Investment Rating - The report does not explicitly provide an investment rating for the industry or companies discussed. Core Insights - The technology industry experienced 196 financing events globally from December 22, 2025, to January 1, 2026, with 181 events in China and 15 abroad, highlighting significant investment activity in advanced manufacturing, artificial intelligence, and enterprise services [9]. - The semiconductor sector is witnessing advancements with the global release of high-purity P-type SiC substrates and the development of the first 12-inch high-quality silicon carbide epitaxial wafer, which are expected to enhance production efficiency and reduce costs in the semiconductor industry [33][38]. - The artificial intelligence sector is advancing with new technologies such as the TurboDiffusion framework for video generation, which can accelerate video creation by up to 200 times, and the introduction of the "Shan Hai" S30FP/S30P SPU IP, which provides comprehensive security solutions for high-performance computing chips [4][41]. Summary by Sections Financing Overview - A total of 196 financing events occurred in the technology sector during the specified period, with advanced manufacturing, artificial intelligence, and enterprise services leading the way in terms of the number of events [9]. IPO Updates - Several companies went public, including: - **InSilico Medicine** listed on the Hong Kong Stock Exchange, focusing on AI-driven drug discovery, significantly reducing the time for drug development from an average of 4.5 years to 12-18 months [11][12]. - **Tiansu Measurement** listed on the Shenzhen Stock Exchange, providing independent third-party measurement and testing services across various industries [15][16]. - **Nobikang** also listed on the Hong Kong Stock Exchange, specializing in AI solutions for railway and power companies [18][19]. Semiconductor Sector Developments - **SuperChip** launched a high-purity P-type SiC substrate, addressing critical impurities that have historically hindered the industry, thus enhancing the reliability of high-voltage IGBT devices [33][36]. - **Hantian Technology** developed the world's first 12-inch high-quality silicon carbide epitaxial wafer, which is expected to significantly improve production efficiency and lower costs in the semiconductor industry [38][40]. - **Arm Technology** introduced the "Shan Hai" S30FP/S30P SPU IP, enhancing security for high-performance computing applications [41][42]. AI and Quantum Technology Innovations - The report highlights advancements in AI, including a collaboration between Shenshu Technology and Tsinghua University to accelerate video generation, and IBM's new framework for large language model planning [4][41]. - In quantum technology, IonQ has established a significant presence in South Korea with its quantum computing capabilities, marking a strategic expansion in the global infrastructure [4][6].

Investment Rating - The industry investment rating is "Outperform the Market - A" and the rating is maintained [7] Core Insights - NVIDIA is leading the transition of AI interconnect from scale-up and scale-out to scale-across, introducing Spectrum-XGS Ethernet scalable technology to unify distributed data centers into a gigabit-level AI super factory, establishing a new generation of AI infrastructure [12][13] - The North American cloud service provider (CSP) demand is strong, with an expected acceleration in prosperity from 2026 to 2028, as large-scale CSPs are dominating the construction of AI scale-across backbone networks [3][14] - The construction of cross-data center interconnect infrastructure is expected to benefit first, with long-term positive implications for the upstream optical communication sector [4][15] Summary by Sections Industry Performance - The computer sector has outperformed the Shanghai Composite Index by 1.01% this week, with a weekly increase of 2.89% and a year-to-date increase of 25.74% [16][17] Market Outlook - The report indicates that the interconnection of data centers has become a new competitive direction for North American CSPs, with significant revenue potential from projects like DCOM in collaboration with Meta, expected to reach hundreds of millions of dollars by 2026 [3][14] Key Recommendations - Focus on companies involved in cross-data center interconnect infrastructure, including coherent optical modules (Ciena, Cisco, etc.), switches (Arista, Cisco), and reconfigurable line systems (Ciena) [4][15]

