来源：科技日报 量子计算的核心挑战之一在于量子比特的稳定性。与超导、离子阱等技术路径不同，拓扑量子比特常被 形容为量子信息的"保险箱"。也就是说，其信息并非存储在某一具体位置，而是以非局域方式分布在一 对被称为"马约拉纳零模"的特殊量子态中。这种分布式编码使系统对局部噪声具有天然鲁棒性，因为只 有影响整个系统的扰动才可能破坏信息。因此，拓扑量子比特被认为是实现容错量子计算的重要方向。 然而，这种优势也带来了实验挑战。如果信息不对应任何单一点位，科学家该如何对其进行读取，一直 是该领域的关键难题。 科技日报记者 张佳欣 由西班牙国家研究委员会马德里材料科学研究所与荷兰代尔夫特理工大学组成的国际联合研究团队，在 拓扑量子计算领域取得重要进展。他们首次利用一种被称为"量子电容"的新技术，成功读取基于马约拉 纳模式的拓扑量子比特中的信息，向实现更稳定的量子计算迈出关键一步。相关成果发表于最新一期 《自然》杂志。 为解决这一问题，研究团队构建了被称为"最小Kitaev链"的模块化纳米结构。该结构通过超导体将两个 半导体量子点耦合起来，形成可控的拓扑体系。这种构建方式类似搭乐高积木，通过"自下而上"的设计 避免了以往依赖 ...

十五五规划建议提出，推动量子科技等前沿产业成为新的经济增长点。 今年以来，量子科技产业的一级股权融资不断动作频频。如，相干科技宣布完成超亿元Pre A轮融资，由天际资本、普华资本领 投。量旋科技宣布完成数亿元C轮融资，由隆利科技、晶凯资本、恒泰华盛、毅达资本、青岛瀚瑞、海南风凯翔联合投资。 今年1月，量子计算企业——深圳量旋科技有限公司（简称"量旋科技"）完成数亿元C轮融资，投资机构来自隆利科技、毅达资 本、晶凯资本、恒泰华盛等。 这距离上次对外披露B+轮的数亿元融资仅过去不到半年。资本如此青睐的背后，恰恰反映了市场认为量子计算技术正从实验室 研发加速迈向产业应用的关键窗口期。 "量子计算的发展前景将沿一条清晰的路径展开，短期核心在于构建自主可控的全栈技术生态，中期目标是在特定领域展现出不 可替代的算力优势，长期愿景则是实现大规模容错量子计算。这是一个需要长期投入，但注定将重塑未来的前沿赛道。"量旋科 技高级副总裁、CTO孟博告诉21世纪经济报道记者。 成立于2018年的量旋科技，是国内较早布局超导量子计算机的企业。目前，量旋科技已拿下多个"第一"：推出全球第一台可编 程桌面型量子计算机；成为中国第一家向海外 ...

Investment Rating - Investment rating: None [4] Core Insights - The report highlights significant performance in the AI energy sector, with Bloom Energy reporting Q4 2025 revenue of $778 million, a year-on-year increase of 35.9%, and a total annual revenue of $2 billion, up 37.3% [11] - The financial technology sector showed signs of recovery, with Corpay leading with a 12.6% increase, reporting Q4 2025 earnings per share of $6.04 and revenue of $1.25 billion, a 20.7% year-on-year growth [14] - Quantum computing is gaining traction, with NERSC announcing a call for project proposals utilizing neutral atom quantum processors, indicating a focus on addressing key challenges in energy systems and materials science [25][26] - The commercial aerospace sector is experiencing fluctuations, with SpaceX acquiring xAI and delays in the Artemis II mission due to technical issues, reflecting the complexities of space missions [28] Summary by Sections AI Energy - Bloom Energy's Q4 2025 revenue reached $778 million, with an annual revenue of $2 billion, and an adjusted EBITDA of $272 million, indicating operational leverage release [11][12] - The company reported a product backlog increase of 140% to approximately $6 billion, driven by demand from AI data centers and various industries [12] Financial Technology - Corpay's Q4 2025 performance exceeded expectations, with a net profit margin of 24.37% and a return on equity of 37.83% [14] - The appointment of Enrique Lores as the new CEO of PayPal reflects a strategic shift as the company faces growth challenges [18] - Visa Direct and UnionPay International's collaboration aims to enhance cross-border payment efficiency to China, indicating a trend towards direct payment channels [19][20] Quantum Computing - The report notes a significant increase in stock prices for companies like Formfactor, which saw a 28.1% rise, driven by strong quarterly performance [23] - NERSC's project proposal call aims to leverage quantum computing for solving critical challenges in energy and materials science [25][26] Commercial Aerospace - The aerospace sector indices showed slight declines, with notable fluctuations in stock prices among key players like Honeywell and GE Aerospace [28] - SpaceX's acquisition of xAI is seen as a strategic move to integrate AI capabilities into its operations, while the Artemis II mission delay highlights the inherent challenges in space exploration [28]

