报告首先为读者打下了量子信息技术的基础框架，从量子力学的基本概念讲起，如叠加态、纠缠态和量子测量等。随后，报告介绍了量子信息技术的三大典 型应用领域：量子通信、量子计算和量子精密测量。在量子通信方面，报告详细阐述了量子密钥分发（QKD）、量子隐形传态和量子安全直接通信 （QSDC）等技术；在量子计算领域，报告不仅回顾了量子计算的发展历程，还介绍了现有的物理平台，如超导和离子阱，以及关键的量子算法，如Shor和 Grover算法；至于量子精密测量，报告则强调了其突破标准量子极限的能力，以及在量子时钟网络和长基线望远镜等方面的应用。 关于报告的 公众号 阅读原文或 取报告下载 10 法文山安法8 接着，报告深入探讨了量子互联网的架构。指出量子互联网的发展将经历多个阶段，包括可信中继、准备和测量等。目前，多个国家已经在部署可信中继网 络，而量子中继也已经发展到了第四代。报告还详细解析了量子互联网的协议栈，包括Van Meter五层和Wehner五层等多种方案，并介绍了分组交换技术， 该技术可实现单光子与纠缠网络的数据传输。报告还设计了一种初期少资源的量子互联网运行模式，该模式分为用户与主体网络，节点包括用户、路由器 ...

该白皮书由紫金山实验室、江苏省未来网络创新研究院等单位联合编写，系统梳理量子互联网的技术基 础、架构设计、关键技术及算网协同方向，为量子互联网从理论走向工程化提供参考，核心内容如下： 一、量子信息技术基础 1、核心概念与原理 量子力学基础：区别于经典力学，微观粒子状态由波函数描述，核心特性包括叠加态（如光子同时处于 水平 / 竖直偏振）、纠缠态（两粒子测量结果非局域关联，如 Bell 态、GHZ 态）、量子操作（量子逻 辑门，如 X 门、Hadamard 门、CNOT 门）及量子测量（投影测量、POVM 测量，需通过测量获取量子 态信息）。 量子态演化：遵循薛定谔方程，通过演化算符实现状态随时间的变化，为量子计算与通信提供理论支 撑。 2、典型量子应用 量子通信：含量子密钥分发（QKD，如 BB84、E91、MDI-QKD、TF-QKD 协议，从物理层面保障安 全）、量子隐形传态（通过纠缠信道传输未知量子态，需经典通信辅助）、量子安全直接通信 （QSDC，无需密钥直接传输信息）。 分为四类，核心是 "分而治之" 解决远距离量子信号衰减问题： 量子计算：利用量子叠加实现并行运算，发展分为四阶段，当前处于 "含噪 ...

通信行业 2025 年 8 月 22 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 报 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn SAC 执业证书编号： S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 全球首批支持 NB-NTN 卫星通信的可穿戴平台面世 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 通信行业指数近两周涨跌幅：申万通信板块近2周（8/8-8/21）累计上 涨14.81%，跑赢沪深300指数10.59个百分点，涨幅在31个申万一级行业 中位列第1位；申万通信板块8月累计上涨15.25%，跑赢沪深300指数 10.04个百分点；申万通信板块今年累计上涨39 ...

Investment Rating - The report does not explicitly state an investment rating for the quantum computing industry. Core Insights - The quantum computing industry is rapidly evolving, with significant advancements in technology and increasing market demand driven by artificial intelligence and computational needs. The global quantum computing market is projected to grow from approximately $800 million in 2021 to $5 billion by 2024, representing a substantial increase in market size [22][23]. Summary by Sections 1. Overview of the Quantum Computing Industry - Quantum computing differs significantly from classical computing, utilizing quantum mechanics to solve problems more efficiently. This technology has the potential to revolutionize various fields due to its unique properties such as superposition and entanglement [7][8]. 2. Global Development Status - North America leads the global quantum computing market, followed closely by Europe and China. By 2024, the market shares are expected to be 29.8% for North America, 28.8% for Europe, and 25.2% for China [25]. 3. Market Size and Growth - The global quantum computing market is expected to expand rapidly, with a projected size of $5 billion by 2024, accounting for 63% of the total quantum information industry [22][23]. In China, the quantum computing industry is anticipated to reach 9.04 billion yuan (approximately $1.4 billion) in 2024, reflecting an 82.1% year-on-year growth [51]. 4. Key Enterprises in the Industry - Major companies in the quantum computing sector include IBM, Google, and startups like Quantinuum and PsiQuantum, which are making significant strides in various quantum technologies [32][33]. 5. Industry Policies and Support - Governments worldwide, particularly in the U.S. and China, are increasingly recognizing the strategic importance of quantum computing, leading to substantial investments and supportive policies aimed at fostering innovation and development in this field [28][46]. 6. Investment and Financing Trends - The quantum computing sector has seen a surge in investment, with financing in China reaching 2.93 billion yuan (approximately $450 million) in 2024. The focus is primarily on superconducting quantum computing and ion trap technologies, which are attracting significant capital [56][63].

