①【三大期指窄幅调整】截至发稿，道指期货涨0.08%、标普500指数期货跌0.002%、纳指期货跌 0.05%。 ⑤【全球第二大铜矿发生事故，高盛下调铜供应预测，铜业股大涨】当地时间9月24日，由于全球第二 大铜矿印尼格拉斯伯格铜矿发生事故现已停产，高盛下调了对2025年和2026年全球铜矿供应的预测。高 盛估计，此次事故将导致铜矿供应总共损失52.5万吨，从而将2025年下半年全球矿山供应预测下调16万 吨，将2026年全球矿山供应预测下调20万吨。截至发稿，自由港麦克莫兰铜金公司上涨2.04%，美国南 方铜业公司上涨1.09%，必和必拓上涨4.06%。 ⑥【罗斯柴尔德Redburn以"卖出"评级开启Oracle股票评级，称云收入被高估】当地时间9月25日，罗斯 柴尔德Redburn以"卖出"评级和175.00美元的目标价格开始对甲骨文公司进行评级。该研究公司表示， 市场严重高估了甲骨文合同云收入的价值，暗示投资者正在为可能无法实现的乐观情景定价。罗斯柴尔 德Redburn将甲骨文在大规模部署中的角色描述为更接近融资方而非云服务商，其经济模式与投资者通 常在云公司中看重的显著不同。罗斯柴尔德Redburn指 ...

Core Viewpoint - The 2025 China International Information Communication Exhibition emphasizes the integration of digital and real economies, showcasing the latest achievements in the information and communication industry as a new engine for future development [1][3]. Group 1: Industry Insights - The exhibition highlights the role of the information and communication industry in driving the deep integration of digital and real economies, fostering new productivity [1][3]. - The Chief Engineer of the Ministry of Industry and Information Technology, Zhong Zhihong, stated that the current era is crucial for advancing national rejuvenation and that the industry must seize strategic opportunities to promote this integration [5][6]. - The International Telecommunication Union (ITU) praised China's contributions to global technology standards, particularly in AI and quantum computing, and expressed a desire for deeper international cooperation [5][6]. Group 2: Technological Developments - The exhibition features advancements in technologies such as 5G-A, AI applications in spatial governance, low-altitude smart networks, and satellite internet integration [6][8]. - The main forum of the event emphasized the acceleration of new-generation information technologies, including 5G, AI, big data, and cloud computing, as vital carriers of new productivity [8]. - A keynote report highlighted AI as a core variable in the new stage of digital and real economy integration, with cloud computing as a key support [8]. Group 3: Event Highlights - The exhibition will run until September 26, featuring over ten events, including award ceremonies and the release of more than twenty research reports and action plans [8]. - The event also includes the "2025 BRICS Digital Economy and Trade Investment Forum," aimed at expanding international cooperation and building a global digital governance system [8].

Core Insights - HSBC has successfully conducted a pilot project on "quantum computing-assisted bond trading," marking a significant advancement in the application of emerging technology within the financial sector [1][2] - The pilot, in collaboration with IBM, demonstrated a 34% improvement in the accuracy of predicting whether bond trades would execute at quoted prices compared to traditional computing methods [1] - Quantum computing leverages quantum physics to solve complex problems that traditional computers struggle with, offering significantly faster processing speeds [1] Industry Potential - According to McKinsey, the quantum technology market is projected to reach $100 billion within the next decade, primarily driven by quantum computing, which had a revenue of only $4 billion last year, indicating substantial growth potential [1] - The pilot project utilized a hybrid model combining quantum and traditional computing, focusing on pricing in the European corporate bond market [2] - HSBC's quantum technology lead, Philip Intallura, emphasized that current quantum computers can effectively address real-world business challenges, providing a viable example for technology implementation [2]

Summary of Quantum Computing and Post-Quantum Cryptography Conference Call Industry Overview - The conference call discusses the implications of quantum computing on traditional cryptographic systems, emphasizing the need for a transition to post-quantum cryptography to ensure data security. [2][11] Key Points and Arguments 1. **Threat of Quantum Computing**: Quantum computing poses a significant threat to traditional cryptographic systems, necessitating a migration to post-quantum algorithms at least five years ahead of quantum computer commercialization to prevent data breaches. [2][3] 2. **U.S. Plans for Cryptography**: The U.S. plans to ban traditional asymmetric encryption algorithms by 2030 and fully eliminate quantum-vulnerable algorithms by 2035, with key milestones set for 2028. [4][9] 3. **Post-Quantum Algorithm Selection**: The U.S. National Institute of Standards and Technology (NIST) will select three post-quantum algorithms in 2024, which will become FIPS standards (203, 204, 205). [4][5] 4. **China's Initiatives**: China is also advancing its post-quantum cryptography efforts, with a global call for algorithms initiated in 2025, aiming for completion and standardization by 2027. [6][17] 5. **Performance Comparison**: Current post-quantum algorithms show a performance gap of approximately 10 times compared to SM2, but can be twice as fast as RSA2048, indicating commercial potential. [2][7] 6. **Agile Migration Plans**: The migration to post-quantum algorithms requires agile migration plans that consider existing user tokens and systems, as complete replacement of traditional algorithms is not feasible. [8][9] 7. **Industry Adoption**: Financial and energy sectors are leading the migration efforts, with several banks already conducting assessments and planning for post-quantum transitions. [7][15] 8. **Hardware vs. Software Migration**: Current hardware upgrades are premature due to the lack of established standards for post-quantum algorithms, making software migration a priority. [12][13] 9. **User Preparedness**: Users have begun developing agile migration plans to ensure readiness for the upcoming standards, with expectations for rapid adaptation once standards are finalized. [14][18] Additional Important Content - **Urgency in Adoption**: There is a heightened urgency among industries, particularly in finance and telecommunications, to replace traditional cryptographic methods due to the imminent threats posed by quantum computing. [15][16] - **Standardization Timeline**: The domestic standardization process for post-quantum algorithms is expected to be more efficient than previous efforts, with a projected completion within three years. [17]

