Core Viewpoint - The article discusses the increasing security issues in blockchain technology, particularly focusing on DDoS attacks and how quantum convolutional neural networks (QCNN) developed by Micro Algorithm Technology (NASDAQ: MLGO) can enhance detection and response capabilities against these threats [1][7]. Group 1: Quantum Convolutional Neural Network (QCNN) Development - Micro Algorithm Technology has innovatively improved QCNN for detecting DDoS attacks in blockchain networks by optimizing quantum bit initialization and control methods, enhancing stability and reliability [1][7]. - The structure of QCNN has been adjusted to better handle blockchain transaction data and network status information, making it more suitable for the specific characteristics of blockchain data [1][7]. - Specialized quantum state reading and parsing technologies have been developed to accurately extract features related to DDoS attacks from quantum computation results [1][7]. Group 2: Data Collection and Preprocessing - Data collection involves gathering various types of data from the blockchain network, including transaction data, node status information, and network traffic data, using APIs and monitoring tools [3]. - Preprocessing of collected data is crucial for the effective operation of QCNN, involving data cleaning, noise reduction, and standardization to ensure data quality [3]. - Feature extraction is performed to identify characteristics related to DDoS attacks, such as transaction frequency and network traffic changes, which serve as inputs for the QCNN [3]. Group 3: Quantum Operations - Quantum bit initialization ensures that quantum bits are in a stable initial state, balancing the number of quantum bits with computational complexity [4]. - Quantum convolution operations utilize the properties of quantum bits to extract features and recognize patterns from input data through a series of quantum gate operations [4]. - Quantum pooling operations reduce data dimensions while retaining important features, employing a measurement-based pooling method to select the most probable quantum states [5]. Group 4: Classification and Output - After quantum convolution and pooling, a quantum fully connected layer processes the low-dimensional quantum state for DDoS attack classification and detection [6]. - The output from the quantum fully connected layer is a quantum state representing classification results, which is converted into a readable format using specialized quantum state reading techniques [6]. - If the probability distribution indicates a high likelihood of a DDoS attack, alerts are generated to notify network administrators for appropriate defensive actions [6]. Group 5: Applications and Future Prospects - The QCNN developed by Micro Algorithm Technology can monitor blockchain networks in real-time, promptly detecting signs of DDoS attacks and issuing alerts for immediate defensive measures [7]. - This technology can be integrated with other security measures, such as encryption and access control, to create a more secure blockchain environment [7]. - As quantum computing technology advances, the application prospects for QCNN in detecting DDoS attacks will expand, potentially enhancing computational power and accuracy [7].

Core Viewpoint - Jensen Huang, CEO of Nvidia, disagrees with Dario Amodei's predictions regarding the impact of advanced AI on job automation, emphasizing the importance of responsible development and transparency in AI technology [1][2]. Group 1: AI Predictions and Job Impact - Huang challenges Amodei's assertion that AI could automate up to 50% of entry-level office jobs within five years, stating that while jobs will change, new positions will also emerge as productivity increases [3][4]. - Amodei has expressed concerns about AI's potential to create survival risks and its impact on entry-level jobs, urging lawmakers to prepare for these changes [2][3]. Group 2: Nvidia's Initiatives and Quantum Computing - Nvidia is establishing over 20 "AI factories" across Europe and is committed to resolving GPU shortages for researchers and startups [6]. - Huang highlighted Nvidia's exploration in quantum computing, introducing the hybrid quantum-classical platform CUDA-Q, and stated that quantum computing is approaching a "turning point" that could address real-world problems in the coming years [6].

Core Viewpoint - The launch of the ez-Q®Engine 2.0 marks a significant advancement in superconducting quantum computing technology in China, enabling the operation of quantum computers with thousands of qubits and laying a foundation for future developments in error-corrected superconducting quantum computers [1][2]. Company Summary - The ez-Q®Engine 2.0, developed by GuoDun Quantum Technology Co., Ltd. and other units, is designed for a qubit scale of thousands and provides over 5,000 qubits of measurement and control services [1]. - The new system has improved integration by approximately 10 times compared to its predecessor, the ez-Q®Engine 1.0, and features domestically designed core components, making it the smallest and most efficient product in its category in China [2]. - The system can control up to 128 data qubits and 256 coupled qubits in a single chassis, significantly reducing costs compared to foreign products, which previously required substantial investment for large-scale quantum computing [2]. Industry Summary - Quantum computing is approaching a pivotal point, with the potential for the number of logical qubits to increase tenfold every five years and a hundredfold every ten years, similar to Moore's Law [3]. - The global quantum computing industry is projected to grow at a compound annual growth rate (CAGR) of 44.8% from 2023 to 2028, with an expected market size of $811.7 billion by 2035 [3].

