the **14th Five-Year Plan** [1][3]. Key Insights and Arguments - **Policy Support**: Recent documents from four ministries emphasize that government investment funds will prioritize areas that contribute to the development of new productive forces and future industries, with a focus on "early, small, long-term, and hard technology" investments [1][3]. - **Upcoming Policy Catalysts**: As the Two Sessions approach, further policy catalysts are expected in the quantum field, indicating a favorable regulatory environment [2][4]. - **Industry Clusters Formation**: - Major cities like **Beijing** and **Shanghai** have established innovation alliances that integrate quantum and artificial intelligence, promoting technological intersections and expanding application scenarios [5]. - **Hefei** has developed the "Quantum Avenue," attracting key enterprises in the industry chain, creating a clustering effect [5]. - **Chengdu** has announced the "Quantum Corridor" plan, which aims to create a synergistic space for research, manufacturing, and application, along with the establishment of a **1 billion yuan** quantum technology industry fund, showcasing local capital's proactive engagement [5]. Commercialization Progress - **Accelerated Industrialization**: - **Boson Quantum** has built the first large-scale dedicated optical quantum computer manufacturing facility in Shenzhen. Collaborations with leading institutions like **Guangzhou National Laboratory**, **China Mobile**, and **Ping An Group** are underway to validate the advantages of optical quantum computing in various fields such as drug development, traffic scheduling, and financial modeling [6]. - The path to commercialization is becoming clearer as these applications demonstrate efficiency and quality improvements [6]. Risk Factors - Potential risks include: - Technology performance not meeting expectations - Commercialization challenges - Policy uncertainties - Competitive risks [7].

诺安研究精选股票A（320022）基金经理为唐晨。 截至发稿，唐晨累计任职时间3年47天，现任基金资产总规模16.65亿元，任职期间最佳基金回报 66.67%， 任职期间最差基金回报27.8%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，诺安基金旗下1只基金重仓国盾量子。诺安研究精选股票A（320022）四季度增持1.72万股， 持有股数6.11万股，占基金净值比例为3.39%，位居第九大重仓股。根据测算，今日浮盈赚取约192.4万 元。 诺安研究精选股票A（320022）成立日期2012年12月10日，最新规模4.71亿。今年以来收益13.43%，同 类排名104/5562；近一年收益76.07%，同类排名229/4285；成立以来收益424%。 2月3日，国盾量子涨5.12%，截至发稿，报646.46元/股，成交9.02亿元，换手率1.76%，总市值664.96亿 元。 ...

Core Insights - The quantum radar market is currently in its early stage dominated by military applications, with the US, China, and Europe as the core competitive regions. The global sales of quantum radar are projected to reach approximately $140 million by 2025 [1][8] - Quantum radar is viewed as a strategic technology for future stealth detection, anti-jamming, and information advantage in military applications, while civilian applications are also emerging, particularly in environmental monitoring and meteorological surveying [1][8] Industry Overview - Quantum radar utilizes principles of quantum physics, such as quantum entanglement and superposition, to detect and identify target information. It operates by manipulating and measuring the quantum states of photons to achieve superior detection capabilities compared to traditional radar systems [2][4] Market Size - The quantum radar market is primarily military-focused at this stage, with a projected global sales figure of around $140 million by 2025. The military sector is expected to drive significant interest due to its potential for stealth detection and information acquisition [1][8] Key Companies - Key players in the Chinese quantum radar industry include Guorui Technology, Guangyunda, and Guodun Quantum, among others. These companies are involved in various aspects of quantum radar technology development and application [2][9] Industry Development Trends 1. **Dual-track Development**: The future of the quantum radar industry in China will progress along both military and civilian tracks, with civilian applications expected to achieve commercialization faster than military ones. The focus will be on practical applications like quantum-enhanced radar in environmental monitoring [11][12] 2. **Technological Advancement**: Future developments will focus on the integration and chipization of core components to reduce costs and complexity. There will also be efforts to integrate quantum technologies into existing radar systems to enhance performance [12][13] 3. **Regional Industry Clusters**: The competition will evolve from individual product competition to regional industrial chain and ecosystem competition, with cities like Jinan showcasing strategic layouts that support the entire value chain from component manufacturing to system integration [14]

