Core Viewpoint - Quantum technology concept stocks opened high, with notable increases in share prices for several companies in the sector [1] Group 1 - Tengjing Technology surged over 10% [1] - Jida Zhengyuan rose more than 8% [1] - Other companies such as Keda Guochuang, Geer Software, and Guodun Quantum also experienced significant gains [1]

Core Insights - Education is a crucial aspect of national strategy and people's livelihood, with significant achievements in higher education, early childhood education, and compulsory education during the "14th Five-Year Plan" period [1][3]. Group 1: Education Achievements - A total of 55 million talents have been trained through higher education, with a gross enrollment rate of 92% in preschool education, and basic balance achieved in compulsory education across 2,895 counties [1]. - Approximately 12 million people benefited from the implementation of free preschool education in the current academic year, and the enrollment rate for disabled children's compulsory education reached 97% [3]. Group 2: Teacher Development - Emphasis on cultivating the spirit of educators, promoting ethical standards, and reducing teachers' burdens by cutting social affairs in schools by over 65% [3]. - A new approach to teacher development is being adopted, focusing on moral integrity, dedication, and comprehensive education [3]. Group 3: Integration of Education and Innovation - The competition in the modern world is fundamentally about talent and education, with significant contributions from educational institutions in various fields, including space exploration and technology [5]. - Over 75% of national natural science awards and 55% of technological advancement awards were obtained by higher education institutions during the "14th Five-Year Plan" period, particularly in life sciences, quantum technology, and artificial intelligence [5]. Group 4: Vocational Education - Vocational education plays a vital role in driving industrial innovation, supplying over 70% of new high-quality skilled talents for modern industries [7]. - The integration of vocational and general education is essential for cultivating skilled workers and supporting China's modernization efforts [7].

机构调研升温 为甄选优质且具潜力的标的，券商依托专业的投研能力，积极对上市公司进行调研。数据显示，10月以 来，共计136家券商对211家上市公司进行了调研。具体来看，扬杰科技、视源股份、聚灿光电被调研次 数居前，机械设备、电子、医药生物等行业成为券商关注的领域。 10月19日晚间，扬杰科技披露三季度报告，2025年前三季度实现营业收入53.48亿元，同比增长 20.89%；实现归属于上市公司股东的净利润9.74亿元，同比增长45.51%。扬杰科技表示，半导体行业景 气度持续攀升，汽车电子、人工智能、消费类电子等领域呈现强劲增长态势，带动公司主营业务实现显 著增长。在调研纪要中，扬杰科技四季度订单趋势和未来的资本开支计划获机构关注。 视源股份10月以来获得28家券商调研。在调研中，公司"AI+教育"和全年业绩预期受券商关注。视源股 份表示，公司液晶显示主控板卡有所改善，家用电器控制器、汽车电子及电力电子等智能控制部件领域 新方向保持高速增长；同时，国内教育业务稳步增长，海外自有品牌业务快速发展，预计上述业务的向 好势头将在年内延续。 进入三季报密集披露期，券商通过上调评级展现出对高增长公司的青睐。据上证报记者 ...

Group 1 - Changsha held an economic analysis event for Q3 and discussed key work for Q4, showcasing the momentum of high-quality development [1] - The Xiangjiang Science City has over 60 enterprise R&D center projects established, with significant government investment planned for the future [3][4] - The Xiangjiang Science City is a key project for Hunan's technological innovation, with major projects like the Hunan Steel Research Institute under construction [4] Group 2 - The Dazeh Lake Returned Overseas Talents Town R&D Center features unique architecture and aims to foster a collaborative environment for tech enterprises [6] - The Dazeh Lake area is recognized as a national Returned Overseas Talents Town and is part of Changsha's strategy to build a global R&D center city [6] - The Dazeh Lake R&D Center has successfully attracted several quality enterprises, focusing on emerging industries like AI and quantum technology [6] Group 3 - The Huawei Changsha Research Institute is set to become a global audio and video R&D center, contributing to the digital economy in Hunan [8][10] - The project is expected to enhance Changsha's industrial competitiveness and support technological innovation and industrial upgrades in the region [10] - The Ma Lan Mountain Video Cultural Park is a hub for cultural and technological integration, attracting over 100 leading companies [8]

