● 本报记者 杨洁 合肥高新区云飞路，这条仅三四公里的市政道路，却有着响彻全球的名号——"量子大道"。道路两侧分 布着30余家量子科技龙头企业，带动全球三分之一的核心量子企业在合肥扎根。从科研院所的创新突破 到产业化中的工程推进，从单一企业的孤军奋战到全链条的生态共荣，合肥以"量子大道"为支点，用政 策铺路、资本护航、场景赋能，炼就中国量子产业的核心地标。 2009年，全通型量子通信网试验项目在合肥展开，验证了城域网的基础技术可行性。同年，起源于中国 科学技术大学的国盾量子正式成立。应勇回忆："公司初创时，合肥尚未有'风投之城'之称，但当地政 府果断支持，成为公司技术转化的重要节点。"2011年，公司参与建设的全球首个规模化量子通信网络 在合肥建成，标志着大容量的城域量子通信网络技术走向成熟。 合肥量子产业的崛起，根植于中科大量子研究团队数十年的技术积累，同时，让实验室里的科研成果快 速走向生产线，离不开科技金融和耐心资本的支持。合肥将天使基金、种子基金的风险容忍度分别提高 至40%、50%。此外，合肥还推出"星火贷""科大校友创业贷"等特色金融产品，助推中小型量子科技企 业快速成长。截至目前，合肥市级财政投 ...

编者按 美国将量子技术视为维护国家安全与科技霸权的关键支柱。其2024年底通过《国家量子倡议重新授权法 案》，将2025-2029财年的量子研发拨款从18亿美元大幅提升至27亿美元，重点从基础研究转向实际应 用开发。在《2025年美国国家安全战略》中，量子技术与人工智能、生物技术并列，被定义为"决定未 来全球竞争格局的关键领域"。 量子之光刺破边界，未来产业浪潮奔涌。"十五五"规划指明了未来产业方向，推动量子科技、生物制 造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信（6G）等成为新的经济增长点。我国未 来产业已从战略布局迈入产业化攻坚的关键阶段。 中国证券报推出"壮大产业新动能-区域探索与实践"系列报道，以量子科技为开篇。从合肥"量子大 道"的集聚生态到深圳具身智能的全链布局，从武汉生物城的集群崛起至上海临港创新药的全球竞速， 报道以"政策-区域-企业"三维透视，定格科研突破向产业动能转化的鲜活瞬间，解读技术迭代与场景融 合的创新密码。旨在以深度洞察与鲜活案例，勾勒中国未来产业的成长脉络，见证新质生产力如何为高 质量发展注入澎湃持久的时代动能。 当量子力学遇上新一轮科技革命的浪潮，量子科技来到产业化 ...

Group 1 - The core focus of the news is on the development and support of future industries in China, as highlighted by the "14th Five-Year Plan" which emphasizes nurturing emerging industries and exploring diverse technological routes and business models [3] - Various cities, including Beijing, Shenzhen, and Shanghai, are actively promoting future industries through initiatives and financial measures, with Beijing supporting 83 potential future industry companies and facilitating over 2 billion yuan in financing for 60 companies [4][5] - The future industries mentioned have significantly outperformed the market, with specific indices showing substantial annual growth, such as the nuclear fusion index rising over 83% and the 6G index increasing by more than 80% [5] Group 2 - Future industries are characterized by strong growth momentum, driven by disruptive technologies, with a projected median net profit of over 650 billion yuan for related companies by 2025, indicating a year-on-year growth of over 20% [6] - Specific companies within the future industries are expected to see remarkable profit increases, with over 60 companies projected to achieve net profit growth exceeding 100% by 2025, including notable firms like Foton Motor and Sino Medical [6][7] - A subset of companies has shown a decrease in shareholder numbers, indicating potential for price recovery, with 10 companies identified as having significant rebound potential due to their stock performance being below 19% for the year [8][9]

（编辑 丛可心） 证券日报网讯 12月29日，天融信在互动平台回答投资者提问时表示，公司在量子计算领域进行投入和 布局，开展"量子+安全"深度融合，推动量子通信、量子计算等相关场景的落地应用，目前已申请量子 科技相关专利。 ...

（编辑 王雪儿） 证券日报网讯 12月29日，天融信在互动平台回答投资者提问时表示，公司研发的智算云平台融合计 算、存储、网络、安全、智能五大能力，满足智算中心、大模型私有化部署及训练推理、大模型安全防 护等场景需求，可为政府、国企、事业单位等提供从通用算力到智能算力的全栈云能力。公司智算云暂 未有量子科技，公司在量子科技领域已有投入和布局。 ...

