Core Insights - The article reports that Benyuan Quantum, in collaboration with the University of Science and Technology of China and the Hefei Comprehensive National Science Center's Artificial Intelligence Research Institute, has achieved the world's first application of drug molecular property prediction based on quantum edge encoding technology [1] - This technology has been validated on China's third-generation autonomous superconducting quantum computer "Benyuan Wukong," opening new pathways for molecular property prediction and drug development [1] Group 1 - Accurate prediction of molecular properties is crucial for the rapid screening of candidate drugs [1] - The research team has innovatively designed a quantum embedding graph neural network architecture, which synchronously processes atoms and chemical bonds at the quantum level for the first time [1] - This advancement significantly enhances the prediction accuracy of molecular behavior and markedly improves drug discovery efficiency [1]

Core Insights - Quantum computing has entered a new era since Google's demonstration with a 53-Qubit quantum computer in 2019, proving its capability to solve problems that traditional computers cannot handle efficiently [1][2] - The global quantum computing market is currently dominated by North America, which holds a 43.86% market share, with major players including Microsoft and Google [2][4] - China has made significant strides in quantum computing since the establishment of its first research group in 2003, achieving a historic leap from following to leading in certain areas of quantum technology [1][10] Group 1: North American Market Leadership - North America leads the global quantum computing market with a 43.86% share, featuring companies like Microsoft and Google, which have different technological approaches [2][4] - Microsoft’s Majorana 1 focuses on topological qubits for stability, while Google’s Willow emphasizes computational performance and error correction [4][6] - The scalability of Microsoft's Majorana 1 is theoretically up to 1 million qubits, while Google's current capability reaches 105 qubits [6] Group 2: China's Policy and Development - China’s quantum computing journey began in 2003, with significant policy support starting from the 2016 "Thirteenth Five-Year Plan," which included quantum computing as a major project [8][10] - The "Fourteenth Five-Year Plan" further emphasizes quantum computing as a strategic development area, showcasing China's commitment to advancing in this field [8][10] - China has demonstrated superiority in superconducting and photonic quantum technologies, with prototypes like "Zuchongzhi" and "Jiuzhang" leading in performance [9][10] Group 3: Early Stage of Global Quantum Applications - Quantum computing applications are still in the early stages across various sectors, including healthcare, automotive, BFSI, chemicals, manufacturing, and energy [13] - The global quantum computing market is projected to grow from $116.01 billion in 2024 to $1,262.07 billion by 2032, with a CAGR of 34.8% [13] - Despite the promising growth, current hardware and software capabilities are still developing, indicating that the industry is on the verge of rapid advancement [13]

Core Insights - A Chinese research team has successfully implemented the world's first drug molecule property prediction application based on quantum edge encoding technology, utilizing a "quantum microscope" [1] - The innovative quantum embedded graph neural network architecture integrates the pioneering quantum edge encoding technology and quantum node embedding model, achieving synchronous processing of atoms and chemical bonds at the quantum level [1] - This advancement significantly enhances the prediction accuracy of molecular behavior and markedly improves the efficiency of drug discovery [1]

Core Insights - CES Asia 2025 is entering a critical phase of preparation, with a significant increase in participation from global tech companies, particularly for the closed-door negotiation meetings, highlighting its importance as a core B2B platform in the tech industry [2][3] - The registration for the closed-door meetings has exceeded expectations, leading the organizers to extend the review period to ensure thorough evaluation of each applicant [2] - Asian companies, especially from China, Japan, and South Korea, dominate the applicant pool, seeking international collaboration to enhance their global presence [2] - Companies from Europe and the US are also participating, bringing advanced technologies and innovative ideas to explore opportunities in the Asian market [2] Industry Trends - In addition to popular sectors like artificial intelligence and the Internet of Things, emerging fields such as quantum computing, brain-computer interfaces, and green energy are also seeing active participation [3] - A European company focused on quantum computing emphasized the growing demand for this technology in the Asian market and aims to find suitable partners through the event [3] - To accommodate the high demand, the organizers plan to increase the number of closed-door meetings and optimize the negotiation process, enhancing efficiency and support for participating companies [3] - The success of CES Asia 2025 reflects the global tech industry's recognition of the Asian market and underscores the event's role in fostering technological exchange and collaboration [3]

