本文为IPO早知道原创 作者｜Eric 微信公众号｜ipozaozhidao 7月16日，专注"硬科技"的早期投资机构——中科创星科技投资有限公司（"中科创星"）在上海举 行"先导创业投资基金首关仪式暨硬科技生态合作发布会"，宣布中科创星先导创业投资基金以26.17亿 元完成首轮募集。 作为中科创星首次在长三角设立的硬科技创投基金，这一基金 70%资金将投向早期硬科技项目，并重 点聚焦"人工智能+"领域，助推新一轮科技革命发生。 新基金首关 70%资金投向早期硬科技 中科创星首次在长三角设立硬科技创投基金。 上海市科学技术委员会副主任黄红表示，在短短不到两年的时间，中科创星（上海）在浦东这片创新创 业的热土上，不断探索 "超前孵化""深度孵化"新范式，成功投资孵化了多家企业和项目，展现出"核 爆级"的发展潜力。她说，"上海市科委将持续赋能中科创星等高质量孵化器的建设，根据孵化器不同 的专业领域、优势特点、目标任务等，'一体一策'给予全方位的支持。" 上海国投先导私募基金管理有限公司总经理温治在会上说： "在当前经济形势与产业变革深度交织的背 景下，国投先导与中科创星携手，通过多元化手段加速推动科技创新的孵化、 ...

Group 1 - Nvidia's H20 chip is set to return to the Chinese market, with Tencent and ByteDance potentially being the first buyers after receiving export approval from the U.S. government [3][5] - Nvidia's stock rose by 4.04% to $170.7, increasing its market capitalization by $161.8 billion (approximately 1160.5 billion RMB) overnight [3] - WM Motor has announced plans to resume production and aims to produce 1 million vehicles by 2030, with projected revenue of 120 billion RMB [3][5][6] Group 2 - Geely Holding Group has signed a merger agreement with Zeekr, with Zeekr shareholders having the option to receive cash or exchange for Geely shares [6] - JD Health has opened its first self-operated medical beauty clinic in Beijing, with plans for a second location, but currently lacks corresponding subsidy policies [8] - Pop Mart anticipates a revenue increase of no less than 200% and a profit increase of no less than 350% for the six months ending June 30, 2025, compared to the same period in 2024 [8] Group 3 - The U.S. startup financing reached $162.8 billion in the first half of the year, a 75.6% increase year-on-year, driven largely by investments in artificial intelligence [29] - IDC reported a 4% year-on-year decline in China's smartphone shipments in Q2 2025, with Huawei regaining the top market position after more than four years [30]

Core Viewpoint - The article discusses the recent A-round financing of Huayi Quantum, a company specializing in ion trap quantum computing, highlighting its technological advancements and commercial potential in the quantum computing industry [4][10]. Company Overview - Huayi Quantum was established in January 2022, originating from Tsinghua University's Quantum Information Center, and is led by Professor Duan Luming, an academician of the Chinese Academy of Sciences [4]. - The core team consists of several PhDs and postdoctoral researchers from prestigious institutions such as Tsinghua University and the University of Science and Technology of China [4]. Financing and Investment - Huayi Quantum recently completed several hundred million yuan in A-round financing, led by the Social Security Fund's Zhongguancun Independent Innovation Special Fund and Beijing Information Industry Development Investment Fund, with the funds aimed at accelerating core quantum computing technology development and industrial application [4][10]. Technological Advancements - The company has proposed a novel ion trap quantum computing architecture based on high-dimensional ion qubit arrays, achieving a significant breakthrough with its second-generation commercial prototype, HYQ-B100, which can exceed 100 quantum bits [6][8]. - The performance metrics of the HYQ-B100, including fidelity and coherence time, are at the international leading level [6]. Application and Market Focus - Currently, Huayi Quantum's products are primarily used in scientific computing, with this segment accounting for over 80% of its business last year [5]. - The company collaborates mainly with traditional research institutions and large state-owned enterprises, such as China Mobile Research Institute [5]. Future Plans and Growth - The company anticipates revenue exceeding 50 million yuan this year, with growth expected to multiply [9]. - Future plans include enhancing quantum bit scale and advancing core technologies like quantum error correction, while also exploring applications in AI and various industries such as 6G mobile communication and oil reservoir simulation [9]. Investor Perspectives - Investors, including Junlian Capital and the Information Industry Fund, express strong confidence in Huayi Quantum's potential to lead in the quantum computing sector, emphasizing the importance of long-term capital support for innovative projects [10].

