12月18日晚间，《每日经济新闻》记者从多个渠道获悉，国盾量子董事长吕品已于当日离世。 安徽合肥高新警方发布警方通报称，2025年12月18日13时许，我局接报警称，吕某（男，46岁）在望江西路与孔雀台路交叉口某公司一办公室内失去意 识。接警后，民警立即到场处置。经120现场确认，吕某已无生命体征。经公安机关勘查调查，已排除案件。 当日晚，《每日经济新闻》记者来到中电信量子信息科技集团有限公司楼下，看到公司门口停着两辆警车，期间有身着警服的人员进入。大楼2楼至5楼办 公室均亮着灯，记者试图进入大楼了解事件详情，一楼一位自称园区物业的工作人员拦住记者，称"楼上没有人，都下班了"。 图片来源：每经记者张宝莲 据悉，吕品生于1979年7月，历任中国电信集团有限公司市场部副总经理，中国电信股份有限公司市场部副总经理，中国电信股份有限公司安徽分公司副 总经理、党委委员，中国电信集团有限公司安徽分公司副总经理；现任中电信量子信息科技集团有限公司董事长、党委书记，中电信量子科技有限公司董 事长。 吕品图片来源：中国电信 吕品于2025年5月30日就任国盾量子董事长。当日召开的国盾量子第四届董事会第十三次会议，审议通过了《关 ...

Core Insights - The "14th Five-Year Plan" emphasizes the strategic development of six future industries, including quantum technology, biomanufacturing, hydrogen energy, and nuclear fusion energy, with a focus on transitioning from laboratory research to real-world applications [1][3] Group 1: Industry Development - A compact fusion energy experimental device (BEST) has entered the assembly phase, aiming for commercial application of fusion energy during the "14th Five-Year Plan" [3] - Significant breakthroughs in core technologies have been achieved, with several quantum sensors developed and applied in precision equipment across various fields [5] - The "artificial ocean carbon cycle system" in Shenzhen has operated stably for over 500 hours in real seawater, achieving over 70% CO2 capture efficiency, converting seawater CO2 into green raw materials for plastic production [7] Group 2: Market Potential - The market for embodied intelligence is expected to exceed 5 billion yuan by 2025, while the brain-computer interface market is projected to surpass 3.8 billion yuan, and the biomanufacturing industry is anticipated to approach 1 trillion yuan in total scale [11] Group 3: Policy and Support - The government will continue to strengthen policy support, focusing on the core tracks of the six future industries, creating development clusters, and nurturing specialized and innovative enterprises to form new trillion-yuan industry tracks [12]

2025 年金融市场改革通过基准指引强化市场约束，推动基金从规模导 向转变为利益导向，ETF 追涨现象明显，IPO 节奏偏紧，减持处于低位， 明年关注高景气出口链、周期股和消费反转领域。 十五五，攻坚牛——2026 年度策略 20251217 摘要 中国经济在"十五"期间有望突破美国 GDP 的 70%，工业增加值已达 美国的 1.6 倍，得益于研发投入和工业体系建设，打破"日本化"叙事， 展示高质量发展基础。 美国面临债务加剧和财政赤字挑战，长期经济潜在增长率或仅为 1.2%，政府债务率上升引发对美债安全性的担忧，促使海外投资者减少 美债配置，央行增持黄金。 未来五年，中国投资机会集中在产业升级、科技创新和消费提升领域， 高比例研发投入和完整工业体系为应对外部技术封锁提供坚实基础。 中国将通过优化提升传统产业，培育量子科技、生物制造、氢能与核聚 变、脑机接口等新兴产业，并强化基础设施建设，以适应新的发展阶段 需求。 中国出口份额不断创新高，对美依赖度已降至 10%以下，通过多元化策 略保障出口韧性，贸易顺差持续扩大，竞争力显著增强。 为应对消费疲软，中国将提高居民消费率作为主要目标，优化"两新" 政策，加强 ...

