Investment Rating - The investment rating for the industry is "Overweight" indicating an expectation for the industry to outperform the overall market performance [74]. Core Insights - The report highlights significant breakthroughs in quantum key distribution networks, with the successful construction of the world's first large-scale quantum key distribution network based on integrated optical quantum chips, supporting 20 chip users and a networking capability of up to 3700 kilometers [13][18]. - Fujida (920640.BJ) is identified as a representative company in the quantum industry chain, having made early investments in quantum technologies and achieving key technical breakthroughs in low-temperature superconducting RF cables, which are essential for stable signal transmission in quantum computing applications [3][25]. - The report notes that Fujida's revenue for the first three quarters of 2025 reached 652 million yuan, a year-on-year increase of 16.62%, with a net profit of 55.93 million yuan, reflecting a growth of 55.38% [30][28]. Summary by Sections Quantum Key Distribution Breakthroughs - The report discusses the advancements in quantum key distribution, emphasizing the development of a scalable quantum relay module that enables long-distance quantum networks and the successful transmission of device-independent quantum key distribution (DI-QKD) over distances exceeding 100 kilometers [18][21]. Industry Performance - The information technology sector experienced an average weekly increase of 1.68%, with the median price-to-earnings (P/E) ratio dropping to 74.1X [4][31]. - The smart manufacturing sector saw its median P/E ratio rise to 42.5X, indicating positive market sentiment [47][54]. Company Announcements - Fujida's core products are being utilized in superconducting quantum computer projects across domestic research institutions, with current operations focused on small-batch supply, contributing to a growing revenue stream [3][25]. - The report also includes performance forecasts for various companies, with notable expected revenue growth for companies like JinHao Medical and North Mining Testing [68][69].

Core Concept - The article discusses the emergence of the quantum internet, which promises unparalleled security, powerful distributed computing capabilities, and applications that surpass classical networks [1]. Group 1: Quantum Fundamentals - Quantum technology operates based on quantum physics laws, showcasing properties like quantum superposition and entanglement [3]. - Quantum bits (qubits) differ from classical bits by being able to exist in a superposition of states, while entanglement allows qubits to remain interconnected regardless of distance [5]. Group 2: Definition and Functionality - The quantum internet is not merely an enhancement of existing internet speed or security; it is a network designed for sharing entangled states, enabling secure key exchanges and quantum information teleportation [6]. - The quantum internet will coexist with the classical internet, where classical channels carry control information and quantum channels distribute entangled states [6]. Group 3: Importance and Applications - For network professionals, the quantum internet represents a mature technology with clear applications, such as quantum key distribution (QKD) for secure key generation and blind quantum computing [7]. - Distributed quantum computing can connect multiple quantum processors through entanglement, achieving exponential speedup compared to classical distributed systems [8]. - Quantum sensing networks will provide unprecedented measurement precision, potentially transforming navigation, astronomical observation, and Earth monitoring [9]. Group 4: Current Progress - The construction of the quantum internet is progressing in phases, starting with the deployment of basic QKD networks in urban and satellite communications [10]. - Subsequent phases include demonstrations of entangled state distribution, quantum storage networks, fault-tolerant networks based on logical qubits, and a complete quantum internet supporting distributed quantum computing [10]. Group 5: Challenges Ahead - Building the quantum internet involves addressing challenges that classical physics cannot compare to, such as the need for quantum repeaters to extend entangled state transmission distances and new error correction mechanisms to combat noise and decoherence [11]. - Despite these challenges, there is strong momentum with significant investments from governments, research institutions, and industry leaders in prototype and testing platforms [11]. Group 6: Future Outlook - The quantum internet will not replace the existing internet but will expand its capabilities in unimaginable ways, warranting attention from network operators [12]. - This new type of network, leveraging quantum mechanics, is expected to create secure, collaborative, and powerful applications, marking the beginning of a transformation comparable to the transition from telegraph to internet [12].

不过，DI-QKD的实验实现面临极为严苛的技术门槛，此前相关实验演示大多局限于数米至数百米 短距离范围。 基于可扩展量子中继技术，研究团队进一步实现了两个铷原子间的远距离高保真纠缠，并在此基础 上将设备无关量子密钥分发的距离突破百公里，较国际此前最好实验水平提升两个数量级以上。 潘建伟表示，上述突破是我国继"墨子号"量子卫星之后又一里程碑式成果，标志着基于量子纠缠的 光纤量子网络正在从理论构想走向现实可能，进一步扩大了我国在该领域的国际领先优势。 （原载于《科技日报》2026-02-09 01版） 记者8日从中国科学技术大学获悉，该校潘建伟院士团队与其他团队合作，在国际上首次构建出可 扩展量子中继的基本模块，并实现了单原子节点间的远距离高保真纠缠，在此基础上首次将器件无关量 子密钥分发（DI-QKD）的传输距离突破百公里，极大推进了该技术的实用化进程。两项成果分别于北 京时间2月3日和6日发表于国际学术期刊《自然》和《科学》。 光纤的固有损耗导致量子纠缠的传输效率随距离成指数衰减，量子中继方案是解决光纤传输损耗的 有效方案。然而，近30年来始终未能解决的一项重大技术难题是：纠缠的寿命远远短于产生纠缠所需的 时 ...

