0:00 央视网消息（新闻联播）：习近平总书记指出，现代化产业体系是现代化国家的物质技术基础，必须把发展经济的着力点放在实体经济上，为实现第二个百 年奋斗目标提供坚强物质支撑。 "十四五"期间，我国以科技创新为引领、以实体经济为根基，加快建设现代化产业体系，为中国式现代化注入澎湃动力。 广袤大地，中国产业新动能处处涌动着蓬勃生机。 长三角的工业互联网平台上，每分钟2万组数据在数字孪生系统实时流动调度，平均8秒就有一台冰箱下线奔向全国各地；同一时刻，珠三角的灯塔工厂里， 定制一辆汽车有10万种个性化选装方案、100多个颜色实时切换；东部沿海的保税园区，跨境数据高速奔涌，仅一秒钟就能完成一单核验通关，让中国制造 沿着数字导航快速通达全球。 习近平总书记始终高度重视以实体经济为支撑的现代化产业体系建设，多次深入工厂车间、走进生产一线，围绕现代化产业体系建设作出一系列重要指示。 他强调，要打造自主可控、安全可靠、竞争力强的现代化产业体系；加快构建具有智能化、绿色化、融合化特征和符合完整性、先进性、安全性要求的现代 化产业体系。 "十四五"时期，我国现代化产业体系建设不断向纵深推进。制造业规模连续多年稳居世界首位，万余 ...

Core Points - A-shares major indices experienced a rally, with the ChiNext Index rising by 2.21%, the Shanghai Composite Index increasing by 0.69%, and the Shenzhen Component Index up by 1.52% [1] - Over 4,600 stocks in the Shanghai, Shenzhen, and Beijing markets saw gains, indicating a broad market uptrend [1] Index Performance - Shanghai Composite Index: 3863.40, up by 26.64 points (+0.69%) [2] - ChiNext Index: 2993.64, up by 64.59 points (+2.21%) [2] - Shenzhen Component Index: 12775.86, up by 190.78 points (+1.52%) [2] - Sci-Tech Innovation 50 Index: 1311.73, up by 15.13 points (+1.17%) [2] - North Star 50 Index: 1403.78, up by 17.74 points (+1.28%) [2] - CSI 300 Index: 4484.70, up by 36.65 points (+0.82%) [2] - F Class 50 Index: 2960.61, up by 10.05 points (+0.34%) [2] Sector Performance - Leading sectors included computing hardware, AI applications, precious metals, and quantum technology, reflecting strong investor interest in these areas [1]

21世纪经济报道记者现场获悉，该制造工厂位于南山智城，总面积约5000平方米，集研发、制 造、测试于一体，用于实现光量子计算机的工程化、标准化和规模化生产，相当于造出一 条"流水线"。 编辑丨孙超逸 11月24日，中国首个规模化专用光量子计算机制造工厂正式落地深圳南山区。 记者丨 陈思琦 "这座工厂具备年产数十台专用光量子计算机的能力，填补了全球在该领域规模化制造的空 白。"玻色量子创始人兼CEO文凯表示。 麦肯锡《量子技术监测》研究报告显示，预计到2035年全球量子技术市场规模将达到970亿美 元，其中量子计算最具潜力并将占据最大份额，收入规模预计将从2024年的40亿美元增长至 2035年的720亿美元。 政策面上，"量子科技"被写入《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》，与生物制造、氢能和核聚变能、脑机接口、具身智能、6G等并列为前瞻布局的未来产 业。 当前，北京、上海、合肥、深圳等地纷纷加力，量子科技在金融、生物制药、能源等领域商业 化落地持续提速。 填补全球光量子规模化生产空白 光量子计算，顾名思义就是利用光的量子特性来进行计算的技术，是一种主流的量子计算技 术。 相较其他技 ...

Group 1 - The core message of the "Wuhan Quantum Technology Conference 2025" emphasizes the need for the quantum technology industry to focus on practical applications to ensure research outcomes are effectively implemented [1][4] - Zhang Pingwen, President of Wuhan University, and Yu Dapeng, Director of Shenzhen International Quantum Research Institute, stress that the breakthrough in application scenarios will determine the competitive landscape of quantum technology [1] - The development of quantum technology is seen as a key to the next generation of information technology, but it is accompanied by significant uncertainties and technical barriers [2] Group 2 - The world's smallest chip atomic clock, developed by a team led by Professor Chen Jiewa from Wuhan University, is currently being commercialized, with sales exceeding 10 million yuan this year [2] - The chip atomic clock has applications in marine resource exploration and is also integrated into China's "Star Network" satellites, marking a significant achievement in the field [2] - Quantum technology is enhancing the safety and accuracy of power measurement systems, which are crucial for the operation of high-voltage power lines and fair electricity trading [3] Group 3 - Wuhan has successfully developed China's first atomic quantum computing prototype "Han Yuan No. 1" and a 600 MHz superconducting nuclear magnetic resonance spectrometer, indicating progress in quantum technology commercialization [5] - The city is transitioning from a center of academic excellence in quantum technology to an industrial hub, with applications expanding across various sectors including electricity, transportation, finance, and smart manufacturing [5]

