智通财经APP获悉，国富量子(00290)涨超6%，高见2.68港元创阶段新高。截至发稿，涨6.35%，报2.68 港元，成交额2057.51万港元。 消息面上，国富量子上月发布截至2025年9月30日止6个月的中期业绩，该集团取得收入10.27亿港元， 同比增长4564.52%；公司拥有人应占溢利2.07亿港元。报告期内集团的收入及按公平值列入损益账的投 资公平值收益净额为约11.81亿港元，较去年同期增加31.76倍。主要是由于贸易及供应链运营业务收入 以及证券经纪及融资孖展业务的收入增加，以及集团股权投资业务产生的按公平值列入损益账的投资公 平值收益净额增加。 据悉，国富量子是一家跨境跨界科技创新投资平台，立足香港、背靠大湾区、面向国际，拥有香港证监 会颁发的1、4、6、9号牌及跨境的OF1、CIBM、QDIE、QFLP及债券通业务资格，构建起科创+金融 +艺术+贸易的四大业务版块生态闭环，在量子科技、数字资产等前沿科技领域有大量战略布局。 ...

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the collaborative efforts of state-owned enterprises (SOEs) in upgrading traditional industries and nurturing emerging sectors, with a focus on initiatives like "AI+" and industrial renewal [1][2] - During the 14th Five-Year Plan period, SOEs have achieved an annual investment growth rate exceeding 20% in emerging industries, establishing world-class industrial clusters in areas such as new information technology, new energy, and high-end equipment manufacturing [1] - The 15th Five-Year Plan will guide SOEs to concentrate on their core responsibilities, enhance the real economy, and transition the industrial system towards higher value-added and technology-intensive sectors [1] Group 1: Traditional Industry Transformation - SOEs are undertaking a new round of digital transformation, integrating AI, big data, cloud computing, 5G, and IoT into traditional industries to promote technological upgrades and equipment modernization [1] - The focus is on implementing carbon peak plans in key sectors, promoting efficient resource recycling, accelerating product iteration, and enhancing the supply of high-end products [1] Group 2: Emerging and Future Industry Development - The SASAC is implementing renewal and launch actions, targeting significant growth areas over the next five years, including new energy, new energy vehicles, aerospace, and low-altitude economy [2] - There is an emphasis on developing a professional and market-oriented investment and financing system for industries, utilizing state capital investment and operation companies to support strategic emerging industries [2] - The goal is to establish a comprehensive investment system covering all stages from seed to growth, enhancing the decision-making mechanism for industrial investments [2]

12月18日晚间，国盾量子（688027.SH）发布公告称，董事长吕品不幸逝世。 公告显示，吕品不持有国盾量子股票，不存在应当履行而未履行的股份锁定承诺。吕品的逝世不会导致董事会成员人数低于法定人数，不会影响董事会的正 常运作。经营管理团队正常履职，国盾量子将根据有关法律法规和《公司章程》的规定，尽快完成董事补选及董事长选举的相关工作，并及时履行信息披露 义务。 12月18日晚间，合肥高新公安分局发布一则警情通报。通报显示，2025年12月18日13时许，该局接报警称，吕某(男，46岁)在望江西路与孔雀台路交口某公 司一办公室内失去意识。接警后，民警立即到场处置。经120现场确认，吕某已无生命体征。经公安机关勘查调查，已排除案件。 经工作人员及媒体多方确认，吕某即为国盾量子董事长吕品。 国盾量子被称为"量子科技第一股"，于2020年7月9日登陆科创板。官网信息显示，国盾量子成立于2009年，技术源自中国科学技术大学，主要从事量子通 信、量子计算、量子精密测量产品的研发、生产、销售并提供相关技术服务。国盾量子由中国电信全资子公司中电信量子集团控股，是全球极少数在量子信 息三大主要方向（量子通信、量子计算、量子测 ...

A股小幅高开，沪指涨0.04%，创业板涨0.14%。海南自贸区概念股持续发酵，乳业、光伏、黄金、网络安全题材活跃。稳定币、核聚变、算力硬 件概念股调整。 港股指数高开，恒指上涨0.29%，恒生科技指数涨0.14%。大型科技股多数飘红，美团、百度、京东、阿里巴巴涨幅在1%以内，快手跌3.3%，此 前快手称遭到灰黑产攻击，已报警；金属狂欢！金银铜同创新高，铂钯金全线大涨，黄金股、铜业股等有色金属股继续强势。另外，消费电子概 念股、海运股、电力股走低。 消息面，隔夜美股三大指数收涨，特斯拉、美光科技创新高。 国债期货开盘表现分化，30年期主力合约涨0.08%报111.930元，10年期主力合约涨0.05%报107.990元，5年期主力合约持平于105.840元，2年期主 力合约持平于102.462元。 国内商品期市开盘多数上涨，铂金涨8.30%，钯金涨5.99%，沪金涨2.44%，沪银涨3.21%。，沪镍涨3.06%，集运指数(欧线)涨2.69%，燃油涨 2.06%，焦煤涨1.58%，碳酸锂涨1.05%。 消息面，隔夜国际贵金属期货普遍收涨，COMEX黄金期货涨2.13%报4480.60美元/盎司，COMEX白银期 ...