Core Viewpoint - The recent introduction of 17 new occupations and 42 new job types by the Ministry of Human Resources and Social Security highlights the growing demand for innovative roles, particularly in the field of drone technology, reflecting an enhancement in living standards and the emergence of new career opportunities [1][19]. Industry Overview - The role of a drone swarm flight planner is emerging as a key position at the intersection of technology and practical application, with the low-altitude economy being recognized as a new growth area for the country [19][21]. - The drone industry in China is projected to have nearly 20,000 operational enterprises by the end of 2024, with an estimated annual output value of approximately 210 billion yuan, marking a year-on-year growth of 39.5% [21]. Employment Trends - The demand for drone swarm flight planners is expected to grow significantly, with a projected talent gap exceeding 1 million in the low-altitude economy sector over the next few years [23]. - Experienced drone swarm flight planners can expect starting salaries of at least 10,000 yuan per month, indicating a lucrative career path as the industry expands [18]. Application Scenarios - Drone swarm flight planners are involved in over 200 application scenarios, including logistics, agricultural protection, and emergency rescue, showcasing the versatility and expanding use of drones in various sectors [19][21]. - The integration of advanced technologies such as quantum communication, artificial intelligence, and renewable energy is anticipated to further broaden the application of civilian drones across multiple industries [19]. Future Projections - The market size of the low-altitude economy in China is expected to reach 1.5 trillion yuan by 2025 and potentially 3.5 trillion yuan by 2035, indicating robust growth prospects for the industry [21].

Core Viewpoint - GuoDun Quantum (688027.SH) reported a significant increase in revenue for the first half of 2025, but continued to face net losses, indicating ongoing challenges in profitability despite revenue growth [1][3]. Financial Performance Summary - The company achieved operating revenue of 121.37 million yuan in the first half of 2025, representing a year-on-year increase of 74.54% compared to 69.54 million yuan in the same period last year [1][3]. - The net profit attributable to shareholders was -23.79 million yuan, an improvement from -35.34 million yuan in the previous year [1][3]. - The net profit excluding non-recurring items was -46.75 million yuan, slightly worse than -44.72 million yuan in the same period last year [1][3]. - The net cash flow from operating activities was -76.73 million yuan, showing a slight improvement from -79.34 million yuan year-on-year [1][3]. Previous Year Comparison - In 2024, the company reported operating revenue of 253.37 million yuan, a 62.30% increase from 156.11 million yuan in 2023 [4]. - The net profit attributable to shareholders for 2024 was -31.84 million yuan, compared to -123.92 million yuan in 2023, indicating a significant reduction in losses [4]. - The net cash flow from operating activities in 2024 was 32.70 million yuan, a recovery from -4.05 million yuan in 2023 [4]. Fundraising and Financial Structure - GuoDun Quantum raised a total of 723.60 million yuan from its initial public offering, with a net amount of 655.94 million yuan after deducting issuance costs [5]. - The company planned to use the raised funds for quantum communication network equipment projects and research center construction [5]. - As of December 2024, the company had raised a total of approximately 1.78 billion yuan, with a net amount of about 1.75 billion yuan after expenses [6].

Core Viewpoint - The report highlights the rapid advancement of quantum technology by GuoDun Quantum, showcasing significant revenue growth and strategic partnerships in the quantum computing sector [2][4]. Group 1: Financial Performance - GuoDun Quantum achieved a revenue of 120 million yuan in the first half of 2025, representing a year-on-year increase of 74.54% [2]. - The company reported a net loss attributable to shareholders of 23.79 million yuan, which is a reduction in loss compared to the previous year [2]. - Research and development expenses amounted to 55.17 million yuan, up 33.77% year-on-year, accounting for 45.46% of total revenue [2]. Group 2: Quantum Computing Business - The quantum computing segment generated revenue of 55.96 million yuan, marking a substantial year-on-year growth of 283.92% [2]. - GuoDun Quantum has provided a 200-qubit superconducting quantum computer to the Hefei Advanced Computing Center, which has completed trial operations [2]. - The company is set to deliver a 25-qubit superconducting quantum computer overseas and has participated in the research of China's 105-qubit superconducting quantum computer, which set a world record for quantum supremacy [2][4]. Group 3: Quantum Communication Business - Revenue from quantum communication reached 51.74 million yuan, reflecting a year-on-year increase of 28.1% [5]. - The company has been involved in significant projects, including the first successful implementation of over 10,000 kilometers of star-ground quantum communication [5]. - GuoDun Quantum's "Quantum Secret Talk" service has over 5 million users, with the capacity to support over 10 million users [5]. Group 4: Quantum Measurement Business - The quantum measurement segment reported revenue of 8.57 million yuan, with a year-on-year growth of 13.75% [7]. - The company sold two cold atom gravimeters and has three pending orders [7]. Group 5: Industry Context and Future Outlook - The global quantum technology landscape is evolving, with 29 countries and regions, including the US and EU, developing strategic plans for quantum information [7]. - The Chinese government has emphasized quantum technology in its "14th Five-Year Plan" and has introduced supportive policies at various levels [7]. - The industry is transitioning from laboratory research to practical applications, indicating a new phase characterized by collaboration among academia, industry, and government [7].

