美股周五早盘，道指30成份股IBM股价上涨0.8%，此前有报道称该公司在量子计算领域取得的重要进 展。 最近，IBM与总部位于伦敦的汇丰银行合作，测试使用量子计算机进行债券交易。在这项试验中，相较 于传统方法，量子计算技术在预测交易成交概率方面提升了34%。这一成就大大提高了量子计算在金融 市场中的应用潜力，带动了IBM股价的上涨。明确的实测数据和成功的合作无疑为IBM在市场上提供了 更多的可信度。 来源：环球市场播报 ...

Company Overview - IBM shares increased by 5.2% to close at $281.44, with a notable trading volume compared to typical sessions, and a total gain of 9.3% over the past four weeks [1] - The company is advancing in quantum technology through a partnership with Advanced Micro Devices, Inc. to develop scalable, open-source platforms for quantum-centric supercomputing, which aims to enhance algorithm complexity and achieve quantum advantage [2] Earnings Expectations - IBM is projected to report quarterly earnings of $2.43 per share, reflecting a year-over-year increase of 5.7%, with expected revenues of $16.08 billion, up 7.4% from the previous year [3] - The consensus EPS estimate for IBM has remained stable over the last 30 days, indicating that stock price movements may not sustain without earnings estimate revisions [4] Industry Context - IBM is categorized under the Zacks Computer - Integrated Systems industry, where IonQ, Inc. has experienced a 6% decline in its stock price, despite a 78.3% return over the past month [4] - IonQ's EPS estimate has decreased by 29.7% to -$0.24, showing no change compared to the previous year, and it also holds a Zacks Rank of 3 (Hold) [5]

Core Viewpoint - Several companies, including Beijing Micro Nano Star Technology Co., Ltd. and Benyuan Quantum Computing Technology (Hefei) Co., Ltd., have recently filed for IPO guidance, indicating a growing interest in sectors like commercial aerospace and quantum computing in China [1][5]. Group 1: Micro Nano Star Technology - Micro Nano Star, established in August 2017 with a registered capital of 62.5625 million yuan, focuses on the research and manufacturing of satellite systems and ground station products [3][4]. - The company has developed and launched 27 satellites, covering various categories such as narrowband low-power communication and high-resolution optical remote sensing [4]. - Micro Nano Star has completed 14 rounds of financing, with total funding exceeding 2 billion yuan and a valuation surpassing 7 billion yuan, positioning it as a commercial aerospace unicorn [4]. Group 2: Benyuan Quantum - Benyuan Quantum, founded in September 2017 with a registered capital of 30 million yuan, is recognized as a leading quantum computing enterprise in China, focusing on building a self-controlled quantum computing ecosystem [5][6]. - The company has developed the third-generation superconducting quantum computer "Benyuan Wukong," which has been deployed in various locations across China [5]. - In 2024, Benyuan Quantum reported revenue of 99.3849 million yuan with a net loss of 34.1928 million yuan, while its competitor, GuoDun Quantum, reported a revenue of 253 million yuan with a net loss of 31.84 million yuan [6]. Group 3: Zhenhua Haike - Zhenhua Haike, established in 1979 with a registered capital of 114.52669 million yuan, specializes in the research, production, and sales of pumps and motors for naval vessels [9][10]. - The company reported a revenue of 579 million yuan in 2024, with a growth rate of 4.1%, but experienced a net profit decline of 21.92% due to rising raw material costs and military pricing sensitivity [10]. - The ship pump market in China is expected to exceed 30 billion yuan by 2025, with a compound annual growth rate of around 15% [9]. Group 4: CarCool - CarCool, founded in June 2011 with a registered capital of 45 million yuan, is a national-level specialized "little giant" enterprise focusing on automotive emergency start power supplies and energy storage [12][13]. - The company has developed the world's first lithium battery automotive emergency start power supply and has a significant market presence in over 30 countries [14]. - The founder, Lei Yun, is a notable figure with a strong academic background, having studied at Peking University and holding an MBA from the University of Wales [13]. Group 5: Haishen - Haishen, established in June 2020 with a registered capital of 120 million yuan, specializes in the research, production, and sales of hair products, with a strong international market presence [14][15]. - The company has completed multiple rounds of financing and aims to apply for a main board listing [14]. - Haishen's products are sold in over 30 countries, including the UK, France, and the US, showcasing its global reach [14]. Group 6: Jimei New Materials - Jimei New Materials, founded in January 2006 with a registered capital of 53.34 million yuan, focuses on the design, development, and production of cellulose acetate sheets, primarily used in eyewear [17][18]. - The company has established long-term partnerships with major eyewear manufacturers and reported revenues of 228.6433 million yuan in 2022, 263.5295 million yuan in 2023, and 302.2947 million yuan in 2024 [18]. - In the first half of 2025, Jimei New Materials experienced a slight revenue decline of 0.64% compared to the previous year [18].

