2025 年 05 月 15 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 80 期 观点精粹: 最新报告摘要 1）2025 年，特斯拉 Optimus 机器人有望开始量产，出货量、性能表现、应用场景或者降本速度或将超市场 预期（特斯拉公开指引出货量数千台级别）； 2）2025 年，宇树、华为、智元、小鹏、小米等国产机器人产业链发展或将加速； 3）2026 年，特斯拉人形机器人有望落地月产能万台级别的机器人产线，并正式开启人形机器人的对外交付 （来源：特斯拉官网）。 特斯拉官网开放多个 Optimus 相关岗位，北京亦庄人形机器人半程马拉松成功举办——人形机器人行业 2025 年 4 月月报--行业 PPT 报告 银锡价格上行带动业绩，资源雄厚成长可期--兴业银锡/工业金属(000426/212403) 公司动态研究 2024 年业绩高增，无极品牌出海放量--隆鑫通用/摩托车及其他(603766/212804) 公司点评 国盾量子(688027)公司报告：中国量子科技领军，"一体两翼"布局 ...

Group 1: Quantum Technology - Chengdu has launched the world's first gallium nitride quantum light source chip, marking a significant breakthrough in quantum technology for China [1][3] - The quantum light source chip is described as the "heart" of the quantum internet, essential for generating and transmitting quantum information, akin to servers and fiber optics in the traditional internet [3] - This technology offers a physical encryption method that fundamentally addresses security issues, ensuring any attempts to eavesdrop or tamper with information transmission are immediately detected [3] Group 2: Low-altitude Economy - Sichuan has announced the launch of eight low-altitude transportation routes, aiming to develop the low-altitude economy and enhance industrial ecology [4][6] - The AE200 flying car, developed by Wofei Chang Kong, is expected to undergo manned verification flights this year, with plans for commercial operation by 2026 [4][6] - The new low-altitude routes will significantly reduce travel time, such as the route from Chengdu to the ancient town of Langzhong, which will take approximately 60 minutes [6] Group 3: Industrial Development - The 2025 China Industrial Transfer Development Matching Event in Sichuan aims to deepen industrial cooperation with eastern regions and attract more enterprises to the province [7] - The event includes various activities focusing on key industrial chains such as artificial intelligence, aerospace, and new energy, promoting collaboration and project implementation [7] Group 4: Infrastructure Development - The G8513 line from Jiuzhaigou to Mianyang has achieved significant construction milestones, with the completion of the last tunnel, paving the way for a new highway that will reduce travel time from Chengdu to Jiuzhaigou from 8 hours to 4 hours [17] - The Chongqing section of the Yuxia high-speed railway has entered the operational testing phase, which will enhance connectivity and economic development along the route [18] Group 5: Housing Policy - Chengdu's new housing provident fund policy proposes an increase in loan limits for purchasing affordable housing, with the maximum loan amount rising by 50% [19] Group 6: Brain-Computer Interface Industry - Sichuan has introduced a plan to develop the brain-computer interface and human-computer interaction industry, supporting hospitals to conduct implantable brain-machine interface surgeries [20] Group 7: Sports Achievement - The Chengdu men's table tennis team has advanced to the finals of the National Games, marking a historic achievement as the first city unit to compete in the event [21]

Group 1 - The core viewpoint of the news is the release of the "Policy Measures" by seven government departments to accelerate the construction of a technology finance system that supports high-level technological self-reliance and strength [1] - The "Policy Measures" propose 15 specific initiatives focusing on enhancing financial support for major technological tasks and technology-based small and medium-sized enterprises [1] - The establishment of a "National Venture Capital Guidance Fund" aims to promote the growth of technology-based enterprises and foster the development of strategic emerging industries, particularly future industries [1][2] Group 2 - The National Venture Capital Guidance Fund will focus on guiding financial capital to invest early, small, long-term, and in hard technology, targeting cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage [2] - The "Policy Measures" emphasize the importance of structural monetary policy tools to support technological innovation, including expanding the scale of re-lending and optimizing support mechanisms for technology-based SMEs [2][3] - The measures also highlight the need to enhance capital market support for technology innovation enterprises by improving the mechanism for counter-cyclical adjustment of new stock issuance and prioritizing financing for enterprises that achieve breakthroughs in key core technologies [3]

