证券研究报告 全球量子科技产业化加速推进中 ——量子科技专题报告（一） 行业投资评级：强于大市|维持 孙业亮/刘聪颖 中邮证券研究所 计算机团队 中邮证券 1 1 发布时间：2026-02-26 投资要点 全球高度重视量子科技，国际竞争激烈：量子科技已成为全球主要国家开展科技、经济等领域综合 国力竞争，维护国家技术主权与发展主动权的战略重点之一，对国防安全、信息安全等关键领域有深远影 响；截至2025年8月，全球30余个国家和地区制定或更新量子信息领域的发展战略规划或法案文件，投资 金额已超过350亿美元；"十五五"规划将量子科技列入未来产业布局的首位，政策体系持续完善。 量子计算多技术路线竞相发展，亮点成果不断涌现：近年来，在实验室环境下超导、离子阱、中性 原子、光量子等主要技术路线原理样机的量子比特规模和逻辑门保真度等均有明显提升，量子纠错在新型 编码方案研究和逻辑量子比特构建等方面取得重要科研成果，量子软件与云平台技术成熟度不断提升，应 用场景探索广泛开展，一旦规模、噪声和控制超过某些阈值，性能差距的跃升将转化为巨大经济效益。 后量子密码系统迁移势在必行：量子计算技术的飞速发展，给传统密码学带来前所未有 ...

证券日报网讯1月22日，信安世纪在互动平台回答投资者提问时表示，公司不断探索后量子密码技术在 银行、证券、保险、运营商等行业的应用，已与多家客户合作后量子密码算法的替换和迁移试点工作， 但是后量子密码收入占比很小，请投资者注意风险。 ...

格隆汇1月22日｜有投资者在互动平台向信安世纪提问：公司后量子密码技术主要应用哪些方面？ 信安 世纪回复称，公司不断探索后量子密码技术在银行、证券、保险、运营商等行业的应用，已与多家客户 合作后量子密码算法的替换和迁移试点工作，但是后量子密码收入占比很小，请投资者注意风险。 ...

Core Viewpoint - The company is actively monitoring advancements in cutting-edge technologies and is strategically positioning itself in the market to leverage these developments [1] Group 1: Strategic Initiatives - The company has established a collaboration with renowned domestic university research teams to integrate post-quantum cryptography algorithms with its products [1] - The partnership aims to explore application scenarios that can mitigate the risks posed by quantum attacks on traditional cryptographic algorithms [1]

Core Viewpoint - Quantum computing poses a significant threat to existing cryptographic systems in areas such as cross-border payments, data security, and blockchain applications [1] Group 1: Company Insights - The company is actively investing in post-quantum cryptography research and product validation [1] - There are currently no plans for mergers and acquisitions [1] Group 2: Industry Implications - Quantum communication and post-quantum cryptography are being piloted to enhance cross-border payments and data security, but large-scale application has not yet been achieved [1]

Core Insights - The article discusses the recent developments in Bitcoin security, particularly the implications of quantum computing on its encryption methods [1][3][5] Group 1: Bitcoin Security and Quantum Computing - The U.S. Department of Justice announced it had recovered over $15 billion in Bitcoin from a hacking case, raising concerns about the security of decentralized currencies [3] - Current encryption methods, such as ECDSA used in Bitcoin, are deemed secure against existing technology, but advancements in quantum computing pose a future threat [5][9] - IBM aims to develop a quantum computer with 100,000 qubits by 2033, which could potentially break Bitcoin's encryption if sufficient stable qubits are achieved [5][11] Group 2: Vulnerabilities and Community Response - Approximately 30% of Bitcoin addresses have exposed public keys, making them vulnerable to future quantum attacks [7] - The Bitcoin community has been slow to respond to the potential threat of quantum computing, with little action taken towards adopting post-quantum cryptography standards [9] - The urgency of addressing these vulnerabilities is emphasized, as the timeline for quantum breakthroughs may be shorter than anticipated, potentially rendering Bitcoin's security obsolete [11]

