（一）重要市场新闻 11月16日，据媒体报道，华为将在11月21日发布AI领域的突破性技术，有望解决算力资源利用效率的难 题。具体来看，华为即将发布AI领域的突破性技术，可将GPU（图形处理器）、NPU（神经网络处理 器）等算力资源的利用率，从行业平均的30%至40%提升至70%，显著释放算力硬件潜能。 （二）行业掘金 点评：未来太空经济将会成为一个新的产业领域，涉及到卫星通信、卫星导航、卫星遥感、太空旅游等 多个方面。星地通信产业当前市场规模约400-500亿元，预计到2030年将突破2000-4000亿元，年均复合 增长率在10%-28%之间。星地通信产业正站在从"概念验证"向"规模化应用"的关键转折点，随着技术成 熟、成本下降和应用场景拓展，未来十年将形成"天地一体、万物互联"的新型通信格局，成为推动数字 经济高质量发展的重要引擎。概念股包括天银机电、上海瀚讯、佳缘科技等。 3、据报道，IBM公司近日宣布，在实现两大目标方面取得根本性进展：计划于2026年底前实现量子优 势，并于2029年前达成容错量子计算。IBM推出其迄今最先进的量子处理器——"夜鹰"，预计将于2025 年底交付用户。此外，IBM同时 ...

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on identifying growth stocks and their growth stages through a dual-track approach of "traditional growth" and "emerging growth" [1][2]. Investment Strategy - Chen emphasizes a systematic approach to understanding industry attributes, industry cycle stages, and long-term trends before selecting quality growth stocks [1][2]. - The investment framework is centered around capturing excess returns from diverse growth directions, including technology and manufacturing sectors [2][3]. Performance Metrics - As of October 31, the GF Growth Initiation A fund managed by Chen achieved a one-year return of 88.81%, ranking in the top 3 out of 1,876 similar funds [1]. Fund Launch - A new fund, GF Innovation Growth, is set to launch on November 17, which will dynamically adjust the allocation between traditional and emerging growth to capture excess returns while maintaining industry balance [1][6]. Growth Categories - Growth stocks are categorized into "traditional growth" (e.g., new energy, semiconductors, military industry) and "emerging growth" (e.g., robotics, embodied intelligence, satellite internet) [2][5]. - Traditional growth strategies focus on cyclical growth, while emerging growth serves as an offensive tool for capturing future trends [2][3]. Dynamic Allocation - The allocation between traditional and emerging growth is adjusted based on market liquidity and risk appetite, enhancing both offensive and defensive capabilities of the portfolio [3][4]. Industry Rotation - Chen's investment approach involves a systematic method of industry rotation based on industry cycles, focusing on "industry position" and "valuation margins" rather than merely chasing market trends [4][5]. Future Focus Areas - Key sectors of interest include computing power, storage, edge innovation, brand globalization, robotics, satellite internet, and solid-state batteries [6][7]. - The computing power sector is particularly emphasized, with expectations of significant capital expenditure increases from domestic cloud service providers in the upcoming quarters [6][7]. Specific Sector Insights - The military industry is highlighted as a high-value sector, while the robotics sector is seen as a major application terminal for AI [7]. - Solid-state batteries and low-altitude economy are also critical areas of focus, with expectations of early breakthroughs in these technologies [7].

抢占科技发展制高点，不断催生新质生产力。 记者手记 向量子计算广度和深度进军 ——摘自"十五五"规划建议 截至2025年10月底，我们团队研制的中国第三代自主超导量子计算机"本源悟空"，已向世界提供量子算 力服务超一年——163个国家和地区的用户访问超3600万次，成功完成了71万个全球量子计算任务。这 个成绩，是对我们团队在量子计算领域摸索近10年的最好回馈。 量子计算机是实现量子计算任务的物理装置。与传统计算机相比，量子计算机计算能力强大，拥有并行 性、指数级加速等优势，可在人工智能、新药研发、金融工程等领域发挥重要作用。但在2017年团队初 创时期，如何实现量子计算机"工程化突破"在国内仍处于空白。怎么造出一台可交付的量子计算机整 机？我们只能自己琢磨，一遍遍试错，慢慢积累经验，把理论上可行的技术变为能够重复实现的工程技 术。 在量子计算机系统中，量子计算测控系统承担着量子芯片信号生成、采集与控制的关键功能，是整个系 统的"神经中枢"。在我国量子计算研究初期，由于高端仪器仪表依赖进口，量子计算机研发只能用传统 商用设备自行搭建控制系统，信号的输出与采集任务需单独进行，存在成本高昂、功能冗余、兼容性 差、 ...