Group 1 - The report indicates a general market pressure with the A-share market declining by 5.13% during the week of November 17-21, with all 31 Shenwan industries experiencing a drop, particularly in advanced manufacturing and basic chemicals [2][10][12] - The stock-bond yield spread has increased to 0.8%, which is below the +1 standard deviation, indicating a decrease in valuation differentiation [3][22] - Market sentiment has adjusted, with an increase in industry rotation intensity, particularly favoring large-cap stocks over micro-cap stocks [3][23] Group 2 - The report highlights significant industry movements, including the launch of the multimodal AI assistant "Lingguang," which achieved over one million downloads within four days, indicating strong market interest in AI applications [4][49] - The proposed merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities is expected to reshape the brokerage industry landscape, suggesting potential investment opportunities [4][50] - The 2025 Quantum Technology and Industry Conference showcased major advancements in quantum technology, emphasizing the sector's growth potential and investment opportunities [4][51] Group 3 - The report suggests a phase of rebalancing in market styles, with a focus on sectors that have previously lagged, such as dividends and domestic demand, which may offer better value in the short term [5][53] - Long-term prospects remain positive for technology growth sectors, including TMT, energy storage, satellite connectivity, and innovative pharmaceuticals [5][53]

Group 1: 2025 A-Share Market Review - As of November 14, 2025, the overall A-Share index increased by 26.58%, with the ChiNext index and STAR 50 leading at 45.29% and 37.65% respectively [6] - Among 31 primary industries, 30 saw an increase in closing prices compared to the end of the previous year, with non-ferrous metals, communication, and electric equipment leading with gains exceeding 50% [4][19] - The food and beverage industry experienced a decline of 3.40% [4][19] Group 2: 2026 Investment Environment Analysis - The 2026 investment environment is characterized by a stable macroeconomic policy in China, with expected resilience in economic growth and a potential recovery in inflation from low levels [4][36] - The international landscape remains uncertain, with geopolitical risks and trade order challenges impacting global economic growth [36][40] - The "14th Five-Year Plan" is expected to provide a clear development blueprint, enhancing market confidence in China's long-term economic resilience [4][36] Group 3: Market Trend Predictions for 2026 - The A-Share market is anticipated to benefit from improved liquidity, with the current valuation being relatively reasonable compared to global equity markets [4][36] - Earnings growth is expected to become a key focus, driven by the deepening of China's economic transformation and the continuous development of emerging industries [4][36] - The PPI decline is expected to narrow, potentially leading to an increase in corporate profit margins [4][36] Group 4: Style Judgments for 2026 - Small-cap stocks are expected to perform well, particularly in the context of a favorable environment for risk appetite driven by the Fed's anticipated rate cuts and the upward trend in emerging industries [4][36] - Growth stocks are projected to continue outperforming value stocks in the first three quarters of 2026, supported by favorable policies and market conditions [4][36] - In the fourth quarter, as the U.S. midterm elections approach, market risk appetite may shift, potentially favoring value stocks [4][36] Group 5: Structural Investment Opportunities - The "14th Five-Year Plan" is expected to create significant policy dividends and industry opportunities, focusing on two main lines: new productivity driven by technology and the "anti-involution" policy promoting supply-demand optimization [4][36] - Key sectors to watch include artificial intelligence, new energy, and quantum technology, which are highlighted in the "14th Five-Year Plan" [4][36] - The consumer sector is seen as a potential area for investment, with policies aimed at expanding domestic demand [4][36]

Core Insights - The year 2025 is designated as the "International Year of Quantum Science and Technology" by UNESCO, marking it as the "Year of Quantum Technology" and highlighting China's prioritization of quantum technology in its future industrial layout [1] - Quantum technology is based on the principles of quantum mechanics, enabling applications such as quantum computing, quantum communication, and quantum measurement through properties like quantum superposition and entanglement [1] Quantum Computing - China's self-developed quantum computing prototype "Zuchongzhi 3" was launched in March 2025, setting a new global record for superconducting quantum computing superiority [3] - The quantum computer can perform specific tasks in just 10 minutes, a process that would take the fastest supercomputer approximately 16,000 years, showcasing a speed increase of 450 million times [5] - The quantum computer's core components and systems are fully domestically produced, ensuring control over core quantum computing technologies [7] Quantum Applications - The quantum computer is now globally accessible for applications, allowing various sectors to utilize its powerful computing capabilities [9] - A platform has been established to provide online quantum computing services for fields such as meteorology, biochemistry, and fintech, aiming to make quantum computing as convenient as utilities like water and electricity [10] Quantum Sensing - Quantum sensors enhance medical diagnostic capabilities, enabling the detection of extremely weak magnetic fields, which can lead to faster and more accurate non-invasive screening for early heart diseases [12][15] - Over the past five years, significant breakthroughs have been made in the field of quantum precision measurement, with plans to further improve sensitivity and adaptability for large-scale applications in the next five years [17] Quantum Communication - Quantum technology can secure communication, such as enabling encrypted phone calls through quantum principles that generate secure keys, preventing eavesdropping and decryption [19][21] - A comprehensive quantum communication network has been established, with key components being domestically produced and controlled, enhancing the overall information security system [21] Industry Development - The quantum technology industry in China is entering a new phase characterized by a dual focus on technology-driven and scenario-driven development, integrating technological and industrial innovation [23] - The Anhui province has launched a "thousand application scenarios" initiative, aiming to implement 1,000 quantum application scenarios by 2027, with plans to expand to 3,000 by 2030 [25]