融资信息 ○ 关于相干科技 ○ 量子算力解决方案领导企业 α 商业模式:公司已实现超导量子计算多个硬件产品的商业化落 相干科技获超亿元Pre A轮融资 加速占据全球量子计算领先地位 · 融资金额:超亿元 · 融资轮次:Pre A轮 · 股东机构: ◎ 天际资本、 ◎ 普华资本、北创投、彼岸时代、 盈富泰克、启赋资本、彬复资本等 ◇ 行业热度:量子计算正处于从实验室迈向产业化的关键阶段,超导 技术路线已占据全球量子计算研发资源的60%以上,成为公认的主 流方向。随着诺贝尔物理学奖授予超导量子计算领域先驱,行业获 得顶级科学界背书,将吸引资本与人才快速涌入,同时极大推高了 赛道的资本关注度 y& 创始人积累:创始人金贻荣博士在超导量子计算领域已取得多项 世界级成果,带领团队成功研制超过二十台超导量子计算机,并 推出500+比特量子云算力集群,面向全球开放服务 型 技术壁垒:公司具备从测控、芯片到整机及云平台的全栈自主研发 能力的技术壁垒,包括156比特超导量子芯片设计加工、基于 RFSoC的微波直发直采测控系统、高密度低温测控线路解决方案、 量子测控软件，以及量子云算力平台的整机集成与工程化能力 近日，相干(北京 ...

Core Viewpoint - The development of fixed asset investment in China has reached an advanced stage, leading to an urgent demand for high-level human capital, emphasizing the need for a synergy between investment in physical and human capital to overcome current investment growth bottlenecks [1] Group 1: Constraints on Investment Growth - Insufficient accumulation of human capital has become a significant bottleneck for enhancing the effectiveness of fixed asset investment, as the increasing technological and knowledge intensity of investments requires high-quality human capital [2] - The technical content of assets formed by fixed asset investment has significantly increased, necessitating higher professional capabilities from users, which is evident in advanced projects like the Shanghai Tesla Gigafactory [2] - The demand for professional talent is critical in maintaining the operational efficiency of high-tech assets, as a lack of skilled personnel can lead to resource wastage and hinder investment effectiveness [2] Group 2: Consumer Technology Literacy - The technological attributes of end products and services from fixed asset investments are increasing, which raises the requirement for consumer technology literacy [3] - In 2025, China's sales of new energy vehicles reached 14.78 million units, indicating that consumer understanding of smart technologies is essential for fully realizing the benefits of high-tech products [3] - Insufficient consumer technology literacy can suppress demand for high-tech products, affecting the efficiency of fixed asset investment cycles and limiting domestic demand potential [3] Group 3: Human Capital Demand in Investment Activities - Investment activities, especially in emerging and future industries, require deep involvement from specialized technical talent at every stage, from planning to operation management [4] - New fixed assets that incorporate new technologies have a higher relative demand for skilled labor, and a lack of high-quality professionals can significantly reduce the quality and long-term returns of fixed asset investments [4] Group 4: Pathways to Overcome Human Capital Constraints - The synergy between investment in physical and human capital is essential for breaking through development bottlenecks and maximizing investment effectiveness [5] - Investment in human capital should focus on enhancing professional capabilities to match the high demands of technological assets, ensuring that labor force skills align with investment needs [5] Group 5: Key Tasks for Investing in Human Capital - The strategy for investing in human capital should focus on education, employment, and industrial policies to promote deep integration between human and physical capital [9] - In the education sector, fostering cultural and scientific literacy among youth is crucial, with initiatives like industry-education integration proving effective in addressing human capital gaps [9] - In the employment sector, reforming research systems to release innovation potential and aligning talent with industry needs is vital for enhancing investment quality [10] - Industrial policies should facilitate the alignment of human capital supply with industry demand, promoting a virtuous cycle of investment in human capital leading to industrial upgrades and enhanced investment returns [10]

投资者普遍认为量子计算依然停留在科幻阶段，但巴克莱最新研报指出，这种"太早了"的错觉，可能让你错过未来12个月最关键的趋势。 据追风交易台消息，巴克莱分析师团队最新发布了一份研报《量子计算：纠正投资者的最大误解》。 报告的核心逻辑非常直白：华尔街低估了技术爆发的速度，同时完全搞错了量子与经典算力（如英伟达）的关系。巴克莱认为，我们正处于从"实 验室玩具"走向"商业利器"的前夜。 误解一：量子计算"为时过早" 巴克莱给出的第一条纠偏是：别把量子计算当成"十年后才有结果"的纯远期主题。 当前市场普遍认为，能完美运行的"容错量子计算"（FTQC）要到2030年以后。这没错，但巴克莱提醒投资者，千万别忽视了中间的"赛点"。 巴克莱指出，2026年至2027年将是行业的分水岭，届时将实现"量子优势"（Quantum Advantage）。 更重要的是"怎么定义优势"。巴克莱认为，"当系统瞄准100个逻辑量子比特时，优势才算被证明"。它同时提醒，任何"优势宣称"都需要"强技术 数据"背书，否则更像营销而非拐点。 "我们预计未来12个月内就会有重磅公告……当系统能稳定运行100个逻辑量子比特时，量子优势将被证明。" 这就像 ...

