国盾量子 20251009 摘要 国盾量子业务覆盖量子通信、量子计算和量子精密测量三大领域，全球 稀缺，2025 年上半年营收同比增长 74.5%至 1.2 亿元，毛利率维持在 50%左右，手持订单超 2.2 亿元，未来订单预期乐观。 量子通信领域，国盾量子是国内最大供应商，市占率超 90%，已完成 20 余座城市城域网建设，并参与国际项目。中国电信入股后，加速城市 间组网建设，预计 2030 年完成 100 个城市城域网建设。 量子计算领域，国盾量子依托中科大技术平台，参与祖冲之三号研究， 在测控设备、稀释冷机等方面领先。2025 年上半年该领域营收同比增 长近三倍至 5,600 万元，并签订多笔大额订单。 量子精密测量方面，冷原子重力仪产品表现突出，已完成两笔订单并确 认营收，另有三笔冷原子钟订单，单价约 300 万元。该领域未来在矿场 勘测和地下结构勘探方面有增长潜力。 中国电信入股为国盾量子提供平台支持，加速城市间通信组网建设，提 升市场份额，并带来大额订单，如 6,400 万元整机订单有望在明年交付， 巩固行业领军地位。 Q&A 国盾量子公司在 A 股市场中的地位如何？ 国盾量子是目前 A 股市场上 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][8]. Core Insights - Quantum computing drives significant revenue growth, with a 74.54% year-on-year increase in H1 2025, and quantum computing revenue specifically rising by 283.92% [9]. - The synergy with China Telecom is becoming increasingly significant, transitioning quantum communication into an information security infrastructure, which is expected to enhance user convenience and accelerate industry growth [10]. - The commercialization of quantum computing is accelerating, highlighted by the successful delivery of the 504-qubit superconducting quantum computer "Tianyan-504" to China Telecom and a breakthrough in overseas markets with a 25-qubit delivery [11]. Financial Summary - The projected revenue for the company from 2025 to 2027 is estimated at 0.36 billion, 0.49 billion, and 0.64 billion RMB respectively, with earnings per share (EPS) expected to be 3.54, 4.80, and 6.22 RMB [4][8]. - In H1 2025, the company reported a net profit attributable to shareholders of -23.79 million RMB, with a recurring net profit of -46.75 million RMB [9]. - The company’s total revenue for 2023 is reported at 156 million RMB, with a projected increase to 640 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 29.7% [3].

Core Insights - Quantum technology is a crucial development direction for China's future industries and is expected to revolutionize emerging technologies [1] - The field of quantum technology encompasses quantum computing, quantum communication, and quantum measurement, leveraging principles of quantum mechanics [3][24] Group 1: Quantum Technology Developments - China has made significant strides in quantum technology, with the "Zu Chongzhi III" quantum computing prototype set to be launched in March 2025, establishing a new global record in superconducting quantum computing [4] - A research team successfully constructed a 300-kilometer quantum direct communication network, demonstrating the feasibility of long-distance secure communication [6] - The "Nano-Photon Factory" was developed in July 2025, producing a new type of quantum entangled light source with a fidelity of 99.4%, laying a critical foundation for advanced quantum applications [6] Group 2: Quantum Sensing and Measurement - Quantum sensors, which are atomic-scale devices, can measure extremely small quantities, such as the temperature of individual cells or molecules, thus opening the door to the microscopic world [9] - Quantum precision measurement can detect magnetic field signals that are 10 billion times smaller than Earth's magnetic field, and portable gravity meters can identify mineral deposits deep underground [10][11] - The core team from Guoyi Quantum aims to transform research outcomes in quantum measurement into products, achieving breakthroughs in domestic high-end scientific instruments [11][13] Group 3: Quantum Applications in Power Systems - The world's first quantum application demonstration substation in Hefei operates 85 types of quantum technology-related products, enhancing the safety and efficiency of power transmission [18][20] - Quantum communication ensures secure transmission of electrical information, while quantum computing performs dynamic data calculations between power nodes [20] - Future developments in quantum sensors are expected to replace traditional measurement devices, significantly reducing size and costs, which is crucial for power systems [23] Group 4: Industry Growth and Policy Support - Hefei is a key hub for quantum technology innovation, with plans to develop the quantum industry into a 100 billion yuan industry cluster by 2027 [35] - Various cities, including Beijing, Shanghai, and Shenzhen, are accelerating the practical application of quantum technology through supportive policies and the establishment of innovation incubators [37]