Core Insights - The global landscape of industrial subsidies is undergoing significant transformation, becoming a focal point of competition among major powers, particularly between the US and the EU, which are expanding domestic subsidies while imposing countervailing duties and even introducing "cross-border subsidy" taxes [3][21] - Understanding the role of industrial subsidies in promoting new productive forces and domestic industrial upgrades is crucial for optimizing national industrial policies and gaining strategic advantages in international rule-making [3][21] Theoretical and Practical Justifications for Industrial Subsidies - Industrial subsidies are justified as a means to correct market failures, incentivize innovation, and support emerging industries, particularly in sectors where social benefits exceed private returns [5][6] - Successful cases of industrial subsidies exist globally, demonstrating their effectiveness in altering technological trajectories and reshaping global industrial landscapes [8][9] International and Domestic Case Studies - The US has utilized industrial subsidies effectively, with significant investments in semiconductor and clean energy sectors, while the EU aims to double its semiconductor market share by 2030 [9][10] - In China, subsidies have played a pivotal role in the growth of the electric vehicle industry, with companies like BYD and CATL emerging as global leaders through comprehensive support policies [10][11] Challenges and Negative Impacts of Subsidy Competition - The intensifying "subsidy race" has detrimental effects on the multilateral trade system, undermining the WTO framework and leading to inefficiencies in global resource allocation [11][12] - The competition has resulted in overcapacity in certain sectors, such as semiconductors, due to redundant investments spurred by high subsidies [11][12] Recommendations for Optimizing Industrial Subsidy Policies - The focus of subsidies should shift from broad-based support to targeted investments in high-tech and strategically important sectors, such as AI and clean energy [13][14] - A more inclusive approach is needed to support traditional industries in their transition to digital and green technologies, ensuring that small and medium enterprises also benefit from subsidy policies [20][29] Enhancing Rule-Making Authority - China should enhance the compliance and transparency of its subsidy policies, aligning them with international trade rules while advocating for fair global subsidy regulations [17][26] - Active participation in the reconstruction of global subsidy rules is essential, promoting a balanced approach that considers the interests of developing nations [18][26]

Group 1 - The report highlights that Guoshield Quantum has achieved significant revenue growth, with a 90.27% year-on-year increase in revenue for the first three quarters of 2025, leading to a substantial reduction in losses [3][4] - The company’s revenue for Q3 2025 reached 68.36 million yuan, marking a 126.52% increase year-on-year, while the net profit attributable to shareholders narrowed to a loss of 2.68 million yuan [3][4] - The quantum computing sector is entering a phase of rapid expansion, with major players like Google and IBM launching quantum computing cloud services, and the global quantum computing market projected to grow from 5.037 billion USD in 2024 to 21.998 billion USD by 2030 [5][6] Group 2 - Lianlong's revenue for the first three quarters of 2025 was 4.509 billion yuan, reflecting a year-on-year increase of 5.72%, while net profit attributable to shareholders rose by 24.92% to 392 million yuan [12][13] - The company’s Q3 2025 performance showed a strong year-on-year growth in net profit of 60.83%, driven by stable demand for anti-aging agents and lubricating oil additives [14][15] - The report indicates that the AI industry is expected to drive demand for anti-aging agents and lubricating oil additives, particularly in data centers and robotics [16] Group 3 - The coal industry saw a 1.8% year-on-year decline in raw coal production in September 2025, although the decline was less severe than in August, indicating a gradual recovery [18][20] - Electricity production in September 2025 showed a stable growth of 1.5% year-on-year, with significant increases in hydropower generation [19][20] - The report notes that the coal price has slightly increased in September, with the average price for Qinhuangdao 5500 kcal coal remaining stable compared to August [26][27] Group 4 - The cloud computing industry is transitioning towards intelligence, with the IaaS market expected to reach nearly 800 billion yuan by 2029, driven by AI applications [28][30] - Major cloud providers are increasing capital expenditures significantly to enhance AI infrastructure, with Microsoft’s AI services contributing 16 percentage points to Azure's growth in Q2 2025 [31][32] - The report emphasizes that AI is becoming the core driver of growth in the cloud computing sector, with a shift in focus from infrastructure to application layers [34]

