Group 1 - The core focus of the INTU earnings call is on the sustainability of high growth driven by AI and TurboTax Live, as well as the performance improvement of Mailchimp [2] - Xiaomi's press conference will highlight the official launch of the Xiaomi HAD enhanced version, an in-house developed end-to-end all-scenario driving assistance system aimed at improving perception, decision-making, and control in complex road conditions [4] - The annual strategy report by the chief analyst of Zhejiang Merchants Securities will provide in-depth analysis on the changes in the internet (AI and instant retail), gaming (future profit expectations and valuation trends), film and television (post-policy changes), education (AI in education), and new directions such as short dramas and interactive dramas [6] Group 2 - The investment strategy outlook for the telecommunications sector emphasizes the importance of computing power and new technological breakthroughs, with a positive outlook on AI-driven demand for computing power and applications [8] - The traditional telecommunications industry is facing challenges due to declining capital expenditures from telecom operators, but the development of key 6G technologies and increased focus on AI by operators are areas of interest [9] - Miniso's earnings call will focus on whether overseas store growth can exceed expectations, the impact of IP collaborations and membership systems on gross margin, and the potential rebound of the Chinese market amid consumer fatigue [11]

Core Insights - The report indicates that China's high-end manufacturing sector has experienced significant growth over the past five years, with both the number of companies and asset scale increasing at a rate higher than the overall A-share market [1][2]. Group 1: Company Growth and Financial Performance - The number of high-end manufacturing companies increased from 1,661 in 2020 to 2,503 in 2024, with a compound annual growth rate (CAGR) of 10.80%, surpassing the overall A-share growth rate [1]. - By the end of 2024, the total market capitalization of this sector reached 32.47 trillion yuan, and total assets exceeded 27 trillion yuan, demonstrating strong resilience and a high-quality transformation [1]. - The total assets of high-end manufacturing companies grew at a CAGR of 13.98%, compared to 9.40% for the A-share market, while operating revenue increased from 9.36 trillion yuan in 2020 to 15.41 trillion yuan in 2024, with a CAGR of 13.27% [1]. - Net profit also showed a CAGR of 12.28%, indicating sustained profitability and growth potential [1]. Group 2: Economic and Social Contributions - In 2024, high-end manufacturing companies contributed 253.90 billion yuan in taxes, with a CAGR of 10.85%, and employed 10.35 million people, reflecting a CAGR of 9.00% [2]. - The sector has become a significant force in stabilizing employment and promoting innovation [2]. Group 3: Research and Development - R&D expenditure as a percentage of revenue increased from 5.06% in 2020 to 6.06% in 2024, with total R&D spending reaching 934.12 billion yuan in 2024, reflecting a CAGR of 18.51% [2]. - The number of R&D personnel rose from 1.17 million to 1.84 million, with a CAGR of 12.07%, driving technological advancement and industrial upgrades [2]. Group 4: International Expansion - From 2020 to 2024, overseas revenue for high-end manufacturing companies grew from 2.09 trillion yuan to 4.31 trillion yuan, with a CAGR of 19.81%, significantly outpacing the overall A-share overseas revenue growth [2]. - The share of overseas revenue in total A-share overseas income increased from 32.53% to 41.96%, indicating the sector's growing role in the international market [2]. Group 5: Market Management and Investor Returns - In 2024, total dividends paid by high-end manufacturing companies reached 362.95 billion yuan, an increase of 60.3 billion yuan year-on-year, with a dividend payout ratio of 52.59% [3]. - Share buybacks totaled 83.93 billion yuan, with sectors like semiconductors, communication equipment, and electronics leading in market value growth, reflecting corporate confidence in future development [3]. Group 6: Future Outlook - The report emphasizes that during the "14th Five-Year Plan" period, the high-end manufacturing sector transitioned from "catching up" to "keeping pace" and even "leading" [3]. - Looking ahead to the "15th Five-Year Plan," the report calls for a focus on new productive forces, targeting emerging fields such as low-altitude economy, quantum technology, and biomanufacturing, while also addressing key areas like integrated circuits and high-end medical equipment [3].