Overview - The mechanical equipment sector has shown strong performance, with a 30.48% increase from January to November 2025, ranking sixth among 31 primary industry indices [20][21][22] - Multiple sub-sectors have outperformed the Shanghai Composite Index and CSI 300, with significant gains in electric motors, general equipment, and specialized equipment [20][22] General Sector - The PMI and new orders PMI for the general sector showed a trend of rising and then falling, indicating stable manufacturing demand, with inventory levels remaining reasonable [2][32] - The peak growth rate for finished product inventory PMI was 2.56%, suggesting a stable inventory situation [2][32] - Companies to watch include Inovance Technology, Okuma, Huari Precision, New Sharp, Naipu Mining Machinery, and Jereh [2][39] Engineering Machinery Sector - The engineering machinery industry is experiencing a recovery in domestic demand and high overseas demand, with a focus on electrification and technological transformation [3] - Key players like SANY Heavy Industry, XCMG, Zoomlion, and LiuGong are noted for their advantages in technology research and global channels [3] Rail Transit Equipment Sector - The growth rates for passenger and freight transport have exceeded the annual expectations set by the China National Railway Group, with significant investment in the railway sector [4] - From January to October 2025, passenger volume reached 3.95 billion, up 6.4% year-on-year, and freight volume was 4.37 billion tons, up 2.6% [4] - Companies to focus on include CRRC Corporation, China Railway Signal & Communication, and Siwei Control [4][39] Quantum Technology Sector - The national strategy increasingly emphasizes quantum technology, with expectations for continued investment and policy support [8] - The development of quantum technology is anticipated to drive demand for related hardware and software, benefiting core equipment manufacturers [8][39] Low-altitude Economy Sector - The low-altitude economy has been highlighted in government work reports, with local governments actively promoting development plans [9] - By 2025, local low-altitude economic industry funds are expected to exceed 100 billion, providing financial support for development [9][39] Export Chain Sector - The export chain is advised to focus on the U.S. market and emerging markets, with potential recovery in consumer spending if the U.S. continues to lower interest rates [10] - Companies to monitor include Jack Technology, Honghua Digital, Yindu Co., and Yizhiming [10][39]

Market Overview - On December 29, the A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3983 points, closing at 3965.28 points, up 0.04%[2][7] - The Shenzhen Component Index closed at 13537.10 points, down 0.49%, while the ChiNext Index fell by 0.66%[7][8] - Total trading volume for both markets was 21,578 billion yuan, slightly lower than the previous trading day[3][7] Sector Performance - Strong performers included banking, petrochemicals, wind power equipment, and software development sectors, while energy metals, pharmaceutical commerce, batteries, and electricity sectors lagged[3][7] - Over 60% of stocks in the two markets declined, with notable gains in sectors like petrochemicals and aerospace, while energy metals and pharmaceuticals saw significant losses[7][9] Valuation and Investment Strategy - The average P/E ratios for the Shanghai Composite and ChiNext are 16.28 times and 50.25 times, respectively, above the median levels of the past three years, indicating a suitable environment for medium to long-term investments[3][16] - The recent Central Economic Work Conference emphasized a shift towards quality and sustainability in macro policies, focusing on technology and industrial strength[3][16] Economic Outlook - The domestic monetary policy is expected to remain "moderately loose," with the market anticipating that the Federal Reserve will continue its rate-cutting cycle into 2026, contributing to a more favorable global liquidity environment[3][16] - The recent strengthening of the RMB enhances the attractiveness of RMB-denominated assets, likely facilitating capital inflows[3][16] Short-term Recommendations - Investors are advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments, with a focus on sectors such as electronic components, petrochemicals, finance, and wind power equipment for short-term investment opportunities[3][16]

投资咨询业务资格：证监许可【2012】31号 【股指周报（IF&IH&IC&IM)】 市场流动性充裕，股指偏强运行 股指观点概述 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | | | 11月单月工业企业利润下行，行业利润分化加剧。1—11月份，全国规模以上工业企业实现利润总额66268.6亿元，同比微增0.1%，但11月单月利润同比 | | 经济和企 | 中性 | 大幅下跌13.1%。行业方面，计算机、通信和其他电子设备制造业利润同比增长15.0%，电力、热力生产和供应业增长11.8%，有色金属冶炼和压延加工 | | 业盈利 | 偏空 | 业增长11.1%，汽车制造业增长7.5%，农副食品加工业增长4.8%，通用设备制造业增长4.8%，专用设备制造业增长4.6%，电气机械和器材制造业增长 | | | | 4.2%，石油、煤炭及其他燃料加工业同比减亏，非金属矿物制品业下降4.6%，化学原料和化学制品制造业下降6.9%，纺织业下降8.2%，石油和天然气 | | | | 开采业下降13.6%，煤炭开采和洗选业下降47.3%。 | | 宏观政策 | 中性 | 12月26日，国家 ...

