美国加州理工学院科学家在新一期《自然》杂志发表论文称，他们利用高度聚焦的激光束——"光镊"技 术，控制了6100个超冷中性铯原子，构建出目前规模最大的量子比特阵列。专家指出，这一突破表明中 性原子量子计算机具备大规模扩展潜力，但距离实现成熟可用的量子计算机仍有很长的路要走。 量子比特是量子计算的基本单元，与传统计算机中的比特有本质区别。传统比特只能表示0或1中的一种 状态，而量子比特可同时处于0和1的叠加态，借助量子纠缠实现并行计算，从而在解决特定问题上实现 指数级加速。 目前，全球量子计算技术路线多样，包括超导、光量子、离子阱、半导体量子点及中性原子等。本研究 采用的正是在真空中用"光镊"捕获中性原子作为量子比特的技术。 实验显示，在规模大幅扩展的同时，量子比特质量并未下降：其叠加状态可持续约13秒，比以往类似阵 列延长近10倍，单量子比特操控精度达99.98%。 值得一提的是，研究团队实现了在阵列中将原子移动数百微米而保持量子态稳定。这种可移动的量子比 特是中性原子平台的优势之一，有助于更灵活地实现量子纠错。由于量子比特易受噪声干扰，纠错技术 是规模化量子计算的关键挑战。 研究团队计划下一步实现数千个物理 ...

此前，Diraq与imec已展示，利用常规半导体工艺制造的量子比特在执行单比特操作时，保真度可达 99.9%。然而，要支撑真正的量子计算能力，还必须在双比特操作中实现高保真度。此次突破正是填补 了这一关键空白。 祖拉克表示，最新成果为开发完全容错、功能完善且具备成本效益的量子计算机扫清了道路。 （文章来源：科技日报） 研究团队在论文中指出，由Diraq设计、imec制造的器件，在执行涉及两个量子比特的逻辑操作时，保 真度超过99%。双比特逻辑门是量子计算的基本构件，其可靠性被视为量子计算机走向大规模容错的关 键指标。 美国国防高级研究计划局正在推进"量子基准计划"，要求包括Diraq在内的18家公司证明能否达到"实用 规模"目标。所谓"实用规模"，是指量子计算机在商业价值上超过其运行成本。专家认为，实现这一水 平至少需要在芯片上稳定操控数百万量子比特，以抵消量子态极易出错的弱点。 祖拉克介绍说，此次成果表明，硅基量子芯片可依托现有CMOS工艺进行大规模制造，从而在降低成本 的同时实现高保真度，为研制数百万比特级量子计算机开辟了可行路径。 据新一期《自然》杂志报道，澳大利亚新南威尔士大学的量子技术初创公司Dir ...

Core Viewpoint - IBM has experienced significant stock growth under CEO Arvind Krishna, with a 159% increase since his appointment, driven by a focused strategy on hybrid cloud and AI technologies, alongside advancements in quantum computing [2][3][11]. Financial Performance - Since Krishna took over in April 2020, IBM has consistently beaten earnings per share expectations, although revenue performance has been mixed, often falling short of forecasts [4][10]. - In Q2 2024, IBM reported an 8% revenue increase to $17 billion, exceeding Wall Street estimates, and raised its full-year guidance for software revenue growth due to strong AI demand [8][10]. - The company also raised its free cash flow outlook to over $13.5 billion for 2025, reflecting confidence in its hybrid cloud and AI trajectory [8][10]. Strategic Developments - Krishna's leadership has led to a strategic focus on AI and hybrid cloud, particularly following the spin-off of Kyndryl, which allowed IBM to concentrate on growth areas [6][15]. - The acquisition of Red Hat for $34 billion has modernized IBM's software offerings and enhanced its competitive advantage in the hybrid cloud market [14][15]. Quantum Computing Potential - IBM has achieved $1 billion in cumulative quantum revenue since 2017, with expectations for significant growth as the company plans to launch its first error-corrected quantum computer by late this decade [19]. - Recent advancements in quantum computing have shown promising results, such as HSBC's reported 34% improvement in bond trade predictions using IBM's quantum systems, which may attract further interest from market participants [20][21][22].