Group 1 - Musk raises concerns about the long-term security of Bitcoin in the context of rapid advancements in quantum computing, specifically regarding the SHA-256 hash algorithm's vulnerability to powerful quantum computers [2][4] - IBM announced its next-generation quantum system "Blue Jay," which is expected to achieve 2000 qubits by 2033, intensifying competition in the quantum computing space [2][6] - Current quantum systems possess around 1000 qubits, significantly lower than the millions of error-correcting qubits needed to effectively break Bitcoin's encryption [4] Group 2 - Grok's analysis indicates that the risk of quantum computers breaking Bitcoin's encryption is near zero in the next five years, with a slight increase to below 10% by 2035 [2][4] - Deloitte's recent analysis suggests that approximately 25% of Bitcoin is at risk of being stolen through quantum attacks, highlighting the urgency for the Bitcoin network to adopt post-quantum cryptography [4] - Tesla holds 11,500 Bitcoins valued at approximately $1.3 billion, while SpaceX reportedly holds around $850 million in Bitcoin, indicating Musk's vested interest in addressing potential threats [6]

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call discusses HeXin Instruments and its acquisition of Liangxi Technology, aimed at enhancing its R&D capabilities and leveraging Liangxi's advantages in quantum computing [2][4][5] - The Chinese scientific instrument industry is undergoing a transformation, benefiting from policy support and domestic substitution demand, with a focus on high-end equipment localization and mergers and acquisitions as key strategies [2][6][7] Core Insights and Arguments - Liangxi Technology reported a profit of approximately 30 million yuan in the first half of 2025, with an expected annual profit exceeding 50 million yuan, indicating a positive outlook for HeXin Instruments post-acquisition [2][3][5] - HeXin Instruments has faced cumulative losses exceeding 200 million yuan over the past three years, which is nearly equivalent to its annual sales, but the acquisition is expected to help turn around its financial performance by 2025 [3][5] - The acquisition of Liangxi Technology is strategic due to its consistent profitability and 20 years of industry experience, which provides HeXin with a stable revenue stream and enhances its competitive position [4][5] Market Dynamics and Trends - The quantum computing industry is expected to see enterprise-level bulk purchases of quantum computers around 2030, with specialized quantum computers already in use for specific applications [11] - The Chinese scientific instrument industry is experiencing a bull market, particularly following China Telecom's acquisition of GuoDun Quantum, which has increased industry attention and support [10] - The liquid cooling segment has made significant progress in reducing power consumption, with domestic companies successfully entering overseas supply chains [12][19] Additional Important Insights - The customer base for Liangxi's products is diverse, primarily serving the domestic market while also exporting some products, which provides stability for the company [8] - The technological landscape includes advancements in liquid cooling and fiber optics, with Chinese companies making significant strides in the fiber optics market, particularly in data centers [15][16] - The overall outlook for the Chinese scientific instrument industry is optimistic, with expectations of policy support and increased investment opportunities as companies focus on innovation and market expansion [6][7]

