Core Insights - The report titled "Quantum Internet and Computing Network Collaborative Architecture White Paper 2025" systematically outlines the technologies, architectures, and applications related to quantum internet and computing network collaboration [1][4][5] - It emphasizes the foundational concepts of quantum information technology, including quantum communication, quantum computing, and quantum precision measurement, while also discussing the current state and future directions of quantum internet development [1][12] Group 1: Quantum Information Technology Overview - The report introduces core concepts of quantum mechanics such as superposition, entanglement, and quantum measurement, which are essential for understanding quantum information technology [1][11] - It categorizes typical applications into three areas: quantum communication (including Quantum Key Distribution, Quantum Teleportation, and Quantum Secure Direct Communication), quantum computing (with existing platforms like superconductors and ion traps), and quantum precision measurement [1][11][12] - The document also mentions experimental systems and the DiVincenzo criteria necessary for quantum computing [1][12] Group 2: Quantum Internet Architecture - The architecture of the quantum internet is described, highlighting its development in six stages, including trusted relay, preparation, and measurement [1][12] - Various generations of quantum relays are discussed, with the first generation including pre-report entanglement distribution and all-optical relays using cluster states [1][12] - The report outlines multiple protocol stack options, such as the Van Meter and Wehner five-layer models, and discusses packet switching technologies based on classical-quantum hybrid frames [1][12] Group 3: Quantum Internet Operation Modes - Initial resource-efficient operational modes for the quantum internet are proposed, distinguishing between user and main networks, with nodes including users and routers [1][12] - The report illustrates application protocol operations using examples like BBM92-QKD and distributed quantum computing, emphasizing the need for establishing end-to-end entangled channels before executing protocols [1][12] Group 4: Quantum Computing Network Collaboration - The report analyzes three collaborative trends in quantum computing: quantum cloud computing, integration of quantum and supercomputing, and distributed quantum computing [1][12] - It highlights the special requirements of quantum applications regarding fidelity and latency, necessitating collaboration between quantum and computing networks [1][12] - Research directions are proposed, focusing on resource abstraction and modeling, quantum business modeling, and scheduling framework modeling [1][12] Group 5: Current Status and Future Directions - The report concludes that the quantum internet is still in its early stages, facing challenges in hardware technology and architectural maturity [1][12] - It emphasizes the need for breakthroughs in quantum relay and error correction technologies, alongside the integration of classical infrastructure to foster new collaborative business models in quantum computing [1][12]

Quantum Internet Overview - The white paper outlines the technical foundation, architecture design, key technologies, and the synergy between quantum computing and networking, providing a reference for the engineering realization of quantum internet [1][24]. - Quantum internet is defined as a network connecting quantum nodes to support applications that classical internet cannot achieve, currently in its early stages with immature hardware and software [4][24]. Quantum Information Technology Basics - Core concepts include quantum mechanics principles such as superposition, entanglement, quantum operations, and quantum measurement, which are essential for quantum computing and communication [1][2]. - Quantum state evolution follows the Schrödinger equation, providing theoretical support for quantum computing and communication [1]. Typical Quantum Applications - Quantum communication includes quantum key distribution (QKD), quantum teleportation, and quantum secure direct communication (QSDC), ensuring secure information transfer [2][51]. - Quantum computing utilizes quantum superposition for parallel computation, currently in the Noisy Intermediate-Scale Quantum (NISQ) stage, with key algorithms like Shor's and Grover's [2][65]. - Quantum precision measurement aims to surpass the standard quantum limit, with applications in global quantum clock networks and long-baseline telescopes [2]. Quantum Internet Architecture and Key Technologies - The architecture of quantum internet is still developing, with various stages proposed by researchers, including trusted relay and entanglement distribution [4]. - Quantum relay technology is categorized into four generations, addressing long-distance quantum signal attenuation [5][6]. Quantum Internet Protocol Stack - Different research teams propose varied protocol stacks, adapting classic internet architecture to quantum needs, with layers for physical, link, network, and application [7]. Initial Quantum Internet Operation Mode Design - A centralized control scheme is proposed for initial quantum devices, focusing on network layout and node types to manage limited resources effectively [9][10]. Quantum Application Protocol Examples - The BBM92 protocol for quantum key distribution involves a process of path selection, entanglement channel construction, and security checks to generate a secure key [12][13]. - Distributed quantum computing connects multiple quantum processors through entangled channels, overcoming limitations of single-chip systems [14]. Quantum Computing and Networking Synergy - The trend towards quantum cloud computing and integration with supercomputing highlights the need for resource modeling and scheduling frameworks to optimize quantum and classical resource allocation [15][16]. - The necessity for collaboration arises from high fidelity requirements and short coherence times in quantum applications, demanding precise communication timing [16]. Summary and Outlook - The current stage of quantum internet development faces challenges in practical quantum relay and data exchange technologies, with potential cost reductions through the reuse of classical internet infrastructure [18]. - Future directions include breakthroughs in quantum relay and error correction, as well as the development of a resource modeling and scheduling system to support large-scale quantum applications [19].