Group 1 - The Ministry of Commerce expressed hope for a fair business environment for Chinese companies like TikTok in the U.S. [2] - The National Organization for Drug Procurement released the 11th batch of centralized drug procurement documents, emphasizing principles of clinical stability, quality assurance, and anti-competitive practices [2] - Kuaishou and Weibo responded to regulatory discussions by forming special teams for rectification and improving content management [2] Group 2 - The 2025 World Manufacturing Conference opened in Hefei, with over 1,000 guests from more than 40 countries, highlighting the increase in the threshold for the top 500 Chinese manufacturing companies [2] - The China-Laos Railway has facilitated over 1,500 million tons of goods since its operation, with significant growth in agricultural exports [2] - The construction of the Duku Highway project commenced, aiming to enhance transportation efficiency in the region [2] Group 3 - The first fully autonomous 500 kV substation in China was launched in Liaoning, showcasing advancements in domestic technology for power grid safety [2] - Research teams confirmed high-temperature superconductivity in nickel oxide materials, marking a significant scientific breakthrough [2] - Observations from the Huairou-1 satellite provided evidence of a millisecond pulsar associated with a gamma-ray burst, contributing to astrophysical research [2]

Core Insights - Quantum technology is a crucial development direction for China's future industries and is expected to disrupt emerging technologies [1] - Recent innovations in China's quantum technology field have led to significant advancements in quantum computing, communication, and measurement [1][3] Group 1: Quantum Technology Innovations - China's self-developed quantum computing prototype "Zu Chongzhi III" was launched in March 2025, setting a new global record for superconducting quantum computing superiority [3] - In July 2025, a research team created a "nano-photon factory," producing a new type of quantum entangled light source with a fidelity of 99.4%, laying a critical foundation for advanced quantum applications [3] - A 300-kilometer quantum direct communication network has been successfully established, demonstrating the feasibility of long-distance high-security communication [5] Group 2: Quantum Sensing and Measurement - The world's smallest quantum sensor, located at the tip of a diamond probe with a diameter of only 500 nanometers, is capable of measuring at the atomic level [8] - Quantum sensors can measure extremely small entities, such as individual cells and molecules, which traditional sensors cannot detect [10] - The core team from Guoyi Quantum aims to transform quantum measurement research into products, achieving breakthroughs in China's high-end scientific instruments [12] Group 3: Applications in Power and Energy - The world's first quantum application demonstration substation in Hefei integrates 85 types of quantum technology-related products, enhancing operational safety and efficiency [14] - Quantum communication ensures secure transmission of electrical information, while quantum computing performs dynamic data calculations between power nodes [15] - Quantum sensors in the substation can monitor multiple parameters with high sensitivity, significantly improving the reliability of the power system [17][19] Group 4: Quantum Computing Capabilities - China's highest bit-count superconducting quantum computer has 504 qubits, potentially exceeding the computational power of all current supercomputers [21] - Quantum computing can revolutionize fields such as meteorological prediction and information security, with ongoing explorations proving its feasibility [23] - New quantum communication technologies are being tested to ensure absolute information security, with future applications in global secure information networks [25] Group 5: Industry Development and Policy Support - The Ministry of Industry and Information Technology and other departments have proposed plans to develop future industries, including quantum technology, aiming to create a hundred billion-level industrial cluster by 2027 [26] - Hefei is recognized as a key innovation hub for quantum technology, with specialized parks and clusters being established [26] - Other cities like Beijing and Shanghai are also accelerating the practical application of quantum technology through various initiatives and policies [26]

