Core Viewpoint - The current market rally in A-shares, driven by sectors like technology, AI computing power, and innovative pharmaceuticals, raises questions about its sustainability and the timing for investment decisions [1] Group 1: Historical Bull Markets - The analysis reviews several historical bull markets since 2000, highlighting key sectors that led the charge and the underlying reasons for their performance [1] - The bull market from 2005 to 2007 saw the Shanghai Composite Index rise from 1079.20 to 6092.06, driven by institutional reforms and economic growth, with non-bank financials leading the surge with a 1357.81% increase [2][3][7] - The 2014-2015 bull market was characterized by policy easing and the "Internet Plus" strategy, with the computer sector rising 292% as leverage increased significantly [5][7] - The 2019-2021 bull market was fueled by global liquidity and a massive influx of retail investment, with the index moving from 2464.36 to 3681.08, highlighting the performance of consumer staples and high-growth sectors like new energy and semiconductors [6][7] Group 2: Current Market Dynamics - The current market is at a pivotal point, with the index returning to above 3800 points, suggesting the presence of the three key elements for a bull market: attractive valuations, supportive policies, and active capital [8][9] - Valuations remain appealing, with the Shanghai Composite Index's P/E ratio at 10.5, lower than many overseas markets [9] - Continuous policy support is evident, with measures aimed at boosting domestic demand and stabilizing the economy, which are expected to underpin market growth [9] - The liquidity environment is favorable, with margin financing exceeding 2 trillion yuan and a new wave of "deposit migration" expected as savings rates decline [9][10] Group 3: Sector Focus and Investment Strategy - The current market strategy suggests a "barbell strategy," focusing on high-growth technology sectors while also investing in high-dividend, low-volatility assets for balance [10][33] - Key sectors to watch include AI, robotics, and innovative pharmaceuticals, which are expected to benefit from ongoing technological advancements and policy support [11][33] - Defensive assets, particularly those with stable cash flows, are also highlighted as potential safe havens in the current low-interest-rate environment [33]

Market Overview - On August 26, 2025, A-shares showed mixed performance with the Shanghai Composite Index closing at 3,868.38 points, down 0.39%, while the Shenzhen Component Index rose 0.26% to 12,473.17 points. The ChiNext Index fell 0.76% to 2,742.13 points. Over 2,800 stocks rose in total, with a trading volume of 2.68 trillion yuan, a decrease of 460 billion yuan from the previous trading day [2] - Hong Kong's stock market indices collectively adjusted, with the Hang Seng Index dropping 1.18% to 25,524.92 points and a trading volume of 317.87 billion HKD. The Hang Seng China Enterprises Index fell 1.07% to 9,148.66 points, and the Hang Seng Tech Index decreased by 0.74% to 5,782.24 points [2] - In the U.S. market, all three major indices closed higher, with the Dow Jones up 0.30% to 45,418.07 points, the S&P 500 rising 0.41% to 6,465.94 points, and the Nasdaq increasing by 0.44% to 21,544.27 points. Major tech stocks had mixed results, with Nvidia up 1.09% and Tesla up 1.46%, while Microsoft and Google saw declines of 0.44% and 0.65%, respectively [2] Industry Developments - The National Development and Reform Commission (NDRC) emphasized the promotion of intelligent development across industries and the cultivation of AI application service providers. The NDRC aims to enhance coordination and implementation of the "AI+" action plan, ensuring that local governments and departments tailor their measures to specific conditions [3] - The State Council released an opinion on the "AI+" action plan, focusing on driving innovation in technology research and development. It aims to promote the integration of AI with fields such as biomanufacturing, quantum technology, and 6G, facilitating the efficient transformation of innovative results into practical applications [4] - By 2027, the State Council anticipates that the penetration rate of new-generation intelligent terminals and intelligent agents will exceed 70%. The plan aims for AI to significantly enhance public governance and establish a robust AI open cooperation system, with the intelligent economy becoming a crucial growth driver for China's economic development by 2030 [5]