Core Viewpoint - HeXin Instruments reported a significant narrowing of losses in its traditional business while advancing into quantum computing, leading to an "accumulate" rating from Minsheng Securities [1] Financial Performance - For the first half of 2025, HeXin Instruments achieved revenue of 53 million yuan, a year-on-year decline of 48.9%, with a net loss attributable to shareholders of 17.65 million yuan, which is a 20.9% improvement compared to the same period last year [2] - In the second quarter of 2025, the company reported revenue of 21.44 million yuan, down 62.7% year-on-year and 33.2% quarter-on-quarter; the net loss attributable to shareholders was 10.39 million yuan, a decrease of 47.6% year-on-year and 47.0% quarter-on-quarter [2] Investment in Quantum Computing - The company plans to acquire a 56% stake in Shanghai Liangxi Technology Co., which specializes in quantum computing patents and low-temperature measurement equipment [3] - Liangxi Technology generated revenue of 70.8 million yuan in the first half of 2025, nearing its total revenue of 74.35 million yuan for 2024, with a gross margin of 62.1%, an increase of 2.3 percentage points from 2024 [3] - Research and development expenses for Liangxi Technology in the first half of 2025 were 4.21 million yuan, 10.66 million yuan, and 5.55 million yuan, representing 15.72%, 14.33%, and 7.85% of revenue, respectively [3] - Liangxi Technology achieved a net profit of 28.15 million yuan in the first half of 2025 [3] Industry Trends - Major global players are increasing investments in quantum computing, with Microsoft’s CEO stating that quantum computing will be a significant accelerator in cloud services [4] - NVIDIA's CEO indicated that the quantum computing sector is at a historic turning point, predicting that the next generation of supercomputers will integrate quantum processing units (QPU) with GPUs [4] - Amazon has launched a new 54-qubit superconducting quantum processor on its Amazon Braket platform [4] Future Outlook - Without considering the acquisition, the company is expected to achieve revenues of 210 million yuan, 230 million yuan, and 240 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-sales ratios of 37x, 34x, and 32x based on the closing price on May 30, 2025 [5] - The company is anticipated to benefit from strong product capabilities and potential policy support, with its core product, the dilution refrigerator, expected to break the overseas monopoly [5] - The overall competitive advantage and resource reserves of the company are expected to accelerate its development in the quantum computing sector [5]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6]. Core Views - The company's traditional main business has significantly reduced its losses, while it is advancing into the quantum computing sector [1]. - The company plans to acquire a 56% stake in Shanghai Liangxi Technology Co., which specializes in quantum computing patents and products [2]. - Major overseas companies are increasing their investments in quantum computing, indicating a growing trend in the industry [3]. - The company is expected to achieve revenues of 210 million, 230 million, and 240 million yuan from 2025 to 2027, with corresponding P/S ratios of 37x, 34x, and 32x [4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenues of 53 million yuan, a year-on-year decline of 48.9%, and a net loss attributable to shareholders of 17.65 million yuan, which is a 20.9% improvement compared to the same period last year [1]. - For the second quarter of 2025, revenues were 21.44 million yuan, down 62.7% year-on-year and 33.2% quarter-on-quarter, with a net loss of 10.39 million yuan, a decrease of 47.6% year-on-year and 47.0% quarter-on-quarter [1]. Investment in Quantum Computing - The acquisition of Liangxi Technology is aimed at enhancing the company's capabilities in quantum computing, particularly in providing ultra-low temperature and weak signal measurement equipment [2]. - Liangxi Technology achieved revenues of 70.8 million yuan in the first half of 2025, nearing its total revenue of 74.35 million yuan for 2024, with a gross margin of 62.1% [2]. Industry Trends - Major players like Microsoft and NVIDIA are emphasizing the importance of quantum computing, with predictions of significant advancements in the field [3]. - The report highlights that the quantum computing sector is expected to grow, benefiting companies like the one under review [3]. Future Projections - The company is projected to achieve revenues of 213 million, 228 million, and 244 million yuan from 2025 to 2027, with a growth rate of 5.1%, 7.3%, and 6.9% respectively [5]. - The net profit attributable to shareholders is expected to improve from a loss of 19 million yuan in 2025 to a loss of 13 million yuan in 2027 [5].

来源：中国新闻网 量子计算有望破解金融领域经典计算机难以应对的海量数据与高复杂度计算难题。"本源悟空"云服务团 队负责人赵雪娇介绍，目前，科研团队已与金融机构合作开发出量子期权定价算法、量子风险价值计量 算法等量子金融算法，合作探索量子贝叶斯网络应用；联合电子科技大学等研究团队，开发了基于量子 振幅编码的高效数据表征方法，大幅降低金融数据处理复杂度。 赵雪娇介绍，2024年，经北京金融科技产业联盟授权，"本源悟空"正式接入金融量子云实验平台，为行 业提供探索高效解决方案的算力支撑。该平台有效降低了金融机构使用量子算力的门槛，提供了一站式 开发和实验环境。目前，依托"本源悟空"自主量子算力，科研团队已开发了包括投资组合优化、量子期 权定价、指数追踪等在内的多个金融应用。这些应用充分发挥量子并行计算的特性，能够指数级提升特 定金融模型的计算效率。 "本源悟空"研制团队总负责人、安徽省量子计算工程研究中心主任郭国平表示，中国自主超导量子计算 机"本源悟空"规模化对接金融机构，正是将量子计算技术的潜力切实转化为实际应用能力，标志着中国 自主量子算力在关键领域的实用化落地迈出了坚实一步。未来，"本源悟空"有望在风险管理 ...

Group 1 - The quantum computing sector experienced significant gains, with Rigetti Computing (RGTI.US) rising over 9.8%, D-Wave Quantum (QBTS.US) increasing over 7%, Arqit Quantum (ARQQ.US) up over 6%, and Quantum Computing (QUBT.US) climbing over 5% [1] - Microsoft's CEO highlighted that quantum computing will be a crucial accelerator for cloud computing [1]