Core Insights - The research team led by Academician Pan Jianwei from the University of Science and Technology of China has achieved significant breakthroughs in quantum communication technology, specifically in scalable quantum repeaters and device-independent quantum key distribution (DI-QKD) [1][2] Group 1: Quantum Repeater Technology - The team has constructed the basic module for a scalable quantum repeater and achieved long-distance high-fidelity entanglement between single atomic nodes, overcoming a major technical challenge that has persisted for nearly 30 years [1] - The entanglement lifetime achieved is 550 milliseconds, which significantly exceeds the time required to establish entanglement (450 milliseconds), enabling effective connection of entanglements and making long-distance quantum networks feasible [1] Group 2: Device-Independent Quantum Key Distribution - The DI-QKD scheme allows for secure key distribution even when quantum devices are completely untrusted, enhancing the practicality and attack resistance of quantum key distribution [2] - The research team has successfully extended the transmission distance of DI-QKD to over 100 kilometers, improving upon the previous best experimental level by more than two orders of magnitude [2] - This achievement is considered a milestone in the field, following the success of the "Mozi" quantum satellite, and signifies a shift from theoretical concepts to practical possibilities in fiber-based quantum networks [2]

Core Insights - The research team from the University of Science and Technology of China has developed a scalable quantum relay basic module and achieved long-distance high-fidelity entanglement between single atomic nodes, marking a significant advancement in the practical application of quantum key distribution (DI-QKD) technology, with transmission distances exceeding 100 kilometers [1][2] Group 1: Quantum Relay Technology - The inherent loss of optical fibers leads to an exponential decay in the efficiency of quantum entanglement transmission over distance, making quantum relay schemes an effective solution to address fiber transmission losses [1] - A major technical challenge that has persisted for nearly 30 years is that the lifetime of entanglement is significantly shorter than the time required to generate it, hindering effective entanglement connection and scalability of quantum relays [1] - The research team has developed long-lifetime trapped ion quantum storage, high-efficiency ion-photon communication interfaces, and high-fidelity single-photon entanglement protocols, achieving a significant breakthrough with an entanglement lifetime of 550 milliseconds, surpassing the 450 milliseconds required for entanglement establishment [1] Group 2: Device-Independent Quantum Key Distribution - The traditional quantum secure communication schemes require precise calibration of device parameters to ensure real-world security, while the device-independent quantum key distribution (DI-QKD) scheme overcomes this limitation, ensuring key security even with completely untrusted quantum devices [2] - The implementation of DI-QKD has faced stringent technical barriers, with previous international experiments mostly limited to short distances of a few meters to hundreds of meters [2] - Utilizing scalable quantum relay technology, the research team successfully achieved long-distance high-fidelity entanglement between two rubidium atoms, breaking the DI-QKD distance barrier of 100 kilometers, improving upon the previous best international experimental level by over two orders of magnitude [2]

Core Insights - The research team from the University of Science and Technology of China has achieved a significant breakthrough in scalable quantum network research by constructing the basic module of a scalable quantum relay, making long-distance quantum networks a realistic possibility [1][2] - They have successfully established long-lived quantum entanglement between single atomic nodes over long distances and have, for the first time, surpassed the 100-kilometer transmission distance for device-independent quantum key distribution, improving upon previous international experimental levels by more than two orders of magnitude [2] Group 1 - The ultimate goal of quantum information science is to build efficient and secure quantum networks, with the fundamental element being the distribution of long-distance deterministic quantum entanglement [1] - The inherent loss in optical fibers leads to an exponential decay in the efficiency of quantum entanglement transmission with distance, posing the greatest challenge in constructing scalable quantum networks [1] - The quantum relay scheme is an effective solution to address the transmission loss in optical fibers, potentially enhancing the efficiency of entanglement distribution over 1000 kilometers by 100 billion billion times compared to direct transmission [1] Group 2 - The research team developed long-lived trapped ion quantum memory, high-efficiency ion-photon communication interfaces, and high-fidelity single-photon entanglement protocols to achieve long-lived quantum entanglement, significantly exceeding the time required to establish entanglement [2] - The successful construction of the basic module for scalable quantum relays marks a transition from theoretical concepts to realistic possibilities for fiber-based quantum networks [3]

