每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 （记者 曾健辉） 每经AI快讯，国盾量子（SH 688027，收盘价：460元）11月25日晚间发布公告称，公司第四届第十九 次董事会会议于2025年11月25日在公司会议室召开。会议审议了《关于选举独立董事的议案》等文件。 2024年1至12月份，国盾量子的营业收入构成为：量子通信行业占比57.79%，量子计算行业占比 22.33%，量子测精密量行业占比15.32%，其他业务占比4.56%。 截至发稿，国盾量子市值为473亿元。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 科大国盾量子技术股份有限公司（以下简称"公司"）于2025年11月25日发布《股份回购制度》（以下简 称"制度"），对公司股份回购的适用情形、实施条件、资金来源、程序规范及信息披露等方面作出全面 规定，旨在进一步完善公司治理，保护投资者合法权益，规范回购行为。 制度明确回购四种适用情形 根据制度，公司股份回购适用以下四类情形：一是减少公司注册资本；二是将股份用于员工持股计划或 股权激励；三是将股份用于转换上市公司发行的可转换为股票的公司债券；四是为维护公司价值及股东 权益所必需。 其中，"维护公司价值及股东权益所必需"需满足下列条件之一：公司股票收盘价格低于最近一期每股净 资产；连续20个交易日内公司股票收盘价格跌幅累计达到20%；公司股票收盘价格低于最近一年股票最 高收盘价格的50%；或中国证监会规定的其他条件。 回购实施需满足多项核心条件 制度对回购实施设置了多项基本要求。在主体资格方面，公司需满足股票上市已满六个月、最近一年无 重大违法行为、回购后具备债务履行能力和持续经营能力、股权分布符合上市条件等。不过，若因"维 护公司价值及股东权益"情形回购并减少 ...

Group 1 - The core point of the news is the performance and market position of GuoDun Quantum Technology Co., Ltd., which saw a stock price increase of 5.01% to 608.85 CNY per share, with a total market capitalization of 626.27 billion CNY [1] - GuoDun Quantum specializes in the research, production, sales, and technical services of quantum communication products, providing solutions for various sectors including government, finance, electricity, and national defense [1] - The company's revenue composition includes 35.68% from related technical services, 34.31% from quantum communication products, 13.03% from quantum precision measurement products, 12.42% from quantum computing products, and 4.56% from other sources [1] Group 2 - E Fund's ETF (588020) holds 64,200 shares of GuoDun Quantum, representing 3.38% of the fund's net value, ranking as the tenth largest holding [2] - The E Fund's ETF has achieved a year-to-date return of 75.34%, ranking 108 out of 4,216 in its category, and a one-year return of 80.98%, ranking 30 out of 3,894 [2] - The fund manager, Pang Yaping, has a tenure of 7 years and 18 days, with the fund's total asset size at 362.708 billion CNY and a best return of 90.95% during his management [3]

Core Viewpoint - GuoDun Quantum announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 30% in closing prices over three consecutive trading days (October 28, 29, and 30, 2025) [1] Company Summary - The company conducted a self-examination and confirmed that its daily operations are normal and there have been no significant changes [1] - The company did not find any undisclosed major information that could have significantly impacted its stock trading price, despite recent media reports [1]

Group 1 - The stock of GuoDun Quantum (688027) closed at 599.00 CNY on October 30, with an increase of 17.22% and a trading volume of 6.996 billion CNY [2] - The stock was listed on the daily trading list due to its closing price increase of 15% [2] - The top five trading departments accounted for a total transaction amount of 1.821 billion CNY, with a net buying amount of 164 million CNY [2] Group 2 - The main capital inflow for the stock was 92.7998 million CNY throughout the day [3] - The largest buying department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 595.7211 million CNY [3] - The largest selling department was also the Shanghai-Hong Kong Stock Connect, with a selling amount of 189.46 million CNY [3]

Group 1 - The core point of the article highlights the significant stock performance of Guoshun Quantum, which reached a limit-up price of 613.20 yuan with a trading volume of 4.977 billion yuan and a turnover rate of 11.09% as of 11:21 AM on October 30 [2] - Among the stocks listed on the Sci-Tech Innovation Board, 280 stocks rose while 301 stocks fell, with notable gainers including C Yicai-U, C Heyuan-U, and C Bibete-U, which saw increases of 13.98%, 8.00%, and 2.98% respectively [2] - The stocks that hit the limit-up include Guoshun Quantum, Foxit Software, and Hexin Instruments, while the largest decliners were Minxin Co., Dingtong Technology, and Chip Microelectronics, which fell by 10.77%, 7.99%, and 7.87% respectively [2] Group 2 - In terms of capital flow, Guoshun Quantum experienced a net outflow of 90.9551 million yuan on the previous trading day, with a total net outflow of 80.5676 million yuan over the past five days [3] - The latest margin trading data as of October 29 shows a total margin balance of 1.42 billion yuan, with a financing balance of 1.398 billion yuan, reflecting an increase of 18.1513 million yuan or 1.32% from the previous trading day [3] - The company reported a revenue of 190 million yuan for the first three quarters, representing a year-on-year growth of 90.27%, while the net profit was -26.4696 million yuan, showing a year-on-year improvement of 51.98% [3] - In terms of institutional ratings, Guoshun Quantum received buy ratings from two institutions in the past month, with Guojin Securities and Guohai Securities issuing buy recommendations on October 22 and October 21 respectively [3]

