Company Insights - Apple announced a significant reduction in the App Store commission rate from 30% to 15% for certain app developers who join the new "Mini Program Partner Program," which is expected to attract more developers into Apple's payment ecosystem and enhance revenue for the company [2] - Semiconductor company SMIC reported a record high revenue for Q3, with a gross margin and revenue growth exceeding management's guidance, indicating a recovery in the semiconductor industry and a clear trend towards domestic substitution in the foundry sector [9] - Licheng Group's subsidiary secured a project with an estimated sales value of approximately 1.135 billion yuan, showcasing the company's growth potential in project acquisition [14] - Anhui Construction's subsidiary won a bid for a project worth 1.753 billion yuan, reflecting the company's competitive position in the construction sector [14] Industry Trends - The communication industry is experiencing a period of technological iteration and policy benefits, with over 300 key technology reserves formed from the first phase of 6G technology trials, indicating potential opportunities for companies involved in AI, quantum communication, and low-altitude economy [10] - The global oil price surge since 2022 has led to a recovery in capital expenditures among major oil companies, with expectations for continued growth in capital spending, which will benefit the oil service equipment industry [11]

Industry Overview - China has conducted 6G technology trials for four consecutive years, completing the first phase and establishing over 300 key technology reserves [1] - As the 6G standard development progresses, there is an increasing consensus in the industry regarding the 6G standards [1] - The decision on the system architecture that will determine the long-term development direction of 6G is expected to be made in a relatively short time [1] Market Outlook - By 2025, the telecommunications industry is anticipated to experience a period of technological iteration and policy dividends, with new productivity directions such as AI, quantum communication, and low-altitude economy continuing to drive growth [1] - The recovery of cellular IoT modules from inventory adjustments is expected, alongside ongoing construction of communication facilities like base stations, optical cables, and data centers, which will create new demands for devices, equipment, and service operations [1] Company Developments - Xinke Mobile is actively conducting 6G wireless technology research and has established a Sub-7GHz verification platform, along with launching a prototype verification system for 6G ultra-large-scale MIMO cloud-based wireless networks [1] - Sanwei Communication's subsidiary, Haiwei Tong, specializes in providing satellite broadband internet services, offering one-stop full-scenario satellite broadband access and industry vertical application services directly to end customers [1]

炬光科技11月13日在互动平台表示，目前公司在量子通信领域暂无直接的产品布局。不过，公司会一直 保持对前沿技术发展态势的高度关注，紧密结合行业动态以及公司自身的战略规划，在合适的时机对产 品研发方向做出相应调整。 ...

格隆汇11月13日丨炬光科技(688167.SH)在互动平台表示，目前公司在量子通信领域暂无直接的产品布 局。不过，公司会一直保持对前沿技术发展态势的高度关注，紧密结合行业动态以及公司自身的战略规 划，在合适的时机对产品研发方向做出相应调整。 ...

Core Viewpoint - 雷电微力 has no plans to expand into the quantum communication field due to differences between its existing core technology and the technology required in that area [1] Company Summary - 雷电微力 stated on its investor interaction platform that there are discrepancies between the technology in the quantum communication sector and its current core technology path [1]

Company Insights - SoftBank liquidated its entire stake in NVIDIA, raising $5.83 billion, which has led to NVIDIA's market value dropping by approximately $143.13 billion (around 1,018.68 billion RMB) in a single night [2] - NVIDIA announced a shift in focus from AI infrastructure investment to AI applications [2] - AMD's CEO Lisa Su projected that the AI data center market will exceed $1 trillion by 2030, growing from approximately $200 billion this year, with a compound annual growth rate (CAGR) exceeding 40% [4] Industry Insights - The EU is considering a mandate for member states to remove Huawei and ZTE equipment from their telecom networks, prompting calls for a fair business environment for Chinese companies [3] - The upcoming 2025 World Power Battery Conference is expected to highlight advancements in battery technology and investment opportunities [5] - The 2025 6G Development Conference is anticipated to focus on technological iterations and policy benefits, with a spotlight on AI, quantum communication, and low-altitude economy [10] - The nuclear power sector is expected to maintain an upward trend in profitability despite potential price declines due to market trading and long-term contract price reductions [11]

Core Insights - The quantum technology sector is experiencing significant advancements, with both policy support and technological breakthroughs driving growth [2][3][4] - The global quantum computing industry is projected to grow from $4.7 billion in 2023 to over $800 billion by 2035, indicating substantial market potential [4] - A total of over 60 A-share companies are involved in quantum technology, with significant R&D investments, particularly in quantum security chips and modules [4][5] Policy Developments - Anhui Province is focusing on scaling quantum technology applications, aiming to implement nearly 300 application scenarios by the end of this year and 1,000 by 2027 [2] Technological Breakthroughs - Domestic advancements include a new architecture for atomic quantum computing that addresses challenges in high parallelism, speed, and stability [3] - Internationally, a team from the University of Chicago has theoretically extended the connection distance between quantum computers to 2,000 kilometers [3] Industry Growth and Investment - In the first three quarters of this year, A-share companies involved in quantum technology reported a total R&D expenditure of 69.47 billion yuan, accounting for 3.86% of total revenue [4] - Notable companies with high R&D expenditure include China Mobile, ZTE, and China Telecom, with 国芯科技 leading at 89.03% of revenue spent on R&D [4][5] Market Opportunities - Quantum communication, particularly quantum key distribution (QKD), is identified as the most mature and commercially viable area within quantum technology [3] - Quantum measurement is also highlighted as an early revenue-generating sector, akin to "hidden champions" in niche markets [3]