Core Insights - Quantum technology is transitioning from laboratory research to national strategic focus, with unprecedented policy support and capital influx, but faces challenges in technology pathways and commercial viability [2][4][6] Investment Landscape - Global quantum financing experienced a "V-shaped recovery," reaching approximately 34.9 billion yuan by Q3 2025, surpassing the total of the previous two years and setting a historical high [10][18] - The U.S. quantum companies received 4.045 billion USD in funding from Q1 to Q3 2025, while China's quantum companies only secured 79 million USD, highlighting a significant funding disparity of 51 times [18][19] Policy and Strategic Initiatives - The Chinese government has prioritized quantum technology in its 15th Five-Year Plan, marking its strategic importance in future industrial development [6][7] - A strategic fund of 51 billion yuan was established to support state-owned enterprises in the quantum sector, aiming to bridge gaps in the quantum industry chain [7] Technological Advancements - Quantum computing is seen as a potential disruptor in fields like drug discovery and financial modeling, while quantum communication offers theoretically secure information transmission [8][24] - China has built the world's largest quantum communication network, with significant advancements in quantum key distribution and secure communication applications [33][45] Market Dynamics - The market for quantum technology is characterized by a stark contrast between the U.S. and China, with U.S. companies receiving substantial government contracts and funding, while Chinese companies struggle to convert technological breakthroughs into commercial success [22][24] - The Chinese quantum industry is rich in innovative startups but lacks the large-scale strategic capital necessary for significant market impact [21][48] Future Outlook - By 2030, the competition in quantum technology will likely focus on the ability to transition from theoretical research to reliable products and robust application ecosystems [3][40] - The development of quantum computing hardware and the establishment of a comprehensive supply chain will be critical for both U.S. and Chinese companies to succeed in the global quantum race [49]

Group 1 - The article highlights the importance of major announcements in the stock market, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, performance reports, unlocks, and high transfers" to help investors identify investment hotspots and mitigate risks [1] - The company focuses on commercial satellites and aerospace defense, with its Star series business primarily targeting these sectors [1] - Another company is involved in satellite communication modules based on high-orbit satellites, integrating technologies such as 6G, digital currency, and humanoid robots [1] - A third company has made a significant procurement of servers worth 9 billion, aimed at providing cloud computing services to its clients, leveraging storage chips and data centers [1]

Core Viewpoint - The article discusses the ongoing AI bubble concerns and the impact of various negative news on the AI technology sector, while emphasizing that the fundamental logic and trends of the global AI industry remain unchanged in the long term [2][5]. Group 1: Investment Opportunities in Key Technology Directions - Commercial Space: The "strong nation in space" goal in the 14th Five-Year Plan, along with policies, demand, and technology, creates a robust investment opportunity in commercial space [2][3]. - Demand for low-orbit satellite resources is urgent, with China's GW and Qianfan constellations planning over 10,000 satellites, of which less than 1% are currently in orbit [3]. - The successful launch of the Zhuque-3 and the upcoming Long March 12 rocket are expected to significantly reduce launch costs, which is crucial for satellite networking [3]. Group 2: Specific Technology Areas - Autonomous Driving: The recent approval of L3 autonomous vehicle licenses marks a critical transition from testing to commercialization, with a projected market size of 270 billion for Robotaxi by 2030 [5]. - Nuclear Fusion: While still in the experimental phase, nuclear fusion is recognized as a future key industry, with significant investment opportunities tied to technological breakthroughs [6]. - Artificial Intelligence: The focus has shifted from speculative investments to practical applications, with the 14th Five-Year Plan promoting AI integration across various industries [6][7]. Group 3: Market Dynamics and Trends - The commercial space sector has shown resilience despite recent launch delays, indicating strong market recognition and investment potential [9][11]. - The core logic of commercial space revolves around the urgent need for satellite networking and decreasing costs, with various companies positioned to benefit from this trend [11]. - The article highlights the importance of selecting the right sectors and companies for sustained investment, particularly in the context of the 14th Five-Year Plan's long-term technological focus [15].

