随着免签政策持续放宽、入境消费便利化举措落地，中国游持续火热。在沉浸式体验中国自然风光和人文 魅力的同时，"中国购"也逐渐成为来华旅游的新潮流。数据显示，今年以来，中国的入境游客量同比激增超 100%，消费能级同步提升，欧美客群占比显著扩大，其中美国游客消费额同比增长50%，法国游客消费额 增长了160%。 2.麦格理资产管理建议收购物流公司Qube 对后者估值75亿美元 3.低空经济市场规模2030年有望突破2万亿元 11月21日至23日，2025中国（江西）航空产业大会在景德镇举办，记者从会上获悉，预计2025年我国低空 经济市场规模将达到1.5万亿元，2030年有望突破2万亿元，产业发展呈现强劲增长态势。 点评：低空经济新蓝海，万亿赛道加速起飞。 1.中国入境游客量同比激增超100% 4.年内证券行业从业人员净流出超6800人，但投顾人数显著增长 东方财富Choice数据显示，截至11月23日，年内证券行业从业人员净流出数量达6872人，延续了近年来的收 缩态势。不过，与上年同期14343人的净流出数量相比，今年以来行业从业人员流出速度有所放缓。同时， 投资顾问人员数量实现显著增长。数据显示，截至11月 ...

智通财经APP获悉，2025全球超级计算大会(SC25)于上周在美国圣路易斯举行。参会者普遍认为，对内 存——尤其是闪存(Flash Memory)和DRAM(动态随机存取存储器)——的高需求将持续推高价格。 Wedbush分析师则表示，此次大会几乎被人工智能(AI)与高性能计算(HPC)相关的展示所主导，讨论也 围绕NAND和DRAM的供应短缺展开，而这正导致内存价格飙升。 Matt Bryson表示："英伟达再次成为超级计算系统插槽的单一领先供应商，占据了30个GPU插槽以及6个 CPU插槽。英特尔共获得了25个插槽(全部为CPU)，而AMD获得了18个插槽(14个CPU和4个GPU)。" Wedbush对英特尔的评级为"中性"，而AMD与英伟达均被评为"跑赢大盘"。 据悉，SK海力士、三星、美光科技(MU.US)是DRAM的主要市场份额持有者。NAND产量最高的制造商 包括三星、SK海力士、西部数据(WDC.US)、英特尔(INTC.US)以及美光科技。 Wedbush还特别强调了大会上对量子计算兴趣的进一步提升。Matt Bryson指出："尽管目前量子计算领 域的大部分活动仍集中在支持大型实验室或大 ...

一、市场行情回顾 11月21日，A股三大股指全线下跌超2%，市场整体承压。其中，上证指数下跌2.45%，深证成指下跌3.41%，创业板指下跌4.02%，显示市场情绪较为低迷。 主流宽基指数中，北证50指数下跌4.71%，跌幅相对较大。全市场仅354只股票上涨。港股三大股指集体收跌，其中恒生科技指数下跌3.21%，跌幅相对居 前，市场情绪受外围波动影响表现疲弱。沪深两市成交额为19657亿元人民币，相较上个交易日大幅增量，增量达2575亿。 | 证券名称 | 日涨跌幅 | 今年以来 涨跌幅 | | --- | --- | --- | | 中证A50 | -1.86% | 10.24% | | 沪深300 | -2.44% | 13.18% | | 上证指数 | -2.45% | 14.41% | | 科创50 | -3.19% | 30.02% | | 深证成指 | -3.41% | 20.39% | | 中证500 | -3.46% | 19.07% | | 中证1000 | -3.72% | 18.63% | | 科创综指 | -3.75% | 34.38% | | 创业板50 | -4.01% | 42. ...