Group 1 - China Telecom has integrated quantum technology into its strategic framework, achieving significant breakthroughs such as the world's largest quantum metropolitan network and over 6 million users of quantum secure communication [1] - The company has developed a distributed encryption system that combines Quantum Key Distribution (QKD) and Post-Quantum Cryptography (PQC) [1] - Under national laboratory guidance, China Telecom has established the "Tianyan-287" superconducting quantum computer, which is the most powerful in the country [1] Group 2 - The establishment of the "Central Enterprise Quantum Talent Innovation Space" is a major strategic initiative aimed at promoting quantum technology and industrial development [2] - The initiative focuses on collaborative innovation among state-owned enterprises, aiming to share research tasks, resources, and innovation outcomes [2] - The company plans to accelerate the transformation of research results into practical applications, creating a globally competitive open ecosystem for quantum technology [2] - A new talent mechanism will be implemented to enhance collaboration and establish a high-level quantum talent research zone [2]

量子科技产业的蓬勃发展离不开金融"活水"的浇灌。安徽持续在量子科技金融支持方面发力。大会分两 批举行量子科技和产业中心金融支持项目签约仪式。其中，中电信量子产业创业投资基金是由中国电信 （601728）发起设立的首支中央企业量子产业创投基金，将围绕国家"十五五"规划，携手量子基金合作 伙伴共同投早、投小、投长期、投硬科技，加快培育未来产业。 为进一步打通从基础研究到市场应用的通道，让量子技术真正走进千行百业，安徽还启动量子信息"千 家场景"行动，规划建设量子产业先导区。 本届大会以"百年量子.智启未来"为主题，参展企业达117家，人员规模、企业数量、展览规模均创新 高。 中证报中证网讯(记者杨洁)2025量子科技和产业大会11月20日在安徽合肥开幕，一系列重大成果亮相。 在大会现场，国家高新区量子产业协同创新网络正式启动。包括合肥高新区、北京中关村园区、上海张 江高新区、深圳高新区、苏州工业园区、武汉东湖高新（600133）区、杭州高新区、成都高新区、济南 高新区在内的9家具备量子产业发展优势的国家高新区，共同组建成国家高新区量子产业协同创新网 络，未来这些高新区将深化量子科技产学研融合，加速成果转化、推动产 ...

2025世界计算大会发布全球计算十大创新成就 编辑：熊思怡 广告等商务合作，请点击这里 本届大会以"计算万物 湘约未来——智算驱动新质生产力"为主题，现场展示了超智融合算力集群、人 形机器人、脑机接口等多款创新产品。与会人士围绕先进计算、人工智能、量子科技等前沿领域展开深 入探讨。 出席大会的中国电子学会理事长徐晓兰介绍，中国已构建起全球规模最大、技术领先的算力基础设施。 截至2025年6月底，中国在用算力中心标准机架达1085万架，智能算力规模突破788EFLOPS(每秒百亿亿 次浮点运算)，形成了"八大枢纽、十大数据中心集群"的全国算力网络骨架。 中国工业和信息化部总工程师钟志红表示，中国先进计算产业取得显著成效，算力供给能力再创新高， 关键技术产品加速突破，算力总规模位居全球前列，自主创新AI芯片与大模型加快试验应用。(完) 来源：中国新闻网 中新社长沙11月20日电 (向一鹏)2025世界计算大会20日在湖南长沙开幕，会上发布了2025全球计算十大 创新成就和2026全球计算十大发展趋势，为产业发展提供"风向标"。 据悉，十大创新成就包括全球计算迈入ZFLOPS(每秒十万亿亿次浮点运算)时代、全球计算 ...

记者：何晓、白斌 0:00 编导：徐中哲 新华社音视频部制作 ...

Group 1 - The 2025 Quantum Technology and Industry Conference opened in Hefei, Anhui, focusing on the integration of quantum technology innovation and industrial development [1] - The conference featured 117 participating companies, a 120% increase from the previous year, showcasing the robust growth of China's quantum technology industry [1] - Major achievements in quantum technology were highlighted, including advancements in superconducting quantum computing and quantum communication [2] Group 2 - The National High-tech Zone Quantum Industry Collaborative Innovation Network was established by nine high-tech zones to enhance the integration of industry, academia, and research in quantum technology [3] - The conference emphasized China's leadership in global quantum communication development, with the launch of a standardization technology alliance for quantum password infrastructure [3] - Financial support for quantum projects was reinforced through the signing of cooperation memorandums by various financial institutions and the establishment of a venture capital fund by China Telecom [4]

