Core Insights - Rigetti Computing has gained significant attention in the U.S. stock market due to Cantor Fitzgerald initiating coverage with a "buy" rating and a target price of $15, indicating Wall Street's growing interest in quantum computing as a lucrative investment opportunity [1][2] - The quantum computing sector is still in its infancy but is recognized as a highly sought-after technological milestone with potential for substantial economic impact in the future [1][3] - Major tech companies like NVIDIA, Microsoft, and IBM are heavily investing in quantum computing, signaling a competitive landscape and the potential for significant advancements in commercial applications [1][4][8] Company Developments - Rigetti recently completed a $350 million stock issuance to strengthen its balance sheet [2] - NVIDIA's CEO Huang Renxun highlighted that quantum computing is approaching a critical technological turning point, with the potential to solve significant global issues in the coming years [4][5] - Cisco has announced its entry into the quantum computing field by showcasing a prototype chip for connecting quantum computers, indicating a broadening interest in the sector [6] Industry Trends - The concept of a "Transformer moment" in quantum computing is emerging, which refers to the development of controllable and commercially valuable quantum computing applications [7][8] - Recent advancements in technologies such as ion traps and quantum annealing are paving the way for practical quantum computing applications, moving from theoretical concepts to real-world implementations [7][8] - The involvement of major tech giants and government support is expected to accelerate the commercialization of quantum computing on a global scale [8]

Investment Rating - The report maintains an investment rating of "Outperform" for the industry [3]. Core Insights - The launch of Tesla's Robotaxi marks a significant step towards the commercialization of autonomous ride-hailing services, with plans to expand the fleet to thousands of vehicles within months [22][39]. - Major advancements in quantum computing have been achieved, particularly with Microsoft's introduction of the 4D topological quantum error correction code, which significantly enhances error rates and operational efficiency [40][41]. Summary by Sections Robotaxi Launch - Tesla's Robotaxi was officially launched in Austin, Texas, with an initial deployment of about 10 vehicles, limited to invited users and specific operational areas [22][24]. - The Robotaxi utilizes the next-generation Full Self-Driving (FSD) system, which has a model parameter volume 4.5 times larger than the current version, and is expected to be fully operational later this year [24][25]. - The FSD system is designed to operate without pre-learning routes and is capable of point-to-point travel, with a fixed fare of $4.2 for rides [39]. Quantum Computing Breakthrough - Microsoft announced a significant breakthrough in quantum computing with the 4D topological quantum error correction code, which improves encoding efficiency and reduces error rates by 1000 times compared to 2D codes [40][41]. - This new technology will be integrated into Microsoft's Azure Quantum platform, enhancing research and development capabilities in various fields [40][41]. - The 4D topological code requires fewer physical qubits for each logical qubit, thus paving the way for more efficient quantum computing hardware [41]. Market Predictions - Frost & Sullivan predicts that the Robotaxi market will begin large-scale commercialization by 2026, with a projected market size of approximately 500 billion yuan in China by 2030 [39]. - The quantum computing market is expected to grow significantly, with IDC forecasting sales to reach $7.6 billion by 2027, reflecting a compound annual growth rate of 48.1% from $1.1 billion in 2022 [40].

Core Viewpoint - Quantum computing, particularly quantum image processing, is emerging as a significant research area, with the LSQb algorithm developed by Micro Algorithm Technology enhancing efficiency and security in image information hiding and extraction [1][4]. Group 1: LSQb Algorithm Overview - The LSQb algorithm is based on the principle of minimal effective quantum bits to represent image information, facilitating secure and real-time information hiding and extraction [1][3]. - The algorithm reduces the number of quantum bits required for image representation, thereby lowering algorithm complexity and enhancing processing speed [3][4]. Group 2: Technical Advantages - The LSQb algorithm offers high security due to quantum entanglement and the no-cloning theorem, making it difficult for attackers to extract embedded information without the appropriate quantum key [4]. - The algorithm's inherent parallel processing capability allows it to handle multiple pixel quantum bits simultaneously, significantly improving the speed of information hiding and extraction, especially for large-scale image data [4][5]. - The robustness of the LSQb algorithm ensures that secret information can still be accurately extracted even when images are subjected to noise or compression [4]. Group 3: Practical Applications - The LSQb algorithm has been successfully applied in various fields, including secure communication and medical image encryption, providing reliable solutions for sensitive information exchange [5]. - The algorithm is particularly valuable in remote medical services, where patient privacy is critical, enabling secure transmission of medical images without disclosing sensitive information [5]. Group 4: Future Prospects - With ongoing advancements in quantum computing technology, the LSQb algorithm is expected to see broader applications and deeper research, benefiting from improved quantum hardware performance [5]. - The integration of the LSQb algorithm with other quantum image processing technologies is anticipated to create a more comprehensive quantum image processing system, enhancing its role in quantum communication and network security [5].