Core Insights - The report by the China Academy of Information and Communications Technology (CAICT) highlights that the next five to ten years will be a critical period for competition in quantum information technology, application transformation, and industrial cultivation [1] Group 1: Market Overview - The average annual growth rate of quantum enterprises has been approximately 60 over the past five years, with over 800 global quantum information-related companies, of which about 50% are quantum computing firms [1] - The distribution of quantum enterprises is as follows: over 230 in the EU (29%), over 210 in the US (26%), and around 140 in China (17%) [1] - Investment and financing in the quantum information sector are expected to surge in 2025, with notable financing events in the first half of the year, including several companies securing millions in funding [1] Group 2: Quantum Computing - Quantum computing is at a critical stage of scientific research and prototype development, with multiple technological routes such as superconducting, ion trap, neutral atom, photonic, silicon semiconductor, and topological methods being pursued [2] - Quantum error correction is essential for transitioning quantum computing from laboratory settings to real-world applications, and quantum computing cloud platforms are vital for commercial viability [2] - The current phase of quantum computing is characterized by significant scientific breakthroughs but still early in engineering applications, necessitating a multi-dimensional perspective on technological progress and application prospects [2] Group 3: Quantum Communication - The quantum communication sector is experiencing rapid development in products that enhance quality and reduce costs, with significant contributions from telecom operators and industry-specific networks [3] - Challenges remain in the promotion and application of quantum secure communication, including the need for improved engineering levels, product quality, and increased competition in the post-quantum cryptography (PQC) industry [3] - The rise of quantum computing poses systemic threats to existing public key cryptography systems, leading to a global consensus on accelerating the development of PQC algorithms and standards [3] Group 4: Quantum Precision Measurement - The quantum precision measurement field is witnessing accelerated application and has broad industrial prospects, particularly in defense, aerospace, resource exploration, and biomedical sectors [4] - The quantum precision measurement industry chain is taking shape, with nearly 150 related companies globally, but large-scale commercialization faces challenges such as technology maturity and market acceptance [4] - The integration of AI with quantum precision measurement is emerging as a new focus, enhancing data processing capabilities and expanding application ranges [4]

Quantum Technology - The National Venture Capital Guidance Fund has been launched, focusing on quantum technology, biomedicine, brain-computer interfaces, and other future industries, with an initial capital of 100 billion yuan to attract social capital [5][6] - A significant breakthrough in quantum error correction has been achieved by the University of Science and Technology of China, demonstrating a key milestone in achieving fault-tolerant quantum computing [7][9][10] Biomanufacturing - The European Union has released the Biotechnology Act and associated measures to enhance global competitiveness in biotechnology, aiming to mobilize 10 billion euros in capital from 2026 to 2027 [11][12] - The EU's initiatives include accelerating clinical trials, establishing regulatory sandboxes, and enhancing the application of AI in biomanufacturing, addressing funding shortages and innovation barriers [13][16] Hydrogen Energy and Nuclear Fusion - The Ministry of Industry and Information Technology of China has included three key areas in its 2025 application plan for hydrogen energy, focusing on fuel cell systems, hydrogen compressors, and ammonia co-firing technology [17][18] - South Korea has advanced its nuclear fusion power demonstration target to the 2030s, planning to overcome eight core technologies by 2035 [19][20] - The UK Tokamak Energy ST40 device has set new records in plasma current and energy storage, marking significant progress in commercial fusion energy [21] Brain-Computer Interfaces - A new generation of closed-loop brain-computer interface has been developed by the Chinese Academy of Sciences, enabling functional recovery in spinal cord injury models through real-time decoding of brain movement intentions [22] Embodied Intelligence - The establishment of a national standardization committee for humanoid robots and embodied intelligence aims to enhance the quality and application of these technologies [25] - UBTECH plans to acquire a 43% stake in Fenglong Co., enhancing collaboration in humanoid robot manufacturing and supply chain integration [26][29] Sixth Generation Mobile Communication (6G) - The Ministry of Industry and Information Technology emphasizes systematic advancement in 6G technology research and standard development during the 14th Five-Year Plan period [30] - The U.S. has initiated a spectrum strategy for 6G, focusing on reallocating frequency resources to secure a leading position in global 6G development [31][32] - China has established a collaborative system involving government, industry, and research institutions to promote 6G development, positioning itself as a leader in the field [34][36]