Group 1 - Quantum technology is advancing rapidly, enabling significant improvements in drug development, material design, financial analysis, AI training, secure communication, and precision measurement [1][2] - China has made substantial progress in quantum technology, transitioning from following to leading in certain areas, with Jiangsu province focusing on a comprehensive development chain from basic research to industrial clustering [1][4] - The establishment of the Quantum Technology Yangtze River Delta Industrial Innovation Center in Suzhou has created a complete industry chain, making it a leader in domestic quantum technology infrastructure [2][3] Group 2 - Jiangsu's quantum technology sector is characterized by a young and dynamic ecosystem, with many companies established recently yet showing significant potential in research and development [3][4] - The province ranks second nationally in the number of quantum technology-related enterprises, with notable advancements in quantum computing and measurement technologies [4][6] - As of June this year, Jiangsu has filed 2,018 quantum technology-related patents, ranking fourth in the country, indicating a robust innovation environment [3][6] Group 3 - Challenges in the quantum technology sector include technical bottlenecks, supply chain vulnerabilities, and a fragmented upstream supply chain, which hinder development [6][7] - The market demand for quantum technology remains unclear, with many applications still in the exploratory phase, leading to a disconnect between supply and demand [7][8] - International challenges, including technological and investment restrictions from certain Western countries, pose additional hurdles for the development of quantum technology in China [6][8] Group 4 - Collaborative efforts between government, universities, and enterprises are essential for overcoming barriers in the quantum technology sector [8][9] - The establishment of innovation platforms and major technological infrastructure is crucial for supporting high-quality development in quantum technology [8][10] - Companies are increasingly engaging in partnerships with academic institutions to accelerate the application of quantum technology and fill existing technological gaps [9][10]

Core Viewpoint - Quantum technology is advancing rapidly in China, particularly in Jiangsu province, with significant developments in quantum computing, communication, and measurement, positioning the region as a leader in the field [1][4]. Industry Development - Jiangsu has established a comprehensive quantum technology ecosystem, including research institutions, enterprises, and pilot zones, with a focus on innovation and commercialization [2][3]. - The Quantum Technology Yangtze River Delta Industrial Innovation Center in Suzhou has created a complete industry chain, including quantum chips, computers, and services, making it one of the most developed in China [2][3]. Key Achievements - Notable advancements include the first practical multi-scenario adaptive quantum password chip by Guoxin Technology and the establishment of the first 8-inch wafer-level photonic chip production line by Nanzhi Optoelectronics [3][4]. - Jiangsu ranks second in the number of quantum technology-related enterprises in China, with significant achievements in quantum computing and measurement technologies [4]. Challenges and Bottlenecks - Despite the promising growth, the industry faces challenges such as technological bottlenecks in manufacturing processes, supply chain issues, and a fragmented upstream supply chain [5][6][7]. - The market demand for quantum technology remains unclear, with many applications still in the exploratory phase, leading to a lack of effective demand [7]. Strategic Recommendations - Enhanced collaboration between government, universities, and enterprises is essential to address industry challenges and leverage Jiangsu's advantages [8][9]. - Building strong innovation platforms and accelerating the construction of major technological infrastructure are critical for the high-quality development of the quantum technology industry [8][9]. Talent Development - Talent is identified as a core element in the competition for quantum technology, with recommendations for systematic planning and collaboration with domestic research forces to overcome key challenges [9][10]. Application and Market Integration - Companies are encouraged to engage in industry-academia-research collaborations to accelerate the application of quantum technology and fill existing technological gaps [10][11]. - The government is advised to explore practical applications of quantum technology in sectors like biomedicine and digital finance to create demonstration effects [10][11].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company's main business, aluminum formwork, has seen a recovery in gross margin, leading to significant improvement in cash flow [1] - In H1 2025, the company achieved a net profit attributable to shareholders of 76 million, a year-on-year increase of 906.3%, aligning with expectations [6] - The company has established strategic partnerships to enhance its technological capabilities and product offerings in new materials [6] Financial Performance Summary - Total revenue for 2025 is projected to be 3,156 million, reflecting a year-on-year growth rate of 24.9% [5] - The gross margin for H1 2025 was reported at 28.7%, an increase of 4.22 percentage points year-on-year [6] - The company expects net profits for 2025-2027 to be 185 million, 290 million, and 380 million respectively, with growth rates of 150.7%, 56.8%, and 31.2% [6][8]