Core Viewpoint - The recent announcement of the "National Venture Capital Guidance Fund" by the Ministry of Science and Technology and other departments is a significant boost for the venture capital industry, aimed at supporting technological innovation and the growth of technology-based SMEs [1][2]. Group 1: Policy Initiatives - The "Policy Measures" focus on enhancing financial support for major technological tasks and technology-based SMEs, with an emphasis on venture capital, monetary credit, capital markets, and technology insurance [1]. - A total of 15 specific policies have been outlined to strengthen the technology finance ecosystem [1]. Group 2: National Venture Capital Guidance Fund - The establishment of the "National Venture Capital Guidance Fund" is expected to attract nearly 1 trillion yuan in local and social capital, with a fund duration of 20 years, which is longer than typical equity investment funds [3]. - The fund will primarily invest in cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage, focusing on seed and early-stage enterprises [3]. Group 3: Historical Context and Comparison - Prior to the National Venture Capital Guidance Fund, there were three major national-level guidance funds established around 2015, which have successfully promoted technology transfer and the development of emerging industries [4]. - The historical performance of these funds has led to the recognition of the need for a new national-level guidance fund to continue supporting emerging industries [5]. Group 4: Current Market Conditions - The venture capital industry is currently facing challenges, with a significant decline in the establishment of new government guidance funds and a drop in fundraising amounts [6]. - In 2024, the number of newly established industry and venture capital government guidance funds decreased by 32.3%, with a total subscribed amount of 651 billion yuan [6]. Group 5: Strategic Importance of National-Level Funds - The establishment of a national-level fund is seen as crucial in optimizing resource allocation and reducing inefficiencies caused by local governments competing for projects [7]. - National-level funds are expected to work in synergy with local funds to support key technological advancements and fill gaps in industrial development [7].

Core Insights - Quantum information technology is becoming a key force driving future technological revolutions and industrial transformations [1] - China Telecom Quantum Group focuses on three cutting-edge areas: quantum computing, quantum communication, and quantum precision measurement, achieving breakthroughs and forming a complete chain from basic research to industrial application [1][4] - China is the only country globally that has achieved superiority in both photonic and superconducting quantum computing technologies [2] Group 1: Quantum Technology Development - China Telecom has made significant advancements in quantum information technology, establishing itself in quantum communication and precision measurement, and is now among the world leaders in these fields [1][4] - The "Jiuzhang" series of photonic quantum computers and the "Zuchongzhi" series of superconducting quantum computers have surpassed classical supercomputers in specific problem-solving capabilities [2] - The domestic industrial chain for superconducting quantum computing has been established, including critical components like superconducting chips that operate at near absolute zero temperatures [2] Group 2: Practical Applications of Quantum Technology - Quantum technology is increasingly penetrating daily life, with applications in smartphones, semiconductor imaging devices, OLED screens, and lithium batteries [3] - The construction of the world's first kilometer-level quantum communication line, the "Beijing-Shanghai line," and the first "space-ground integrated" wide-area quantum communication network are significant milestones [3] - Platforms like "Tianyi Cloud" and "Tianyan" allow remote access to quantum computing resources for researchers and enterprises, showcasing advanced practices in the global context [3] Group 3: Strategic Importance of Quantum Technology - Quantum computing poses a significant threat to global commercial encryption systems, potentially disrupting existing information security frameworks across various sectors [3][4] - Quantum technology has become a strategic high ground concerning national security, global competition, and development autonomy [4] - China Telecom Quantum Group is committed to addressing national needs and has successfully commercialized quantum information technology, launching products like "Quantum Secret Talk" and "Quantum Secure OTN" [4]

编者荐语： 日经中文网与36氪开展内容交换合作。精选36氪的精彩独家财经、科技、企业资讯，与读者分享。 以下文章来源于36氪Pro ，作者王顺 36氪Pro . 36氪旗下官方账号。深度、前瞻，为1%的人捕捉商业先机。 硅臻芯片的研发重点解决技术落地的"形态"和"生态"问题。 文 ｜ 王顺 编辑 ｜ 竹笛 封面来源 ｜ REUTERS 目前，硅臻芯片已形成覆盖量子信息与光子芯片交叉的产品矩阵，陆续推出了量子随机数发生器芯 片、程控多通道电流电压源、单光子光源和多通道纠缠源芯片、高速路径编码芯片、32-mode光量子 计算处理器芯片等产品。据了解，硅臻芯片的量子随机数发生器芯片的尺寸为4mm*4mm，是目前国 内尺寸最小的量产化量子随机数发生器，已通过国家密码管理局商用密码检测中心的密码检测，并完 成了重要行业头部客户的产品导入，首批10K级芯片订单已完成交付。 今后，硅臻芯片将推动量子随机数发生器芯片的规模化应用，并加速光量子计算整机等产品的研发， 持续挖掘量子科技的行业需求，通过案例积累助力建立行业认知。 团队方面，陈巍本硕博均毕业中国科学技术大学，拥有丰富的量子产业化经验，核心成员在集成光量 子芯片方向有 ...

