Group 1 - The core viewpoint of the news is that Nanfang Electric Power Digital Grid Research Institute Co., Ltd. has shown significant financial growth, with a notable increase in revenue and net profit for the period from January to September 2025 [2] - As of December 19, Nanfang Digital's stock price increased by 1.11%, with a trading volume of 428 million yuan, indicating active market interest [1] - The financing data reveals that on December 19, Nanfang Digital had a net financing buy of -8.41 million yuan, with a total financing balance of 263 million yuan, representing 5.84% of its market capitalization [1] Group 2 - The company was established on March 31, 2017, and is located in Guangzhou, Guangdong Province, with its main business segments including digital grid, enterprise digitalization, and digital infrastructure [2] - The revenue composition shows that digital grid IoT sensing devices account for 30.37%, while intelligent operation systems contribute 18.11% to the total revenue [2] - For the period from January to September 2025, Nanfang Digital achieved a revenue of 2.779 billion yuan, reflecting a year-on-year growth of 31.88%, and a net profit of 158 million yuan, which is a remarkable increase of 464.76% [2]

Group 1 - Tianyuan Dike's stock price increased by 0.83% on December 19, with a trading volume of 195 million yuan. The margin trading data shows a financing purchase amount of 12.84 million yuan and a financing repayment of 14.94 million yuan, resulting in a net financing buy of -2.10 million yuan. The total margin trading balance is 402 million yuan as of December 19 [1] - The financing balance of Tianyuan Dike is 402 million yuan, accounting for 5.18% of its circulating market value. On the same day, there were no shares repaid or sold in the securities lending market, with a remaining quantity of 1,000 shares and a securities lending balance of 12,200 yuan [1] - Tianyuan Dike, established on January 18, 1993, and listed on January 20, 2010, is located in Shenzhen, Guangdong Province. The company's main business includes the development, production, and sales of software products for telecommunications, public security, and other industries, as well as system integration and technical support services. The revenue composition is as follows: 84.45% from ICT product sales, 9.15% from application software and services, 5.91% from operational business, 0.40% from other sources, and 0.09% from system integration projects [1] Group 2 - As of November 28, the number of shareholders of Tianyuan Dike is 87,800, a decrease of 1.63% from the previous period. The average circulating shares per person increased by 1.66% to 6,220 shares [2] - For the period from January to September 2025, Tianyuan Dike achieved an operating income of 6.30 billion yuan, representing a year-on-year growth of 12.44%. The net profit attributable to the parent company was 38.60 million yuan, an increase of 19.75% year-on-year [2] - Since its A-share listing, Tianyuan Dike has distributed a total of 285 million yuan in dividends. In the past three years, the cumulative dividend payout was 28.70 million yuan. As of September 30, 2025, Hong Kong Central Clearing Limited is the ninth largest circulating shareholder, holding 1.7097 million shares, a decrease of 2.1435 million shares from the previous period [3]

Group 1 - The core viewpoint of the news is that China Merchants Heavy Industry Technology Co., Ltd. (中远海科) has experienced a decline in both revenue and net profit, indicating potential challenges in its financial performance [2] - As of December 19, the company's stock price increased by 1.11%, with a trading volume of 42.62 million yuan, while the net financing buy was negative at -1.65 million yuan, suggesting a cautious market sentiment [1] - The company's financing balance is 294 million yuan, accounting for 5.10% of its market capitalization, which is below the 10% percentile level over the past year, indicating a low financing level [1] Group 2 - As of November 28, the number of shareholders decreased by 5.24% to 44,600, while the average circulating shares per person increased by 5.53% to 8,327 shares [2] - For the period from January to September 2025, the company reported a revenue of 1.198 billion yuan, a year-on-year decrease of 3.85%, and a net profit attributable to shareholders of 13.27 million yuan, down 90.65% year-on-year [2] - The company has distributed a total of 338 million yuan in dividends since its A-share listing, with 160 million yuan distributed in the last three years [2]