星标 ★ IPO日报 精彩文章第一时间推送 过去一周（9月15日-21日），证监会官网新增披露，北京微纳星空科技股份有限公司（下称"微纳星空"）、本源量子计算科技（合肥）股份有限 公司（下称"本源量子"）、江苏振华海科装备科技股份有限公司（下称"振华海科"）、深圳市卡儿酷科技股份有限公司（下称"卡儿酷"）、青岛 海森林发制品集团股份有限公司（下称"海森林"）、深圳市集美新材料股份有限公司（下称"集美新材"）等公司进行了上市辅导备案。 IPO日报注意到，上交所副理事长霍瑞戎9月16日在公开论坛上透露，上交所已与多家商业航天、人工智能、低空经济企业开展预沟通，推动第 五套标准扩围至相关行业领域。上述企业上，微纳星空作为专业的商业航天企业，准备上市恰逢其时。 此外，由中国量子计算行业领军人物中 科院院士郭光灿、中科大教授郭国平创立的本源量子也备受市场关注。 制图：佘诗婕 公司提供包括论证、设计、制造、测试、发射、测运控在内的"一站式"星地一体化交付服务。其客户包括政府科研机构、电信公司、互联网公司 以及一些新兴的商业应用方。中国航天科技集团、中国科学院以及一些大型央企，也是它的合作方。 作为一家专业的商业航天企业， ...

Summary of Conference Call on Quantum Computing and Cryptography Industry Overview - The conference discusses the rapid development of quantum computing, with significant advancements from companies like Google, Microsoft, and IBM in chip development. Chinese institutions are also conducting related research, with commercial quantum computers expected to emerge within the next 5-10 years, posing a major threat to existing cryptographic systems [2][11]. Key Points and Arguments - **Threat to Current Cryptographic Systems**: Quantum computing poses threats to three main types of cryptographic systems: asymmetric encryption (e.g., RSA, ECC), symmetric encryption, and hash algorithms. Asymmetric encryption is the most vulnerable, while symmetric encryption's security strength is halved, and hash algorithms may see their security strength drop to 60-70% or even one-third [4][12]. - **Long Promotion Cycle for Quantum-resistant Algorithms**: The promotion cycle for quantum-resistant algorithms is lengthy due to significant differences from existing cryptographic mechanisms, affecting performance, key lengths, and message processing lengths. This necessitates the re-establishment of industry standards in sectors like finance and electricity [6]. - **NIST's Quantum-resistant Algorithm Standards**: The National Institute of Standards and Technology (NIST) has released multiple quantum-resistant algorithms, with plans for additional releases. This indicates ongoing research and the need for multiple algorithms to address potential risks [7][18]. - **Progress of Domestic and International Manufacturers**: Internationally, companies like Thales and Utimaco have launched hardware security modules (HSM) supporting quantum-resistant algorithms. Domestically, Sanwei Xinan has released a full range of quantum-resistant products, including chips and software development kits [8][10]. - **China's Push for Independent Cryptographic Systems**: China's initiative to develop its own cryptographic systems stems from security concerns over backdoors in widely used algorithms exposed by the Snowden incident. The goal is to complete 50% of system upgrades by the end of 2027, although full replacement of foreign technology will take longer [9]. - **Impact of Quantum Computing on Web 3.0**: The security of Web 3.0 relies on blockchain technology, which is vulnerable to quantum computing, particularly in public key algorithms that ensure identity and asset security. This vulnerability could lead to identity theft and asset loss [13]. - **Mitigating Quantum Threats to Blockchain**: Addressing quantum threats requires new quantum-resistant algorithms rather than merely increasing algorithm strength. Current quantum computing faces challenges in materials and error correction, which must be overcome for existing algorithms to remain effective [14][15]. Additional Important Insights - **Hardware Updates Required for Quantum Algorithms**: Transitioning to quantum-resistant algorithms necessitates hardware updates, as current systems cannot be simply upgraded through software. Pilot projects are underway to assess impacts and develop new standards [16]. - **Future Hardware Updates for New Standards**: Even after initial hardware updates, further updates may be required if new post-quantum standards emerge, as current algorithms may not guarantee long-term security [17]. - **Agility and Reconfigurability in Cryptographic Systems**: Future cryptographic systems should be designed for agility, allowing quick transitions between algorithms. This includes modular designs that enable component upgrades without complete hardware replacement [19][20]. This summary encapsulates the critical discussions and insights from the conference call, highlighting the evolving landscape of quantum computing and its implications for cryptography and security.