Investment Rating - The communication industry is rated as "Overweight," indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [42]. Core Viewpoints - The communication industry is entering a phase of technological iteration and policy dividends, with new productivity directions such as AI, quantum communication, and low-altitude economy expected to drive growth momentum. The recovery of cellular IoT modules from inventory adjustments and the ongoing construction of communication facilities like base stations and data centers will create new demands for devices, equipment, and service operations. It is recommended to focus on opportunities under the three main lines of "technology commercialization + policy catalysis + performance certainty" [3][38]. Summary by Sections 1. Industry Market Review - The Shenwan communication sector has seen a cumulative increase of 14.81% over the past two weeks (from August 8 to August 21), outperforming the CSI 300 index by 10.59 percentage points, ranking first among 31 Shenwan primary industries. The sector has increased by 15.25% in August and 39.64% year-to-date, surpassing the CSI 300 index by 10.04 and 30.67 percentage points, respectively [10][11]. 2. Industry News - Qualcomm launched the world's first wearable platform supporting NB-NTN satellite communication, enhancing connectivity and efficiency for wearable technology [14]. - Guangdong Province is accelerating the implementation of satellite internet services in innovative application scenarios [18]. - Coherent reported a 51% year-on-year increase in revenue from its data center and communication market, driven by the delivery of its 1.6T optical module [19]. 3. Company Announcements - Ruijie Networks reported a 194% year-on-year increase in net profit for the first half of 2025, with revenue reaching 6.649 billion yuan [21]. - Cambridge Technology's net profit increased by 51.12% year-on-year, driven by its core businesses in high-speed optical modules and telecom broadband access [22]. - Huagong Technology achieved a revenue of 7.629 billion yuan in the first half of 2025, reflecting a 45% year-on-year growth [24]. 4. Industry Data Updates - As of June 2025, the mobile phone user base reached approximately 1.81 billion, a year-on-year increase of 2.66% [25]. - The internet broadband access user base reached about 684 million, up 4.98% year-on-year [27]. - The total number of 5G base stations reached 4.549 million by June 2025, with a net increase of 298,000 from the end of the previous year [34]. 5. Investment Recommendations - The report suggests focusing on companies such as China Mobile, China Telecom, FiberHome, Yangtze Optical Fibre, and Weisheng Information, which are positioned to benefit from the ongoing trends in the communication industry [39][40].

Core Points - The company, Keda Guodun Quantum Technology Co., Ltd., is holding its fourth extraordinary general meeting of shareholders in 2025 to discuss daily related party transactions [1][6][14] Meeting Information - The meeting is scheduled for August 29, 2025, at 15:00, located at the Keda Guodun Quantum Technology Park in Hefei, Anhui Province [8] - Voting will be conducted through a combination of on-site and online methods, with specific time slots for online voting [5][8] Related Party Transactions - The company plans to enter into a framework contract with China Telecom Quantum Information Technology Group Co., Ltd. for the sale of quantum key distribution hardware and software, with an estimated contract value of 76.5418 million yuan [6][10] - The company will also sign a service contract with China Telecom Quantum Technology Co., Ltd. for specialized technical services related to the "Quantum Secret Communication" project, with an estimated contract value of 14 million yuan [11][12] Related Party Details - China Telecom Quantum Information Technology Group Co., Ltd. is a limited liability company with a registered capital of 3 billion yuan, established on May 26, 2023 [7] - China Telecom Quantum Technology Co., Ltd. is a state-controlled company with a registered capital of 50 million yuan, established on November 6, 2020 [11][12] Transaction Pricing and Accumulation - The pricing for the related party transactions is determined based on fairness, openness, and justice, considering raw material costs and technical complexity [10][12] - Over the past 12 months, the company has signed related party sales contracts totaling 79.5932 million yuan and service contracts totaling 26.8697 million yuan [10][13]

