Core Insights - The financial development logic is shifting from "scale expansion" to "quality upgrade," with digital finance being reshaped by new technologies such as AI, big data, blockchain, and cloud computing, emphasizing intelligent, scenario-based, and inclusive finance as new competitive advantages globally [1] - Digital finance is accelerating its penetration into the entire financial service chain, becoming a key engine for improving the quality and efficiency of the financial industry, while also presenting new challenges such as data security and cross-border regulatory adaptation [1] Digital Finance and Technological Finance Collaboration - The core content of building a strong financial nation is to vigorously develop digital finance and technological finance, where technological finance provides support and digital finance offers operational methods [2][3] - Policies are being implemented to enhance the deep integration of technological finance, digital finance, and the real economy, with local policies accelerating their implementation [3] Policy Framework and Local Initiatives - A framework for the deep integration of technological finance, digital finance, and the real economy is being rapidly improved, with local policies like those from Beijing's Haidian District focusing on creating a diversified financial service system that meets the financing needs of technology enterprises [3] - Key initiatives include upgrading venture capital ecosystems, expanding credit for technological innovation, enhancing support for public listings, and extending technology insurance to better serve small and medium-sized enterprises [3] Core Value of Digital Finance - Digital finance is recognized as a "key engine" for serving the real economy, with a consensus that it should act as an accelerator for high-quality economic development [4] - The core value of digital finance lies not only in exploring new markets but also in enhancing the survival capabilities of the financial industry, helping it operate steadily in complex environments [4] Trends in Digital Finance - The "China Financial Technology and Digital Finance Development Report (2025)" identifies five trends in digital finance, including the integration of generative AI into core banking operations, the evolution of AI agents into collaborative business partners, breakthroughs in quantum computing for financial applications, differentiated strategies for digital investments, and the importance of data governance and security for future growth [4] Challenges in Digital Finance - Despite positive trends, digital finance faces challenges such as insufficient compliance for cross-border data flow and lagging regulation for new business models, necessitating a balance between innovation and security [5] - The relationship between innovation and security in digital finance should be viewed as a mutually reinforcing cycle, promoting high-level financial regulation and innovation to prevent risks while fostering an inclusive innovation environment [5]

Group 1 - The core viewpoint is that artificial intelligence, quantum computing, and data elements are driving a transformation in financial services, shifting from efficiency enhancement to ecological reconstruction, with digital finance becoming a key engine for high-quality economic development [1] - A new financial ecosystem centered on intelligence, compliance, and symbiosis is rapidly forming, injecting strong momentum into economic transformation and upgrading [1] Group 2 - National policies are crucial for the deepening application of AI in finance, with a comprehensive policy framework being established to guide technological innovation and set boundaries [2] - The 2023 Central Financial Work Conference emphasized five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, with AI highlighted as a key breakthrough direction [2] Group 3 - The evolution of large models is shifting financial services from passive responses to proactive predictions, enabling institutions to process complex unstructured data effectively [3] - The enhanced reasoning capabilities of large models provide significant technical support for the refinement of financial services [3] Group 4 - Safety and compliance are fundamental to the implementation of AI in finance, with a focus on establishing a robust safety and compliance framework [4] - Current challenges in AI application include issues like the "hallucination" problem of large models, data leakage risks, and potential biases in algorithm design [4] Group 5 - A layered risk governance mechanism is essential for addressing challenges, with higher standards for high-risk scenarios and more flexible requirements for lower-risk situations [5] - Collaboration between regulatory bodies and financial institutions is necessary to explore "regulatory sandbox" mechanisms for innovation while maintaining compliance [5] Group 6 - The integration of technologies is key to overcoming complex financial challenges, with AI and quantum computing expected to create synergistic effects [6] - The "4S framework" proposed for compliance in loan collection demonstrates the potential of combining large models with quantum computing to address industry pain points [6] Group 7 - The future competition in finance will focus on data quality, particularly public data, and enhancing data governance capabilities will be critical for financial institutions [7] - There is a need to break existing institutional constraints to promote public data openness and accelerate the establishment of a specialized data market in finance [7]

即将过去的2025年，科技产业历经诸多变革，助推科技股成为贯穿全年的行情主线。年末之际，人工智 能、芯片、新能源等科技主题的行情波动明显放大。随着AI泡沫之争再起，新一年的科技投资脉络成 为市场关注焦点。 迷雾之中， 长城基金2026年度投资策略会 如约而至。赵凤飞、尤国梁、梁福睿、龙宇飞、韩林、刘疆 等多位深耕"科技+"领域的基金经理，聚焦科技投资领域的热门问题展开深度探讨。 以下为本次策略会中长城基金"科技+"基金经理分享的部分精彩观点： 赵凤飞： 2026年的市场风格将更加均衡： 一是 算力板块内海外与国产算力趋向均衡， 二是 AI领域内 算力与应用趋向均衡， 三是 科技板块内AI与商业航天、量子计算等非AI赛道趋向均衡。 尤国梁： 前不久的可回收火箭发射相当于商业航天产业的"成人礼"，直接为 卫星互联网、太空算力、 6G 等未来赛道铺好了运力底座，一个全新的万亿级市场正在被打开。 梁福睿： 面对国内集采、海外药价管控带来的全球医药通缩压力，只有具备 全球化能力、能迭代现有 治疗方式的创新药与器械企业，才能突破发展瓶颈 。 龙宇飞： 医药行业核心竞争力标准持续演进 ：十几年前比拼商业化能力，5-10年前 ...