Core Insights - The research team from the University of Science and Technology of China has made significant breakthroughs in scalable quantum network research, constructing the basic module of a scalable quantum repeater for the first time internationally, making long-distance quantum networks a realistic possibility [1][2] - They achieved high-fidelity entanglement between single atom nodes over long distances and successfully extended the transmission distance of device-independent quantum key distribution beyond 100 kilometers, improving previous international experimental levels by more than two orders of magnitude [2] Group 1 - The ultimate goal of quantum information science is to build efficient and secure quantum networks, with long-distance deterministic quantum entanglement distribution as a fundamental element [1] - The inherent loss in optical fibers leads to an exponential decay in the efficiency of quantum entanglement transmission with distance, posing the greatest challenge in constructing scalable quantum networks [1] - The quantum repeater scheme is an effective solution to address the transmission loss in optical fibers, potentially enhancing the efficiency of entanglement distribution over 1000 kilometers by 10^20 times compared to direct transmission [1] Group 2 - The research team developed long-lived trapped ion quantum memory, high-efficiency ion-photon communication interfaces, and high-fidelity single-photon entanglement protocols, achieving long-lived quantum entanglement that significantly exceeds the time required to establish entanglement [2] - This breakthrough marks a transition from theoretical concepts of fiber-based quantum networks to realistic possibilities, indicating progress towards practical applications of quantum entanglement technology [3]

基于可扩展量子中继技术，研究团队进一步成功实现了两个铷原子间的远距离高保真纠缠。在此基础 上，研究团队首次将设备无关量子密钥分发的距离突破百公里，较国际此前最好实验水平提升两个数量 级以上。 来源：科技日报 记者2月6日从中国科学技术大学获悉，该校潘建伟及其同事汪野、万雍、张强等与合作者合作，在国际 上首次构建出可扩展量子中继的基本模块，并实现了单原子节点间的远距离高保真纠缠，在此基础上首 次将器件无关量子密钥分发（DI-QKD）的传输距离突破百公里，极大推进了该技术的实用化进程。两 项成果分别于北京时间2月3日和6日发表于国际期刊《自然》和《科学》。 中国科学技术大学研究团队通过发展长寿命囚禁离子量子存储器、高效率离子—光子通信接口及高保真 度单光子纠缠协议，在国际上首次实现长寿命量子纠缠，纠缠寿命（550毫秒）显著超过纠缠建立所需 的时间（450毫秒），从而成功构建了可扩展量子中继的基本模块，使得远距离量子网络成为现实可 能。 科技日报记者 吴长锋 图片来源：中国科学技术大学 潘建伟院士表示，上述突破是我国继"墨子号"量子卫星之后又一里程碑式成果，标志着基于量子纠缠的 光纤量子网络正在从理论构想走向现实可 ...

Core Insights - Chinese scientists have achieved a significant breakthrough in quantum communication by constructing the first truly scalable quantum network relay unit, marking a decisive step towards the practical application of long-distance quantum communication [1][3] Group 1: Quantum Network Development - The newly developed quantum relay technology allows for the highest security level communication verification over 11 kilometers of fiber optics, extending secure communication distance to 100 kilometers [1] - The quantum network's capabilities are likened to upgrading from riding a bicycle to using a magical teleportation portal, enabling the measurement of minute changes undetectable by traditional instruments and providing built-in anti-eavesdropping features [1][2] Group 2: Overcoming Transmission Challenges - A major challenge in establishing a large-scale quantum network is overcoming the significant loss of quantum signals during fiber optic transmission, which can take an average of 300 years to successfully receive a pair of entangled quantum particles over 1000 kilometers [2] - The introduction of quantum relay technology acts as a "secret agent" that allows entangled particles to connect over long distances, significantly improving transmission efficiency by 100 billion billion times [2] Group 3: Achievements in Quantum Entanglement - The research team has successfully established high-fidelity entanglement between distant nodes, enabling device-independent quantum key distribution over long distances, ensuring that transmitted information remains unbreakable even if the communication devices are compromised [3] - These breakthroughs signify that the concept of fiber optic quantum networks based on quantum entanglement is transitioning from theoretical ideas to practical realities, enhancing China's international leadership in this field [3]

Core Insights - The research team from the University of Science and Technology of China has achieved a significant breakthrough in scalable quantum network research by constructing the basic module of a scalable quantum relay, making long-distance quantum networks a realistic possibility [1][2] - They have successfully established long-lived quantum entanglement between single-atom nodes over long distances and have, for the first time, surpassed the 100-kilometer transmission distance for device-independent quantum key distribution [1][2] Group 1 - The ultimate goal of quantum information science is to build efficient and secure quantum networks, with long-distance deterministic quantum entanglement distribution being a fundamental element [1] - The inherent loss in optical fibers leads to an exponential decay in the efficiency of quantum entanglement transmission with distance, posing the greatest challenge in constructing scalable quantum networks [1] - The quantum relay scheme is an effective solution to address the transmission loss in optical fibers, enabling entanglement distribution over distances of 1,000 kilometers, which could enhance efficiency by 100 billion billion times compared to direct transmission [1] Group 2 - The research team developed long-lived trapped ion quantum memory, high-efficiency ion-photon communication interfaces, and high-fidelity single-photon entanglement protocols, achieving long-lived quantum entanglement that significantly exceeds the time required to establish entanglement [2] - The successful construction of the basic module for scalable quantum relays makes long-distance quantum networks feasible [2] - The breakthrough signifies that fiber-based quantum networks utilizing quantum entanglement are transitioning from theoretical concepts to practical possibilities [2]