Core Insights - Hefei's "Quantum Avenue" has become a global landmark for quantum technology, housing over 30 leading quantum enterprises and attracting one-third of the world's core quantum companies [1] - The city has implemented a comprehensive policy framework to support the long-term development of the quantum industry, emphasizing the importance of sustained capital and top-level design [2][3] - Hefei aims to cultivate two publicly listed companies and achieve a quantum industry scale of 5 billion by 2027, showcasing its commitment to building a robust quantum ecosystem [5] Policy and Support - Hefei has established a "policy toolbox" since 2020, including the "Hefei Quantum Information Industry Development Plan (2020-2030)" to accelerate the transformation of quantum technology from research to application [2] - The city has increased the risk tolerance for angel and seed funds to 40% and 50%, respectively, and introduced unique financial products to support the growth of small and medium-sized quantum enterprises [3] Application and Innovation - Hefei is actively creating a "city of all-domain scene innovation," providing extensive application scenarios for quantum technology, which serves as a catalyst for technological iteration [4] - The integration of quantum technology into various sectors, such as e-government and industrial applications, is evident, with significant projects like the first operational substation in China incorporating quantum measurement, communication, and computing technologies [4] Future Prospects - The strategic collaborations between quantum companies and industries such as biomedicine and intelligent driving are paving the way for new applications and breakthroughs in quantum computing [4] - Hefei's approach combines policy support, capital investment, and broad application scenarios to solidify its position as a leader in the quantum industry [5]

● 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 ...