Core Viewpoint - The U.S. government has suspended the implementation of the "Tech Prosperity Agreement" signed with the UK in September due to dissatisfaction with the UK's policies on food, industrial standards, and digital regulation [1] Group 1: Agreement Details - The "Tech Prosperity Agreement" focuses on cooperation in cutting-edge technology fields such as artificial intelligence, quantum computing, and civil nuclear energy between the U.S. and the UK [1]

Investment Rating - The report maintains a "Positive" investment rating for the industry [7]. Core Insights - The computer sector experienced a slight decline of 0.91%, ranking 17th among primary industries in the Yangtze River region, with a market capitalization share of 6.73% [2][4]. - The upcoming launch of the Long March 12A rocket is expected to catalyze the commercial aerospace sector, with a focus on core suppliers in the satellite application segment [6][48]. - The satellite super factory, capable of producing 1,000 satellites annually, is set to enhance the scalability of the commercial aerospace industry [19][22]. - OpenAI's release of the new GPT-5.2 model marks a significant advancement in general intelligence and coding capabilities, with implications for the AI sector [29][31]. - The introduction of the VIO-40K quantum processor by QuantWare represents a breakthrough in quantum computing, supporting the creation of chips with 10,000 qubits [37][42]. Summary by Sections Market Performance - The computer sector's overall performance showed a minor retraction, with a 0.91% decline amidst significant market fluctuations [4][13]. - Active trading was noted in commercial aerospace and space computing-related stocks [2][15]. Key Developments - The Long March 12A rocket is scheduled for its first launch on December 17, 2025, aiming to achieve reusable rocket technology [6][48]. - The satellite super factory in Wenchang is expected to revolutionize satellite production, allowing for seamless integration from manufacturing to launch [22][23]. - OpenAI's GPT-5.2 model has demonstrated superior performance in various benchmarks, indicating a competitive edge in the AI landscape [29][31]. - The VIO-40K quantum processor's architecture allows for a significant increase in qubit density, paving the way for practical quantum computing applications [37][42].

传统新药研发平均耗时10-15年，花费超过20亿美元，而失败率高达95%。其根本原因在于，我们一直未能精准分析药物、靶点与机体之间的三重相互作用。面对这一困境，李翛然讲述了自己团队将AI技术与量子计算相结合，构建了“Quantum AIDD”（量子计算+AI药物设计）平台，通过高效求解薛定谔方程，提升药物分子模拟的精度和速度，推动定制化药物设计的故事。 李翛然博⼠是量子计算与AI制药领域的创新先锋，医图⽣科创始⼈兼CEO，CCF会员。他在量子计算和药物研发领域深耕，发表多篇SCI论⽂，拥有数项药物发明全球专利。作为业内先行者；主导医图⽣科的研发与商业化，开展了AI与量子计算在⽣物医药中的研究及应⽤项⽬。他将量子计算融⼊药物设计流程，探索未曾被AI与人类观察到的生物现象，开启“量⼦AI药物设计”时代，为制药⾏业带来全新的变革路径。 This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://ww ...

中国不仅顶住了特朗普政府的冲击，还清晰地展现了自身的优势。亚洲协会政策研究所研究员李其表 示："中国不再只是一个快速跟随者，而是展现出截然不同——也许更加可行的发展模式。" 【文/观察者网 陈思佳】"美国需要放弃'战胜'中国的想法。"美国彭博社12月16日发文称，美国一些政 客和分析人士长期鼓吹"中国崩溃论"，但这种观点已经被现实无情"打脸"。在美国总统特朗普挑起的贸 易争端中，中国经济展现出强大的韧性，不仅顶住了关税压力，还反过来迫使美国作出退让。 彭博社认为，在近些年的中美竞争之中，中国在稀土、清洁能源、电动汽车、机器人等多个领域占据领 先地位，在人工智能（AI）、量子计算等领域也快速赶上，美国人现在需要接受一个事实：美国已无 法赢过中国，"美国最大的竞争对手只会变得更强"。 文章首先回顾了特朗普上台后挑起的"关税战"。今年4月，针对美国的对华关税政策，中国对美国实施 了多项反制措施。特朗普政府最开始信心满满，认为中国不过是在"虚张声势"，美国财政部长贝森特当 时宣称，中国"处于劣势"，"他们的手牌只有一对2。" 但事实最终证明，特朗普政府才是虚张声势的一方。10月，中美在马来西亚举行经贸磋商，美方同意取 ...