今年是量子力学诞生100周年，联合国教科文组织宣布今年为"国际量子科学与技术年"。 从1900年普朗克提出量子假说，到1925年矩阵力学和波动力学的诞生标志着量子力学初步形成，量子力学的建立堪称科学史上范式革命的 典范，不仅为基础科学提供了深刻的启示，还催生了众多革命性的技术应用。 成功构建超导量子计算原型机"祖冲之三号"、实现上万公里星地量子通信、成功研制量子磁力仪等量子传感器……今年以来，我国在量子 计算、量子通信、量子测量等领域不断取得新突破，进一步提高了利用量子技术获取、传输和处理信息的方式和能力。 量子计算：加速技术迭代攻关 如果把量子科技比作一架"飞机"，那么量子计算、量子通信和量子测量则相当于飞机的"发动机""无线电"和"雷达"，分别用来获取更强算 力、更安全通信和更精准的测量。 量子计算的发展最早可以追溯到上世纪80年代，随后几十年里，理论物理学家不断完善其理论基础。近年来，随着科学技术的不断发展， 量子计算逐渐从构想迈入实践，成为国际科技前沿领域的一大热点。 "只有实现量子优越性，量子计算机才能成为'超强大脑'。"安徽省量子信息工程技术研究中心主任、科大国盾研发总监唐世彪介绍，科大 国盾目前 ...

格隆汇11月24日丨中泰股份(300435.SZ)在投资者互动平台表示，深冷技术可应用于包括量子计算等众 多低温环境。 ...

国家国防科技工业局近期发布2026年度考试录用公务员公告，其中招聘"商业航天司航天监管岗"，这意 味着国家国防科技工业局商业航天司这一机构已成立。对此，中信证券分析认为，该机构的成立将有效 整合多部门相关职能，卫星产业发展有望在更高层面实现统筹协调，商业航天发射审批、卫星运营牌照 发放等关键环节的推进效率也有望进一步提升。 点评：该消息凸显政府对商业航天产业规范发展的重视。从行业趋势看，随着低轨卫星星座、太空经济 等新兴业态崛起，职能整合将打破部门壁垒，促进全链条协同，助力中国在全球航天竞争中抢占先机， 但也需思考如何平衡商业化与安全监管。总体而言，这一举措为产业注入强心针，未来需关注配套细则 的出台与实际执行效果。 每经记者｜杨煜 每经编辑｜董兴生 丨 2025年11月24日 星期一 丨 NO.1 国家国防科工局成立商业航天司 中国半导体行业协会副理事长兼秘书长、中国电子信息产业发展研究院院长张立11月23日在第二十二届 中国国际半导体博览会开幕式上表示，在人工智能、具身智能、智能网联汽车、量子计算等市场的驱动 下，半导体产业正迎来新一轮变革，对芯片的计算效能、能源效率及可靠性提出了更高要求，中国半导 体产 ...

Core Viewpoint - IonQ is positioned as a leader in the quantum computing sector due to its superior accuracy and technology, but the overall market potential may be smaller than anticipated, raising questions about its future valuation [1][6][7]. Company Overview - IonQ currently has a market capitalization of approximately $16 billion and is recognized for having the most accurate quantum computing technology available [1][4]. - The company utilizes a trapped ion approach, which is more accurate and cost-effective compared to superconducting methods [3]. Technology and Performance - IonQ has achieved a two-qubit gate fidelity of 99.99%, setting a world record and significantly outperforming competitors who are striving for 99.9% accuracy [5]. - The trapped ion technology allows operations at room temperature, enhancing its practicality and accuracy [3]. Market Potential - Projections for the quantum computing market suggest a cumulative total of about $72 billion by 2035, indicating that annual market value will be considerably smaller [6]. - Even with optimistic assumptions of a 30% profit margin and a 30 times earnings multiple, IonQ's potential valuation would be around $648 billion, which is below the $1 trillion target [6][7]. Investment Outlook - The current sell-off in quantum computing stocks may present a better buying opportunity for investors in the future, as IonQ is expected to maintain its leadership position in the industry [8].