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7]. Core Insights - The computer sector experienced a continued decline, with an overall drop of 2.33%, ranking 7th among major industries in the Yangtze River region. The total trading volume accounted for 7.73% of the market, with Huawei-related stocks being particularly active [2][4]. - The report highlights the launch of Gemini-3 by Google, emphasizing its advanced capabilities and the importance of multi-modal applications and commercialization [6][41]. - The report suggests focusing on the developments in AI products, particularly those that exceed expectations, and continues to favor domestic AI chains, computing power chains, and the international expansion of AI [6][55]. Summary by Sections Market Performance - The overall market saw a significant decline, with the Shanghai Composite Index falling below 3900 points, closing at 3834.89, representing a 3.90% drop. The computer sector's decline of 2.33% places it 7th among major industries [4][14]. Key Events - The 2025 Quantum Technology and Industry Conference was held in Hefei, focusing on advancements in quantum communication, computing, and precision measurement [20][23]. - The launch of the satellite IoT business trial was announced at the 2025 China 5G + Industrial Internet Conference, which is expected to enhance the satellite communication market [31][40]. Recommendations - The report recommends focusing on Gemini-3, which features a sparse MoE architecture capable of processing up to 1 million tokens, with pricing structures detailed for input and output [6][41]. - Continued emphasis is placed on the potential of domestic AI chains and key players with significant market positioning [6][55]. Industry Developments - The quantum technology sector is experiencing rapid growth, with significant advancements showcased at the recent conference, indicating a shift towards commercialization [28]. - The satellite IoT trial is expected to stimulate investment opportunities in the satellite internet sector, supported by recent policy initiatives [31][40].

Core Insights - Beijing Gongke Investment has increased its registered capital from 1 billion to 10 billion yuan, marking a significant step in its focus on patient capital and technological innovation following its approval as a pilot enterprise for state-owned capital investment reform [2] - The company has supported over 500 high-tech projects with more than 38 billion yuan in funding, playing a vital role in optimizing and upgrading the industrial structure of Beijing [2] Group 1 - Beijing Gongke Investment is a wholly-owned subsidiary of Beijing State-owned Assets Company, specializing in high-tech industries and aligning its investment strategy with Beijing's industrial development goals [2] - The company has adopted a dual investment approach, transitioning from direct investment to a combination of direct and fund investments, effectively leveraging state capital to attract social capital [3] - The total scale of funds aimed at promoting technological innovation in Beijing's high-tech industries exceeds 40 billion yuan, focusing on key areas such as new generation information technology and integrated circuits [3] Group 2 - The company has made significant investments in leading enterprises in the semiconductor and automotive sectors, including BOE Technology Group and BAIC Group, contributing to the transformation of Beijing's automotive industry [2] - Beijing Gongke Investment is also actively investing in cutting-edge technology fields such as robotics, artificial intelligence, and quantum technology, positioning itself as a core player in the financial sector of Beijing State-owned Assets Company [3]

Core Insights - The 2025 Quantum Technology and Industry Conference opened in Hefei, Anhui, showcasing significant achievements in quantum technology and industry [1] Quantum Technology Achievements - In superconducting quantum computing, "Zuchongzhi 3" set a new record for "quantum computing superiority" - In neutral atom quantum computing, a research team achieved AI-enabled control of a defect-free array of 2,024 atoms - In optical quantum computing, multi-bit continuous variable quantum entanglement was realized on an optical quantum chip for the first time - In quantum communication, a record was set for intercontinental quantum key distribution over 12,900 kilometers - In quantum precision measurement, the search detection limits for new physics were enhanced by 17 orders of magnitude [1] Quantum Industry Developments - China Telecom Group announced the world's largest, interconnected, and widely applicable quantum security infrastructure in the quantum communication field - State Grid Corporation of China launched a series of quantum encryption products aimed at distributed renewable energy - Keda Quantum Technology Co., Ltd. and China Telecom Quantum Group jointly released a superconducting quantum computing system solution designed for a scale of thousands of bits - China Electronics Technology Group Corporation introduced the XS1000 dilution refrigerator for superconducting quantum computers [1] Overall Impact - The concentrated release of these achievements signifies a leap in China's quantum technology across both fundamental research and industrial applications, injecting strong momentum into the economic and social development powered by quantum technology [1]