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on the dual-track approach of "traditional growth" and "emerging growth" in identifying investment opportunities in growth stocks [1][2]. Investment Strategy - Chen Yunzong emphasizes a systematic approach to understanding industry attributes, identifying industry cycle stages, and selecting quality growth stocks [1][2]. - The investment framework includes a focus on both traditional growth sectors (like new energy, semiconductors, and military industry) and emerging growth sectors (such as robotics, embodied intelligence, and quantum computing) [2][5]. - The strategy involves dynamic adjustment of the allocation between traditional and emerging growth based on market liquidity and risk appetite [3][4]. Performance Metrics - As of October 31, the GF Growth Initiation A fund managed by Chen Yunzong achieved a one-year return of 88.81%, ranking in the top 3 out of 1,876 similar funds [1]. Sector Focus - Key sectors of interest include computing power, storage, edge innovation, brand globalization, robotics, satellite internet, and solid-state batteries [6][7]. - The computing power sector is particularly highlighted, with a focus on both overseas and domestic opportunities, as domestic cloud service providers are expected to significantly increase capital expenditures [6]. Emerging Trends - The article discusses the importance of understanding the lifecycle of growth assets, which typically transition from thematic phases to technological implementation and then to scale expansion [5]. - Solid-state batteries are identified as a critical component for the development of robotics and drones, with expectations for early breakthroughs in this area [7].

Aviation Industry - China Southern Airlines' C919 aircraft successfully arrived at Dubai Al Maktoum International Airport on November 14, preparing for the Dubai Airshow from November 17 to 21, 2025. The C919 has received over 1,000 domestic and international orders, marking a significant milestone in China's aviation industry development [1] - Boeing predicts that the Middle East will require 3,000 new passenger aircraft over the next 20 years, valued at over $500 billion. China's fleet is expected to grow at an average annual rate of 4.4%, with a projected total of 9,323 jet aircraft by 2043, making it the largest single aviation market globally [1] Animation Industry - Bilibili held an online launch event for 40 domestic animation works for 2025-2026, including new titles and updates on various IP sequels. The return of "The King's Avatar" TV animation and the announcement of "Chinese Folktales 2" set for January 1, 2026, were highlighted [2] - Since 2018, Bilibili has launched over 3,000 domestic creations, with nearly 970 million hours of viewing time in the past year. The platform's user base reached 330 million, with a 104% year-on-year increase in viewing time for domestic content in Q3 [2] Robotics Industry - CITIC Securities reported the completion of the IPO guidance for Yushu Technology Co., which is positioned to strengthen its industry-leading status in humanoid robotics. The company is noted for its continuous technological and product iterations [3][7] - The demand for domestic production of key systems like aviation engines is expected to drive the expansion of the domestic aviation market and upgrade the industry chain [1] Commercial Space Industry - Blue Origin's "New Glenn" rocket successfully launched on November 13, marking its second flight and the first successful sea recovery of its first stage, making Blue Origin the second company globally to master orbital rocket recovery technology after SpaceX [4] Satellite Internet - The Chinese Academy of Sciences conducted a successful high-rate communication experiment, achieving data transmission rates of 6.0 Gbps in the X-band and 20 Gbps in the Ka-band, indicating significant technological advancements in satellite communication [5] - The satellite communication market is currently valued at approximately 40-50 billion yuan, with projections to exceed 200-400 billion yuan by 2030, reflecting a compound annual growth rate of 10%-28% [5] Quantum Technology - IBM announced significant progress towards achieving quantum advantage by the end of 2026 and fault-tolerant quantum computing by 2029, introducing its most advanced quantum processor, "Quantum Nighthawk," expected to be delivered by the end of 2025 [6] - China's "Zuchongzhi 3" superconducting quantum computer has successfully manipulated 105 qubits, becoming the highest-performing superconducting quantum computing prototype globally [6] Physical AI - Yushu Technology's founder emphasized that AI technology will enable robots to truly "understand the world" in the next decade, with their humanoid robots capable of performing most work actions through offline pre-learning and real-time imitation [7] - The emergence of Physical AI aims to enhance autonomous machines' capabilities in real-world physical interactions, bridging the gap between virtual and embodied intelligence [7]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [5]. Core Insights - The gap between domestic and overseas large models in AI is rapidly narrowing, with domestic AI ecosystems represented by Tencent and Alibaba showing significant development. This suggests a potential turning point for accelerated growth in domestic AI [3][22]. - The report emphasizes the importance of focusing on core targets in domestic computing power and AI agents, highlighting key companies in cloud computing, chip design, and AI applications [3][22]. Summary by Sections Market Review - During the week of November 10-14, the CSI 300 index fell by 1.08%, the SME index decreased by 1.71%, and the ChiNext index dropped by 3.01%. The computer sector (CITIC) saw a decline of 3.72% [30]. Industry News - AMD's CEO predicts that the AI data center market will exceed $1 trillion by 2030, growing from approximately $200 billion currently, with a compound annual growth rate (CAGR) of over 40% [23]. - The Ministry of Industry and Information Technology has issued a notice to accelerate the construction of pilot platforms in the manufacturing sector, aiming to enhance innovation and technology transfer [24]. Company News - Lingzhi Software plans to acquire 100% of Kaimiride (Suzhou) Information Technology Co., Ltd. through a share issuance and cash payment, with a share price set at 15.31 yuan [27]. - Zhengyuan Wisdom's board approved a share repurchase plan, intending to reduce up to 2,842,000 shares within six months [29]. Weekly Insights - Domestic large models like MiniMax and DeepSeek are now among the top global models, with MiniMax M2 achieving a daily token usage surpassing 50 billion, indicating strong market acceptance [9][12]. - The report highlights the competitive landscape in AI, with Tencent and Alibaba intensifying their efforts in AI applications, suggesting an imminent phase of heightened competition in the domestic AI market [20][22].