公司代码：688027 公司简称：国盾量子 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 不适用 1.7是否存在公司治理特殊安排等重要事项 □适用 √不适用 第二节 公司基本情况 2.1公司简介 1.2重大风险提示 公司已在本报告中详细阐述公司在经营过程可能面临的各种风险及应对措施，敬请查阅本报告 "第三节 管理层讨论与分析"之"四、风险因素"。 1.3本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2.3前10名股东持股情况表 2.2主要财务数据 单位：元 币种：人民币 公司股票简况 ■ 公司存托凭证简况 □适用 √不适用 联系人和联系方式 ■ 单位: 股 ■ √适用 □不适用 ■ 2.8在半年度报告批准报出日存续的债券情况 ■ 2. ...

明日主题前瞻 1、养鸡 | 据界面报道，7月初部分地区白羽鸡毛鸡价格跌破3元/斤，然而到了8月份，毛鸡价格最高飙升至3.7元/斤，鸡苗价格更是从1.5元/只涨至4.2元/只， 还依然供不应求。在肉鸡主产省山东，鸡苗价格涨幅更是惊人，一个多月的时间上涨了300%。 点评：业内人士表示，前期祖代进口量的减少已经影响到商品代鸡苗的产量，后续优势的商品苗稀缺。据中国畜牧业协会统计数据，今年上半年我国祖代肉 种鸡的更新量（引种量+自繁量）同比下降36.72%，更新量的下降将会影响7个月以后我国父母代肉种鸡和14个月以后商品代白羽肉鸡的供给。此外，今年 全国大范围高温天气，导致雏鸡存活率下降15%，40-60日龄在栏鸡数量环比减少8%，加剧阶段性供应紧张。8月补栏对应国庆前出栏，养殖户看好节日消费 行情。 2、华为产业链 | 据证券时报报道，华为8月12日正式发布AI推理创新技术UCM（推理记忆数据管理器）。据了解，作为一款以KV Cache为中心的推理加速 套件，UCM融合了多类型缓存加速算法工具，分级管理推理过程中产生的KV Cache记忆数据，可扩大推理上下文窗口，实现高吞吐、低时延的推理体验， 降低每Token推 ...

Core Viewpoint - The report highlights significant growth in revenue and strategic advancements in quantum technology, particularly in quantum computing, communication, and measurement sectors, indicating a strong market position and future potential for the company [1][2][4]. Group 1: Financial Performance - The company achieved a revenue of 121.37 million yuan, representing a year-on-year increase of 74.54% [1] - The net profit attributable to the parent company was -23.79 million yuan, showing a reduction in losses compared to the previous year [1] - Research and development investment reached 55.17 million yuan, up 33.77%, accounting for 45.46% of total revenue, maintaining a high level of investment [1] Group 2: Quantum Computing Business - The quantum computing segment generated revenue of 55.96 million yuan, marking a year-on-year growth of 283.92% [2] - The company participated in the "Zuchongzhi No. 3" project, which set a world record for quantum computing superiority [2] - Cumulative revenue from quantum computing has surpassed 230 million yuan, positioning the company as a leader in this cutting-edge field [3] Group 3: Quantum Communication and Measurement - Revenue from quantum communication reached 51.74 million yuan, reflecting a year-on-year increase of 28.10% [4] - The company is involved in key industry applications, including projects with major energy and financial institutions [4] - The "Quantum Secret Communication" service, developed in collaboration with China Telecom, has over 5 million users and the capacity to support over 10 million users [4] Group 4: Strategic Developments - The company completed a directed share issuance to China Telecom's subsidiary, becoming a state-owned enterprise [5] - Plans to explore a new development model integrating state-owned enterprises, research institutions, and innovative companies to enhance market expansion and application scenarios for quantum information [5]