Core Viewpoint - The article highlights the significant contributions of Chinese women in the field of science and technology, showcasing their resilience and achievements in various innovative sectors [1][2][3][4][5][7][8][9] Group 1: Representation and Impact - Approximately 40 million female technology workers in China represent 45.8% of the total workforce in this sector, indicating a strong presence of women in technological innovation [1] - Women are making strides in various fields, from aerospace to biomedicine, demonstrating their capability and determination to excel [2][3][4] Group 2: Individual Achievements - Wang Haoze, a female aerospace engineer, became the third Chinese woman to participate in a manned space mission, completing a 183-day stay in orbit, showcasing the potential of young women in high-stakes environments [2] - Liang Jianying, chief scientist at CRRC, has led the development of high-speed trains, achieving operational speeds of 486.1 km/h and 350 km/h for different models, thus redefining global perceptions of speed [3][4] - Zhao Ruihua, a gynecologist, has dedicated her career to researching endometriosis, developing effective treatment methods that have significantly improved patient outcomes over nearly 40 years [4][5] Group 3: Contributions to Science - Wang Xiaoyun, a cryptographer, made groundbreaking contributions by breaking widely used hash functions, which has had a profound impact on the field of cybersecurity [7] - Zhang Wen, a rheumatologist, has been instrumental in developing diagnostic guidelines for a rare disease, integrating Chinese clinical experiences into international standards [8] Group 4: Inspirational Quotes and Perspectives - Liang Jianying emphasized the importance of striving for excellence in technology, stating that their efforts should reflect the support from the nation and the complexity of the country's geography [4] - Wang Haoze expressed her commitment to contributing to scientific exploration and inspiring more women to pursue careers in science [2][8]

Core Viewpoint - The collaboration between Hengxin Technology and East China Normal University to establish a joint laboratory for intelligent security password chips aims to enhance the development and industrialization of password chips, particularly in the post-quantum cryptography field [1] Group 1: Collaboration Details - Hengxin Technology will jointly research and apply for national key research and development projects, including the National Natural Science Foundation key projects and major key special projects released by Shanghai [1] - The laboratory will focus on developing proprietary algorithms, protocols, and security chips in specific areas of password chips, aiming for independent intellectual property rights to promote industrialization [1] Group 2: Strategic Importance - The board of directors believes that the establishment of the "East China Normal University-Hengxin Technology Intelligent Security Password Chip Joint Laboratory" holds significant and far-reaching strategic importance for the company [1] - This collaboration is expected to significantly enhance the group's capabilities in basic research, key technology breakthroughs, and industrial application in the field of password chips [1] - The partnership will further strengthen the group's core competitiveness in the high-end digital security sector [1]

Group 1 - The core viewpoint emphasizes that quantum artificial intelligence is in its initial stage but holds significant potential for development [1] - AI can empower quantum computing, particularly in overcoming the major bottleneck of quantum error correction [1] - Google's quantum chip achieved a quantum error correction threshold below 1% using 105 qubits, showcasing the integration of AI in quantum technology [1] Group 2 - Chinese researchers, including professors from Tsinghua University and Zhejiang University, have made significant advancements in quantum error correction, indicating that China is at a world-class level in this field [2] - The need for post-quantum cryptography arises due to the vulnerability of current encryption methods like RSA to quantum algorithms, with the LWE algorithm emerging as a promising candidate [2] Group 3 - China possesses a solid foundation in quantum artificial intelligence but requires strategic planning and talent cultivation for future advancements [3] - The country is currently leading in AI applications but lacks sufficient talent for original innovation, which is crucial for becoming a technological powerhouse [3] - The quantum industry in China is still in its infancy, but there is potential for development without waiting for quantum computers to be fully operational [3]

Core Viewpoint - The company is actively advancing research and implementation of post-quantum cryptography and privacy computing solutions, targeting key industries such as banking, insurance, and telecommunications [1] Group 1: Post-Quantum Cryptography - The company is continuously progressing in post-quantum cryptography algorithm research, migration, and industry application [1] - The company has obtained relevant patents for key technologies in post-quantum cryptography [1] - Multiple core products support post-quantum cryptography algorithms, facilitating their replacement and migration in critical business scenarios for clients in banking, insurance, telecommunications, and securities [1] Group 2: Privacy Computing - The company has launched the NetPEC privacy computing platform and secured related technical patents [1] - The platform enables collaborative computing, data fusion, and joint modeling among multiple institutions, enhancing the ability to extract and utilize the immense value of data elements [1] - The company addresses two major issues: data silos and data privacy protection, promoting data security integration and shared circulation in finance, insurance, and government sectors [1] Group 3: Cloud Native Security - The company does not currently offer cloud-native security products, but its existing security products support cloud-native environments [1]