Summary of Quantum Computing and Communication Conference Call Industry Overview - The conference focused on the **quantum computing** and **quantum communication** industries, highlighting their current status, challenges, and future potential [1][2][16]. Key Points and Arguments Quantum Computing - **Quantum Computing Basics**: Quantum computing utilizes quantum bits (qubits) that can exist in multiple states simultaneously, allowing for exponential speedup in specific algorithms compared to classical computing [5][14]. - **Current Technologies**: The main technologies in quantum computing include: - **Superconducting**: Used by companies like Google and IBM, known for high gate fidelity and long coherence times [6]. - **Trapped Ions**: Represented by companies like INQ, offering higher fidelity but facing scalability challenges [6]. - **Neutral Atom Optical Tweezers**: Lower environmental requirements but longer operation times [6]. - **Industry Stage**: The quantum computing industry is still in its early stages, primarily serving the education and research markets, with potential applications in materials, chemicals, biomedicine, and finance [1][21]. Quantum Communication - **Key Technologies**: Quantum communication includes: - **Quantum Key Distribution (QKD)**: Ensures secure key distribution using quantum properties, making interception detectable [9][33]. - **Quantum Teleportation**: Transfers quantum states using entangled particles, with significant implications for future information transmission [10]. - **Advantages**: Quantum communication offers enhanced security due to its fundamental properties, although it still relies on classical channels for information transmission [15]. Challenges and Development - **Key Issues**: The development of quantum computing faces challenges such as: - Environmental noise affecting qubits [17]. - The need for quantum error correction to achieve fault-tolerant quantum computing [4][53]. - Weak upstream supply chains, particularly for dilution refrigerants [17][18]. - **Measurement Systems**: Current measurement systems require optimization for low-temperature environments, and specialized equipment is needed for effective quantum control [19]. Market and Future Outlook - **Market Applications**: The primary market for quantum technologies is currently in education and research, but significant potential exists in materials science, biomedicine, and finance due to their complex computational needs [21][28]. - **Future Projections**: By 2025-2030, specialized quantum computers for optimization problems are expected to emerge, with general-purpose quantum computers gradually becoming more prevalent [23]. - **Technological Maturity**: Technologies like quantum key distribution and quantum random number generators are nearing practical application, particularly in high-security sectors [24]. Notable Companies and Developments - **Leading Companies**: Key players in the quantum computing space include IBM, Google, and IONQ, with significant advancements in superconducting and trapped ion technologies [30][32]. - **Investment Trends**: The potential for breakthroughs in quantum technology could lead to significant shifts in funding towards successful companies, particularly if major milestones are achieved [46]. Additional Important Content - **Quantum Measurement**: Quantum measurement technologies are advancing rapidly, with applications in military and research fields [27]. - **Economic Challenges**: Each technology route faces unique economic challenges, and the lack of a decisive breakthrough currently prevents a clear funding shift [46]. - **Security and Commercial Value**: Enhancing security through quantum technologies can create commercial value, particularly in sectors requiring high security [47]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the quantum computing and communication landscape, its challenges, and future opportunities.

