Core Viewpoint - Shanghai is set to become the first city in China with a GDP exceeding 5 trillion yuan, aiming to establish a world-class high-end industrial cluster over the next five years, with a goal to double its per capita GDP by 2035 compared to 2020 levels [1][2]. Group 1: Development Strategy - The "15th Five-Year Plan" outlines a clear path for high-quality development, emphasizing significant achievements in economic growth, productivity, and maintaining a reasonable manufacturing sector proportion [1][2]. - Shanghai's development will focus on high-end, leading industries, with a commitment to enhancing its international economic center status and building a modern industrial system [4][5]. Group 2: Key Industries - Shanghai will accelerate the development of three leading industries: integrated circuits, biomedicine, and artificial intelligence, aiming for breakthroughs across the entire industrial chain [6][7]. - The integrated circuit industry in Shanghai has established a comprehensive ecosystem, housing over 1,200 companies and accounting for approximately 40% of national talent and nearly 50% of innovation resources in the sector [6]. Group 3: Future Industries - The city plans to focus on six emerging pillar industries, including advanced materials, new energy, and smart connected vehicles, to drive innovation and development [8][9]. - Shanghai aims to position itself in cutting-edge fields such as quantum technology, brain-machine interfaces, and controlled nuclear fusion, with a strategy of agile layout to foster growth in these sectors [9][10]. Group 4: Financial Support - To support the high-end industrial cluster, Shanghai will enhance its international financial center capabilities, developing a financial support system that aligns with its industrial goals [10]. - The city will promote the establishment of an international financial asset trading platform and explore new financial instruments to support technological innovation and investment [10].

Core Insights - Shanghai aims to build a world-class high-end industrial cluster and achieve a per capita GDP that doubles from 2020 levels by 2035, marking a significant step in China's urban development strategy [1][2] Group 1: High-Quality Development Goals - The primary goal for Shanghai during the 14th Five-Year Plan period is to achieve significant results in high-quality development, maintaining economic growth within a reasonable range and improving total factor productivity [1][2] - Shanghai's development strategy emphasizes a shift from scale expansion to high-quality development and structural optimization, impacting both economic sectors and individual income levels [2] Group 2: Five Centers Construction - The construction of the "Five Centers" (economic, financial, trade, shipping, and technological innovation) is a strategic task assigned to Shanghai, with a focus on enhancing its international economic center status [2][4] - Shanghai plans to accelerate the development of three leading industries, including integrated circuits, innovative pharmaceuticals, and artificial intelligence, to strengthen its industrial capabilities [2][4] Group 3: Focus on Advanced Industries - Shanghai's strategy includes a clear focus on high-end industrial clusters, aiming to tackle key technologies and enhance its position in the global urban system [4][6] - The city intends to build a modern industrial system characterized by advanced manufacturing, aiming to create a strong "Shanghai Manufacturing" brand [4][6] Group 4: Emerging and Future Industries - Shanghai is set to establish six emerging pillar industry clusters, focusing on new energy vehicles, advanced materials, and green low-carbon industries, among others [8][10] - The city emphasizes "agile layout" in future industries, which involves strategic positioning in cutting-edge technologies and innovation [8][9] Group 5: Financial Support for Innovation - To support the high-end industrial cluster, Shanghai plans to enhance its international financial center capabilities, including the establishment of a financial asset trading platform and the development of technology finance [10][11] - The city aims to create a comprehensive technology finance service system that supports early-stage investments and long-term capital for high-tech industries [10][11]

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Core Insights - The upcoming fourth-quarter 2025 earnings season is critical for three quantum computing companies: D-Wave Quantum, Rigetti, and IonQ, as it will reveal their ability to convert quantum technology into revenue [1][11] Group 1: Company Performance - IonQ's third-quarter revenues increased by 222% year over year, with expectations for fourth-quarter revenues to surpass the third quarter [2][18] - D-Wave reported nearly doubled revenues of $3.7 million in the third quarter, with record bookings of $2.4 million and a strong pipeline, including a €10 million contract [8][11] - Rigetti's third-quarter revenues were $1.9 million, down year over year, but recent orders and contracts are expected to improve fourth-quarter revenues [14][15] Group 2: Market Sentiment and Stock Performance - During the fourth quarter of 2025, D-Wave's stock gained 2%, while Rigetti and IonQ saw declines of 25.8% and 28.9%, respectively, due to investor skepticism about high valuations and broader tech sentiment [4][5] - The overall market sentiment weakened in late 2025, leading to significant stock corrections for these companies [5] Group 3: Financial Outlook - D-Wave's fourth-quarter revenue growth is expected to be gradual due to deferred revenue recognition from multi-year contracts, despite strong bookings exceeding $12 million [9][12] - Rigetti is projected to report fourth-quarter earnings growth of 37.5% on revenue growth of 17.7%, with no formal guidance for 2025 [16][17] - IonQ is expected to report fourth-quarter earnings growth of 48.4% on revenue growth of 244.2%, supported by strong commercial interest and a robust cash position of about $3.5 billion [20][19] Group 4: Investor Strategy - Investors are advised to adopt a long-term allocation strategy in this emerging sector, given the volatility and valuation sensitivity of these quantum computing stocks [21]