Core Viewpoint - Guofu Quantum (00290.HK) has signed a strategic cooperation framework memorandum with Jinyong Investment (01328.HK) to explore potential synergies in the capital markets sector, focusing on RWA tokenization products and digital asset services [1] Group 1: Strategic Cooperation - The memorandum aims to explore collaboration opportunities in capital markets, including RWA tokenization product design and issuance, quality RWA project investment allocation, and digital asset trading and asset management services [1] - The strategic cooperation is seen as a way to diversify the company's revenue sources and align with the overall interests of the company and its shareholders [1] Group 2: Company Positioning - The company positions itself as a cross-border investment platform based in Hong Kong, leveraging the Greater Bay Area and targeting international markets [1] - The company is actively investing in the quantum technology industry and exploring multidimensional layouts in this field as part of its innovation-driven strategy [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 GoFintech Quantum Innovation Limited 國富量子創新有限公司 （前稱 GoFintech Innovation Limited 國富創新有限公司） （於開曼群島註冊成立之有限公司） （股份代號：290） 網址：https://290.com.hk 自願性公告 與金涌投資有限公司之戰略合作 本公告乃由國富量子創新有限公司（「本公司」，連同其附屬公司，統稱「本集團」） 自願作出，以通知本公司股東及潛在投資者有關本公司最近期之業務發展。 戰略合作備忘錄 本公司董事（「董事」）會（「董事會」）欣然宣佈，有鑑於本集團與金涌投資有限公司， 一家於開曼群島註冊成立之有限公司，其已發行股份於聯交所主板上市（股份代號： 1328）（以下簡稱「金涌投資」）之間的潛在戰略協同效應，本公司與金涌投資於二 零二五年八月二十六日（交易時段後）簽訂戰略合作框架協議備忘錄（「戰略合作 備忘錄」）。 ...

Group 1 - The State Council emphasizes increasing financial and fiscal support for the artificial intelligence (AI) sector, aiming for over 70% penetration of new intelligent terminals and agents by 2027 [2][3] - By 2030, AI is expected to significantly contribute to high-quality economic development, with over 90% penetration of new intelligent applications [2] - The government plans to enhance the legal and regulatory framework for AI, including risk management and investment exit mechanisms [2][4] Group 2 - The National Development and Reform Commission (NDRC) will coordinate efforts to implement the AI action plan, ensuring local adaptation and avoiding superficial compliance [4] - The NDRC aims to foster a complete AI application service chain and promote the development of intelligent native technologies and services [4] - The NDRC will also support open-source ecosystem development to enhance international influence [4] Group 3 - The National Energy Administration acknowledges that the rapid growth of electric vehicle and AI sectors is driving increased electricity demand, which is reshaping energy consumption patterns [5][6] - Data indicates a 34.3% year-on-year increase in electricity consumption for new energy vehicle manufacturing in 2024, and a 20.5% increase for internet and related services [5][6] Group 4 - The new generation of the Chinese operating system, Galaxy Kirin V11, has been officially released, featuring significant improvements in architecture, security, and ecosystem compatibility [6] - Galaxy Kirin has achieved over 16 million deployments and is compatible with major domestic CPUs and GPUs, supporting various national projects [6] Group 5 - ByteDance has raised its option price to $200.41 per share, marking a significant increase from $189.9 earlier this year, reflecting a fivefold increase since 2019 [6] Group 6 - Aliyun's Baolian has announced a price reduction for certain model context caching, lowering the cost from 40% to 20% of the input token price when cache hits occur [7] Group 7 - Union Medical has received a medical device registration certificate for China's first photon counting spectral CT, marking a significant advancement in medical technology [8] - Nanjing New Pharmaceutical plans to acquire assets from Future Medicine for up to 480 million yuan, which is expected to constitute a major asset restructuring [9] - Biyimi plans to acquire 100% of Shanghai Xingan Semiconductor for 295 million yuan to enhance its core business and technology capabilities [10]

证券日报网讯科大国创（300520）8月26日在互动平台回答投资者提问时表示，公司积极关注量子科技 的发展，并积极推动量子软件方向的协同与合作，但目前对公司业绩暂无重大影响。 ...

Core Viewpoint - The State Council has issued an opinion on the implementation of the "Artificial Intelligence +" initiative, emphasizing the need for innovation in technology research and development models and efficiency improvements [1] Group 1: Technology Development - The initiative aims to promote integrated development of AI-driven technology research, engineering realization, and product landing, accelerating the transition from "1 to N" in technology implementation and iterative breakthroughs [1] - It supports the promotion and application of intelligent research and development tools and platforms [1] Group 2: Collaborative Innovation - The opinion encourages collaboration between artificial intelligence and other fields such as biomanufacturing, quantum technology, and sixth-generation mobile communication (6G) [1] - New scientific research achievements are expected to support the practical application of scenarios, while new application demands will drive breakthroughs in technological innovation [1]