报道注意到，与谷歌依赖额外硬件抑制错误的路径不同，中方团队采用了基于微波的控制方法，在不显 著增加硬件复杂度的情况下实现了关键突破。 中国团队在22日发布的声明中指出，这一路径在构建大规模、具备容错能力的量子计算机上"可能比谷 歌方案更高效"。 【文/观察者网 王一】"中国科研团队在量子纠错领域取得重大突破，在全球构建实用化量子计算机的竞 赛中迈出关键一步。" 香港《南华早报》12月26日报道称，中国科学技术大学潘建伟院士团队基于超导量子处理器"祖冲之3.2 号"，成功跨越量子纠错的"容错阈值"，成为美国之外首个、也是继谷歌之后全球第二个实现这一关键 里程碑的团队，而且在效率上还超越了谷歌。 "容错阈值"是衡量量子计算机能否在大规模条件下稳定运行的核心标准。长期以来，量子纠错面临一个 难题，即纠错过程本身会引入新的错误，导致系统越纠错越不稳定。 潘建伟团队表示，在跨越该阈值后，纠错不再削弱系统稳定性，反而能够降低整体错误率，即"低于阈 值，越纠越对"，这是量子计算从理论可行走向可扩展的工程系统的前提。 加拿大滑铁卢大学物理学家约瑟夫·埃默森（Joseph Emerson）在美国物理学会旗下《物理》杂志撰文评 ...

Group 1: Regulatory Actions - Apple has been fined approximately €98.63 million (around 813 million RMB) by the Italian antitrust authority for abusing its market dominance through its App Tracking Transparency policy, which restricts competition among third-party developers since April 2021 [2] Group 2: Autonomous Driving Developments - Baidu's autonomous driving service platform,萝卜快跑, plans to launch driverless testing and services in London by 2026, marking its first entry into a right-hand traffic market outside of Hong Kong [3] Group 3: AI and Robotics Innovations - Alibaba has open-sourced a new image generation model, Qwen-Image-Layered, which allows for advanced layer understanding and image generation, addressing consistency issues in AI-generated images [4] - 智元机器人 expects to achieve sales revenue exceeding 1 billion RMB this year, with plans for significant growth in robot shipments and revenue in the coming years [5] - 智元机器人 has launched a national robot rental platform, "擎天租," aiming to streamline the rental process and project the market size to exceed 10 billion RMB this year [5] Group 4: Corporate Transactions and Investments - 吉利汽车 has completed the privatization of 极氪, which is now a wholly-owned subsidiary, and its financial performance will be consolidated into 吉利汽车's financial statements [7] - 凌云光's subsidiary plans to invest up to $5 million in the IPO of 智谱, reinforcing their long-term partnership in AI and industrial data [8] - 通宇通讯 is increasing its registered capital by 10 million RMB through a cash investment from 武汉武创院投资有限公司 to enhance its capital strength [6] Group 5: Market Trends and Product Launches - 长飞光纤 reports that the demand for fiber optic cables related to the telecom market remains under pressure, despite increased attention on new products related to data centers [10] - 云知声 has launched a new medical AI model, "山海·知医大模型5.0," which aims to transition from an "intelligent tool" to a "clinical collaborator" [11] - 华为 has released the nova15 series smartphones, starting at 2,699 RMB, featuring the new 麒麟9010s chip and HarmonyOS 6 [23]

记者12月23日从中国科学技术大学获悉,该校教授潘建伟、朱晓波、彭承志和副教授陈福升等,基于超导 量子处理器"祖冲之3.2号"在码距为7的表面码上实现了低于纠错阈值的量子纠错,使得我国达到了"低于 阈值,越纠越对"的关键里程碑,为未来大规模容错量子计算奠定关键技术基础。新华 ...