国内市场综述 横盘震荡 小幅收涨 周五（12 月 26 日）大盘横盘震荡，小幅收涨。截至 收盘，上证综指收于 3963.68 点，上涨 0.1%；深成指 收于 13603.89 点，上涨 0.54%；科创 50 下跌 0.24%； 创业板指上涨 0.14%，万得全 A 成交额共 21811 亿元， 较前一日有所上升。 行业方面，30 个中信一级行业有 19 个上涨，其中有 色金属、消费者服务及钢铁涨幅较大，而电子、通信 及商贸零售炭则跌幅居前。概念方面，锂电电解液、 高送转及锂矿等指数表现活跃。 海外市场综述 美股三大股指小幅收跌，特斯拉跌超 2% 周五（12 月 26 日），美国三大股指小幅收跌，道指 跌 0.04%，标普 500 指数跌 0.03%，纳指跌 0.09%。麦 当劳、迪士尼跌近 1%，领跌道指。万得美国科技七巨 头指数跌 0.06%，特斯拉跌超 2%，脸书跌 0.64%。中 概股多数上涨，小鹏汽车涨超 6%，叮咚买菜涨逾 5%。 新闻精要 1. 财政工作会议在北京召开 2. 1—11 月份全国规模以上工业企业实现利润总额 66268.6 亿元同比增长 0.1% 3. 国家创业投资引导基金启动 ...

Group 1 - The article highlights that 39 out of 360 industry/theme ETFs reached new highs in December, with established sectors like telecommunications and non-ferrous metals reflecting North American AI infrastructure and resource logic, while new sectors like commercial aerospace ETFs are gaining attention during market fluctuations [2] - The focus on sectors such as chemicals and engineering machinery indicates a shift in China's manufacturing competitiveness towards pricing power, while sectors related to anti-involution, like new energy and steel, are also showing signs of recovery [2] - The investment strategy suggests a preference for sectors with low heat and concentration but potential for long-term ROE improvement, such as chemicals, engineering machinery, and new energy, alongside a keen observation of the trend of RMB appreciation [3] Group 2 - The article discusses the favorable conditions for the spring market rally, emphasizing liquidity-driven characteristics in the A-share market, with expectations for a surge in the CSI A500 ETF towards year-end [3] - It notes that the spring market is supported by loose liquidity, with private equity making concentrated purchases and the RMB's appreciation benefiting market liquidity [3] - The potential for a spring rally is further supported by upcoming events like the Spring Festival and the Two Sessions, which may enhance risk appetite [3] Group 3 - The article indicates that the RMB's appreciation post "breaking 7" is expected to have a positive impact on both the currency and capital markets, with a potential for a spring rally [4][5] - It outlines four key logic points regarding the impact of RMB appreciation on industry allocation, including benefits for industries with high import reliance, those with significant foreign currency liabilities, and domestic demand-driven sectors [5] - The article suggests that the current market conditions do not show clear signs of a bull market peak, with internal policies remaining supportive and external risks easing [6] Group 4 - The article identifies new investment themes emerging in the commodity market and real industry chains, highlighting the increasing consumption of physical goods in manufacturing sectors and the strengthening of China's manufacturing advantages [7] - It recommends focusing on industrial resource products that resonate with AI investment and global manufacturing recovery, as well as sectors like equipment exports and domestic manufacturing recovery [7] - The article emphasizes the importance of capital market expansion and the potential for non-bank financial sectors to benefit from improving asset returns [7] Group 5 - The article states that the A-share market's cross-year rally has begun, driven by positive signals from the Shanghai Composite Index and optimistic institutional investor expectations [8] - It highlights the importance of sectors like non-ferrous metals and AI computing, with commercial aerospace being a primary market focus [8] - The article suggests that the spring market may see a structural and rapid rotation of sectors, with a recommendation for investors to adopt a low-buying strategy [12]