行业研究丨点评报告丨软件与服务 [Table_Title] 我国达成量子纠错关键里程碑，关注量子计算产 业进展 报告要点 [Table_Summary] 近日，中国科学技术大学团队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。我国 基于超导量子处理器"祖冲之 3.2 号"在量子纠错领域实现突破，为构建实用的大规模量子计 算机铺平了道路，我国量子计算有望进入快速发展阶段，从而重塑现有的计算体系，进而带动 包含稀释制冷机、量子芯片，整机制造、量子计算软件以及下游应用的产业上下游共同发展， 打开未来巨大产业空间。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 丨证券研究报告丨 [Table_Title 我国达成量子纠错关键里程碑，关注量子计算 2] 产业进展 [Table_Summary2] 事件描述 近日，中国科学技术大学团队基于超导量子处理器"祖冲之 3.2 号"在码距为 ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [6]. Core Insights - Alibaba is a rare domestic player with a full-stack AI layout, recently launching several core C-end AI native products, including Qianwen APP, Lingguang APP, and Ant Aifu, aiming to complete the last piece of the full-stack AI puzzle [2][4]. - The comprehensive push by Alibaba in the C-end is not merely about traffic entry but is crucial for occupying communication channels and platforms with users in the AI era, deeply binding user habits [2][9]. Summary by Sections Recent Product Launches - Qianwen APP was launched on November 17, marking Alibaba's entry into the consumer AI market, featuring high-quality dialogue based on large models, task execution capabilities, and multi-modal functions. As of December 10, it surpassed 30 million monthly active users within 23 days of public testing, becoming the fastest-growing AI application globally [9]. - Lingguang APP was released on November 18, achieving over 1 million downloads within 4 days, surpassing other notable products. Its unique feature allows users to generate applications with a single description, leading to over 3.3 million flash applications created within two weeks [9]. - Ant Aifu, upgraded from the AI health application AQ on December 15, focuses on health companionship, leveraging a solid user base of 800 million medical insurance code users and a vast network of medical resources, including over 30,000 real doctors [9].

Core Viewpoint - Zhongke Jiangnan (301153) reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its business operations and financial health [1] Financial Performance - For the first three quarters of 2025, the company achieved a main operating revenue of 364 million yuan, a year-on-year decrease of 26.28% [1] - The net profit attributable to shareholders was -64.249 million yuan, reflecting a year-on-year decline of 1048.15% [1] - The non-recurring net profit was -67.126 million yuan, down 1588.32% year-on-year [1] - In Q3 2025, the company reported a single-quarter main operating revenue of 124 million yuan, a decrease of 4.66% year-on-year [1] - The single-quarter net profit attributable to shareholders was -15.8007 million yuan, an increase of 39.78% year-on-year [1] - The single-quarter non-recurring net profit was -17.7662 million yuan, up 31.24% year-on-year [1] - The company's debt ratio stood at 21.8%, with investment income of 3.2356 million yuan and financial expenses of -19.5266 million yuan [1] - The gross profit margin was reported at 53.19% [1] Market Activity - As of December 29, 2025, Zhongke Jiangnan's stock closed at 20.4 yuan, up 1.8%, with a turnover rate of 1.32% and a trading volume of 43,400 hands, amounting to a transaction value of 88.147 million yuan [1] - On the same day, the net inflow of main funds was 555,400 yuan, accounting for 0.63% of the total transaction value, while retail investors experienced a net outflow of 1.7168 million yuan, representing 1.95% of the total transaction value [1] Business Segments - Zhongke Jiangnan's main business includes electronic payment services, integrated budget management services upgraded to smart finance, and cloud services for budget units, reflecting a focus on digital transformation in various industries [1]

（文章来源：第一财经） 据港交所文件，上海汉得信息技术股份有限公司向港交所提交上市申请书，独家保荐人为国泰海通。 ...