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股高开高走，三大指数集体收涨，纳指涨1.52%，标普500指数涨0.94%，道指涨0.75%；大型科技 股普涨，Meta、英特尔涨近3%，苹果、特斯拉、英伟达、奈飞、谷歌涨超1%；加密稳定币公司Circle 涨超13%至151美元，股价接近IPO发行价的5倍。中概股多数收涨，纳斯达克中国金龙指数收涨 2.07%；富途控股涨超10%，哔哩哔哩涨超5%，阿里巴巴、拼多多、京东均涨超2%。 2、国际金价走低，现货黄金跌1.45%，报3383.62美元/盎司；COMEX黄金期货跌1.40%报3404.30美元/ 盎司，COMEX白银期货涨0.04%报36.37美元/盎司。国际油价走弱，美油主力合约收跌2.06%，报71.48 美元/桶；布伦特原油主力合约跌1.68%，报72.98美元/桶。欧洲三大股指收盘全线上涨，德国DAX指数 涨0.78%报23699.12点，法国CAC40指数涨0.75%报7742.24点，英国富时100指数涨0.28%报8875.22点。 前的建设速度和节奏，2030年前我国在运核电装机规模有望跃居世界第一。同时国内能源结构调整，也 ...

Group 1: Nuclear Energy - The European Commission announced that EU countries will need an investment of €241 billion (approximately $278 billion) to expand their nuclear energy plans, aiming to increase installed nuclear capacity from 98 GW to 109 GW by 2050 [1] - The World Bank has lifted its ban on financing nuclear energy projects, marking a significant shift in global nuclear energy development [2] - China's nuclear power construction is accelerating, with a record number of approvals for new nuclear units expected by 2024, potentially leading to the largest operational nuclear capacity in the world by 2030 [2] Group 2: Automotive Industry - Xiaomi is set to launch its YU7 SUV, which emphasizes "long battery life, smart driving, and ecosystem connectivity," leveraging its large user base for market acceptance [2][3] - The company aims to replicate its success in the smartphone sector within the automotive industry, focusing on technological advantages and global expansion [3] Group 3: Quantum Computing - China's first superconducting quantum computing measurement and control system, designed for a thousand-bit scale, has been delivered to several research and industry units, laying a foundation for larger-scale quantum computers [3] Group 4: Innovative Pharmaceuticals - The National Medical Products Administration of China is expediting the clinical trial approval process for innovative drugs, aiming to complete reviews within 30 working days for eligible applications [4] - The global market for Antibody-Drug Conjugates (ADC) is projected to reach $10.4 billion in 2023, with Chinese companies accelerating their ADC development [4] Group 5: Film Industry - The film "Nezha 2" is projected to generate over 200 billion RMB in GDP growth, with derivative sales expected to exceed 100 billion RMB [5] - The film industry is anticipated to continue its recovery, driven by high demand and technological advancements [5] Group 6: Digital Humans - A digital human live-streaming event hosted by Luo Yonghao attracted over 13 million viewers, generating a GMV of over 55 million RMB, setting a new record for digital human sales [6] - The market for AI digital humans is expected to reach 48.06 billion RMB by 2025, with a compound annual growth rate of 53% [6] Group 7: OLED Technology - Despite economic pressures, the OLED display panel market is showing strong growth, with a projected shipment increase of 69% year-on-year [7] - The demand for OLED displays is driven by the gaming community and the shift of Korean manufacturers towards OLED technology [7]

Core Viewpoint - The U.S. stock market experienced a significant rise, with major indices opening higher and technology stocks leading the gains, while energy stocks faced declines due to falling oil prices. Group 1: Market Performance - On June 16, U.S. stock indices opened higher, with the Dow Jones, S&P 500, and Nasdaq all rising over 1% [1] - The Dow Jones Index reached 42,646.75, up 1.06%, the S&P 500 at 6,042.23, up 1.09%, and the Nasdaq Composite at 19,684.84, up 1.43% [2] - The Nasdaq China Golden Dragon Index increased by over 2.33% [2] Group 2: Sector Performance - Major technology stocks saw collective gains, with Meta rising nearly 3%, Nvidia up nearly 2%, and Tesla and Microsoft increasing over 1% [2] - Bank stocks also performed well, with Goldman Sachs and Citigroup rising over 2%, while Deutsche Bank, JPMorgan, Wells Fargo, and Bank of America increased over 1% [3] - Quantum computing stocks surged, with Arqit Quantum up over 24%, Quantum Computing nearly 13%, and D-Wave Quantum up over 9% [4] Group 3: Energy Sector - Energy stocks generally declined, with ConocoPhillips down over 2% and Occidental Petroleum nearly 2% [5] - International oil prices dropped significantly, with both WTI and Brent crude oil falling nearly 4% [5] Group 4: Chinese Concept Stocks - Chinese concept stocks saw a broad increase, with the Nasdaq China Golden Dragon Index rising over 2% [5] - Notable individual stock performances included Futu Holdings up over 6%, Bilibili nearly 5%, and iQIYI over 4% [5] - Brain Rejuvenation Technology experienced a dramatic rise, with its stock increasing over 328% after opening [5][6]