Summary of Quantum Secure Communication Conference Call Industry Overview - The conference focuses on the **quantum secure communication** industry, which utilizes specialized optical fiber networks to transmit quantum keys, addressing security vulnerabilities in traditional asymmetric encryption methods [1][2][4]. Core Points and Arguments - **Security Enhancement**: Quantum secure communication ensures absolute security in information transmission by using the polarization state of photons to encode information, making it resistant to eavesdropping [1][5]. - **Three-Step Strategy in China**: China is implementing a three-step strategy for quantum secure communication: 1. Building intercity backbone networks 2. Developing metropolitan/access networks 3. Achieving integrated coverage through satellite systems [1][10]. - **Key Players**: GuoDun Quantum is a significant supplier of key distribution devices in China, benefiting from the first phase of the backbone network project [1][11]. - **Rapid Deployment**: China has made swift progress in the global application of quantum secure communication, entering a large-scale deployment phase with significant operator involvement [1][12][13]. Financial and Market Insights - **Cost of Network Construction**: The construction cost for backbone networks is approximately **2 million yuan per 100 kilometers**, while metropolitan networks are more expensive, with costs exceeding **10 million yuan per 100 kilometers** in cities like Hefei [3][16]. - **Market Potential**: The market for metropolitan networks in China is projected to reach **15 billion yuan** over the next five years, with gradual coverage across cities [3][16]. Technical Aspects - **Core Technology**: The fundamental principle of quantum secure communication is based on the physical properties of micro-particles, ensuring that any eavesdropping attempt alters the state of the photons, thus revealing the presence of an intruder [5][8]. - **BV84 Protocol**: This protocol is used in quantum secure communication to ensure the integrity of the transmitted information by verifying measurement consistency between sender and receiver [6][7]. Infrastructure Development - **Satellite Integration**: The development of a space-based communication network requires multiple low-orbit satellites to enhance key distribution performance, indicating a growing market demand for such technologies [17]. - **Global Context**: Other countries, including the U.S. and European nations, are also advancing their secure communication networks, highlighting a global consensus on the need for enhanced security measures [18]. Industry Chain Composition - **Supply Chain**: The quantum secure communication industry chain includes upstream component manufacturers (e.g., optical fiber and chip producers), midstream integrators, and downstream users such as critical infrastructure sectors [9][19]. Conclusion - The quantum secure communication industry is rapidly evolving, with significant investments and strategic initiatives in China aimed at establishing a robust and secure communication infrastructure. The integration of quantum technology into existing networks presents both opportunities and challenges for stakeholders across the industry.

Group 1 - The core point of the news is that GuoDun Quantum's stock has seen a significant increase, rising 5.66% to 486.03 CNY per share, with a total market capitalization of 49.994 billion CNY and a cumulative increase of 21.05% over the past four days [1] - GuoDun Quantum Technology Co., Ltd. specializes in the research, production, and sales of quantum communication products, providing solutions for various sectors including government, finance, and defense [1] - The company's revenue composition includes: technical services (35.68%), quantum communication products (34.31%), quantum precision measurement products (13.03%), quantum computing products (12.42%), and others (4.56%) [1] Group 2 - According to data, Huaxia Fund holds a significant position in GuoDun Quantum, with the Huaxia SSE STAR 100 ETF reducing its holdings by 88,000 shares in Q3, now holding 141,800 shares, which represents 1.73% of the fund's net value [2] - The Huaxia SSE STAR 100 ETF has achieved a year-to-date return of 52.88%, ranking 561 out of 4216 in its category, and a one-year return of 50%, ranking 595 out of 3877 [2]

Core Insights - Danish and Czech scientists have successfully achieved a transmission distance of 120 kilometers for quantum signals and classical data using Continuous Variable Quantum Key Distribution (CV-QKD) technology [1][2] - The research highlights the potential of CV-QKD to provide a plug-and-play quantum security solution for long-distance fiber links without the need for additional filtering equipment or specific wavelength allocation [2] Group 1: Technology Overview - Quantum Key Distribution (QKD) leverages quantum mechanics to enable highly secure information transmission, where any eavesdropping attempt disturbs the quantum state of the transmitted information, alerting the communicating parties [1] - Traditional QKD deployment faces challenges due to noise introduced by classical channels, limiting transmission distances to a few dozen kilometers [1] Group 2: Research Breakthrough - The study successfully mitigated interference between quantum signals and classical data by activating the long-ignored "built-in filtering" feature of the CV-QKD system, optimizing the quantum signal transmission strategy [2] - This advancement allows for stable and reliable quantum key distribution over a 120-kilometer fiber carrying full classical data, significantly reducing the difficulty of upgrading existing networks [2] Group 3: Future Prospects - The research team suggests that improvements in error correction technology could further enhance transmission distances and key generation efficiency in the future [2]

Core Insights - The trading volume of GuoDun Quantum reached 2.891 billion yuan, marking the highest level since July 16, 2020 [2] - The latest stock price increased by 8.03%, with a turnover rate of 7.85% [2] - The previous trading day's total transaction volume for the stock was 2.764 billion yuan [2] Company Overview - GuoDun Quantum Technology Co., Ltd. was established on May 27, 2009, with a registered capital of 1.02861 billion yuan [2]