Investment Rating - The report suggests a positive investment outlook for the communication sector, particularly focusing on sub-sectors like optical communication and smart cards, which have shown better performance recently [1][10]. Core Insights - The communication industry is experiencing a downturn, with the overall index down by 0.78%, while specific sub-sectors like smart cards and optical devices have seen gains of 3.88% and 3.51% respectively [1][10]. - The integration of 5G and AI is expected to enhance profitability, with approximately 70% of the constituents in the 5G communication theme index having business related to 5G and about 76% related to AI [2][43]. - The report highlights a significant growth in revenue and net profit for the 5G communication theme index constituents, projecting a compound annual growth rate (CAGR) for revenue in the range of 10% to 30% over the next three years [2][45]. Summary by Sections 1. Weekly Market Performance - The communication sector index declined by 0.78%, while the overall market indices showed mixed results, with the Shanghai Composite down by 0.25% and the ChiNext up by 0.22% [1][10]. - Sub-sectors such as smart cards and optical devices performed well, with respective gains of 3.88% and 3.51% [1][10]. 2. Industry Development and Key Events - The global data center market is driven by AI, digitalization, and policy support, with the top ten data center service providers holding 59.5% of the total global resource capacity [24][26]. - The report notes a rapid increase in the proportion of large and super-large data centers in China, which are expected to dominate new constructions [26][30]. 3. 5G and AI Integration - The report emphasizes the high correlation between 5G and AI businesses, with a stable recovery in profitability observed [2][43]. - The constituents of the 5G communication theme index are projected to achieve a total revenue of CNY 1,788.51 billion in 2024, reflecting a year-on-year growth of 16.4% [2][45]. 4. Investment Recommendations - The report recommends focusing on high-quality stocks in sub-sectors with improving market conditions, particularly in optical communication and data centers [3][41]. - Specific companies to watch include Zhongji Xuchuang, New Yisheng, and Tianfu Communication, among others [3][41].

Core Viewpoint - The research teams from Shanghai Jiao Tong University and Shanghai University of Electric Power have made significant advancements in quantum direct communication, proposing a scalable architecture for long-distance quantum direct communication and successfully establishing a 300-kilometer quantum direct communication network among four nodes [1][2]. Group 1: Research Achievements - The quantum direct communication theory was first introduced in 2000 by teams from Tsinghua University and Beijing Quantum Information Science Research Institute, with subsequent experimental validations by various institutions [1]. - In 2021, the Shanghai Jiao Tong University team achieved a 40-kilometer quantum direct communication network involving 15 nodes, laying a solid foundation for further advancements [2]. - The recent study utilized a dual-pump optical parametric down-conversion technique to create a quantum entanglement distribution system with high anti-interference capability, maintaining a quantum state fidelity of over 85% after communication [2]. Group 2: Technical Breakthroughs - The research achieved three main technical breakthroughs: overcoming the limitations of traditional star network architecture to enable scalable full connectivity, enhancing transmission distance to 300 kilometers through optimized entangled light source preparation, and establishing an error correction mechanism based on quantum state reconstruction to ensure multi-node communication stability [2]. - After a 300-kilometer transmission, the photon pair count at the receiving node remained at 300-400 Hz, indicating a theoretical communication rate of several bits per second after encoding [2]. Group 3: Future Applications - The successful construction of this quantum communication network system lays a crucial foundation for practical applications in fields requiring high information security, such as military command, government communication, and financial transactions [3].

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the AI industry, public cloud services, and the renewable energy sector, with a focus on companies like Huoshan Engine, Guoneng Rixin, and Zhongji Xuchuang [2][9][13]. Core Insights and Arguments AI Industry - Huoshan Engine leads the domestic public cloud large model invocation market with a 46.4% market share [2][3]. - Daily invocation of Huoshan Engine's Daobao model increased from 4 trillion tokens in December 2024 to over 16.4 trillion tokens by May 2025, indicating rapid growth [3]. - AI tool token consumption has surged, with programming tools increasing by 8.4 times and general tools by 10 times [2][3]. - Visual understanding models in K12 education have seen a 12-fold increase in token consumption [2][3]. - Daily token consumption for intelligent inspection videos and video retrieval has surpassed 10 billion [4]. Pricing Strategy - Huoshan Engine's Daobao 1.6 pricing strategy varies by input range, significantly reducing costs for enterprises, especially for requests within the 0-32K range, where costs can drop by 63% [5]. Demand for Computing Power - The AI era is driving a shift from BI to multi-modal data processing, increasing demand for computing power [6]. - Domestic computing power is currently in short supply, with potential price increases expected in the second half of the year [21]. - Despite NVIDIA's potential return to the Chinese market, domestic computing power still has significant growth potential [21]. Renewable Energy Sector - The National Development and Reform Commission's green electricity direct supply policy benefits Guoneng Rixin and Langxin, enhancing their competitive edge in renewable energy generation efficiency [9]. - Guoneng Rixin's products and services are expected to help reduce waste in wind and solar energy generation [9]. Optical Module Market - The demand for optical modules is rapidly increasing, with expectations of 15-17 million units of 800G products needed by 2025 and optimistic projections of 25-30 million units by 2026 [13]. - Zhongji Xuchuang is highlighted as a leading player in the optical module market, with significant potential for rebound and sustained growth [13]. International Expansion and Market Dynamics - Companies like Changfei Fiber have improved their performance, with revenue and profit growth returning to levels seen in 2021 and 2022 [15][16]. - The international market is opening new opportunities, with overseas revenue exceeding 30% [16]. - The hollow fiber technology is identified as a key growth driver for Changfei Fiber, with significant investments from major players like Microsoft [17]. Other Important Insights - The AI industry is expected to see a new wave of growth if major models are upgraded in the coming months [6]. - The consumer electronics sector is anticipated to benefit from innovations in foldable screens and wearable devices, with significant sales expected [23][24]. - The electronic sector is currently facing challenges but may see valuation recovery opportunities, particularly in the consumer electronics segment [19]. This summary encapsulates the key points discussed in the conference call, highlighting the trends, opportunities, and challenges within the AI and renewable energy sectors, as well as the performance of specific companies.