格隆汇12月29日丨久远银海(002777.SZ)公布，根据全国高新技术企业认定管理工作领导小组办公室签 发的《对贵州省认定机构2025年认定报备的第一批高新技术企业进行备案的公告》，四川久远银海软件 股份有限公司全资子公司贵州久远银海软件有限公司（简称"贵州银海公司"）通过了高新技术企业的认 定，证书编号：GR202552000042，发证日期：2025年12月2日，有效期三年。贵州银海公司为首次被认 定为高新技术企业。根据国家相关规定，获得高新技术企业认定通过后三年内可享受国家关于高新技术 企业的相关优惠政策，即按15%的税率缴纳企业所得税。 根据全国高新技术企业认定管理工作领导小组办公室签发的《对四川省认定机构2025年认定报备的第三 批高新技术企业进行备案的公告》，公司控股子公司四川健康久远科技有限公司（简称"四川健康公 司"）通过了高新技术企业的认定，证书编号：GR202551001870，发证日期：2025年12月8日，有效期 三年。四川健康公司本次高新技术企业的认定系原高新技术企业证书有效期满后的重新认定。根据国家 相关规定，公司自通过高新技术企业重新认定起连续三年可继续享受国家高新技术企业15 ...

Core Viewpoint - Tianrongxin's intelligent computing cloud platform integrates five capabilities: computing, storage, networking, security, and intelligence, catering to various needs such as intelligent computing centers, private deployment and training of large models, and security protection for large models [1] Group 1 - The intelligent computing cloud platform is designed to provide full-stack cloud capabilities from general computing power to intelligent computing power for government, state-owned enterprises, and public institutions [1] - The company has made investments and laid out plans in the field of quantum technology, although its intelligent computing cloud does not currently incorporate quantum technology [1]

Group 1 - The core point of the article is that Chuangyue Huikang (300451) has received a total of 24 million-level orders in the first three quarters of 2025 [1] Group 2 - The company encourages investors to pay attention to relevant announcements disclosed in designated media [1]

据港交所文件，上海合合信息科技股份有限公司向港交所提交上市申请书，独家保荐人为中金公司。 ...

Group 1 - The core point of the article is that Anheng Information (688023.SH) has approved the conclusion of several fundraising projects and will use the surplus funds to permanently supplement its working capital [1] - The company will conclude the projects related to the "Data Security Island Platform R&D and Industrialization Project," "Internet Crime Investigation and Combat Service Platform R&D and Industrialization Project," and "Xinchuang Product R&D and Industrialization Project" [1] - The total surplus amount from these projects is 149.0848 million yuan [1]

Group 1 - The core point of the article is that Huali Co., Ltd. has terminated its acquisition of 51% of Zhongke Huilian due to a lack of consensus on key terms among the parties involved [2][4][6] - The acquisition was intended to be conducted through cash payment and was not classified as a related party transaction or a major asset restructuring [6] - Huali Co., Ltd. has been actively promoting due diligence work since the initiation of the transaction but ultimately received a letter from the shareholders of Zhongke Huilian expressing the intention to terminate the acquisition [6] Group 2 - Zhongke Huilian is recognized as a national-level specialized and innovative "little giant" enterprise, providing intelligent interaction and decision-making software products and solutions [8] - The company has successfully implemented applications in various fields, including smart governance, finance, enterprise, healthcare, and education, and has developed a large model generation algorithm for government applications [8] - Huali Co., Ltd. aims to enhance its digital transformation and business scale through this acquisition, which would contribute to new profit growth points and improve its profitability and risk resistance [8][9] Group 3 - With the termination of the acquisition, Huali Co., Ltd.'s digital transformation strategy is now stalled [9] - The company plans to continue pursuing its strategic goals through internal development and diversified investment and acquisition methods to promote long-term healthy growth [9] - As of December 29, Huali Co., Ltd.'s stock price reached 16.59 yuan per share, with a total market value of 4.5 billion yuan [10]