Core Insights - The official creation of Jailhouse Studios has been announced, which will be located in Hamilton County's former downtown jail [1] - Jailhouse Studios aims to be the world's first quantum-ready sovereign data, processing, and AI center and creator campus [1] - The project is a result of years of collaboration among leaders in real estate, technology, and entertainment industries [1] Industry Impact - The establishment of Jailhouse Studios represents a significant intersection of cutting-edge technology and creative production [1] - This initiative is expected to enhance the local economy by attracting talent and investment in the fields of data processing and artificial intelligence [1]

Core Insights - Lightwave Logic and QPICs have signed a memorandum of understanding (MOU) to develop Process Design Kits (PDKs) for photonic quantum circuits, aiming to enhance the commercialization of quantum technology [1][2] Company Overview - Lightwave Logic, Inc. is a technology platform company that utilizes proprietary electro-optic (EO) polymers to transmit data at higher speeds with lower power consumption, suitable for telecommunications and potentially for generative AI applications [4] - QPICs is focused on making photonic integrated circuit fabrication seamless and scalable, facilitating rapid prototyping and custom production runs for innovators in the quantum technology space [5] Collaboration Goals - The partnership aims to accelerate the production timelines for quantum computing customers by allowing them to design custom solutions based on silicon circuits without extensive modifications to existing manufacturing processes [2][3] - Both companies emphasize their shared commitment to disruptive innovation and the strategic advantage of their proximity, which will enhance collaboration efficiency [3] Funding and Infrastructure - QPICs is establishing a leading quantum technology fabrication facility in Boulder, Colorado, supported by over $160 million in funding from the US Department of Commerce's Tech Hub initiative and partnerships with the State of Colorado and New Mexico [5]

Core Insights - Colorado School of Mines is launching the first bachelor's degree in Quantum Systems Engineering in the U.S., addressing a critical workforce gap in the quantum technology sector [1][4][10] Educational Program Overview - The Bachelor of Science in Quantum Systems Engineering is designed to prepare students for roles in quantum technology, focusing on the design, integration, and troubleshooting of quantum-enabled systems [4][5] - The program includes interdisciplinary coursework in physics, electrical and mechanical engineering, computer science, and engineering design, equipping students with essential skills for various quantum job sectors [5][6] Industry Demand and Workforce Development - Currently, there are approximately 3,000 quantum jobs in Colorado, with projections estimating this number will grow to 10,000 within the next decade due to increasing demand for quantum technologies [3][4] - The program is aligned with industry needs and is supported by organizations like Elevate Quantum, which aims to connect students with hands-on learning opportunities and employer partners [6][11] Economic and Technological Impact - The new degree program is expected to strengthen Colorado's position as a leader in the quantum economy, supporting the development of a skilled workforce that can translate scientific breakthroughs into deployable technologies [4][12] - Industry leaders emphasize the importance of a workforce that can integrate various disciplines, including physics, engineering, and computing, to meet the growing demand for quantum technologies [21][13] Collaboration and Support - The program has received strong support from various stakeholders, including government officials and industry leaders, highlighting its significance in building a robust talent pipeline for the quantum sector [9][10][12] - Companies like Microsoft and IonQ have expressed the need for engineers trained in systems-level thinking to accelerate the deployment of quantum technologies [13][17]

