国盾量子公告，2025年第一季度营收为1952.39万元，同比增长106.03%；净亏损2030.61万元，去年同 期净亏损4147.36万元。 ...

电信运营Ⅲ 中国电信（601728.SH） 买入-A(维持) 聚焦算力投资，拓展新兴领域 2025 年 4 月 11 日 公司研究/公司快报 事件描述： 公司近一年市场表现 | 市场数据：2025 年 | 4 月 | 11 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 7.93 | | 总股本（亿股）： | | | 915.07 | | 流通股本（亿股）： | | | 776.30 | | 流通市值（亿元）： | | | 6,156.04 | | 基础数据：2024 年 12 | 月 | 日 31 | | | --- | --- | --- | --- | | 每股净资产（元）： | | | 4.99 | | 每股资本公积（元）： | | | 0.76 | | 每股未分配利润（元）： | | | 2.18 | | 资料来源：最闻 | | | | 分析师： 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编 ...

Investment Rating - The report maintains a "Buy-A" rating for China Telecom (601728.SH) [2] Core Views - The company achieved a revenue of 523.57 billion yuan in 2024, a year-on-year increase of 3.1%, with service revenue at 482.03 billion yuan, up 3.7% [4] - The company is focusing on expanding its capabilities in emerging fields, particularly in AI and quantum technologies, which are expected to drive future growth [5][10] Summary by Sections Market Performance - As of April 11, 2025, the closing price was 7.93 yuan, with a total market capitalization of 615.60 billion yuan [3] Financial Performance - In 2024, the company reported an EBITDA of 140.85 billion yuan, a 2.9% increase year-on-year, and a net profit attributable to shareholders of 33.01 billion yuan, up 8.4% [4] - The earnings per share (EPS) for 2024 was 0.36 yuan, reflecting an 8.4% increase [4] Business Segments - Mobile communication service revenue reached 202.5 billion yuan, a 3.5% increase, with mobile value-added services growing by 16.1% [5] - Fixed-line and smart home service revenue was 125.7 billion yuan, up 2.1%, with smart home business revenue increasing by 16.8% [6] - The digital industry revenue reached 146.6 billion yuan, a 5.5% increase, with Tianyi Cloud revenue at 113.9 billion yuan, up 17.1% [8] Investment and Future Outlook - The company plans to invest 93.5 billion yuan in capital expenditures for 2024, a decrease of 5.4%, while maintaining a focus on computing power investments, which are expected to increase by 22% [10] - The company aims for steady growth in revenue, EBITDA, and net profit through 2025, with a projected net profit of 34.56 billion yuan [11]

国盾量子: 国元证券股份有限公司关于科大国盾量子技术股份有限公司2024年 度募集资金存放与使用情况的专项核查意见 | 国元证券股份有限公司 | | | | | | | --- | --- | --- | --- | --- | --- | | 关于科大国盾量子技术股份有限公司 | | | | | | | 国元证券股份有限公司（以下简称"国元证券"或"保荐机构"）作为科大 | | | | | | | 国盾量子技术股份有限公司（以下简称"国盾量子"或"公司"）首次公开发行 | | | | | | | 股票并在科创板上市项目的保荐机构以及 2024 年度向特定对象发行 A 股股票的 | | | | | | | 保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板上 | | | | | | | 市公司自律监管指引第 1 号——规范运作》《上市公司监管指引第 2 号——上市 | | | | | | | 公司募集资金管理和使用的监管要求》《上海证券交易所科创板股票上市规则》 | | | | | | | 等有关法律法规和规范性文件的要求，就国盾量子 2024 年度募集资金存放与使 | | | | | | ...

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 3559.2万股，累计占流通股比： 44.29%，较上期变化： -68.02万 股。 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.4000 | -1.5400 | 74.03 | -1.0700 | | 每股净资产（元） | 31.5 | 18.75 | 68 | 20.35 | | 每股公积金(元) | 30.11 | 16.84 | 78.8 | 16.88 | | 每股未分配利润(元) | 0.20 | 0.66 | -69.7 | 2.20 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 2.53 | 1.56 | 62.18 | 1.35 | | 净利润(亿元) | -0.32 | -1.24 | 74.19 | -0.86 | | 净资产收益率(%) | -2.12 | -8.23 | 74.24 | -5.22 | 数据四舍五入，查看 ...