Group 1 - The core point of the articles highlights that layoffs in the U.S. are significantly influenced by the adoption of AI technologies, with approximately 55,000 layoffs attributed to AI in 2023 alone [1] - By 2025, total layoffs in the U.S. are projected to reach 1.17 million, marking the highest level since the COVID-19 pandemic [1] - Major companies like Amazon and Microsoft have announced significant layoffs, with Amazon cutting 14,000 jobs and Microsoft laying off around 15,000 employees [1] Group 2 - IBM announced a global layoff affecting about 3,000 employees, with its CEO indicating that AI chatbots have taken over many HR roles [2] - Salesforce confirmed a reduction of 4,000 customer service positions due to the implementation of AI technology [2] - Some experts argue that AI may be used as an excuse for layoffs, suggesting that companies are correcting overstaffing from the pandemic rather than solely relying on AI as the cause [3]

Group 1 - Apple Japan announced it will open third-party app stores and external payment channels in response to Japan's new Mobile Software Competition Law, marking a significant shift in its app distribution and payment control [2][21] - This change dismantles Apple's previously strong ecosystem, which has been a key competitive advantage since the launch of the iOS ecosystem in 2008, allowing Apple to maintain a stable user base and significant market share [22][24] - Apple's service revenue has reached $79.6 billion, accounting for over 25% of total revenue, with expectations that it will exceed $100 billion this year, highlighting the importance of this segment to Apple's profitability [24] Group 2 - The new law in Japan, effective December 18, 2024, requires Apple to allow developers to use third-party app stores and payment methods, which is a significant loss of control for the company [25] - The commission structure for Apple in Japan has been adjusted, with third-party payments now incurring fees between 10% to 21%, while purchases through third-party app stores will incur a 5% core technology fee, a substantial reduction from the previous 30% standard [25][30] - The European Union's Digital Markets Act (DMA) has set a precedent for such regulatory changes, requiring similar adjustments from Apple, including allowing sideloading and third-party payment options [27][29] Group 3 - Apple has faced significant fines from the EU, including a €5 billion penalty for violating the DMA, which restricts its ability to limit developers from informing users about alternative payment options [31][34] - The ongoing legal battles with Epic Games and the U.S. Department of Justice highlight the increasing scrutiny Apple faces regarding its App Store practices and the so-called "Apple tax" [39][40] - The global trend of regulatory scrutiny against Apple is expanding, with countries like the UK, South Korea, and others initiating investigations or legal actions against the company's app store practices [40]

道琼斯工业平均指数期货上涨 100 点，涨幅 0.2%；标普 500 指数期货和纳斯达克 100 指数期货分别上 涨 0.3%。 美股期货在周一早盘走高，市场即将迎来因节假日而缩短的交易周，交易员正研判科技板块能否在年底 前重拾涨势。 加贝利基金投资组合经理贾斯汀・伯格纳表示："几周前，我认为年底行情会是缓慢震荡上行，现在看 来，这已经演变成了年底的区间震荡行情。" 纽约证券交易所将于圣诞夜当日（周三）提前收盘，美国东部时间下午 1 点结束交易；周四圣诞节当天 将全天休市。 责任编辑：丁文武 美股期货在周一早盘走高，市场即将迎来因节假日而缩短的交易周，交易员正研判科技板块能否在年底 前重拾涨势。 美股三大指数刚刚经历了涨跌不一的一周。临近周末的科技股大涨，推动标普 500 指数和纳斯达克综合 指数实现四周内第三周上涨，涨幅分别为 0.1% 和 0.5%。本月表现强势的道指（涵盖 30 只成分股）则 下跌 0.7%，终结了此前连续三周的上涨势头。 此前表现低迷的人工智能概念股在上周迎来反弹。此前大幅跑输市场的科技巨头甲骨文股价飙升。 不过，投资者正密切关注人工智能概念股能否在年底前守住领涨地位。尤其是在市场担忧 ...

Market Overview - Investors are facing market volatility that may keep the market tense until the end of the year, despite an overall positive outlook for major indices in 2025 [2] - The S&P 500 index has slightly declined this month, contrary to the historical trend of strong performance in December [2][7] - Two main themes have caused significant fluctuations in the U.S. stock market: scrutiny over massive investments in artificial intelligence and changing expectations regarding the Federal Reserve's interest rate cuts in 2026 [2][4] Economic Data and Federal Reserve - Recent economic data has reinforced market expectations for potential interest rate cuts by the Federal Reserve, with a mild inflation report providing some market support [2][8] - The unemployment rate in November rose to 4.6%, the highest in over four years, despite a rebound in job growth [8] - The consumer price index showed a lower-than-expected increase, but optimism about cooling inflation may be tempered by data collection delays due to a government shutdown [8][9] Artificial Intelligence Sector - Concerns regarding investments in the artificial intelligence sector have intensified, particularly regarding the timing of returns on substantial infrastructure investments [4][9] - The technology sector, which has a significant weight in major indices, is under pressure due to these concerns, impacting overall market performance [4][9] Sector Performance - Other sectors, including transportation, finance, and small-cap stocks, have shown gains in December, indicating a shift of funds away from the technology sector [10] - The S&P 500 index has increased by over 15% year-to-date and is on track for a third consecutive year of at least 10% growth [9][10]