Core Insights - Quantum technology is a crucial development direction for China's future industries and is expected to revolutionize emerging technologies [1] - China has made significant strides in quantum technology, including the development of the "Zu Chongzhi No. 3" quantum computing prototype and a new type of quantum entangled light source with a fidelity of 99.4% [1][2] Group 1: Quantum Technology Innovations - Quantum technology is based on the principles of quantum mechanics, enabling advancements in quantum computing, communication, and measurement [1] - The "Zu Chongzhi No. 3" quantum computing prototype was launched in March 2025, setting a new global record for superconducting quantum computing superiority [1] - A research team created a "nano-photon factory" in July 2025, producing a new quantum entangled light source with a fidelity of 99.4%, laying the groundwork for advanced quantum applications [1] Group 2: Quantum Communication and Measurement - A 300-kilometer quantum direct communication network was successfully constructed, demonstrating the feasibility of long-distance high-security communication [2] - Quantum sensors, which are capable of measuring at the atomic level, are being developed to provide precise measurements for applications in various fields [3][4] - The world's smallest quantum sensor, with a scale of 0.5 nanometers, is being utilized for measuring extremely small entities, such as individual cells and molecules [4][5] Group 3: Practical Applications and Industry Development - The world's first quantum application demonstration substation in Hefei integrates 85 types of quantum technology-related products, enhancing operational safety and efficiency [8][9] - Quantum sensors are expected to replace many traditional measurement devices, significantly improving accuracy and reducing costs in power systems [9] - The quantum computing capabilities demonstrated in Hefei, with a quantum computer featuring 504 qubits, show potential for applications in weather prediction and information security [11][12] Group 4: National and Regional Strategies - The Chinese government is promoting the development of future industries, including quantum technology, through various policies and initiatives [13][14] - Hefei is recognized as a key hub for quantum technology innovation, with plans to develop a hundred billion-level industry cluster by 2027 [14] - Other cities like Beijing, Shanghai, and Shenzhen are also advancing their quantum technology initiatives, focusing on practical applications and industry cultivation [14]

Group 1 - The core viewpoint of the news is that Guoce Quantum Technology (Zhejiang) Co., Ltd. has completed an A+ round of financing exceeding 100 million RMB, with participation from several investment institutions [1][2]. - The investment institutions involved in this financing round include China National New Holding, Hebei Coastal Industrial Investment Fund, Zhejiang Specialized and New (Wenzhou) Mother Fund, and Jinf Capital [1][2]. - Guoce Quantum is an industrial company initiated by Peking University in the field of quantum precision measurement, leveraging the university's technological advantages and aiming to develop high-end instruments for various applications [2]. Group 2 - The company is focused on applications of quantum precision measurement instruments in navigation, autonomous navigation timing micro-terminals, military communication, electronic warfare, micro-nano satellites, unmanned driving, the Internet of Things, and underwater detection [2]. - Guoce Quantum aims to establish a production base for high-end quantum precision measurement instruments, including chip atomic clocks, to achieve complete domestic control over high-end instruments and break foreign technology barriers [2]. - The company is committed to becoming a leading enterprise in the global time-frequency field [2].

Group 1 - The core viewpoint of the article highlights that Guoce Quantum Technology (Zhejiang) Co., Ltd. has successfully completed an A+ round financing of over 100 million yuan, led by Guofeng Investment (Beijing) Intelligent Manufacturing Transformation and Upgrade Fund, with participation from several other funds [2] - Guoce Quantum was established in June 2023, incubated by the quantum precision measurement team from Peking University, focusing on the localization of core quantum time-frequency devices, and has launched products such as chip-level atomic clocks and ultra-stable lasers [3] - The funds from this round of financing will be used to expand the production scale of domestically produced chip atomic clocks and high-end stable frequency lasers, enhance R&D of key devices, and accelerate batch verification and delivery in various applications such as communication, power grids, Beidou, and autonomous driving [4] Group 2 - The investment rationale provided by the National New Fund indicates that quantum precision measurement serves as the underlying "clock" for high-end manufacturing, and Guoce Quantum has achieved independent control of core technologies with rapid industrialization capabilities, meeting the surging demand in industrial, defense, and new infrastructure sectors [5] - The investment reflects a broader trend where local governments, state-owned funds, and market-oriented institutions respond to the call for "strengthening patient capital," with Guoce Quantum securing two rounds of financing within a year, showcasing the synergy between policy and capital [6]