Core Insights - Huayi Quantum has completed a multi-hundred million yuan Series A financing led by the Social Security Fund Zhongguancun Independent Innovation Special Fund (managed by Junlian Capital), Beijing Information Industry Development Investment Fund, and Junlian Capital [1] Company Overview - Huayi Quantum, originating from Tsinghua University's Quantum Information Center, was established in Beijing in 2022. The company focuses on ion trap quantum computing and has launched its second-generation prototype HYQ-B100, achieving a breakthrough of 100 quantum bits with advantages in long coherence, high fidelity, and scalability. It also provides quantum cloud computing services across various sectors including research, communication, finance, medicine, and energy [2] Financing Purpose - The CEO of Huayi Quantum, Yao Lin, stated that the funds from this round will be used for three main areas: continuing the iteration of the third-generation ion trap quantum computer, tackling quantum error correction and quantum AI algorithms; building a larger-scale cloud computing power cluster to meet the high-performance quantum computing needs of research institutions and central enterprise research institutes; and expanding R&D centers in Beijing and Hefei to attract global quantum talent and accelerate the commercialization of applications in areas such as 6G communication, catalytic simulation, and oil reservoir optimization [3] Investment Rationale - A partner at Junlian Capital Management noted that the ion trap approach combines high fidelity with controllable costs. Huayi Quantum, leveraging a top-tier team from Tsinghua, has achieved commercial viability with a 100-qubit system and leads globally in quantum gate fidelity and system stability. The rapid growth in orders driven by surging demand in research and industrial applications positions the company as a potential platform-level enterprise, aligning with patient capital's long-term strategy for disruptive technologies [4] Investment Ecosystem Perspective - Wang Shuai, founder of Shandao Venture Capital Network, indicated that the State Council's "Implementation Opinions on Promoting Future Industry Innovation and Development" and Beijing's "Quantum Information Industry Development Plan" have been implemented, with the government encouraging "hard technology" through financial support. Huayi Quantum has quickly formed a product loop by leveraging original technology from universities, demonstrating efficient collaboration between research teams and capital. Investors should ensure continuous tracking of technological iterations and commercial scenario validations to meet the expectations of "national team" funding. Additionally, the entrepreneurial team maintains international competitiveness in the quantum sector, and their pioneering spirit is commendable [5]

Core Insights - The global venture capital market reached $94.6 billion in Q2 2025, marking the second-highest level in recent years, despite a significant drop in the number of deals to an eight-year low [2][9][14] - The current investment landscape is characterized by a "winner-takes-all" mentality, with funds increasingly concentrated on top-tier projects, making it crucial for entrepreneurs to understand the new rules of the game [4][3] Investment Trends - AI continues to dominate, attracting half of the total investment funds, with AI-tagged companies enjoying a median financing amount of $4.6 million, significantly higher than the market average [5][7][24] - Hard technology is on the rise, with six out of the top ten financing cases in Q2 2025 directed towards this sector, driven by factors such as the resurgence of U.S. manufacturing and advancements in clean energy [16][21] - Corporate venture capital (CVC) investments have decreased to a seven-year low, but the average deal size has reached its highest level since 2021, indicating a shift towards fewer, larger investments [39][42] Sector-Specific Insights - Defense technology is becoming a hotbed for investment, with a median revenue multiple of 17.4, slightly higher than AI companies, reflecting strong investor confidence [20] - The quantum computing sector saw $2.2 billion in investments in the first half of 2025, a 69% increase from the previous year, as major tech companies make significant breakthroughs [57][61] - The nuclear energy sector is experiencing a revival, with projected investments reaching $5 billion in 2025, driven by the energy demands of the AI industry [63][71] Future Investment Opportunities - The stablecoin market is expected to see explosive growth, with projected funding reaching $10.2 billion in 2025, fueled by improved regulatory conditions [46][49] - The defense technology sector is anticipated to attract more investors, with the number of participating institutions expected to grow by 34% from 2024 to 2025 [54] - The nuclear energy sector is positioned to become a critical infrastructure component in the AI era, as companies seek reliable energy sources to support their operations [71]