Core Insights - D-Wave Quantum's share price has significantly increased over the past year, with a notable transaction by CFO John M. Markovich involving the sale of 200,000 shares for approximately $4.6 million [1][9]. Transaction Summary - The transaction involved the exercise of 200,000 options followed by an immediate sale of the same number of shares, indicating a liquidity event rather than a discretionary sale [6]. - The transaction value was $4.6 million, with a weighted average sale price of $22.94 per share, which was above the market close price of $20.41 on November 22, 2025 [2][6]. - Post-transaction, Markovich holds 1,482,874 shares valued at approximately $30.4 million [2][6]. Company Overview - As of November 20, 2025, D-Wave Quantum's stock price was $22.94, with a market capitalization of $7.08 billion [4]. - The company reported a trailing twelve months (TTM) revenue of $24.1 million and a net income loss of $398.8 million [4]. Business Model - D-Wave Quantum specializes in quantum computing systems, cloud-based quantum access, and professional services, generating revenue from system sales, cloud subscriptions, and enterprise services [7][8]. - The company employs a hybrid revenue model that combines hardware sales, recurring cloud service fees, and professional consulting to facilitate enterprise adoption of quantum computing [8]. Market Position - D-Wave's primary customers include sectors such as manufacturing, logistics, financial services, and life sciences, all seeking advanced computational solutions [8]. - The company's shares have appreciated significantly, with a total return of 597% over the past 12 months as of the transaction date [6]. Valuation Metrics - D-Wave Quantum's forward price-to-sales (P/S) ratio is approximately 281, indicating a high valuation compared to peers like IonQ, which has a forward P/S ratio of 136 [10][11]. - The elevated valuation suggests that it may not be an ideal time to buy D-Wave stock, but rather a favorable time for selling [11].

"这款产品极大地降低了使用量子计算的门槛。"UnitaryLab平台总负责人张镭教授表示， UnitaryLab1.0让工程师、科研人员、学生等非量子领域用户，也能快速开展量子科学计算与工程仿真， 将建模周期大幅缩短，极大地加速了复杂问题的求解效率，推动了量子产业人才培养的全面升级。 UnitaryLab1.0创新支持"科研+产业"双场景适配，实现"一套平台满足多重需求"。据其软件开发负 责人胡俊鹏博士介绍，平台覆盖多领域高算力需求的核心求解方程，真正实现"一次开发，多场景部 署"。这不仅丰富了高校的量子教学的工具，更打通了"人才培养-科研创新-产业应用"的完整链条，让企 业的实际问题也能反哺科研创新。 平台推出后已获得海内外科研团队的积极测试，用于量子计算模拟的研究。同时吸引了大量的合作 者，平台已与国内量子硬件头部企业达成合作，将UnitaryLab1.0应用于真机验证；已与不同企业端的工 业设计仿真软件团队、通用型科学计算与系统仿真软件团队建立初步合作沟通，积极探索不同领域的量 子赋能。团队还将就偏微分方程量子算法的标准设置等开展研究，构建"算法流程—线路实现—软硬件 接口"全链路PDE量⼦求解标准体系 ...

Core Insights - Quantum computing is transitioning from laboratory research to practical applications, with significant advancements showcased at the 2025 World Computing Conference in Changsha [1][3] Group 1: Industry Developments - China is reportedly keeping pace with international standards in quantum sensing and single-photon detection, with some applications already achieving breakthroughs [3] - Quantum sensors are being widely used in smart agriculture and safety monitoring, providing high-precision detection of temperature and magnetic fields [3] - Compared to traditional infrared sensors that require cooling to -200 degrees Celsius and cost hundreds of thousands, quantum sensors significantly reduce costs and eliminate the need for extreme environments, broadening their application scenarios [3] Group 2: Technological Innovations - The conference featured innovative products from Lianxuan Technology, including the portable quantum computer "Gemini Mini Pro" and the superconducting quantum chip "Shaowei," which integrates 25 high-performance qubits and has been exported to regions including the Middle East, Southeast Asia, and Europe [3] - The optical detection technology developed by Aopu Tiancheng is crucial for the practical implementation of quantum computing, exemplified by the Raman spectrometer's ability to identify suspicious powders in one second during police drug investigations [3] Group 3: Future Outlook - Predictions indicate that quantum computers may achieve large-scale applications within five years, with their parallel processing capabilities expected to revolutionize computing power [3] - Quantum computing and artificial intelligence are seen as mutually beneficial, with quantum computing overcoming AI data processing limitations and AI optimizing quantum algorithms [4] Group 4: Educational Initiatives - Lianxuan Technology has initiated a quantum computing research and study project in collaboration with Dahan International Craftsman Institute and Guanggu Chuangka, aiming to create a comprehensive educational model that includes equipment, courses, and practical experience [5] - The company has also partnered with Hunan University of Commerce to integrate quantum education into undergraduate training programs [5]