Group 1 - The report indicates that the equity market experienced high-level fluctuations in October 2025, with a notable retreat in the previously dominant technology growth sector, while dividend and value sectors outperformed [11][12] - The report highlights that the coal, oil and petrochemical, and non-ferrous metals sectors saw significant gains of 9.87%, 5.03%, and 5.00% respectively, while sectors like media, automotive, and electronics faced declines of -5.71%, -4.24%, and -4.00% [11][12] - The report suggests that the market is likely to focus on industries with high performance growth in Q3, but the public funds' holdings in these core targets are already high, limiting further accumulation [18][19] Group 2 - The report outlines that the bond market showed signs of recovery in October, with major bond indices such as the Wind Long-term Pure Bond Index and Wind Bond Index Fund Index rising by 0.51% and 0.44% respectively [12][13] - It is noted that the bond market is expected to continue its oscillation in November, with risks significantly easing, but bullish sentiment remains insufficient [25][26] - The report emphasizes the importance of selecting high-quality bond funds that can provide stable returns without credit downgrades, while also adjusting duration strategies flexibly [25][30] Group 3 - The report discusses the active equity fund selection index, which focuses on sectors that are less affected by foreign capital fluctuations and have stable profit expectations [20][21] - It mentions that the index has achieved a cumulative net value of 1.4027 since its establishment, outperforming the active equity fund index by 16.64% [20][21] - The report highlights the importance of technology themes, particularly in semiconductor manufacturing, new energy systems, and quantum technology, as key areas for investment [19][20]

Key Points - The article discusses the recent performance of equity and bond markets, highlighting a rotation in market styles with a focus on value and dividend stocks over previously dominant technology growth stocks [3][6][11] - It emphasizes the potential for theme-based investments to gain traction, particularly in new technologies and industries undergoing restructuring or expansion [3][12][13] - The article outlines the performance of various fund indices, noting a significant divergence in returns across different styles and sectors [8][10][12] Equity Market Overview - In October 2025, the equity market experienced high volatility, with major indices showing declines compared to the previous months [6][11] - The technology growth sector, which had previously outperformed, saw a correction, while value and dividend sectors gained [6][11] - Specific sectors such as coal, oil, and non-ferrous metals showed strong gains, while media, automotive, and electronics faced significant declines [6][11] Bond Market Overview - The bond market showed signs of recovery in October, with yields declining as market sentiment improved following positive signals from US-China trade negotiations [7][20] - The central bank's actions, including the resumption of government bond trading, contributed to this recovery [7][20] - Various bond fund indices reported positive returns, indicating a shift in investor sentiment towards fixed income assets [7][20][23] Fund Performance Review - The article reviews the performance of public funds, noting that the overall performance in October was weaker than in previous months, with all major equity fund indices recording losses [6][11] - The article highlights the performance of thematic funds, which saw varying results based on market conditions and sector performance [9][10][12] Investment Strategy Insights - The article suggests that the current market environment may favor sectors with strong earnings growth and defensive characteristics, particularly in light of ongoing economic uncertainties [3][12][13] - It recommends a cautious approach to equity investments, focusing on sectors that are likely to benefit from government policies and global economic trends [3][12][13] - The article also discusses the importance of diversifying investment strategies across different fund types to manage risk and enhance returns [19][27][28]

Core Insights - Quantum technology is viewed as the "key" to the next generation of information technology revolution, with significant breakthroughs in both policy and technology [1][3]. Policy Developments - The Anhui Provincial Development and Reform Commission announced that quantum technology is transitioning from technological breakthroughs to large-scale industrial applications, aiming to implement nearly 300 application scenarios by the end of this year and 1,000 by 2027 [1]. - The United Nations Educational, Scientific and Cultural Organization (UNESCO) has declared 2025 as the "International Year of Quantum Science and Technology" to commemorate the 100th anniversary of quantum mechanics [3]. Technological Advancements - A team from the Chinese Academy of Sciences has made significant progress in neutral atom quantum computing, proposing a new architecture based on fiber arrays that addresses challenges in achieving high parallelism, speed, and stability [1]. - Researchers at the University of Chicago have theoretically extended the connection distance between quantum computers to 2,000 kilometers, making the construction of a global quantum internet more feasible [2]. Industry Growth Potential - Quantum technology, encompassing quantum computing, quantum communication, and quantum precision measurement, is identified as a future industry with substantial growth potential, as highlighted in the 14th Five-Year Plan [3]. - The global quantum computing industry is projected to grow from $4.7 billion in 2023 to over $800 billion by 2035 [3]. R&D Investment - Over 60 companies in the A-share market are involved in quantum technology, with a total R&D expenditure of 69.47 billion yuan, accounting for 3.86% of total revenue [4]. - Among these, 35 companies reported R&D expenses exceeding 100 million yuan in the first three quarters, with seven companies surpassing 1 billion yuan [5]. Key Players and Financial Metrics - Notable companies include Guoxin Technology, which has the highest R&D expense-to-revenue ratio at 89.03%, and has successfully commercialized quantum security chips [5][6]. - Other companies with significant R&D investments include Suzhou Keda, Tianrongxin, and Digital Certification, with varying R&D expense ratios [5][6]. Institutional Interest - Institutional interest is high for companies like ZTE Corporation and China Mobile, with ZTE receiving ratings from 23 institutions [7]. - Forecasts indicate that nine companies are expected to achieve net profit growth rates exceeding 15% from 2025 to 2027 [7]. Market Predictions - Several stocks, including China Haifang and Keda Technology, are projected to have significant upside potential based on institutional target prices [8].