Core Insights - The end of the year is a critical "sowing period" for investors, as it can determine the returns for the following year [1] - Major institutions have indicated that the market is entering a key window for cross-year positioning, suggesting that now is the time to invest rather than waiting for clearer conditions [3] Investment Directions - "New Stories" refer to sectors aligned with the future development focus of the country, such as artificial intelligence, embodied intelligence, aerospace, and quantum technology, which are part of the "14th Five-Year Plan" [3] - "Old Friends" include familiar sectors like manufacturing, resources, and consumption, which are expected to benefit from policies that optimize industry competition and a recovery in global demand [3] Investment Strategy - A "core + satellite" strategy is recommended, where a portion of the portfolio is allocated to "Old Friends" for stable returns, while another portion is invested in "New Stories" for potential high returns [4] - Patience is emphasized, as investment is likened to a marathon rather than a sprint, and careful planning during this period can lead to a successful start in the new year [4]

原标题：四十载相随，共逐量子之光 【40 我与科技日报】 在与《科技日报》相识相知的岁月里，我很庆幸，始终有这支记录、陪伴并鼓舞前行的笔。它不仅是科 研成果的发布台，更是科学思想的扩音器、创新生态的连接器。 《科技日报》也关注着更具战略意义的工程化进程。2017年，本源量子创立，致力于造出中国人自己的 工程化量子计算机。从"本源悟空"量子计算机服务全球百万次任务，到2024年我的团队实现"跨越7公里 的分布式光量子计算"，每一次进展，《科技日报》都以其专业、准确的笔触，第一时间传递给国内外 读者。 更可贵的是，《科技日报》的作用远不止于报道。它真实扮演了"创新链连接器"的角色，为政策制定 者、科研人员和产业界搭建了对话的桥梁。它让创新链条上的各个环节彼此看见，相互理解，共同为量 子科技这棵"创新之树"培植沃土。 如今，量子科技已上升为国家战略。站在新的起点上，我对风雨同舟四十载的《科技日报》充满新的期 待。首先，期望它成为更高瞻远瞩的"战略瞭望塔"，为我国的战略谋划提供多元视角和智库支持。其 次，期望它成为更深入人心的"科学播种机"，继续创新科普形式，生动展现量子技术如何赋能千行百 业、改变社会生活，以此激发 ...

Core Viewpoint - The article emphasizes the importance of leading technology enterprises as a crucial component of national competitiveness, highlighting their role in driving innovation, industry upgrades, and development momentum in the face of global competition [1]. Group 1: Current Development Status - China's leading technology enterprises are characterized by diverse business areas and varied technological paths, achieving breakthroughs in fields such as artificial intelligence, integrated circuits, quantum technology, and biomanufacturing [1]. - Compared to global counterparts, there are still gaps in key dimensions such as independent control of core technologies, global market influence, and industrial chain integration capabilities [1]. - Jiangsu Province's leading technology enterprises rank among the top in the country in terms of scale, innovation efficiency, and high-end talent aggregation [1]. Group 2: Innovation Iteration Mechanism - The intrinsic motivation of technology enterprises stems from continuous technological breakthroughs and product innovations, with an iterative innovation mechanism that transforms discrete innovation activities into a replicable and responsive dynamic process [2]. - Innovation iteration involves three layers of logic: stepwise accumulation of technological reserves, precise transformation of market demands, and controllable handling of failure costs [2]. Group 3: Implementation of Innovation Iteration - Effective implementation of the innovation iteration mechanism relies on sustained and precise R&D investment, with enterprises needing to increase R&D intensity and optimize the allocation of R&D resources [3]. - Government support is crucial, focusing on public attributes of basic research and increasing fiscal investment to strengthen the foundation for innovation iteration [3]. - Flexible organizational structures and deep external collaborative networks are essential for enhancing innovation efficiency and providing institutional guarantees for innovation exploration [3]. Group 4: Policy Openness - A high-level policy openness mechanism guides technology enterprises in their technological paths, market layouts, and innovation directions through systematic institutional arrangements [4]. - The mechanism serves to align enterprise innovation activities with national industrial chain security needs, leveraging fiscal subsidies and tax incentives to reduce R&D costs [4]. - Effective policy openness creates a closed-loop coupling of policy supply, enterprise response, and ecological support, enhancing the synergy between policy transformation capabilities and institutional environments [4]. Group 5: Market Mechanism - The market mechanism's resource allocation capability is a core driver for the growth of technology enterprises, influencing decision-making through pricing signals, talent market efficiency, and competitive product market rules [5]. - The market mechanism establishes standards for evaluating technology enterprises, enabling a replacement and transcendence of administrative interventions through collaborative market factors [5]. Group 6: Synergistic Growth Drivers - The combined forces of innovation iteration, high-level policy openness, and market-driven resource allocation will collectively promote the growth of technology enterprises [6]. - Continuous R&D and technological breakthroughs build core barriers, while government policies and market mechanisms activate growth vitality, forming a synergistic closed loop that helps technology enterprises overcome development bottlenecks and occupy industry leadership positions [6].