Core Insights - The report emphasizes the importance of proactive infrastructure development by central enterprises to ensure the autonomy of industrial and supply chains [4] - It highlights significant advancements in quantum error correction research, moving closer to the industrialization of quantum computing [5] - The report notes the upcoming launch of new AI glasses by Alibaba's Quark, indicating a potential surge in the AI glasses market in 2026 [5] Industry Dynamics - The third Commercial Space Development Conference is set to take place, marking a critical period for commercial space initiatives, with related stocks such as Aerospace Science and Technology (000901) and Superjet Co., Ltd. (301005) being highlighted [5] - The report mentions that by 2030, the total installed capacity of solar thermal power generation is expected to reach around 15 million kilowatts, with electricity costs comparable to coal power [4] Company Focus - Ninebot (689009) plans to fully roll out a rapid charging network by 2026, with operations in East and South China [6] - Yinkang Life (300143) has launched a strategic product, transitioning from a medical group to an AI health solution provider [6] - Glonair Aviation (300900) has signed an industrial cooperation agreement with the Wenchang International Space City Management Bureau, focusing on commercial space launch services [6] Market Review and Outlook - On December 23, the market experienced a pullback after an initial rise, with the Shanghai Composite Index closing up 0.07% and the Shenzhen Component Index up 0.27% [7] - The report notes that global liquidity expectations have improved, and risk appetite has rebounded, leading to a recovery in global stock markets [7] - It suggests a focus on sectors such as precious metals, automotive, computing, media, and real estate, while recommending a preference for small-cap stocks and caution against high-priced large-cap stocks [8]

星报讯 记者获悉，基于超导量子处理器"祖冲之3.2号"，潘建伟院士团队在量子纠错方向上实现了"低于 阈值，越纠越对"的重大进展，为量子计算机走向实用奠定了重要基础。 （来源：市场星报） 据介绍，实现"低于阈值"的量子纠错是全球量子计算领域长期追寻的核心目标，也是验证量子计算系统 能否从原型机走向实用化的关键里程碑之一。这一新的技术路线，也为未来构建百万比特级量子计算机 提供了一种更具优势的解决方案。 2025年，中国科学技术大学基于107比特"祖冲之3.2号"量子处理器，提出并实现了全新的"全微波量子 态泄漏抑制架构"。"祖冲之3.2号"处理器在单比特门、两比特门的操纵精度以及读取准确率方面的性能 较前代处理器得以全方位提升。在性能提升的基础上，科研团队结合全微波量子态泄漏抑制架构，实现 了码距为7的表面码逻辑比特，逻辑错误率随码距增加显著下降，证明了系统已工作在纠错阈值之下， 成功实现了"越纠越对"的目标。 ...

本文转自【央视财经】； 来源：央视新闻客户端 记者从中国科学技术大学获悉，基于超导量子处理器"祖冲之3.2号"，潘建伟院士团队在量子纠错方向 上实现了"低于阈值，越纠越对"的重大进展，为量子计算机走向实用奠定了重要基础。相关成果12月22 日在国际学术期刊《物理评论快报》发表。 中国科学技术大学教授朱晓波介绍，这类似于很多人来投票，只有每个人的判断都是准确的，投出来的 票才是准确的，否则随着投票人的增多，投出来的票反而更加不准确。因此让每个人投票的准确度高于 一个阈值，才能使团队的优势得以发挥，也就是随着比特数目的增加，越纠越对。 据介绍，实现"低于阈值"的量子纠错是全球量子计算领域长期追寻的核心目标，也是验证量子计算系统 能否从原型机走向实用化的关键里程碑之一。这一新的技术路线，也为未来构建百万比特级量子计算机 提供了一种更具优势的解决方案。 2025年，中国科学技术大学基于107比特"祖冲之3.2号"量子处理器，提出并实现了全新的"全微波量子 态泄漏抑制架构"。"祖冲之3.2号"处理器在单比特门、两比特门的操纵精度以及读取准确率方面的性能 较前代处理器得以全方位提升。在性能提升的基础上，科研团队结合全微波 ...