Core Insights - The "Kechuang China · Chanyun Chuangzhi" 2025 strategic emerging industry technology finance seminar was held at Tsinghua University, focusing on AI, quantum technology, biomedicine, and 6G communications [1][2] - Tsinghua University aims to transform technological achievements into industrial growth, targeting a shift from "10 to 100" in industrialization [1] - The seminar emphasized the importance of technological innovation as a key variable in driving new industrialization and enhancing the innovation vitality of industrial enterprises [1][2] Group 1 - Tsinghua University established an innovation platform for technology achievement transformation, addressing the integration of cutting-edge technology, industry leaders, and financial institutions [2] - The seminar highlighted the need for the manufacturing industry to transition from traditional equipment accumulation to a scenario-driven approach [2] - Representatives from listed companies discussed the necessity of technological innovation in the pharmaceutical sector and the role of IPOs and acquisitions in overcoming development bottlenecks [2]

Core Insights - The "15th Five-Year Plan" (2026-2030) is expected to focus on economic, technological, reform, and livelihood aspects, emphasizing green low-carbon development and addressing "involution" governance [1][8][11] - The upcoming plan will likely support strategic emerging industries such as AI, quantum technology, and renewable energy, aiming to enhance China's global competitiveness [2][3][8] - The plan is anticipated to address the modernization of the industrial system and improve the efficiency of the economy, with a potential GDP growth target of 4.5%-5% [7][11] Industry Opportunities - The wind power sector is projected to add no less than 120 million kilowatts of new installed capacity during the "15th Five-Year Plan" period [1] - The AI industry is expected to see significant investment and development support, driven by the rapid growth of global AI demand [2][3] - Emerging industries such as low-altitude economy, commercial aerospace, and advanced manufacturing are likely to receive policy backing, leading to mass production of related products [3][8] Market Dynamics - The upcoming Fourth Plenary Session of the 20th Central Committee is expected to influence market sentiment positively, with a focus on the "15th Five-Year Plan" [4][7] - Short-term market fluctuations may present investment opportunities, particularly in sectors with strong policy support and earnings certainty [4][6] - The restructuring of economic drivers is anticipated to place future industry development in a more prominent strategic position [10]

报告导读： "十五五"时期是我国迈向 2035 年远景目标的关键攻坚期，必须坚持以新质 生产力为核心驱动，通过科技创新和产业升级推动高质量发展，同时在复杂多变的国际环 境中统筹改革开放、安全发展与民生福祉。 "十五五"时期（ 2026 — 2030 年）是我国在全面建成小康社会基础上，乘势而上全面建设社会主义现代化国家的关键五年，肩负着为 2035 年基本实现社 会主义现代化远景目标奠定决定性基础的历史使命。本报告立足于"十四五"中后期的发展成就与深刻变化的国内外环境，对"十五五"规划的时代方位、核心 主线、战略目标与政策路径进行了系统性的前瞻研究。 报告指出，"十五五"时期的核心发展主线是以新质生产力驱动高质量发展。这意味着必须将科技创新置于核心地位，通过"基础技术锻新、传统产业焕新、未 来产业育新"，加快发展现代产业体系。人工智能、量子科技、生物制造、低空经济、下一代通信等前沿领域将成为国际竞争与产业布局的战略焦点。 为实现上述目标，本报告构建了系统性的政策框架，提出六大政策建议：一是坚持以新质生产力为核心，构建智能化、绿色化、融合化的现代化产业体系；二 是深化改革开放，构建高水平社会主义市场经济体制，稳 ...

Group 1 - The event on October 17 involved over sixty students and teachers from Beijing University of Aeronautics and Astronautics and Beijing City University visiting the Zhongguancun Software Park, highlighting the integration of technology and culture in the area [1][2][4] - Zhongguancun Software Park is recognized as a high-end specialized park within the national independent innovation demonstration zone, housing over 700 renowned IT companies and global R&D centers, focusing on areas such as artificial intelligence, quantum technology, cloud computing, and big data [5][8] - The park serves as a vibrant hub for innovation, showcasing the latest technological advancements and their applications in various fields, which is crucial for students' understanding of the intersection between their studies and real-world technology [7][9] Group 2 - Students experienced hands-on applications of high-tech innovations, such as AI voice imitation technology and virtual imaging, which enhanced their understanding of the practical implications of their academic knowledge [4][5][6] - The event provided students with insights into how emerging technologies can address societal issues, such as the use of technology to assist elderly individuals in case of falls, demonstrating the potential for technology to improve quality of life [7][8] - The integration of AI in various fields, including biomedicine, was emphasized, with students exploring the potential for AI to enhance their future careers and research opportunities [8][9]