Group 1: Technology Sector Outlook - The current technology market is expected to continue its upward trend after a short-term correction, primarily due to the low likelihood of a fundamental reversal in the AI industry in the US, which will provide significant valuation growth opportunities for comparable companies in the A-share market [1] - AI leaders in the US are still showing strong performance growth, and large-scale stock buybacks by US-listed companies are helping to offset institutional selling pressure, indicating a potential for high-level fluctuations and internal clearing at the individual stock level, but not a systemic collapse like the tech bubble of 2000 [1] Group 2: Quantum Technology Development - The year 2025 is designated as the "International Year of Quantum Science and Technology," marking a critical transition from theoretical research to industrial application in quantum technology, with major global players increasing their strategic investments [3] - Quantum computing, as the crown jewel of quantum technology, has the highest technical barriers and disruptive potential, expected to redefine classical computing boundaries and serve as a key engine for the next technological revolution [3] - The quantum computing industry is entering a phase of rapid growth, with the global market projected to exceed $800 billion by 2035, indicating significant growth potential despite being in the early stages of development [3] Group 3: Precious Metals Market - The current market for precious metals, particularly platinum, is experiencing a rapid increase in prices, with gold stabilizing above $4,500, suggesting a potential for further upward momentum [5] - The ongoing market dynamics for precious metals are largely driven by investor sentiment and market emotions rather than fundamental factors, with no signs of easing in the current market conditions [5] - The best strategy in such a market is to follow the trend rather than operate against it [5] Group 4: Fiber Optics Market - The continuous rise in fiber optic prices in the Chinese market reflects strong demand and overall tight supply, with robust overseas demand contributing to strong export performance [5] - Concerns about market structure persist, especially after the supply-demand imbalance in 2019 led to price crashes, but current production expansions are expected to be more rational [5] - The combination of demand recovery and price increases is likely to enhance both profitability and valuation for leading companies in the industry [5] Group 5: Market Trends and Sentiment - The short-term market trend appears strong, with noticeable inflows of new capital, although the overall market profitability effect remains weak [7] - The Shanghai Composite Index has shown significant volatility, influenced by recent regulatory tightening and the suspension of certain stocks, indicating a cooling trend in the market [11] - Despite recent corrections, the overall market is expected to remain in a "slow bull" trend, with anticipated narrow fluctuations and upward movement as the "14th Five-Year Plan" continues to promote new productive forces [11]

Core Insights - The 2026 CES will showcase innovations from Chinese companies in AI, robotics, smart mobility, and immersive entertainment [1][2] - The event will feature over thousands of companies from more than 155 countries, focusing on transformative trends in AI, robotics, digital health, mobile transportation, and energy [1] Industry Trends - AI remains a central theme at CES 2026, driving advancements in personalized health diagnostics, autonomous driving, industrial automation, and creative tools [2] - AI-driven solutions and next-generation vehicles are rapidly evolving, reshaping lifestyles and work environments [2] - Digital twin technology is expected to enhance decision-making by simulating real systems before actual implementation [2] Robotics Development - Robotics technology is highlighted as a key focus, making homes smarter, agriculture more efficient, and factories safer [2] - Future developments in robotics will emphasize improving mobility and enhancing multi-tasking capabilities [2] Event Features - CES 2026 introduces a new section called "CES Innovation Workshop" to showcase the latest advancements in AI and quantum technology [2] - The workshop will provide a platform for demonstrations, discussions, and forums for businesses, researchers, and investors [2] - CES serves as a vital window for global tech innovation, encouraging collaboration among tech companies from China and around the world [2]

Group 1 - The software development sector is showing strength, with the CSI Software Service Index rising by 1.03% as of January 6, 2026, and key stocks like Tonghuashun up by 7.70% and Guiding Compass up by 6.37% [1] - The Ministry of Industry and Information Technology reported that from January to November 2025, China's software and information technology service industry generated revenue of 139,777 billion yuan, a year-on-year increase of 13.3%, with total profits of 16,954 billion yuan, up 6.6% [1] - Software exports reached 568.9 million USD, marking an 8.1% year-on-year growth, maintaining positive growth for nine consecutive months [1] - The Ministry also released guidelines to accelerate the development of new internet exchange centers, focusing on deploying cutting-edge technologies such as AI, quantum communication, and privacy computing [1] - Huazhang Securities highlighted the strong growth potential of the computer and software development industry, supported by policy initiatives and advancements in key areas like AI and quantum technology [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Kingsoft Office, and Tonghuashun, collectively accounting for 60.89% of the index [2] - The Software ETF (159852) tracks the CSI Software Service Index, providing a convenient tool for investing in the computer software industry [3] - Investors can also access AI software investment opportunities through the Software ETF linked fund (012620) [4]