Investment Rating - The report maintains a "Recommended" investment rating for the quantum technology industry [6] Core Insights - Quantum computing is expected to advance faster than market expectations, becoming a core component of future computing systems alongside classical and AI computing [1][12] - The 2025 Nobel Prize in Physics was awarded for groundbreaking work in quantum tunneling and energy level quantization, indicating rapid iterations in quantum technology [2] - Major international companies are enhancing their engineering capabilities and commercializing quantum technologies, making significant strides in quantum hardware and software [3] - Domestic companies are accelerating their development around self-controllable technologies and practical applications in quantum measurement and computing [4] Summary by Sections 1. Quantum Technology Development - Quantum technology is transitioning from basic research to engineering and industrialization, with significant advancements in core device manufacturing and algorithm development [23] - The industry is expected to become a crucial support for future information technology transformations and enhance national technological competitiveness [23] 1.1 Quantum Communication - The global quantum communication market is projected to grow from $1.1 billion in 2025 to $10.5 billion by 2034, with a compound annual growth rate (CAGR) of approximately 28.3% [30] - In China, the quantum communication market is expected to reach $1 billion by 2024, with a CAGR of 52.3% from 2025 to 2030 [34] 1.2 Quantum Computing - The global quantum computing market is anticipated to grow from $5.04 billion in 2024 to $807.75 billion by 2035, indicating a CAGR of 87.64% [44][45] - In China, the quantum computing market is projected to increase from $118.5 million in 2024 to $410 million by 2030, with a CAGR of 23.5% [51] 1.3 Quantum Precision Measurement - The global quantum precision measurement market is expected to expand from $1.674 billion in 2024 to $4.497 billion by 2035, with a CAGR of 9.40% [59] - In China, the quantum measurement industry is projected to grow to $2.14 billion in 2024, with a growth rate exceeding 30% [62]

国泰君安期货研究所· 海 外 研 究 联系人 杨藤 F03151619 国泰君安期货·君研海外 海外宏观及大类资产周度报告 戴璐 Z0021475 刘雨萱 Z0020476 日期：2025年12月21日 Guotai Junan Futures all rights reserved, please do not reprint 02 03 大类资产周度表现及市场高频数据 周度重点宏观逻辑追踪及资产观点 • 固定收益 – 海外固收周度表现 • 汇率市场 – 主要汇率周度表现 • 汇率市场 – 中国货币政策框架演进 • 汇率市场 – 人民币汇率月频指标 • 汇率市场 – 人民币汇率高频指标 • 大宗商品 – 主要大宗商品周度表现 宏观数据全息图及基本面高频数据 • 海外权益 – 波动率与风险情绪指标 2 • 周度海外宏观要点：Mini11月——基本面、 BOJ和科技板块 放风险 • 周度宏观经济数据回顾：就业趋势走弱，但维 持降息预期 • 周度宏观经济数据回顾：通胀数据质量不佳， 但降温不可忽视 • 周度海外宏观要点：More Charts of the Week Special report on Guota ...

标普500指数本周小幅上涨0.1%，纳指上涨0.5%，而道指则下跌0.7%。Edward Jones高级全球投资策略 师Angelo Kourkafas表示："本周的经济数据进一步巩固了市场对美联储将维持降息倾向的预期。" 关注我，更多股市资讯告诉你！ 12月21日，欢迎来到股市早观点，我们来看看今天有哪些消息热点？ 标普500指数和纳指本月均出现下跌，股市正经历一段不同寻常的疲弱时期。近几周来，有两大主题引 发了美股的剧烈波动：一是市场对企业在人工智能（AI）基础设施建设方面巨额支出的审视不断加 深； 二是投资者对美联储在2026年进一步降息路径的预期发生变化。本周早些时候，围绕甲骨文一项数据中 心项目的疑问拖累了科技股及其他AI相关股票，而周四公布的温和通胀数据则提振了股市。 ...