Investment Rating - The investment rating for the industry is "Positive" and is maintained [8] Core Insights - NVIDIA hosted its first Quantum Day during the GTC 2025 conference, focusing on the current status and future direction of quantum computing, with participation from 12 global quantum computing companies and representatives from major tech firms like Microsoft and Amazon [2][5] - The establishment of the NVIDIA Accelerated Quantum Research Center (NVAQC) in Boston aims to integrate quantum hardware with NVIDIA's existing technologies, fostering collaboration with leading academic institutions to advance quantum technology [7] - The quantum technology industry is expected to develop faster than market expectations, driven by NVIDIA's initiatives and the overall progress in quantum computing from other major companies [7][10] Summary by Sections Event Description - NVIDIA's Quantum Day event featured discussions on the development, application, and future trends of quantum computing, highlighting the importance of the technology [5][6] Event Commentary - The establishment of NVAQC is seen as a strategic move to position NVIDIA as a leader in quantum computing, potentially accelerating the commercialization of quantum supercomputers [7] - The integration of quantum computing with classical computing is anticipated to be a significant trend in future AI solutions, with major companies predicting advancements in quantum capabilities within the next five years [10]

Investment Rating - The industry investment rating is "Positive" and maintained [5] Core Viewpoints - The successful development of the "Zu Chongzhi No. 3" prototype, which features 105 qubits (including 105 readable qubits and 182 coupled qubits), marks a significant breakthrough in quantum computing, achieving a speed 15 orders of magnitude faster than the current strongest supercomputers for random circuit sampling tasks [3][4] - China is expected to continue releasing quantum computing achievements, solidifying its leading position in the field, with ongoing research into surface code quantum error correction algorithms [4][8] - Major international tech companies are entering the quantum computing space, indicating that quantum computing may become a key focus area in the technology industry [4][8] Summary by Sections Event Description - On March 3, the University of Science and Technology of China announced the successful construction of the "Zu Chongzhi No. 3" superconducting quantum computing prototype, which can solve quantum random circuit sampling tasks rapidly [3][4] Performance Highlights - The "Zu Chongzhi No. 3" prototype has a coherence time of 72 microseconds, with single-qubit gate fidelity at 99.90%, two-qubit gate fidelity at 99.62%, and readout fidelity at 99.13% [4][8] - It surpasses the latest results published in October 2024 by six orders of magnitude, establishing itself as the strongest quantum computing superiority in the superconducting system [4][8] Industry Outlook - The quantum computing sector is expected to accelerate development, with China focusing on quantum error correction, entanglement, simulation, and quantum chemistry, which will drive the entire quantum technology industry chain [4][8] - The report suggests paying attention to the entire quantum technology industry chain, particularly leading companies in quantum computing and quantum communication [4][8]

Core Viewpoint - The article highlights significant innovations and advancements in the field of photonic integrated chips by the Xi'an Institute of Optics and Precision Mechanics, Chinese Academy of Sciences, particularly in 2024, showcasing their contributions to basic research and technology development in quantum communication and optical interconnects [1][2]. Group 1: Photonic Integrated Chips - The Xi'an Institute of Optics and Precision Mechanics has made notable progress in the field of integrated optical frequency combs, collaborating with teams from the University of Science and Technology of China and the National University of Defense Technology to achieve a "fully identical" microcavity soliton optical frequency comb with 50 channels meeting the ITU frequency spacing standard of 50GHz, laying the groundwork for scalable quantum communication systems [2]. - The research results were published in *Science Advances* and were featured as a highlight of the issue [3]. Group 2: Silicon-based Optical Interconnects - The research team successfully developed the world's first single-port silicon-based optical interconnect chip with a rate of 2Tbps and a bandwidth density of 4Tbps/mm, marking a significant enhancement in interconnect capabilities and providing a domestic solution for applications in artificial intelligence, high-performance computing, and data centers [5]. - This chip integrates high-performance micro-ring modulators and avalanche photodetectors, overcoming common challenges of high bandwidth, low power consumption, and high reliability [7]. - The development process involved a complete technical chain from theoretical modeling to chip integration, significantly improving device performance and enabling effective support for enhanced computing power in AI applications [7]. Group 3: Metasurface Chips - A generalized theory for polarization optical phase control of metasurfaces was proposed, expanding the theoretical boundaries of polarization control and leading to the development of a quantum state tomography polarization multiplexing metasurface chip [8]. - The research team collaborated with Nanjing University to create a framework that allows independent control of arbitrary polarization states across multiple channels, opening new avenues for multifunctional photonic device development [8]. - Additionally, a metasurface capable of generalized measurement of quantum states was designed, which simplifies the experimental complexity of multi-photon entanglement measurement and enhances the efficiency of quantum state reconstruction [11].