Core Insights - The quantum computing industry in China is experiencing significant growth driven by policy support and market demand, with a projected global market size of $5.037 billion in 2024, expected to surge to $219.978 billion by 2030, with 2027-2029 identified as critical growth years [1] Company Summaries Keda Guokong - Keda Guokong is a leader in quantum software, leveraging a three-pronged approach of technology development, capital investment, and practical application to engage deeply in the quantum computing industry [2] - The company has developed the "Jiuzhang" quantum programming framework, achieving 30% higher precision in quantum chemical simulations compared to IBM's Qiskit [2] - Keda Guokong has established partnerships with institutions like the University of Science and Technology of China to develop quantum error correction algorithms for superconducting quantum computers [2] GuoDun Quantum - GuoDun Quantum is recognized as a leading enterprise in the A-share quantum technology sector, projecting a net profit of 5 million yuan by 2025, marking a turnaround to profitability [3] - The company is involved in the development of the 105-qubit "Zu Chongzhi No. 3" and has successfully delivered a 200-qubit superconducting quantum computer [3] - GuoDun Quantum's revenue from quantum computing is expected to increase by 283.92% year-on-year by 2025 [3] Zhongke Shuguang - Zhongke Shuguang has made significant strides in quantum computing, with a projected 200% increase in quantum business revenue by 2025, becoming a core growth driver [4] - The company has developed a quantum operating system, "Quafu," which has been commercialized for remote sensing data processing, significantly improving efficiency [4] - Zhongke Shuguang has launched the world's first quantum-classical collaborative AI server, enhancing its hardware capabilities [4] Fuzheng Technology - Fuzheng Technology holds a leading position in the global quantum optics materials market, with over 70% market share in BBO and LBO crystals, essential for quantum entanglement photon pair production [5] - The company anticipates a 95% increase in net profit by 2025, with a gross margin rising to 48%, surpassing the industry average of 35% [5] - Fuzheng Technology is also extending its optical technology into the commercial rocket sector, creating a synergy between quantum and aerospace technologies [5] HwaCom Technology - HwaCom Technology is the only company globally producing quantum dot laser chips at scale, achieving over 98% purity and cost efficiency at 60% of international levels [5] - The company reported a 40.92% year-on-year increase in net profit, with quantum business revenue accounting for 25% of total revenue [5] - HwaCom's quantum dot laser chips are integral to the supply chains of major companies like Huawei and Microsoft, with an annual production capacity of 100,000 units [5] Sry New Materials - Sry New Materials is a key supplier of superconducting materials for quantum computing, with a projected 45% increase in net profit by 2025 [6] - The company produces niobium-titanium superconducting wire with a purity of 99.999%, crucial for superconducting quantum chips [7] - Sry New Materials has achieved over 90% domestic production rate for quantum superconducting materials, reducing reliance on imports [7] Industry Overview - The A-share quantum computing sector has established a comprehensive layout encompassing software leadership, hardware breakthroughs, and material support, with companies like Keda Guokong, GuoDun Quantum, and Fuzheng Technology contributing to a robust industrial foundation [1][3][5] - The industry is benefiting from a 30 billion yuan special R&D fund and the "14th Five-Year Plan," which emphasizes the commercial viability of quantum computing [1] - The integration of "supercomputing + quantum computing" and the expansion of quantum networking scenarios are expected to further drive the industry's growth [1]