Core Viewpoint - The European Commission is set to unveil an ambitious plan to establish a competitive quantum computing ecosystem in Europe, addressing funding and expertise challenges in the sector [1][2]. Group 1: Funding and Investment Challenges - The lack of funding opportunities, particularly in venture capital, is forcing many European quantum startups to relocate to the United States for business expansion [1][2]. - Despite having strong scientific capabilities and promising startups, Europe faces a dual challenge of funding and talent loss in the quantum technology sector [2]. Group 2: Strategic Measures for Quantum Ecosystem - The upcoming strategy aims to consolidate expertise, resources, and knowledge to build a quantum ecosystem within the EU, addressing the productivity gap with the US [3]. - The EU's flagship research funding program, Horizon Europe, will continue to support quantum research, and a Scale-Up Europe Fund is being prepared to assist tech companies in scaling [3]. Group 3: Digital Sovereignty Agenda - The quantum strategy is part of a broader digital sovereignty agenda aimed at reducing reliance on large US tech companies, with investments in AI, quantum computing, and semiconductors deemed crucial for technological sovereignty [4]. - The EU's recent initiative to establish five AI gigafactories has attracted 76 responses, with potential investments reaching €230 billion, significantly enhancing capabilities in AI development [4].

量子计算概念股 IonQ Inc 拉升涨超9%。得州立法机构通过IonQ支持的量子倡议，为该州在量子创新领 域的领导地位铺平道路。 ...

Group 1: Core Insights - The report by Bruegel compares the innovation capabilities in critical technologies (AI, quantum computing, and semiconductors) among companies in China, the EU, and the US, highlighting the leading positions of various entities in these fields [1][2]. Group 2: Regional Innovation Ecosystem Differences - US innovators dominate in quantum computing and have a significant advantage in AI, with key innovations concentrated among major tech companies [2]. - European innovators lag in all fields but perform relatively well in quantum computing, with most frontier innovators coming from research institutions rather than companies [2]. - Chinese innovators excel in semiconductors, with a distribution of frontier innovators that falls between the US and EU [2]. Group 3: Patent Application Trends - AI: From 2019 to 2023, China's AI patent applications surged from 29,000 to nearly 63,000, significantly outpacing the US; however, US patents are often more novel in many AI subfields [3]. - Semiconductors: The US leads with over 210,000 patents annually, while the EU has the fewest [3]. - Quantum Computing: The US holds the most patents, with China and the EU following, and the gap between the EU and China is widening [3]. Group 4: Key Entities in Patent Trends - AI in China: Major innovators include Huawei, Ping An Group, DJI, Tencent, Baidu, ByteDance, and OPPO, with Huawei leading in 2023 with a 34.09% share of breakthrough innovations [4][5]. - AI in the US: Major players include Google, Microsoft, and IBM, with Google holding a 23.86% share in 2023 [6]. - AI in the EU: The number of breakthrough innovations increased from 70 in 2019 to 90 in 2023, with key innovators like Ericsson and Nokia [7]. Group 5: Semiconductor Innovations - In semiconductors, European companies like Osram and Siemens have a significant share of total patents, while US firms like IBM and Micron are crucial players in frontier innovations [8]. Group 6: Quantum Computing Innovations - The EU's breakthrough innovations in quantum computing are nearly on par with China's, primarily driven by public research institutions [9].

Core Insights - The article emphasizes the mission of scientists and technology workers to advance science and technology in alignment with the "four orientations": global technological frontiers, economic main battlefields, national major needs, and people's health [1][4] Group 1: Technological Advancements - Recent technological progress showcases the commitment of scientists to the "four orientations," with significant achievements in space exploration and quantum technology [2] - The successful zero-height escape flight test of the "Dream Boat" manned spacecraft marks a new milestone in spacecraft development [2] - The first superconducting quantum computing measurement and control system designed for a thousand-bit scale has been delivered to multiple research and industry units, providing over 5000 bits of measurement and control services [2] Group 2: Innovations in Chemical and Energy Sectors - Researchers have developed a new catalyst that directly synthesizes para-xylene from carbon dioxide and hydrogen, expanding new pathways for carbon utilization [2] - A student team from Dalian University of Technology has overcome key technical bottlenecks in perovskite solar cells, creating a new type of battery with high efficiency and stability, suitable for energy supply in near-space vehicles [2] Group 3: Focus on Health and Social Development - The Comprehensive Research Facility for Fusion Technology (CRAFT) has made significant progress, with its low-noise current drive system passing expert testing and acceptance [3] - The first major technological equipment project in the energy sector, a 300 MW variable-speed pumped storage motor's full-size AC collector system, has successfully completed verification tests, filling a gap in domestic manufacturing [3] - Scientific research increasingly targets major public health issues, with breakthroughs in anti-aging stem cell therapy and brain-machine interface technology aiding in the recovery of motor functions in patients [3]