在此需说明，分析师并非认为人工智能本身缺乏发展持续性，相反， 分析师 预计它将继续保 持高速增长。 真正面临风险的，是那些投入到数据中心、图形处理器、冷却系统、供电及布线等领域高达数 千亿美元的人工智能资本开支 —— 未来的人工智能技术，根本无需如此庞大的硬件投入规 模。 在数据中心支出缩减的潜在风险面前，没有哪家企业比英伟达受到的冲击会更大。 如今，该公司的绝大部分营收和利润都来源于为数据中心提供相关产品。 人 工 智 能 资 本 开 支 增 长 难 以 为 继 的 原 因 以下 13 点，正是 分析师 认为当前人工智能资本开支增长无法持续的核心依据： 1. 未来人工智能的能耗将显著降低。 deepseek公司以及即将落地的脉冲神经网络就是有力例 证，这类神经网络在闲置时可自动停机以实现节能。深度求索公司，即便未采用英伟达的图形 处理器，也研发出了具备竞争力的大型语言模型。 7. 新技术落地周期远超预期。 自动驾驶领域的案例表明，这类技术要熟练应对复杂任务，所 需时间往往比预想中更长。 关键在于技术要能真正成熟可用。马斯克等人十年前就承诺推出自动驾驶汽车，而谷歌旗下的 自动驾驶公司Waymo出行，直至如今才 ...

Group 1: Economic Overview - In 2024, China's GDP exceeded 134.9 trillion yuan, growing by 5.0% year-on-year, ranking among the top major economies globally [2] - The economic structure continues to optimize, with the primary, secondary, and tertiary industries accounting for 6.8%, 36.5%, and 56.7% of GDP, respectively [2] - Consumption, investment, and net exports contributed 2.2, 1.3, and 1.5 percentage points to GDP growth, respectively [2] Group 2: Technological Advancements - China has made significant breakthroughs in cutting-edge technologies such as 6G communication, AI large models, and quantum computing [3] - The first international 6G field test network was established in July 2024, demonstrating potential 6G transmission capabilities [3] - China ranks second globally in the number of open-source participants, with rapid growth in the sector [3] Group 3: New Energy and Carbon Neutrality - The new energy sector has become a growth engine, with China accounting for over 60% of global new wind and solar installations in 2024 [4] - The installed capacity of new energy storage exceeded 70 million kilowatts, with leading companies like CATL and BYD holding a 65.5% market share in the global power battery market [4] - Solid-state battery technology has achieved mass production breakthroughs, with energy density exceeding 400 Wh/kg [4] Group 4: Healthcare Sector - The healthcare market is expanding due to aging population and rising health consumption demands, with government spending in the sector reaching 2.03 trillion yuan in 2024 [5] - AI-assisted diagnosis, gene editing, and telemedicine technologies are accelerating breakthroughs and applications in the industry [5] - Leading companies like WuXi AppTec and Mindray are actively pursuing globalization strategies to capture high-end medical equipment and biopharmaceutical markets [5] Group 5: Financial and Consumer Trends - The total assets of China's financial institutions reached 495.59 trillion yuan in 2024, growing by 7.5% year-on-year [6] - The banking sector's total assets were 444.57 trillion yuan, with a growth rate of 6.5% [6] - The rise of new retail and domestic brands is reshaping the consumer market, with companies like Luckin Coffee and Pop Mart leveraging data-driven strategies [6] Group 6: Emerging and Future Industries - Emerging industries such as new energy, aerospace, and quantum technology are driving economic growth and international competitiveness [7] - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [7] - The embodied intelligence market is expected to exceed 480 billion yuan in 2024, with potential to surpass one trillion yuan by 2031 [7] Group 7: Super CEO Recognition - The "Super CEO" list highlights leaders across various sectors, including healthcare, new energy, entertainment, and technology, showcasing their exceptional leadership and performance [8] - These CEOs have demonstrated resilience and strategic vision in navigating industry challenges and driving company growth [8]

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 万级规模量子芯片问世，量子计算产业持续突破 报告要点 [Table_Summary] 2025 年 12 月 9 日，量子计算领域的创新企业 QuantWare 宣布推出新一代量子处理器单元 （QPU）架构，其 VIO - 40K 量子处理器能够支持创建包含 10000 个量子比特的芯片。此次万 级规模量子芯片的问世，突破了现有量子芯片的规模瓶颈，并证明了量子计算可以通过工程创 新突破物理极限。这或将加速量子计算的实用化进程，从而带动包括基础光电元器件、量子通 信核心元器件、量子通信传输干线、量子系统平台、以及应用层的量子科技全产业链发展。建 议关注量子科技全产业链，重点关注量子计算及量子通信龙头企业。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 万级规模量子芯片问世，量子计算产业持续突 2] 破 [Table_Su ...