Core Viewpoint - Sichuan province is leveraging technology innovation and industrial upgrades to achieve sustainable development, with a focus on high-end manufacturing, electronic information, and biomedicine sectors, leading to a GDP growth that positions it as a leader in the central and western regions of China [2][4]. Group 1: Technological Advancements - The integration of smart streetlights in Mianyang is transforming urban operations by consolidating multiple functions such as traffic signals, surveillance, and EV charging into a single unit [2]. - The new Intelligent City initiative in Mianyang is demonstrating the effectiveness of drones for rapid delivery of medical supplies, significantly reducing wait times from half a day to 11 minutes [3]. Group 2: Industry-Academia Collaboration - The collaboration between universities and industries is fostering innovation, as seen in the case of Yuetian Innovation Technology, which has developed advanced delivery robots based on research from the University of Electronic Science and Technology of China [4]. - The lithium battery technology developed by Chengke Guozhong, originating from university research, boasts an energy density exceeding 450Wh/kg, enhancing drone flight times by 60% to 120% [4]. Group 3: Talent Attraction and Retention - The comfortable living environment in Sichuan is a significant factor in attracting creative talent, as evidenced by the success of the film "Nezha 2," produced in Chengdu [5]. - Local policies are designed to support talent retention, including financial incentives for AI professionals and educational benefits for their children, making Sichuan an attractive location for skilled workers [6]. Group 4: Economic Impact of Technology - The industrial robotics sector in Sichuan is experiencing growth, with companies like Kanopu Robotics achieving significant export increases, particularly in the European market [8]. - High-tech industry investments in Sichuan grew by 8.0% in 2024, outpacing overall investment growth by 5.6 percentage points, indicating a robust industrial transformation [9].

美股继续大涨，道指收涨0.62%、纳指收涨1.07%、标普500收涨0.58%；大型科技股普涨，特斯拉、英特尔涨超3%，亚马逊、谷歌、微软涨超 1%，英伟达、Meta小幅上涨；奈飞跌约1%、量子计算概念股D-Wave收涨超51%。 英美就关税贸易协议条款达成一致，细节待敲定；特朗普称对英协议并非模板，10%或是最低，他国关税可能更高。 欧盟将就美关税向世贸组织提出诉讼，并准备对950亿欧元自美国进口产品采取反制措施，拿汽车、飞机和威士忌"开刀"。 春假期间短暂飙升后，美国上周首次申请失业救济人数降至22.8万人，略低于预期。 挑战沙特领导的OPEC+：哈萨克斯坦称未计划5月削减产油量。 印巴冲突升级，多地发生爆炸，巴基斯坦股市重挫7%，印度卢比兑美元创逾三年最大跌幅。 大家早上壕！ 先看海外要闻： OpenAI领导层重大变化！任命新应用CEO，奥特曼让出部分职权。 贸易局势恶化，海运巨头马士基下调全球集装箱市场增长预测。 重大突破！亚马逊推出"有触觉机器人"，能够抓取仓库中约四分之三的物品。 苹果正开发用于眼镜和AI服务器的专用芯片。 国内重大事件汇总： 1、中俄两国元首共同见证中俄双方交换20多份双边合作文 ...

Group 1 - The core event of the China Brand Day in Sichuan will take place from May 9 to 11 at Chengdu Dongjiao Memory, showcasing innovative products and promoting local brands [1] - Three significant products will be highlighted during the "Charming Tianfu Brand Night": the world's first gallium nitride quantum light source chip, a leading e-Flash radiotherapy device, and a domestically developed amphibious drone [1][4] - The event aims to foster the integration of technological innovation and industrial development, with a focus on storytelling about the journey of scientific achievements from concept to market [1] Group 2 - Sichuan is accelerating the development of key industries, including artificial intelligence and low-altitude economy, while establishing innovative industrial clusters in chips, robotics, and drones [4] - The "Chuanzao Technology Zone" will feature high-profile technological innovations such as humanoid robots, hydrogen drones, and electric vertical take-off and landing aircraft [4] - The "39 Market" will gather over a thousand unique products from 39 underdeveloped counties, showcasing local specialties and promoting regional economic development [4][5]

光量子雷达是一种利用光子的量子特性（如纠缠、相干性和单光子检测），来实现目标探测和成像的新 兴探测技术。 光量子雷达是基于光子的量子特性，工作时，光子分为两路，一路光子经过目标，另一路光子不通过目 标，但也有目标的信息，通过两光子关联性、符合度检测得到目标的信息。传统雷达系统存在易受干扰 和欺骗的问题，尤其是在复杂的电磁环境中。通过结合量子科技，光量子雷达克服了传统雷达的应用局 限性。 光量子雷达具有超高灵敏度、强抗干扰能力、低可探测性、可连续探测、高探测精度、高分辨率成像等 特点，在低空经济、航空航天、军事、安防、智能交通、气象测绘、环境监测、医疗、资源勘探等领域 具有广阔应用前景。 目前非纠缠态的量子关联雷达、纠缠态光子量子雷达等是主要的量子探测系统。光量子雷达受烟尘雾 霾、障碍物、大气湍流等环境因素的影响较小，在环境监测领域，其可用于二氧化碳通量探测、颗粒物 监测、城市大气污染扩散路径追溯、甲烷浓度分布探测等场景。 2025年工业和信息化部办公厅印发《关于组织开展2025年未来产业创新任务揭榜挂帅工作的通知》，在 量子科技领域，面向双碳战略中的碳排放和碳计量、远距离管网泄漏检测的应用需求，拟部署"碳监测 ...