Core Insights - The overall level of future industrial development in China is steadily improving, with cities like Shanghai and Beijing strengthening their advantages [1] - The "2022-2024 Future Industry Comprehensive Index" indicates that Shanghai and Beijing are leading, with Shanghai ranking first twice in three years [1][2] - The report emphasizes the need for cities to achieve coordinated development based on their unique endowments to avoid "involution" competition [5] Group 1: Future Industry Potential - The evaluation of ten core cities (Beijing, Shanghai, Tianjin, Shenzhen, Guangzhou, Nanjing, Hangzhou, Wuhan, Chengdu, Hefei) focuses on innovation capability, market potential, and policy support [2] - The Yangtze River Delta and Pearl River Delta regions show robust performance, with cities like Hangzhou and Guangzhou experiencing nearly 20% index growth [2][5] - Midwestern cities like Wuhan, Chengdu, and Hefei are rapidly releasing development potential, with Wuhan and Chengdu showing a cumulative index increase of about 50% [2] Group 2: Innovation and Policy Support - Innovation capabilities are concentrated in tech hubs like Beijing, Shanghai, and Shenzhen, with Beijing consistently leading [5] - Market potential is stratified, with Shanghai, Shenzhen, Guangzhou, and Beijing identified as core areas for future industrial commercialization [5] - The gap in policy support among cities is narrowing, indicating a clear trend of latecomer cities catching up [5] Group 3: Strategic Development Initiatives - Shanghai is accelerating the construction of an international technology innovation center, focusing on six key areas: future manufacturing, information, materials, energy, space, and health [6] - By 2027, Shanghai aims to achieve breakthroughs in disruptive technologies and establish future industry clusters [6] - The Shanghai State-owned Capital Investment Company is developing a three-in-one model for future industry funding and innovation incubation [7] Group 4: Global Trends and Collaboration - Major global economies are rapidly advancing in fields like embodied intelligence, brain-machine interfaces, and 6G technology [8] - Strengthening collaboration between Beijing and Shanghai is essential to establish a world-class future industry source [8]

Core Insights - The second "Beijing-Shanghai Forum on Future Industry Development" highlighted that Shanghai and Beijing continue to lead the nation in comprehensive future industry development levels, with significant differentiation in competitive strengths among key cities [1] Group 1: Future Industry Trends - The report released at the forum evaluated the potential of ten cities across six key future industry sectors using a framework that includes innovation sources, market potential, and policy empowerment [1] - Cities exhibit clear differentiation in their advantageous sectors, such as Beijing and Hefei leading in quantum technology, while Shanghai, Beijing, and Guangzhou are in the top tier for biomanufacturing [1] - Shenzhen and Guangzhou dominate the 6G industry, indicating a need for cities to achieve coordinated development based on their unique endowments to avoid homogenized competition [1] Group 2: Technological and Financial Insights - Experts discussed the development prospects and challenges of the "space computing network," emphasizing the need to reduce launch costs and address heterogeneous resource management [3] - The acceleration of global layouts in embodied intelligence, brain-computer interfaces, 6G, and quantum technology was noted, with AI transitioning from quantitative to qualitative changes [3] - Financial innovation is deemed crucial for supporting the fourth industrial revolution, necessitating the construction of future financial forms to meet substantial capital demands and address revenue uncertainties [3] Group 3: Talent and Mechanism Innovation - Challenges in the future industry include a shortage of high-level technology and entrepreneurial talent, insufficient training, and barriers to talent mobility [4] - Six innovative paths for institutional mechanisms were proposed, including establishing collaborative education models and creating a diversified incentive mechanism [4] - The importance of capital cycle services and collaborative education models in supporting future industry development was discussed in sub-forums [4]

中央经济工作会议部署明年工作 ——政策双周报（2025 年第 11 期） 许冬石：中国银河证券宏观分析师、新发展研究院学术委员会执行负责人 路自愿：中国银河证券新发展研究院区域经济研究员 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 政策双周报（2025 年第 11 期） 中央经济工作会议部署明年工作 ——政策双周报（2025 年第 11 期） 2025 年 12 月 22 日 分析师 许冬石 ：010-8357-4134 ：xudongshi_yj @chinastock.com.cn 分析师登记编码：S0130515030003 路自愿 ：136-7105-7587 ：luziyuan_yj@chinastock.com.cn 分析师登记编码：S0130525070001 风险提示 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 1 ⚫ 12 月上半月，提示重点关注中央经济工作会议：会议直面困难挑战，明确指 出供强需弱突出。明年宏观政策要求"跨""逆"结合 。货币政策表态更加积 极。同时，会提注重做好统筹内外部均衡 ，在外部压力暂 ...