Group 1 - The core viewpoint of the article highlights the successful completion of the module-level verification of China's star-ground quantum direct communication technology, marking a significant step towards the construction of an integrated quantum direct communication network in space and on Earth [1] - The verification was conducted using the "Yuanxingzhe No.1" rocket developed by Beijing's commercial aerospace company, which successfully completed its first sea recovery test [1] - The two key modules developed by the Beijing Quantum Institute are essential for the star-ground quantum direct communication system, enabling information transmission and decoding [1] Group 2 - The rapid development of the commercial aerospace sector in Beijing presents more opportunities for innovation and cost reduction in the design of aerospace standard components [2] - The recent test involved the modules flying to an altitude of approximately 2.5 kilometers, where they faced the highest acceleration and vibration, successfully passing the test [2] - The team has optimized the quantum direct communication system's size from approximately the size of five computer hosts to that of one, aiming to meet the stringent weight and volume requirements for space missions [2]

Group 1 - Broadcom has launched its most powerful data center switch chip, Tomahawk 6, aimed at capturing a larger share of the AI infrastructure market, with early customers deploying it to build the world's largest GPU clusters, indicating a significant market potential as over 100,000 GPUs are already deployed [1] - Envision AESC has officially started production at its battery super factory in Douai, France, with an initial capacity of 10 GWh, which will supply power batteries for leading international automakers like Renault, meeting the needs of 200,000 electric vehicles [1] - Samsung's yield for its 10nm sixth-generation DRAM (1c DRAM) has reportedly improved to 70%, with significant yield rates achieved under both cold and hot testing conditions [1] - A Chinese research team has successfully completed module-level verification of a star-ground quantum direct communication system, marking a significant step towards the construction of an integrated quantum direct communication network [1]

Core Viewpoint - The research team in China has successfully completed the module-level verification of a star-ground quantum direct communication system, marking a significant step towards the construction of an integrated quantum direct communication network in space and on Earth [1] Group 1 - The verification involved the integration of quantum direct communication laser modules and phase encoding modules [1] - The successful launch took place on May 29, 2025, at 4:40 AM, using the Yuanhang-1 verification rocket from Arrow Yuan Technology [1] - The experiment included multiple stages such as successful launch, sea recovery, and factory inspection, with all modules functioning normally after exiting the cabin [1]