Investment Rating - The report does not explicitly state an investment rating for the quantum computing industry. Core Insights - The quantum computing industry is rapidly evolving, with significant advancements in technology and increasing market demand driven by artificial intelligence and computational needs. The global quantum computing market is projected to grow from approximately $800 million in 2021 to $5 billion by 2024, representing a substantial increase in market size [22][23]. Summary by Sections 1. Overview of the Quantum Computing Industry - Quantum computing differs significantly from classical computing, utilizing quantum mechanics to solve problems more efficiently. This technology has the potential to revolutionize various fields due to its unique properties such as superposition and entanglement [7][8]. 2. Global Development Status - North America leads the global quantum computing market, followed closely by Europe and China. By 2024, the market shares are expected to be 29.8% for North America, 28.8% for Europe, and 25.2% for China [25]. 3. Market Size and Growth - The global quantum computing market is expected to expand rapidly, with a projected size of $5 billion by 2024, accounting for 63% of the total quantum information industry [22][23]. In China, the quantum computing industry is anticipated to reach 9.04 billion yuan (approximately $1.4 billion) in 2024, reflecting an 82.1% year-on-year growth [51]. 4. Key Enterprises in the Industry - Major companies in the quantum computing sector include IBM, Google, and startups like Quantinuum and PsiQuantum, which are making significant strides in various quantum technologies [32][33]. 5. Industry Policies and Support - Governments worldwide, particularly in the U.S. and China, are increasingly recognizing the strategic importance of quantum computing, leading to substantial investments and supportive policies aimed at fostering innovation and development in this field [28][46]. 6. Investment and Financing Trends - The quantum computing sector has seen a surge in investment, with financing in China reaching 2.93 billion yuan (approximately $450 million) in 2024. The focus is primarily on superconducting quantum computing and ion trap technologies, which are attracting significant capital [56][63].

英国国家物理实验室研究团队开发出超高精度单电子探测技术，其时间分辨率达到创纪录的万亿分之一 秒（皮秒级）。这项发表于最新一期《物理评论快报》的研究成果，为新一代量子设备的研发奠定了坚 实基础。 传统电子电路存在大量电子，这些粒子之间的相互作用往往会导致效率损失。能否精确操控单个电子， 以制造出单电子高速电路？最新电子检测方法朝这一目标迈进了一步。 研究团队创新性地采用半导体砷化镓薄片作为实验平台，通过精确注入和追踪两个电子的相互作用过 程，实现了前所未有的单电子探测精度。 实验过程中，研究团队将两个电子分别注入材料的不同位置。当这两个带电粒子高速接近时，它们之间 的库仑力导致其运动轨迹发生偏转。通过实时监测这种微妙变化，在电子相互作用发生后的6皮秒内完 成了电子探测，这一速度较现有技术提升约100倍。在这一时间尺度探测到电子，有助揭示两个电子"一 举一动"的细节，为理解电子行为本质并设计新型电子器件提供了重要工具。 单个电子本质上是量子粒子，这项技术突破意味着科学家现在可以更深入地探索和利用电子的量子特 性，为量子通信、量子计算等前沿领域带来新的可能性。单电子设备可完成某些单光子量子设备的任 务，这些设备有望 ...

Core Viewpoint - The recent introduction of 17 new occupations and 42 new job types by the Ministry of Human Resources and Social Security highlights the growing demand for innovative roles, particularly in the field of drone technology, reflecting an enhancement in living standards and the emergence of new career opportunities [1][19]. Industry Overview - The role of a drone swarm flight planner is emerging as a key position at the intersection of technology and practical application, with the low-altitude economy being recognized as a new growth area for the country [19][21]. - The drone industry in China is projected to have nearly 20,000 operational enterprises by the end of 2024, with an estimated annual output value of approximately 210 billion yuan, marking a year-on-year growth of 39.5% [21]. Employment Trends - The demand for drone swarm flight planners is expected to grow significantly, with a projected talent gap exceeding 1 million in the low-altitude economy sector over the next few years [23]. - Experienced drone swarm flight planners can expect starting salaries of at least 10,000 yuan per month, indicating a lucrative career path as the industry expands [18]. Application Scenarios - Drone swarm flight planners are involved in over 200 application scenarios, including logistics, agricultural protection, and emergency rescue, showcasing the versatility and expanding use of drones in various sectors [19][21]. - The integration of advanced technologies such as quantum communication, artificial intelligence, and renewable energy is anticipated to further broaden the application of civilian drones across multiple industries [19]. Future Projections - The market size of the low-altitude economy in China is expected to reach 1.5 trillion yuan by 2025 and potentially 3.5 trillion yuan by 2035, indicating robust growth prospects for the industry [21].