Group 1: Automotive Industry - The ultra-luxury market has significant potential for domestic alternatives, with the Jianghuai brand expected to improve profitability through increased sales of the Zun Jie model [4][5] - The ultra-luxury car market has historically sold between 150,000 to 200,000 units annually, with domestic brands currently holding a low market share, indicating substantial future growth opportunities [4] - Jianghuai's Q3 2025 financial report shows a notable improvement in revenue and gross margin, with expectations for continued growth as the Zun Jie model begins larger-scale deliveries [5][6] Group 2: Paper Industry - The price of white cardboard is set to increase by 200 RMB per ton starting March 1, 2026, following a previous increase in January, which is expected to positively impact profitability for leading companies in the sector [7][8] - The average price of white cardboard rose by 291.05 RMB per ton from August 2025 to December 2025, indicating a recovery trend in the industry [8] - The company reported a revenue of 14.45 billion RMB in the first three quarters of 2025, with a year-on-year increase of 3.46%, and a production increase of 12.39% in the same period [9] Group 3: Organic Silicon Industry - The demand for organic silicon is steadily increasing, particularly in sectors such as electronics, construction, and renewable energy, with projected consumption growth rates of 8.0% to 8.8% from 2025 to 2027 [11][12] - The expansion of organic silicon supply is slowing, with new capacity expected to be limited in the coming years, which may help stabilize prices [12] - The "anti-involution" consensus among industry leaders is expected to positively influence pricing and market conditions, aiding in the recovery of the industry's profitability [12][13] Group 4: Food Processing Industry - The company anticipates a core operating profit growth of 44.8% to 51.2% for 2025, with projected revenues of approximately 7.75 to 7.85 billion RMB, reflecting a significant increase from the previous year [17][18] - The expansion of store numbers and market penetration in rural areas is driving revenue growth, with a total of 11,566 stores expected by the end of 2025 [19] - The company is focusing on building a membership system and enhancing online sales channels, which are expected to strengthen its market position [19] Group 5: Military Electronics Industry - The company forecasts a net profit of 338 to 388 million RMB for 2025, marking a significant turnaround from previous losses, driven by demand for AI and cloud computing technologies [20][22] - The company is actively collaborating with major tech firms and expanding its product offerings in AI and data center infrastructure, which are expected to contribute to revenue growth [23][24] - The company plans to invest in expanding its production capacity in key technology areas, including AI and defense applications, to capitalize on market opportunities [24][25] Group 6: AI and Software Development Industry - The company expects a net profit of 785 to 950 million RMB for 2025, with a growth rate of 40% to 70%, driven by advancements in AI models and increased sales [26][27] - The launch of the new AI model "Xunfei Starfire X1.5" is expected to enhance the company's competitive edge in the AI market, with significant project wins reported [28][30] - The company is expanding its B2B AI applications and has achieved notable sales success in consumer AI hardware, indicating strong market demand [30][31] Group 7: Biopharmaceutical Industry - The ADC drug market is experiencing rapid growth, with global sales expected to reach 66.2 billion USD by 2030, driven by increased R&D efforts from domestic companies [32][34] - Domestic companies are leveraging existing technologies to optimize ADC drugs, with several products showing potential to become best-in-class [33][34] - The increasing number of ADC drug pipelines in China is expected to lead to a significant number of new drug approvals in the coming years, enhancing market competitiveness [35] Group 8: Automotive Components Industry - The domestic electric vehicle market is projected to grow by 28.2% in 2025, with the company focusing on high-voltage power supply solutions for electric vehicles [37][38] - The company has established partnerships with major automotive manufacturers and is expanding its international client base, which is expected to enhance profitability [38][39] - The company anticipates a net profit of 210 to 250 million RMB for 2025, driven by increased demand in the electric vehicle sector and successful capacity expansion [39][41]

Group 1 - The quantum industry is experiencing a critical period of simultaneous technological breakthroughs, application exploration, and industry cultivation driven by policies, funding, and technology [1] - The global quantum technology financing reached approximately 34.9 billion yuan by Q3 2025, surpassing the total of the previous two years and setting a historical high [1] - The quantum computing market is expected to grow from 5 billion USD in 2024 to over 800 billion USD by 2035, with a CAGR exceeding 55% [2] Group 2 - GuoDun Quantum is recognized as the absolute leader in China's quantum technology, covering quantum communication, quantum computing, and quantum precision measurement [3] - KeDa GuoChuang is actively investing in high-quality enterprises in the quantum technology sector and promoting collaboration in quantum software [3] - The company leverages the advantages of the "KeDa system" in research and development to explore software technologies that integrate quantum computing with classical computing [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is experiencing significant growth in its quantum computing business, which is expected to drive overall performance improvement. For 2025, the company anticipates a revenue of 310 million yuan, representing a year-on-year increase of 22.5%, and a net profit attributable to shareholders of 5 million yuan, marking a return to profitability [6][10] - The quantum computing industry is entering its first rapid growth phase, with increasing participation from various players. The global quantum computing market is projected to grow from 5.037 billion USD in 2024 to 111.75 billion USD by 2027, and further to 219.978 billion USD by 2030 [8][10] - The company is positioned as a core supplier in the quantum communication sector, with a significant market share of approximately 90% in China. The domestic market for quantum communication is expected to reach 8 billion yuan in 2025, driven by demand from key industries such as government, finance, and energy [10] Summary by Sections Recent Performance - The company's stock performance over the past year shows a 139.4% increase, significantly outperforming the CSI 300 index, which only increased by 23.3% [4] - As of January 30, 2026, the company's current stock price is 624.20 yuan, with a market capitalization of approximately 64.21 billion yuan [4] Financial Forecast - Revenue projections for the company are as follows: 2025E at 311 million yuan, 2026E at 471 million yuan, and 2027E at 702 million yuan, with corresponding net profits of 5 million yuan, 29 million yuan, and 46 million yuan respectively [11][12] - The expected growth rates for revenue and net profit are 23% and 116% for 2025, and 52% and 473% for 2026 [11] Business Developments - The company has successfully passed acceptance tests for its quantum computing systems, including a 200-qubit superconducting quantum computer, which is now part of China's first publicly launched "supercomputing + quantum computing" fusion center [9][10] - The company has also achieved a breakthrough in international markets with the successful export of a 25-qubit superconducting system [9]