Group 1: Quantum Communication - A Chinese research team has proposed a new theoretical framework for long-distance, large-scale, scalable quantum direct communication, successfully achieving a 300-kilometer quantum direct communication network among four nodes [2] - The fidelity of the shared quantum state between nodes remains above 85% after transmission, confirming the reliability of the scheme for long-distance communication [2] - The global quantum industry is projected to reach $5 billion in 2024 and exceed $800 billion by 2035, with a CAGR of 59% [2] Group 2: Analog Chip Market - The global inventory cycle for analog chips is believed to have bottomed out after nearly six quarters of adjustment, according to a report from CITIC Securities [3] - The analog chip market is driven by long-term demand from consumer electronics, automotive electronics, and industrial control, as well as emerging fields like AI and electric vehicles [3] Group 3: Brain-Computer Interface (BCI) Technology - The first clinical ward for brain-computer interface technology has been established at Beijing Tiantan Hospital, marking a significant step towards the clinical application of BCI technology [4][5] - The year 2025 is seen as a critical year for the formal entry of BCI technology into clinical settings in China, with plans for multiple invasive product trials by 2030 [5] - Major milestones in the BCI field include Neuralink receiving FDA approval for human clinical trials and the completion of the first wireless implantation surgery in China [5] Group 4: Stablecoin Regulation in Hong Kong - The Hong Kong government has officially enacted the Stablecoin Ordinance, establishing a licensing system for issuers of fiat-backed stablecoins [6] - This regulation aims to promote financial innovation while maintaining financial stability, marking a significant advancement in Hong Kong's digital asset landscape [6] - The regulatory framework for stablecoins is expected to enhance cross-border payment efficiency and compliance, facilitating the integration of stablecoins with real-world assets (RWA) [6]

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数集体收涨，道指涨0.08%，纳指涨0.67%，标普500指数涨0.41%，科技股多数上涨， AMD、Meta涨超3%，超微电脑涨近3%，博通涨超2%，英伟达涨超1%，特斯拉、谷歌跌超1%。贵金 属、金属原材料涨幅居前，世纪铝业涨超21%，黄金资源涨超16%，美国黄金公司涨超10%，泛美白银 涨超7%，麦克莫兰铜业涨超4%。中概股多数收涨，纳斯达克中国金龙指数涨0.53%，霸王茶姬涨近 10%，老虎证券涨超3%。 2、国际金价大幅走高，现货黄金涨2.8%，报3380.81美元/盎司；COMEX黄金期货涨2.74%，报3406.40 美元/盎司；现货白银涨5.32%，报34.73美元/盎司；COMEX白银期货涨5.76%，报34.93美元/盎司。国 际油价全线上涨，美油主力合约涨3.7%，报63.04美元/桶；布油主力合约涨3.63%，报65.06美元/桶。美 元指数盘中跳水，最终跌0.75%，报98.69，非美货币多数上涨。欧洲三大股指收盘涨跌不一，德国DAX 指数跌0.28%，报23930.67点；法国CAC40指数跌0.19%，报7737 ...

Group 1: Stablecoins - The Hong Kong government officially enacted the "Stablecoin Regulation" on May 30, enhancing the digital asset regulatory framework [1] - Compliant stablecoins in Hong Kong are expected to be launched by the end of this year, with the global stablecoin market exceeding $250 billion as of May 31, 2023, an increase of over $40 billion since the end of 2024 [1] - Stablecoins are increasingly used in traditional financial activities such as cross-border payments and foreign exchange savings, becoming ideal choices for international payments and asset reserves [1] Group 2: Hydropower Projects - A hydropower station project in Tibet has been approved, with a total investment expected to exceed 1 trillion yuan, generating a demand for 18 million cubic meters of concrete and 54 million tons of cement [2] - The project is set to start construction in June 2025 and aims to be operational by 2030, with a capacity of 6 million kilowatts, more than double that of the Three Gorges Dam [2] Group 3: Quantum Communication - A Chinese research team has proposed a scalable quantum direct communication network, achieving a 300-kilometer communication distance among four nodes [3] - The advancements include overcoming traditional network architecture limitations, optimizing entangled light source preparation, and establishing an error correction mechanism for stable multi-node communication [3] Group 4: Computing Power - The Ministry of Industry and Information Technology has issued an "Action Plan for Computing Power Interconnectivity," aiming to create a computing power internet system by 2028 [4] - The plan focuses on enhancing the interconnectivity of computing resources and services, promoting a unified computing power standard [4]