Group 1 - The core viewpoint is that the first quantum security protection system in the tobacco industry has been launched, utilizing quantum communication technology to encrypt data transmission between the tobacco financial system and banking payment systems, enhancing information security during digital transformation [1][2] - The quantum communication technology is recognized as the only communication method that has been strictly proven to possess information-theoretic security, with applications in finance, government, and energy sectors, providing high-level information security services across various industries [1][2] - The tobacco industry's financial system is experiencing increased interaction with banks, leading to a surge in core financial data volume, necessitating enhanced information security measures for internal management and national economic security [1] Group 2 - The quantum security protection system covers external data transmission from the financial system and internal storage of core databases, establishing a quantum encryption channel between the tobacco company and partner banks to prevent data theft and tampering [2] - The system allows for full lifecycle encryption management of financial data, from production to circulation and archiving, protecting against unauthorized access and misuse by high-privilege users [2] - The solution integrates classical security with quantum protection without requiring system architecture modifications, significantly reducing the complexity and cost of security upgrades, and is expected to be easily replicated in more business scenarios in the future [2]

Core Viewpoint - GuoDun Quantum (688027.SH) reported a significant increase in revenue for the first half of 2025, but continued to face net losses, indicating ongoing challenges in profitability despite revenue growth [1][3]. Financial Performance Summary - The company achieved operating revenue of 121.37 million yuan in the first half of 2025, representing a year-on-year increase of 74.54% compared to 69.54 million yuan in the same period last year [1][3]. - The net profit attributable to shareholders was -23.79 million yuan, an improvement from -35.34 million yuan in the previous year [1][3]. - The net profit excluding non-recurring items was -46.75 million yuan, slightly worse than -44.72 million yuan in the same period last year [1][3]. - The net cash flow from operating activities was -76.73 million yuan, showing a slight improvement from -79.34 million yuan year-on-year [1][3]. Previous Year Comparison - In 2024, the company reported operating revenue of 253.37 million yuan, a 62.30% increase from 156.11 million yuan in 2023 [4]. - The net profit attributable to shareholders for 2024 was -31.84 million yuan, compared to -123.92 million yuan in 2023, indicating a significant reduction in losses [4]. - The net cash flow from operating activities in 2024 was 32.70 million yuan, a recovery from -4.05 million yuan in 2023 [4]. Fundraising and Financial Structure - GuoDun Quantum raised a total of 723.60 million yuan from its initial public offering, with a net amount of 655.94 million yuan after deducting issuance costs [5]. - The company planned to use the raised funds for quantum communication network equipment projects and research center construction [5]. - As of December 2024, the company had raised a total of approximately 1.78 billion yuan, with a net amount of about 1.75 billion yuan after expenses [6].

Core Viewpoint - The report highlights the rapid advancement of quantum technology by GuoDun Quantum, showcasing significant revenue growth and strategic partnerships in the quantum computing sector [2][4]. Group 1: Financial Performance - GuoDun Quantum achieved a revenue of 120 million yuan in the first half of 2025, representing a year-on-year increase of 74.54% [2]. - The company reported a net loss attributable to shareholders of 23.79 million yuan, which is a reduction in loss compared to the previous year [2]. - Research and development expenses amounted to 55.17 million yuan, up 33.77% year-on-year, accounting for 45.46% of total revenue [2]. Group 2: Quantum Computing Business - The quantum computing segment generated revenue of 55.96 million yuan, marking a substantial year-on-year growth of 283.92% [2]. - GuoDun Quantum has provided a 200-qubit superconducting quantum computer to the Hefei Advanced Computing Center, which has completed trial operations [2]. - The company is set to deliver a 25-qubit superconducting quantum computer overseas and has participated in the research of China's 105-qubit superconducting quantum computer, which set a world record for quantum supremacy [2][4]. Group 3: Quantum Communication Business - Revenue from quantum communication reached 51.74 million yuan, reflecting a year-on-year increase of 28.1% [5]. - The company has been involved in significant projects, including the first successful implementation of over 10,000 kilometers of star-ground quantum communication [5]. - GuoDun Quantum's "Quantum Secret Talk" service has over 5 million users, with the capacity to support over 10 million users [5]. Group 4: Quantum Measurement Business - The quantum measurement segment reported revenue of 8.57 million yuan, with a year-on-year growth of 13.75% [7]. - The company sold two cold atom gravimeters and has three pending orders [7]. Group 5: Industry Context and Future Outlook - The global quantum technology landscape is evolving, with 29 countries and regions, including the US and EU, developing strategic plans for quantum information [7]. - The Chinese government has emphasized quantum technology in its "14th Five-Year Plan" and has introduced supportive policies at various levels [7]. - The industry is transitioning from laboratory research to practical applications, indicating a new phase characterized by collaboration among academia, industry, and government [7].