在谈及低空经济时，沃飞长空首席执行官兼首席科学家郭亮表示，新能源对于航空的革命性影响，可能远大于汽车产业。汽车进入电动化时代后，外形和 功能没有发生颠覆性变化，而在航空领域则会产生非常大的变化。未来新能源车与低空经济将会是一个"美妙的组合"。 2025年 《财富》中国科技50强·创新之夜现场。 9 月 25 日，《财富》中国科技 50 强·创新之夜在广州成功举办。 今年是《财富》（中文版）推出"《财富》中国科技 50 强"榜单的第二年，我们继续寻找出生在中国，正在影响世界的科技公司。伴随着榜单的发布，科 技 50 强·创新之夜与今年的《财富》世界 500 强峰会同日举办。 如今，中国公司们正在全力推动技术落地，科幻与现实的边界正在随之变得模糊。科技企业的管理者们共聚一堂，围绕以人工智能为代表的多项前沿科技 议题展开讨论，分享思考、寻找共识。 到场嘉宾普遍认为，研发应当以终为始，通过市场需求和潜力决定对产品的初步设想，以此推导出应走的技术形式。简单的形式无法达到好的性能，因此 要走难而正确的技术路线。 从左到右依次为：《财富》中国 新媒体执行主编 谢菁 炜， 沃飞长空首席执行官兼首席科学家郭亮以及 玻色量子副总 ...

Core Insights - Quantum computing stocks in the US saw significant gains, with Quantum Computing (QUBT.US) rising over 9%, D-Wave Quantum (QBTS.US) increasing nearly 4%, Rigetti Computing (RGTI.US) up over 3%, and SEALSQ Corp (LAES.US) climbing nearly 2% [1] Company Developments - QUBT successfully completed a $500 million private placement of common stock, which significantly enhances the company's financial strength [1] - HSBC partnered with IBM to demonstrate the application of quantum computing in bond trading, improving the technological outlook for the industry [1]

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].

Core Viewpoint - The article discusses the recent IPO counseling registrations of several companies, highlighting the growing interest in sectors such as commercial aerospace and quantum computing, with specific focus on companies like Weina Starry Sky and Benyuan Quantum [1][4][7]. Group 1: Weina Starry Sky - Weina Starry Sky, established in August 2017, specializes in satellite and ground station product development, with a registered capital of 62.5625 million yuan [4]. - The company has developed and launched 27 satellites, covering various fields including narrowband low-power communication and high-resolution optical remote sensing [5]. - Weina Starry Sky has completed 14 rounds of financing, with a total amount exceeding 2 billion yuan and a valuation over 7 billion yuan, positioning it as a commercial aerospace unicorn [5]. Group 2: Benyuan Quantum - Benyuan Quantum, founded in September 2017, is a leading quantum computing company in China, focusing on building a self-controlled engineering quantum computer ecosystem [8]. - The company has achieved significant milestones, including the deployment of its third-generation superconducting quantum computer "Benyuan Wukong" across multiple locations in China [8]. - In 2024, Benyuan Quantum reported revenue of 99.3849 million yuan with a net loss of 34.1928 million yuan, indicating ongoing financial challenges [8][12]. Group 3: Zhenhua Haike - Zhenhua Haike, established in 1979, specializes in the research, production, and sales of pumps and motors for naval equipment, with a registered capital of 114.52669 million yuan [13]. - The company anticipates the ship pump market in China to exceed 30 billion yuan by 2025, with a compound annual growth rate of approximately 15% [13]. - In 2024, Zhenhua Haike reported revenue of 579 million yuan, with a net profit decline of 21.92% due to rising raw material costs and military pricing sensitivity [14]. Group 4: Karuku - Karuku, founded in June 2011, focuses on automotive emergency starting power supplies and energy storage products, with a registered capital of 45 million yuan [17]. - The company has developed the world's first lithium battery automotive emergency starting power supply and has a significant market presence, exporting to over 30 countries [18]. - The founder, Lei Yun, has a strong academic background, having studied at prestigious institutions including Peking University and the University of Wales [17]. Group 5: Haishen - Haishen, established in June 2020, specializes in hair products and has a registered capital of 120 million yuan, with products sold in over 30 countries [20]. - The company has undergone multiple rounds of financing and aims to list on the main board, indicating strong growth potential in the hair product market [20][21]. Group 6: Jimei New Materials - Jimei New Materials, founded in January 2006, focuses on the design, development, and production of cellulose acetate sheets, with a registered capital of 53.34 million yuan [24]. - The company has established long-term partnerships with major eyewear manufacturers, contributing to its position as a leading producer in the cellulose acetate sheet industry [24]. - In 2025, Jimei New Materials reported a revenue of 145 million yuan, reflecting a slight decline of 0.64% year-on-year [26].

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.