Group 1 - Quantum technology is advancing rapidly, enabling significant improvements in drug development, material design, financial analysis, AI training, secure communication, and precision measurement [1][2] - China has made substantial progress in quantum technology, transitioning from following to leading in certain areas, with Jiangsu province focusing on a comprehensive development chain from basic research to industrial clustering [1][4] - The establishment of the Quantum Technology Yangtze River Delta Industrial Innovation Center in Suzhou has created a complete industry chain, making it a leader in domestic quantum technology infrastructure [2][3] Group 2 - Jiangsu's quantum technology sector is characterized by a young and dynamic ecosystem, with many companies established recently yet showing significant potential in research and development [3][4] - The province ranks second nationally in the number of quantum technology-related enterprises, with notable advancements in quantum computing and measurement technologies [4][6] - As of June this year, Jiangsu has filed 2,018 quantum technology-related patents, ranking fourth in the country, indicating a robust innovation environment [3][6] Group 3 - Challenges in the quantum technology sector include technical bottlenecks, supply chain vulnerabilities, and a fragmented upstream supply chain, which hinder development [6][7] - The market demand for quantum technology remains unclear, with many applications still in the exploratory phase, leading to a disconnect between supply and demand [7][8] - International challenges, including technological and investment restrictions from certain Western countries, pose additional hurdles for the development of quantum technology in China [6][8] Group 4 - Collaborative efforts between government, universities, and enterprises are essential for overcoming barriers in the quantum technology sector [8][9] - The establishment of innovation platforms and major technological infrastructure is crucial for supporting high-quality development in quantum technology [8][10] - Companies are increasingly engaging in partnerships with academic institutions to accelerate the application of quantum technology and fill existing technological gaps [9][10]

Core Insights - A comprehensive white paper titled "2025 Quantum Internet and Computing Network Collaborative Architecture" has garnered significant attention, detailing the foundational framework of quantum information technology and its applications [1][2]. Quantum Information Technology - The report outlines three primary application areas of quantum information technology: quantum communication, quantum computing, and quantum precision measurement [1]. - In quantum communication, technologies such as Quantum Key Distribution (QKD), quantum teleportation, and Quantum Secure Direct Communication (QSDC) are elaborated [1]. - The quantum computing section reviews the development history and existing physical platforms like superconductors and ion traps, along with key quantum algorithms such as Shor's and Grover's algorithms [1]. - Quantum precision measurement is highlighted for its ability to surpass standard quantum limits, with applications in quantum clock networks and long-baseline telescopes [1]. Quantum Internet Architecture - The report discusses the multi-stage development of the quantum internet, including trusted relay networks and the evolution of quantum relays to the fourth generation [2]. - It analyzes various protocol stacks for the quantum internet, including the Van Meter and Wehner five-layer models, and introduces packet-switching technology for data transmission [2]. - An initial resource-scarce operational model for the quantum internet is proposed, featuring a centralized control system with user and main networks [2]. Quantum Computing Network Collaboration - The report focuses on three collaborative trends: quantum cloud computing, integration of quantum and supercomputing, and distributed quantum computing [3]. - It emphasizes the necessity of computing network collaboration to meet the unique demands of quantum applications [3]. - Key research directions include resource abstraction and modeling, quantum business modeling, and scheduling framework modeling [3].