Group 1 - IBM's stock price surged by 5.20% on September 25, reaching its highest level since July 2025, primarily due to significant advancements in quantum computing [1] - IBM partnered with HSBC to test the use of quantum computers for bond trading, achieving a 34% improvement in predicting trade execution probabilities compared to traditional methods [1] - The successful collaboration enhances IBM's credibility in the market and showcases the practical applications of quantum computing, putting pressure on competitors like Amazon, Microsoft, and Google [1] Group 2 - IBM's ongoing innovations in quantum technology have attracted investor interest in its long-term growth potential [2] - The company plans to build a large-scale quantum computing center in New York by 2029 and is collaborating with AMD on "quantum center supercomputing" technology, demonstrating its commitment to the field [2] - Despite quantum computing being in its early stages, its advantages in solving complex problems and optimizing algorithms present significant potential in the fintech sector [2]

3、 商务部决定对墨西哥相关涉华限制措施启动贸易投资壁垒调查。 本案的被调查措施为：墨西哥政府拟对中国等非自贸伙伴的产品提高进口关税税率的 相关措施。此外，墨西哥近年来采取的其他涉及中国的贸易投资限制措施也在本次调查范围内。 4、 商务部公告，鉴于初步证据和信息显示原产于墨西哥和美国的进口碧根果存在倾销行为， 并对中国国内产业同类产品价格造成削减和抑制，导致实质 损害， 决定自9月25日起对上述国家的进口碧根果进行反倾销立案调查。 5、国家税务总局透露，目前税务部门和各大平台围绕涉税信息首次报送的相关准备工作已经基本完成。 互联网平台企业将于今年10月份第一次报送平台 内经营者和从业人员的身份信息、收入信息。 1、 A股走势分化，创业板指连续两日创阶段新高。AI概念股重启涨势， 服务器、硅片、有色铜概念涨幅居前，黄金、机械、油气三个周期方向领跌，半 导体产业链调整。截至收盘，上证指数跌0.01%报3853.3点，深证成指涨0.67%，创业板指涨1.58%。A股全天成交2.39万亿元。 2、香港恒生指数跌0.13%报26484.68点，恒生科技指数涨0.89%，恒生中国企业指数涨0.01%。 有色板块全天强势， ...

Group 1 - HSBC announced the world's first large-scale application of quantum computing in financial markets to enhance bond price forecasting [1] - The bank collaborated with IBM's Heron quantum processor, applying quantum analytics to European bond trading data, achieving a 34% improvement in bond trading predictions [1] - This marks the first instance of a major bank using real trading data instead of laboratory simulations, showcasing the potential of quantum computing in the market [1] Group 2 - HSBC indicated that the results suggest this technology could significantly enhance efficiency and risk management levels [1]

汇丰量子技术主管Philip Intallura写道，"这是债券交易领域开创性的全球首例。这意味着我们现在拥有 了一个切实的例子，能够展示量子计算机如何大规模解决现实世界的商业问题，并提供竞争优势。" 智通财经APP获悉，周四，IBM(IBM.US)逆势涨近6%，创4月9日以来最大涨幅，月内累涨16%，报 282.40美元。消息面上，9月25日，汇丰在官网发布新闻稿称，在与IBM团队合作过程中，汇丰采用了 一种结合量子与经典计算资源的方法，与行业常用的传统技术相比，能使预测交易在报价价位成交的概 率提升高达34%。 ...

周四，IBM(IBM.US)逆势涨近6%，创4月9日以来最大涨幅，月内累涨16%，报282.40美元。消息面上， 9月25日，汇丰在官网发布新闻稿称，在与IBM团队合作过程中，汇丰采用了一种结合量子与经典计算 资源的方法，与行业常用的传统技术相比，能使预测交易在报价价位成交的概率提升高达34%。 汇丰量子技术主管Philip Intallura写道，"这是债券交易领域开创性的全球首例。这意味着我们现在拥有 了一个切实的例子，能够展示量子计算机如何大规模解决现实世界的商业问题，并提供竞争优势。" ...