Group 1 - The core point of the article is that Xianggan (Beijing) Technology Co., Ltd. has completed a Pre-A round financing exceeding 100 million yuan [1] - The financing was led by Tianji Capital and PwC Capital, with participation from several other institutions including Beichuang Investment, Bihai Times, Yingfu Technology, Qifu Capital, and Binfu Capital [1] - The funds raised will primarily be used for the construction of quantum computing systems and talent expansion [1]

Core Insights - The company, Xianggan Technology Co., Ltd., has successfully completed a Pre-A round financing exceeding 100 million yuan [1] - The financing was led by Tianji Capital and PwC Capital, with participation from several other institutions [1] - The funds raised will primarily be used for the construction of quantum computing systems and talent expansion [1] Financing Details - The total amount raised in the Pre-A round is over 100 million yuan [1] - Leading investors include Tianji Capital and PwC Capital, indicating strong interest from reputable financial institutions [1] - Other participating investors include Beichuang Venture Capital, Bihai Times, Yingfu Technology, Qif Capital, and Binfu Capital [1] Use of Funds - The primary focus of the funding will be on building quantum computing systems [1] - There is also an emphasis on expanding the talent pool within the company to support its growth in the quantum computing sector [1]

Group 1: Future Industry Development - The core theme of the recent collective study by the Central Political Bureau focuses on forward-looking layout and development of future industries, emphasizing that technological breakthroughs significantly determine the speed, breadth, and depth of future industry development [1] - Future industries are characterized by their foresight, strategic importance, and disruptive nature, with technological breakthroughs being crucial for their development [1] - The emphasis is on leveraging scientific and technological innovation to lead industrial innovation, injecting continuous momentum into future industry development [1] Group 2: Key Technologies and Innovations - The new type of national system is highlighted as a key advantage in addressing critical core technologies, with a focus on the integration of industry needs and technological responses [2] - The development of a "microbial parallel bioreactor" has been achieved, significantly improving efficiency compared to traditional equipment, which has been dominated by foreign technologies [2][3] - Collaborative innovation among research institutions and manufacturing enterprises is essential for accelerating the transformation of technological achievements into industrial applications [3] Group 3: Importance of Basic Research - Basic research is identified as the source of technological innovation and a critical support for future industry technology innovation [4] - The successful development of a third-generation autonomous superconducting quantum computer and advancements in quantum communication networks illustrate the importance of foundational research in driving industry growth [5] - The establishment of a green extraction process for paclitaxel demonstrates the long-term commitment to basic research and its role in overcoming industry challenges [6] Group 4: Role of Enterprises - Enterprises are recognized as the main body of technological innovation and play a crucial role in advancing future industries [7] - The establishment of the China Fusion Energy Company marks a significant shift towards commercializing controlled nuclear fusion, highlighting the importance of enterprise involvement in technological advancements [7] - The integration of research institutions, clinical applications, and enterprises is essential for fostering innovation and market transformation in future industries [9] Group 5: Collaborative Efforts and Strategic Planning - The new type of national system is crucial for guiding collaboration between enterprises, universities, and research institutions to address industry needs and promote efficient technology transfer [10] - The development of future industries is seen as a strategic move for both current and future national interests, emphasizing the need for a systematic and forward-looking approach [10]

Group 1 - The core theme of the articles emphasizes the importance of technological breakthroughs in determining the speed, breadth, and depth of future industrial development [1][4] - The concept of "industry posing questions, technology providing answers" is highlighted as a guiding principle for driving innovation and addressing key technological challenges [2][4] - The collaboration between research institutions and manufacturing enterprises is crucial for accelerating the transformation of technological achievements into industrial applications [3][8] Group 2 - The new type of national system is identified as a key guarantee for promoting future industrial development, enabling long-term stable investment and strategic patience [4][9] - Strengthening strategic, forward-looking, and systematic layouts in basic research is essential for fostering technological innovation and supporting future industries [5][6] - Enterprises are recognized as the main body of technological innovation, playing a vital role in leading industries towards advanced and high-end fields [7][9] Group 3 - The development of core technologies in fields such as controlled nuclear fusion is highlighted as a significant step towards commercializing future energy solutions [7][8] - The establishment of innovation alliances that integrate research, clinical applications, and enterprise participation is essential for advancing complex systems like brain-machine interfaces [8][9] - The articles stress the need for effective collaboration between enterprises, universities, and research institutions to tackle key technological challenges and enhance the efficient transformation of scientific achievements [9]