Core Viewpoint - Huayi Quantum aims to become a world-class quantum computing company, focusing on the development and commercialization of ion trap quantum computers, leveraging its strong research background from Tsinghua University [1][6]. Group 1: Financing and Partnerships - Huayi Quantum recently completed a Series A financing round, raising several hundred million yuan, which will be used to accelerate the R&D and industrial application of core quantum computing technologies [1]. - The financing was led by the Social Security Fund's Zhongguancun Independent Innovation Special Fund, Beijing Information Industry Development Investment Fund, and Junlian Capital [1]. - The company has established collaborations with leading enterprises and research institutions in various sectors, including telecommunications, finance, pharmaceuticals, and energy [4]. Group 2: Technological Advancements - Huayi Quantum has achieved a key breakthrough with its second-generation ion trap quantum computer prototype, HYQ-B100, which has surpassed 100 quantum bits while maintaining international leading levels in fidelity and coherence time [2]. - The team proposed a novel ion trap quantum computing architecture based on high-dimensional ion qubit arrays, significantly increasing the effective number of quantum bits while ensuring high-speed and high-fidelity quantum gate operations [1]. Group 3: Industry Applications - The company is actively exploring the practical applications and commercial value of quantum computing across various industries, including smart routing, portfolio optimization, chemical energy calculations, and logistics optimization [4]. - Huayi Quantum plans to deepen industry applications and enhance the integration of quantum and classical computing, providing one-stop solutions in relevant fields [6]. Group 4: Vision and Future Outlook - The CEO of Huayi Quantum expressed confidence in the company's vision to lead the computing revolution, emphasizing the potential of quantum computing at the intersection of artificial intelligence and quantum technology [6]. - Junlian Capital highlighted the disruptive potential of quantum computing and its value in expanding computational frontiers, supporting Huayi Quantum's long-term technological development and ecosystem building [6][7].

Core Insights - Huayi Quantum has recently completed a multi-hundred million yuan Series A financing round, led by the Social Security Fund and other investors, aimed at accelerating the development and application of core quantum computing technologies [1][2] - The company, founded in January 2022 and originating from Tsinghua University, focuses on ion trap quantum computing technology, providing integrated quantum computing systems and quantum cloud computing services for various industries [1][2] - The second-generation ion trap quantum computer prototype, HYQ-B100, has achieved a significant breakthrough with over 100 quantum bits, maintaining high fidelity and coherence times, positioning it at an international leading level [2][4] Company Overview - Huayi Quantum was established by a team of experts from Tsinghua University and other institutions, led by Professor Duan Luming, an academician of the Chinese Academy of Sciences [1][2] - The company primarily serves the research computing sector, with over 80% of its business in this area, collaborating with traditional research institutions and large state-owned enterprises [2][3] - The company aims to enhance its quantum computing capabilities while controlling costs, with over two-thirds of its total expenditure allocated to R&D and maintaining an annual growth rate of over 25% in R&D investment [4][5] Industry Context - Quantum computing is seen as a nascent field with significant potential, particularly in areas such as financial engineering, biomedicine, and logistics optimization, driven by the demand for advanced computational capabilities [1][2] - The commercial viability of quantum computing is still developing, with current applications focusing on research computing due to hardware limitations and the need for practical problem-solving [2][3] - Investment firms express strong confidence in the disruptive potential of quantum computing, highlighting Huayi Quantum's technological advancements and clear commercialization path as key factors for future growth [6]

Core Viewpoint - The Hong Kong Stock Exchange has launched a new policy called "Tech Company Special Line," providing a confidential listing channel and lowering the threshold for specialized technology and biotechnology companies, attracting more tech firms to consider listing in Hong Kong [1][2]. Group 1: Applicable Entities - The policy is aimed at specialized technology companies (e.g., AI, chips, new energy) and biotechnology companies (e.g., innovative drugs, medical devices), particularly those in early stages or with non-commercialized products [3]. - Core thresholds include industry attributes defined by the Hong Kong Stock Exchange under "Specialized Technology" (Chapter 18C) or "Biotechnology" (Chapter 18A) [4][6]. Group 2: Self-Assessment and Application Process - Companies must assess if they meet the criteria by checking the "Special Line" page on the Hong Kong Stock Exchange website and downloading the self-assessment form [8]. - If uncertain, companies can fill out the inquiry form and send it to the Hong Kong Stock Exchange for preliminary feedback within one week [9]. Group 3: Confidential Submission Process - The first step involves signing a Non-Disclosure Agreement (NDA) with the Hong Kong Stock Exchange to ensure confidentiality of submitted materials [11]. - Companies must submit a "confidential version" of their materials in a specified format [13]. - The review phase will take 30 days, focusing on technical feasibility and compliance [14]. Group 4: Exclusive Services of the "Tech Company Special Line" - Companies can receive one-on-one guidance from the Hong Kong Stock Exchange experts, including interpretations of listing rules and fundraising strategies [16]. - Eligible companies can benefit from a fast-track review process, reducing the review period to 30 days [17]. - Flexible equity design allows founders to retain control without additional proof of "innovation" [18]. Group 5: Common Pitfalls to Avoid - Companies should provide clear descriptions of their technology and avoid vague claims without supporting evidence [21]. - Transparency in related party transactions is crucial to avoid compliance issues [22]. - Establishing a diverse investor base is important to strengthen investor relations [25]. Group 6: Post-Listing Compliance - Continuous information disclosure is required, including updates on technology commercialization and major collaborations [27]. - Companies are encouraged to maintain market value by releasing quarterly research updates and engaging with analysts [28]. - A green channel for refinancing allows specialized companies to issue new shares through a simplified process [29]. Group 7: Comparison with Other Markets - The article compares the listing requirements and processes of the Hong Kong Stock Exchange with those of the A-share market and NASDAQ, highlighting differences in profitability requirements, review periods, and information disclosure levels [30].