Group 1 - The technology sector experienced fluctuations in early trading due to the overnight decline in US stocks, while the AI industry chain showed resilience with a low rebound [1] - Alibaba is considering increasing its investment in AI infrastructure and cloud computing from 380 billion to 480 billion yuan over the next three years [1] - ByteDance plans to launch the official version of its Doubao mobile assistant by the end of 2025, with a new device expected to be released in late Q2 2026 [1] Group 2 - Microsoft and Meta reported that the tight supply of AI computing power will persist through 2026, with both companies exceeding market expectations for Q4 capital expenditures: Microsoft at 37.5 billion and Meta at 22.137 billion [1] - Meta has raised its full-year capital expenditure forecast for 2026 to 125 billion, a 73% year-on-year increase [1] - Research institutions predict that the demand for computing power will continue to rise in the next 3-6 months due to the intensive catalysts from AI applications and ongoing model iterations [1] Group 3 - As of January 30, 2026, the Shanghai Stock Exchange Science and Technology Innovation Board 100 Index showed mixed performance among its constituent stocks, with Shijia Photon leading at an increase of 8.56% [1] - The Science and Technology Innovation Board 100 ETF (588220) was quoted at 1.55 yuan [1] - The Science and Technology Innovation Board 100 ETF has a turnover rate of 4.66% and a transaction volume of 492 million yuan during the trading session [2]

Important Market News - US stock indices closed mixed, with the Nasdaq down 0.72%, S&P 500 down 0.13%, and Dow Jones up 0.11%. Microsoft dropped 10%, losing $357 billion in market value, while Meta rose over 10% [1] - International oil prices continued to rise, with WTI crude up 3.39% at $65.35 per barrel and Brent crude up 3.09% at $69.45 per barrel. Gold reached a historical high of $5598.75 before dropping significantly, closing at $5393.21 per ounce, while silver also saw a decline [2] Industry Insights - China Aerospace Science and Technology Corporation plans to develop space tourism and related infrastructure during the 14th Five-Year Plan period. The company aims to establish a complete operational system for suborbital space tourism and gradually develop orbital space tourism. The space economy is expected to grow significantly, with the satellite communication industry projected to reach between 200 billion to 400 billion yuan by 2030, with a compound annual growth rate of 10%-28% [3] - A research team from the Chinese Academy of Sciences and Peking University has made advancements in quantum computing, demonstrating unique advantages in simulating complex systems. The quantum computing industry is expected to reach a market size of hundreds of billions by 2025-2030, driven by technological breakthroughs and market demand [4][5] - The Beijing Humanoid Robot Innovation Center has launched a testing platform, marking the production of its 1000th humanoid robot. The platform aims to validate technology and meet application needs, with an annual production capacity of 5000 units. The humanoid robot industry is anticipated to see significant growth by 2025, driven by advancements in component performance and cost reduction [6] Stock Reduction Announcements - Kangnibei Group plans to reduce its stake in Kangnibei by up to 25.36 million shares, representing 1% of the total share capital [7] - Chongde Technology's shareholder plans to reduce its stake by up to 870,000 shares, also 1% of the total share capital [7] - Guangpu Co., Ltd. announced that its controlling shareholder intends to reduce its stake by up to 8.47 million shares, accounting for 3% of the total share capital [7] - Other companies, including Shikong Technology and Huafeng Chemical, have also announced plans for share reductions, with varying percentages of total share capital [7][8]

科大国盾量子技术股份有限公司 2026 年第一次临时股东会 科大国盾量子技术股份有限公司 2026 年第一次临时股东会会议资料 股票简称：国盾量子 股票代码：688027 2026 年 1 月 - 1 - 科大国盾量子技术股份有限公司 2026 年第一次临时股东会 二、为保证本次大会的严肃性和正常秩序，除出席会议的股东及股东代理人、 董事、公司高级管理人员、公司聘任律师及中介机构外，公司有权依法拒绝其他 人员入场。 三、股东到达会场后，请在签到处签到。股东签到时，应出示以下证件和文 件： 目 录 | 科大国盾量子技术股份有限公司2026年第一次临时股东会会议须知……………3 | | --- | | 科大国盾量子技术股份有限公司2026年第一次临时股东会会议议程……………5 | | 议案1、《关于签订技术实施许可合同暨关联交易的议案》………………………6 | | 议案2、《关于董事辞职及选举非独立董事的议案》……………………………15 | - 2 - 科大国盾量子技术股份有限公司 2026 年第一次临时股东会 科大国盾量子技术股份有限公司 2026年第一次临时股东会会议须知 为了维护全体股东的合法权益，确保股东 ...