Group 1 - The core viewpoint is that the current computational power of quantum computers is still in the early stages and cannot solve practical problems, primarily being sold as research instruments [1] - The company focuses on selling quantum computers and core components, such as measurement and control systems and refrigeration units, mainly to research institutions for quantum computing research [1] - The industry is still in a phase of technological accumulation and ecosystem cultivation, with "mass production" not being the current focus, and the company aims to collaborate with industry partners to advance quantum technology and explore application scenarios [1] Group 2 - The company’s superconducting quantum computer "Tianyan-504," which has the highest number of qubits domestically, has completed acceptance testing [2] - The company does not produce quantum computing chips, sourcing them through horizontal cooperation with the University of Science and Technology of China [3] - As of the market close on September 24, the company's stock price was 354.99 yuan per share, reflecting a 3.5% increase [3]

Core Insights - Nvidia's recent investments in Intel and OpenAI, amounting to $50 billion and up to $100 billion respectively, signify its ambition to solidify its dominance in the AI chip market [1][6] - The collaboration with OpenAI and Intel is seen as a strategic move to create strong alliances within the AI ecosystem, potentially reshaping the market landscape [1][11] Investment Overview - Nvidia has significantly increased its investment activities, with a notable rise in the number of investments from 2 in 2020 to 56 in 2024, indicating a growing focus on strategic partnerships [3][4] - In 2024, Nvidia's venture capital arm has already invested $1 billion in the first nine months, a 15% increase from the previous year [3] Key Investment Targets - Nvidia's investments this year include at least seven notable deals exceeding $100 million, focusing on sectors like fusion energy, quantum computing, and large model companies [4][5] - Major investments include $863 million in Commonwealth Fusion, $1 billion in PsiQuantum, and $5 billion in Wayve, reflecting Nvidia's strategic interests [5] Strategic Partnerships - The partnership with Intel involves custom x86 processors for Nvidia's AI infrastructure, enhancing Nvidia's position as a key supplier in the data center market [7] - Nvidia's collaboration with OpenAI includes the construction of at least 10 gigawatts of AI data centers, which will significantly boost Nvidia's revenue from data center sales [8][11] Market Dynamics - The investments are also a response to potential threats from cloud providers developing their own ASIC chips, which could undermine Nvidia's market position [9][10] - The collaboration with Intel is expected to create competitive pressure on other firms like AMD and Broadcom, as it allows for better integration of Nvidia's technology with Intel's x86 architecture [10] Future Outlook - The gradual funding of OpenAI's data center projects indicates a long-term commitment to building AI infrastructure, which is crucial for Nvidia's growth strategy [11] - The strategic alliances formed through these investments may lead to a reconfiguration of the competitive landscape in the AI industry, with Nvidia, Intel, and OpenAI at the forefront [11]

Core Insights - Rigetti Computing Inc. has seen a significant stock increase, with a year-to-date surge of approximately 100% and a staggering 3,900% rise over the past 12 months [1] Group 1: Stock Performance - The stock's meteoric rise has garnered attention from investors, particularly those interested in ETFs focused on quantum computing [2] - Rigetti's stock price increased by more than 20% following the announcement of a $5.8 million, three-year deal with the U.S. Air Force for quantum networking technology research [3] - ETFs such as RGTU and RGTX have experienced substantial gains, with RGTU up over 473% since its inception and RGTX up around 770% since early April [4] Group 2: Financial Performance - Rigetti's financial results have shown inconsistency, with a year-over-year revenue decline of over 50%, reporting $1.8 million in the second quarter, which was significantly below Wall Street's estimate of $2.6 million [5] Group 3: Market Sentiment and Risks - The short interest in Rigetti stands at 51.56 million shares, accounting for 16.28% of the float, indicating strong bearish sentiment among investors [5] - Despite the challenges, the U.S. government's increasing focus on quantum technology, exemplified by the Air Force contract, may drive future growth in the sector [6] Group 4: ETF Exposure - Other ETFs providing exposure to Rigetti include the Defiance Quantum ETF QTUM and ARK Autonomous Technology & Robotics ETF ARKQ, which, while not exclusively focused on quantum computing, include Rigetti as part of their holdings [6][7]