来源：环球网 【环球网科技综合报道】11月16日消息，中国科学院精密测量院詹明生、许鹏团队近日在中性原子量子 计算领域取得突破性进展。该团队创新性提出并实验验证了基于光纤阵列的量子计算新架构，成功解决 了原子量子计算中高并行、高速率与高稳定性寻址操控难以兼顾的核心难题。相关成果于11月4日发表 在国际知名期刊《自然-通讯》上，标志着我国在量子计算基础研究与核心器件开发领域迈出关键一 步。 面对行业痛点，研究团队独辟蹊径设计全新架构。其核心创新在于为每个量子比特配置独立控制通道， 将原子囚禁光与寻址光通过同一根单模光纤传输，经共享光路在真空中聚焦形成光镊。这种共路设计使 控制光束与原子陷阱天然空间对齐，从根源上消除了机械振动或热漂移导致的光路失准问题，为稳定高 效的量子控制提供了物理保障。 实验数据显示，在64根光纤构成的阵列中，团队通过10路通道实现了对10个单原子的精准寻址操控。单 个原子的单比特门操作平均保真度达99.66%，4个随机选择的量子比特同时执行任意单比特门操作时， 平均保真度仍保持在99.61%。此外，团队还成功实现两原子间的里德堡态阻塞，为高保真两比特门的 研发奠定了重要基础。该架构具备灵活 ...

智通财经11月15日讯（编辑 魏齐）《科创板日报》记者从中国电信量子研究院获悉，搭载"祖冲之三 号"同款芯片的超导量子计算机"天衍-287"已完成搭建。该量子计算系统具备"量子计算优越性"能力， 处理特定问题的速度比目前最快的超级计算机快4.5亿倍，未来将接入"天衍"量子计算云平台并首次面 向全球开放应用服务，这也将是我国首个具备"量子计算优越性"的量子计算云平台。此次即将上线的超 导量子计算机拥有105个数据比特和182个耦合比特，由中电信量子集团与国盾量子联合团队搭建和调测 完成。 市场规模上，英国国家量子计算中心认为，2027年，NISQ（中等规模含噪声）量子计算机的应用领域 的市场需求和影响规模将会达到200亿英镑到350亿英镑，约合人民币1,800亿到3,150亿；其预测量子计 算对社会和经济的长期影响可能是巨大的，到2050年，全球市场的影响将超过3,500亿英镑。 政策上，《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》提出，前瞻布局未来产 业，推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信（6G）等成 为新的经济增长点。 中信证券10月22日研报指出，2 ...

Group 1 - China's successful development of high-rate microwave communication technology between satellites and ground, achieving data transmission rates of 6.0 Gbps in X-band and 20 Gbps in Ka-band, setting new records [2] - Blue Origin's "New Glenn" rocket successfully launched a Mars probe for NASA, with the first stage achieving a sea recovery, marking a significant milestone in reusable rocket technology [2] - The first superconducting quantum computer in China, "Tianyan-287," has been built, demonstrating quantum computing superiority by processing specific problems 450 million times faster than the fastest supercomputer [2] - The world's first 100-ton hybrid cycle liquid oxygen kerosene rocket engine, "Red Dragon No. 1," was unveiled, featuring high performance and reliability, capable of over 20 reuses, which will significantly reduce launch costs for China's commercial space industry [2]

1、 国家统计局公布10月经济"成绩单"，多项指标同比增速均有所放缓。 数据显示，10月份，我国规模以上工业增加值同比增长4.9%，其中高技 术制造业增加值同比增长7.2%；服务业生产指数同比增长4.6%，社会消费品零售总额增长2.9%。1-10月份，全国固定资产投资同比下降1.7%， 房地产开发投资下降14.7%，新建商品房销售面积下降6.8%。 2、国家统计局公布10月70城房价数据， 各线城市商品住宅销售价格环比和同比均下降。 二手房价格方面，价格环比下跌的城市数量已覆盖全部70城，一 二线城市二手房价环比降幅收窄，分别下降0.9%、0.6%。新房价格方面，环比上涨城市数量为7个，较上月增加1城；一二线城市新房价格环比降幅均较 上月持平。 3、 外交部和中国驻日本使领馆郑重提醒中国公民近期避免前往日本 ，已在日中国公民密切关注当地治安形势，提高安全防范意识，加强自我保护。提醒 指出，今年以来，日本社会治安不靖，针对中国公民违法犯罪案件多发，发生多起在日中国公民遇袭事件，部分案件迄未侦破，中国公民在日本安全环境 持续恶化。近日，日本领导人公然发表涉台露骨挑衅言论，严重恶化中日人员交流氛围，给在日中国公民人 ...