报告发布方：中金企信国际咨询 量子计算基于量子叠加与纠缠特性,已在理论层面展现出对个别经典计算问题求解的指数级加速潜力。当前处于"嘈杂中等规模量 子(NISQ)时代"，主流量子计算机已实现千位级物理量子比特规模，但容错能力有限,需依赖量子纠错技术提升综合计算能力。全 球技术路线呈现多元化竞争格局，包括超导(谷歌Willow、IBM-Heron、中科大"祖冲之"系列)、离子阱(lonQ)、光量子(中国科 大"九章"系列、加拿大Xanadu)及拓扑(微软Majorana1)等，各类技术路线各有优劣，技术路线尚未收敛。国内加速研发，近期推 出超导"祖冲之三号"与光量子计算机"九章三号"，并推动金融、制药等领域的应用探索。尽管工业级通用量子计算机仍需10-20 年，但量子计算即服务(QCaaS)的普及已推动技术验证与行业场景落地。 1.2对传统公钥密码的威胁 量子计算对公钥密码体系的颠覆性威胁源于量子算法设计的独特性。其中Shor算法通过量子并行性与量子傅里叶变换的协同作 用，将经典计算中难以解决的大整数分解(RSA基础)和离散对数求解(ECC基础)转化为多项式时间内可解问题。2022年1月，公开 研究指出使用配备量 ...

正是上述原因，此次科创板改革还试点引入资深专业机构投资者制度，希望借助这些机构投资者的专业 判断、真金白银的投入，帮助审核机构、投资者增强对企业科创属性、商业前景的判断，更加有效地识 别优质科技型企业。 对于机构投资者来说，真正考验他们专业能力的时候来了。 6月18日，中国证监会正式发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》，在科 创板内部新设科创成长层，为未盈利但前景广阔的科技型企业开辟专属上市通道。科创成长层企业股票 简称后添加"U"（Unprofitable），作为特殊标识。 科创成长层的推出，大幅提升了资本市场对科技创新企业的包容性与适应性，为人工智能、商业航天、 低空经济等更多前沿领域注入源头活水，体现资本市场服务科技创新的应有之义。 需要指出的是，当资本市场向未来科技敞开大门时，当"U"标识企业持续涌入资本市场时，新的投资机 遇实际上也对投资者的专业投资能力也提出了更高的要求和更大的挑战。 科创成长层企业的"U"标识，暗含着企业更难以评估的价值。实事求是地说，很多未盈利科技企业有技 术理论的支撑，但其价值更多被寄望于未来的市场潜力，而非眼前实实在在的利润，投资者不能沿用传 统的市 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has proposed the establishment of a growth tier on the Sci-Tech Innovation Board (STAR Market) and the reintroduction of the fifth listing standard for unprofitable companies [2][3] - The fifth standard allows technology companies that meet national strategic goals and have high market recognition to go public with a minimum expected market value of 4 billion yuan, even if they are not profitable [2][3] - Currently, 39 hard-tech companies have opted for the fifth standard to apply for listing, with 20 of them being innovative biopharmaceutical firms that have raised substantial funds for new drug development [2][3] Group 2 - The emergence of companies like Deepseek and Yushu Technology signifies China's breakthroughs in key technologies across various sectors, including AI, low-altitude economy, biotechnology, quantum computing, commercial aerospace, and chip development [3] - These companies typically have long investment periods and may struggle to achieve profitability initially, necessitating continuous high-intensity funding to maintain their exploratory capabilities and competitive edge [3][4] - The reintroduction of the fifth listing standard is timely, as it allows these companies to access capital markets and avoid missing critical development opportunities [3][4] Group 3 - Listing not only serves the purpose of financing but also opens new avenues for technology companies, enabling them to leverage various capital market tools for exponential growth [4] - The CSRC's initiative to support high-quality unprofitable innovative companies is a necessary step to enhance the attractiveness of the capital market for investors [4][5] - The introduction of index products linked to a basket of quality technology growth tier stocks is recommended to diversify investment risks and attract long-term capital to support the growth of China's technology industry [4] Group 4 - The global competition in capital markets means that if these companies cannot list in A-shares, they may seek opportunities elsewhere, which could deprive Chinese investors of growth dividends from domestic quality firms [5] - A comprehensive deepening of capital market reforms and an increase in institutional inclusivity and adaptability are essential to support innovation and face global competition effectively [5]