Core Viewpoint - The article discusses the ongoing trends in various technology sectors, particularly focusing on the AI industry, commercial aerospace, autonomous driving, nuclear fusion, and quantum technology, emphasizing the long-term potential despite short-term market fluctuations [5][6][10][13][16]. Group 1: Commercial Aerospace - The Chinese government has prioritized commercial aerospace in its strategic goals, establishing a dedicated department and action plans, indicating strong policy support [8]. - The demand for low-orbit satellite resources is urgent, with plans for thousands of satellites, and recent technological advancements in reusable rockets are expected to significantly reduce launch costs [8][20]. - Key players in the commercial aerospace sector include China Satellite, which leads in satellite manufacturing, and various companies involved in rocket manufacturing and satellite components [20][22]. Group 2: Autonomous Driving - The autonomous driving sector is entering a critical commercialization phase, supported by government policies and technological advancements, with a projected market size of 2.7 trillion by 2030 for Robotaxi services [10]. - The recent approval of L3 autonomous vehicle models marks a significant step towards commercial deployment [10]. Group 3: Nuclear Fusion - Nuclear fusion is recognized as a future clean energy source, but it remains in the experimental stage, with significant breakthroughs needed before commercialization [11][12]. - Current investments are focused on technological milestones, making it a long-term investment opportunity [12]. Group 4: Artificial Intelligence - The AI sector is transitioning from speculative investments to practical applications, with a focus on real-world implementations that enhance efficiency and reduce costs [13]. - The emphasis is on AI applications across various industries, including manufacturing and healthcare, rather than on speculative infrastructure investments [13]. Group 5: Robotics - The development of embodied intelligence and humanoid robots is a key focus area, with increasing demand in manufacturing due to labor shortages and rising costs [14]. - Companies like Tesla are advancing humanoid robot production, while domestic firms are achieving significant progress in core components [14]. Group 6: Semiconductor Industry - The semiconductor sector is a priority for domestic self-sufficiency, with a focus on overcoming key technological challenges [15]. - Domestic wafer manufacturers are expanding production, and there is a growing demand for domestic semiconductor components [15]. Group 7: Quantum Technology - Quantum communication is positioned as a strategic priority for national security, with ongoing efforts in standardization and pilot projects in financial and governmental applications [16]. - Companies in the quantum sector are beginning to secure significant contracts, indicating a move towards commercialization [16][24]. Group 8: Market Trends and Investment Strategy - The article suggests that commercial aerospace is currently the most promising sector for investment, driven by policy, demand, and technological advancements [26]. - It also highlights the importance of focusing on sectors with clear policy support and performance validation, such as AI applications and robotics, while recognizing the long-term potential of quantum technology and semiconductor advancements [26].

新京报贝壳财经讯 12月15日，星华新材发布公告称，公司与广东国腾量子科技有限公司（简称"国腾公 司"）签署《战略合作协议》，双方将在量子科技及相关应用领域建立长期、稳定的战略合作关系。公 司将依托在反光材料行业丰富的产业化经验，助力国腾公司的量子技术产业化落地，并联合开展量子功 能材料、量子安全应用探索。公告指出，该战略合作协议为框架性协议，具体实施过程中存在不确定 性，对公司本年度经营业绩不会构成重大影响。 ...

从合作内容上看，星华新材根据自身实力、对量子科技的理解以及监管政策的许可，寻求在合适的时机 对国腾公司进行战略投资；星华新材作为一家拥有20多年产业化经验的新材料公司，利用自身优势，为 国腾公司生产线优化、良品率提升以及大规模的产业化提供有力支持。同时，星华新材赋能客户和市场 资源，在功能材料生产制备、工业互联服务、信息与网络安全等领域积极推动量子产业应用落地。 公司表示，国腾公司拥有面向多用户联网的量子通信关键技术和量子密钥分发成套设备的多项核心专 利，致力于量子与经典通信网络融合技术、量子系统、量子芯片、量子计算机整体架构以及操作和应用 系统等领域的研发和成果转化；而公司深耕反光材料行业多年，拥有成熟的制造体系并且积累了丰富的 产业化运作经验。双方通过优势互补，共同推动量子技术在更多领域的产业化应用落地。 公司称，与国腾公司不存在关联关系，最近三年双方未签署过类似协议；国腾公司不属于失信被执行 人，具备履行相关协议约定义务的能力。此协议仅为双方开展战略合作的框架性文本，不涉及具体项目 和交易金额，对公司本年度财务状况、经营业绩及长期收益暂不构成重大影响，不影响公司的业务独立 性，敬请广大投资者注意投资风险 ...

Core Viewpoint - Xinghua New Materials (301077.SZ) has signed a strategic cooperation agreement with Guangdong Guoteng Quantum Technology Co., Ltd. to establish a long-term and stable partnership in the field of quantum technology and its related applications [1] Group 1 - The cooperation aims to leverage Xinghua's extensive industrial experience in reflective materials to assist Guoteng in the industrialization of quantum technology [1] - Both companies will jointly explore quantum functional materials and quantum security applications, aiming for complementary advantages and value co-creation [1]