其中，量子科技重大发布成果包括超导量子计算领域，"祖冲之三号"刷新"量子计算优越性"纪录；光量 子计算领域，首次在光量子芯片上实现多比特连续变量量子纠缠；量子通信领域，跨越12900公里，洲 际星地量子密钥分发再创纪录；量子精密测量领域，提升新物理搜寻探测界限17个数量级。 量子产业重大成果项目同步亮相。量子通信领域，中国电信集团有限公司发布全球最大规模、互联互 通、广泛应用的量子安全基础设施，中国国家电网发布面向分布式新能源量子加密系列产品；量子计算 领域，科大国盾量子技术股份有限公司与中电信量子信息科技集团有限公司联合发布面向千比特规模设 计的超导量子计算系统解决方案等。 大会同步释放产业协同新势能。中央企业量子人才科创空间正式发布；国家高新区量子产业协同创新网 络启动；合肥实验室牵头启动量子密码基础设施标准化技术联盟。 中新社合肥11月20日电 (记者赵强)2025量子科技和产业大会20日在安徽合肥开幕。在量子科技和产业中 心集中发布环节，一系列重大成果亮相。 11月20日，2025量子科技和产业大会开幕式在安徽合肥举行。图为与会者参观量子产业创新成果展。中 新社记者赵强摄 金融支持方面，大会分两批举行 ...

Group 1 - The core viewpoint is that the Hong Kong stock market is expected to benefit from internal "14th Five-Year Plan" catalysts and external economic stimulus measures, leading to a recovery in performance and valuation by 2026 [1][2] - Emerging industries in Hong Kong stocks, as per the "14th Five-Year Plan," include solid-state batteries, brain-computer interfaces, biomanufacturing, quantum technology, and controllable nuclear fusion [1] - Bloomberg consensus forecasts indicate that Hong Kong stock performance will bottom out in 2025, with expected revenue and profit growth rates of 3.6% and 3.5% respectively, and a significant increase to 5.5% and 9.2% in 2026 [1] Group 2 - The liquidity environment in China has shown a notable "wealth effect," with a trend of residents reallocating deposits, which is expected to continue [1] - There is a low allocation of mainland investors in Hong Kong stocks, suggesting that southbound capital will continue to increase its allocation, particularly through ETF channels [1] - The Hong Kong market is poised to benefit from the outflow of liquidity from domestic and international markets, along with the ongoing narrative surrounding AI [1] Group 3 - The Hong Kong stock market is anticipated to experience a second round of valuation recovery and further performance resurgence in 2026, driven by a rebound in fundamentals and significant valuation discounts [2] - Recommended long-term investment directions include: 1) Technology sector, particularly AI-related segments and consumer electronics; 2) Healthcare sector, especially biotechnology; 3) Resource commodities benefiting from rising overseas inflation expectations and de-dollarization; 4) Essential consumer goods expected to see valuation recovery as the domestic economy improves; 5) Paper and aviation sectors benefiting from RMB appreciation [2]

Company Insights - Nvidia's Q3 revenue reached $57.01 billion, with data center revenue at $51.2 billion, both exceeding market expectations. The company anticipates Q4 revenue of approximately $65 billion, leading to a post-earnings stock price increase of over 6%. CEO Jensen Huang noted that the latest Blackwell architecture chips have sold out in the cloud GPU segment [1] - China International Capital Corporation (CICC) plans to acquire Dongxing Securities and Xinda Securities, which could significantly alter the competitive landscape among top brokerage firms. If successful, the combined assets would exceed 1 trillion yuan, with net assets nearing 180 billion yuan, strengthening their position in the industry [2] Industry Insights - The Federal Reserve's meeting minutes revealed significant divisions among policymakers regarding a potential interest rate cut in December, with some expressing concerns over a disorderly decline in the stock market. There was a consensus on halting quantitative tightening actions [3] - China's Ministry of Foreign Affairs announced a suspension of Japanese seafood imports, stating that even if exports were allowed, there would be no market for them in China. This reflects ongoing tensions in Sino-Japanese relations [4] - The AI toy market is projected to exceed 10 billion yuan in 2023, with expectations to surpass 100 billion yuan by 2030, driven by continuous innovation and demand for functional and IP-based products [10] - Google's Gemini 3 received positive feedback, contributing to a nearly 7% increase in Google's stock price, reaching a historical high. The integration of AI in search advertising and cloud services is expected to enhance revenue efficiency and user experience [11]