Group 1: Nuclear Fusion - Chengdu Hanhai Fusion announced an event on July 18 to celebrate the completion of China's first linear fusion device HHMAX-901 and the achievement of plasma ignition, marking a significant breakthrough in controllable nuclear fusion commercialization [1] - The main technological paths for controllable nuclear fusion include magnetic confinement (Tokamak), inertial confinement (NIF), and magnetic inertial confinement (linear devices), with multiple facilities under construction globally [1] - Hanhai Fusion is the only commercial fusion company in China using the field-reversed configuration technology, which has a power density approximately 100-1000 times that of Tokamak devices [1] Group 2: Short Dramas - JD Group is recruiting for short drama operation positions, indicating its intention to enter the short drama market, which has seen explosive growth since 2023, with over 600 million users expected by 2024 [2] - The micro-short drama market in China is projected to reach 50.5 billion yuan in 2024, surpassing annual box office revenue for the first time, with an expected growth to 63.43 billion yuan by 2025 and 85.65 billion yuan by 2027, reflecting a compound annual growth rate of 19.2% [2] Group 3: Quantum Computing - CSIRO researchers developed a groundbreaking semiconductor process technology that successfully applies Quantum Machine Learning (QML) to construct process models, enhancing manufacturing precision and efficiency while potentially lowering chip production costs [3] - Quantum computing is seen as a core driver of next-generation information technology, with a significant shift towards industrial applications expected between 2025 and 2030, potentially reaching a market size of hundreds of billions of dollars [3] - China's "14th Five-Year Plan" identifies quantum technology as a core strategy, with expectations for breakthroughs in quantum communication and optical quantum computing [3] Group 4: Domestic Services - The Ministry of Commerce plans to implement policies to promote domestic service brands and improve the credit system in the sector, as part of the "2025 Domestic Service Action Plan" [4] - The domestic service market in China surpassed 1.16 trillion yuan in 2023, growing approximately 7.3% from 2022, driven by increasing demand due to family size reduction and aging population [4] - The domestic service industry has a significant talent gap, with over 30 million workers currently employed, indicating a strong potential for job creation [4] Group 5: Autonomous Driving - An international standard for testing scenarios of autonomous driving systems was officially released, outlining evaluation processes and requirements for testing scenarios [5] - The diversity and coverage of testing scenarios are crucial for the effectiveness and reliability of autonomous driving system evaluations, which involve multiple industries including AI, IoT, and urban infrastructure [5] Group 6: Artificial Intelligence - The Shanghai government is preparing for the 2025 World Artificial Intelligence Conference, promoting global cooperation in AI and focusing on key sectors for innovation [6] - The competition in large model technology is intensifying, with significant differences in development paths between China and the US, as domestic companies work on core technology and industry applications [6] Group 7: Gaming Industry - Zhejiang Province has implemented a comprehensive policy to support the international development of gaming companies, aiming to strengthen local game enterprises and foster a gaming export industry cluster [7] - The gaming industry is expected to enter a new development phase characterized by content refinement, AI industrialization, and systematic internationalization by 2025 [7]

Core Viewpoint - The first superconducting quantum computing measurement and control system designed for a thousand-bit scale, ez-Q Engine 2.0, has been officially delivered for use in China, marking a significant advancement in quantum computing technology [1][2]. Group 1: Product Development - The ez-Q Engine 2.0 was developed by Keda Guo Shield Quantum Technology Co., Ltd., a subsidiary of China Telecom Quantum Group, in collaboration with other units, providing over 5,000 bits of measurement and control services [1]. - The system supports up to 128 data bits and 256 coupling bits in a single chassis, allowing for the control of a thousand-bit quantum computer with just eight units, significantly reducing costs compared to foreign products [1][2]. Group 2: Technological Advancements - The new generation device has improved integration by approximately 10 times, with core components designed domestically, addressing challenges such as RF direct sampling output and large-scale clock synchronization [2]. - Enhanced measurement and control precision has been achieved, resulting in lower noise and stronger consistency in performance metrics [2]. Group 3: Application and Impact - The ez-Q Engine 1.0 was previously utilized in the "Zuchongzhi No. 2" quantum computer, and the new ez-Q Engine 2.0 is now involved in the research of the "Zuchongzhi No. 3" quantum computer, contributing to major scientific projects [2]. - The system has been delivered to nine research and industrial units, including the University of Science and Technology of China and China Telecom Quantum Group, and has been validated for stability and precision on the "Tianyan 504," the most bit-dense superconducting quantum computer in China [2].