9月23日，2025量子投资峰会在北京中关村创业大厦举行。峰会以"资本导航，点'量'下一站"为主题， 汇聚国内顶尖投资机构、量子领域领军企业与权威专家，从政策导向、行业研判、案例标杆到生态共 创，全方位助力与会者把握量子科技投资脉络、打开跨界合作新窗口。 与会专家认为，全球量子科技正加速从实验室迈向产业化，技术突破与资本赋能有望成为推动行业发展 的"双引擎"。量子计算是被寄予厚望的下一代算力解决方案，该领域投融资呈现出资本向头部企业集 中、专用与通用量子计算的战略权衡、纯算法公司的战略价值及投资逻辑的垂直化四大特点。 量子产业发展已达关键节点 多家创业公司在峰会上透露产业最新进展情况。华翊量子总经理姚麟介绍了离子阱量子计算优势与劣 势、技术发展及商业化进展。他表示，目前，量子计算在金融、生物、化学等领域的应用已取得显著进 展。他指出，华翊量子系统已在实验中取得重要成果，证明其具备实现NISQ时代量子计算算法的能 力，为近中期商业化提供了技术储备。 相干科技创始人金贻荣宣称，公司正在搭建其第一台量子计算机，有望在明年春季正式发布。他认为， 降低量子计算机的成本、降低量子算力的成本是未来量子计算发展的关键。两仪万 ...

Core Viewpoint - Quantum computing concept stocks in the US market showed strong performance, with significant gains for several companies following a media report about an innovative solution proposed by Allied Holographics for controlling quantum photonic states, which may have important applications in quantum optics [1] Group 1: Stock Performance - Allied Holographics (HOLO.US) surged over 13% [1] - Rigetti Computing (RGTI.US) and Quantum (QMCO.US) both increased by more than 8% [1] - IonQ Inc (IONQ.US) and Quantum Computing (QUBT.US) rose over 4% [1] Group 2: Innovation Announcement - Allied Holographics announced an innovative solution for controlling quantum photonic states [1] - The proposed solution is expected to have significant applications in the field of quantum optics [1]

Core Insights - The article discusses the escalating arms race in artificial intelligence (AI) computing capabilities, highlighting a significant wave of global infrastructure investment. However, the AI industry faces a fundamental barrier in data movement between processors due to the limitations of existing copper interconnect technologies, which cannot effectively scale to meet the demands of next-generation AI requiring millions of processors. In this context, photonic chip startups Celestial AI and OpenLight are emerging to provide faster and more energy-efficient solutions to meet the needs of hyperscaler clients like Amazon, Microsoft, and Google [1]. Group 1: Celestial AI Developments - Celestial AI has secured $255 million in investments from TSMC's VentureTech Alliance and Samsung's Catalyst Fund, bringing its total funding to $520 million. The company plans to use this funding to strengthen its supply chain and deepen partnerships with foundries, including TSMC [2]. - Celestial AI expects to begin selling its first chips by mid to late 2026, focusing on server "scale-up" networks that account for 85% of data center traffic. The company anticipates that its scale-up sales will surpass copper-based Ethernet scale-out switches starting in 2025 [5]. - The core technology of Celestial AI, Photonic Fabric, offers optical interconnects from chip-to-chip and server-to-server, significantly outperforming Nvidia's NVLink in terms of power consumption. Celestial AI is positioning its Optical Memory Interface Bridge (OMIB) as an alternative to NVLink [5][7]. Group 2: OpenLight Developments - OpenLight raised $34 million in funding from investors including Juniper Networks and Lam Research. The company plans to use this capital to expand its process design kit (PDK) for active and passive photonic components, with production expected to begin for its first customers by the end of 2025 [4][11]. - OpenLight's competitive advantage lies in its use of indium phosphide technology, which allows for the integration of lasers onto chips. The company has demonstrated a 400 Gbps modulator with low power consumption of approximately 1.5 microjoules per bit [11]. - OpenLight provides a library of components (PDK) to enable customers to design their own chips, collaborating with ASE Holdings' subsidiary, Siliconware Precision Industries [14]. Group 3: Competitive Landscape - The photonic chip sector is becoming increasingly competitive, with players like Ayar Labs, Lightmatter, and Huawei entering the market. Huawei aims to challenge Nvidia's NVLink market with its new SuperPod cluster, which plans to connect up to 15,488 Ascend NPUs by 2026 [15]. - Lightmatter announced the Passage M1000 platform, which offers a total optical bandwidth of 114 Tbps, and is collaborating with GlobalFoundries and Amkor to begin production based on this platform [17][18]. - Quantum computing startup PsiQuantum is also manufacturing photonic chips using standard 45nm silicon nitride processes at GlobalFoundries [21].