Core Viewpoint - The 2025 Third National Artificial Intelligence Application Scenario Innovation Challenge (CICAS) "Wuyue Cup" Quantum Computing Special Competition has officially launched, aiming to attract at least 100 project teams with disruptive original technologies and industry applications based on quantum computing [1][2] Group 1: Competition Overview - The competition is hosted by the Chinese Association for Artificial Intelligence and co-organized by several institutions, including the Guangdong-Hong Kong-Macao Greater Bay Area Quantum Science Center and China Mobile Cloud Capability Center [1] - Registration for the competition is open from June 16 to August 31, 2025 [1] Group 2: Industry Insights - The Chinese quantum technology industry is advancing steadily, with quantum computing expected to overcome current computational bottlenecks in AI model training, enhancing algorithm efficiency [1] - The integration of AI and quantum computing is anticipated to play a significant role in various application fields such as biochemistry, fintech, information security, and engineering design, becoming a strategic high ground [1] Group 3: Competition Categories - The competition features six main topics related to quantum computing applications, including optimization of deep learning model architectures, large model compression, task scheduling strategies, quantum clustering algorithms for user classification in recommendation systems, explorations of explainable AI, and quantum + AI methods for industry scenarios [2] - The competition awards include special prizes, first prizes, second prizes, and third prizes, with special and first prize projects recommended for the CICAS national finals [2] Group 4: Previous Success - Since its inception in 2023, CICAS has successfully held two editions, attracting over 4,800 technology talent teams and projects, and has invited numerous authoritative review teams, aiming to establish a benchmark event for innovation in AI application scenarios and the industrialization of scientific achievements [2]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expectation that the industry index will perform better than the benchmark index over the next 6-12 months [30]. Core Insights - ByteDance launched several new products at the Volcano Engine Force conference, including the Doubao model 1.6 and the Seedance 1.0 pro video generation model, which has shown outstanding performance in complex reasoning and multi-turn dialogue tests [11][12]. - The Doubao model has a daily token usage exceeding 16.4 trillion, with a market share of 46.4% in China's public cloud model market, leading the sector [12]. - The new generation of domestic optical quantum computer "TurningQ Gen2" was showcased at the Shanghai International Technology Fair, demonstrating computational power comparable to top supercomputers while being energy-efficient and compact [13][14]. - NVIDIA plans to build over 20 AI factories in Europe to enhance AI computing power by tenfold by 2026, collaborating with Mistral AI to create a comprehensive AI ecosystem [15][16]. Summary by Sections Company Developments - iFlytek held a product upgrade conference, launching the upgraded version of its intelligent interaction product, which enhances multilingual capabilities and integrates code generation features [22]. - Suzhou Technology disclosed that its high-precision Lovesim simulation engine has been applied in various aerospace control systems [22]. Investment Recommendations - Attention is recommended for companies in the ByteDance supply chain, including Dazhi Technology, Borui Data, and others, due to the strong market position of the Doubao model [4].

Summary of Key Points from Conference Call Records Industry or Company Involved - **Stablecoin and Blockchain**: Ant Group's application for stablecoin licenses in Hong Kong and Singapore [14] - **Memory Storage**: Micron's investment expansion in memory manufacturing to $150 billion [3] - **Cultural and Entertainment**: Various companies involved in IP operations and collaborations in the entertainment sector [5][6][9][13] - **Quantum Computing**: Collaboration with Boson Quantum for quantum computing services [8][16] - **Pharmaceuticals**: Focus on innovative drug development and clinical trials [9][10][17] Core Points and Arguments - **Ant Group's Stablecoin Initiative**: - Ant Group is in discussions with regulators for stablecoin licenses, aiming for large-scale applications in AI, blockchain, and stablecoin innovations [14] - Ant's financial capabilities include processing 100,000 transactions per second and a projected global transaction volume exceeding $1 trillion in 2024 [14] - Stablecoins are linked to fiat currencies or physical assets, enhancing payment efficiency and enabling instant settlements [14] - **Micron's Investment in Memory Manufacturing**: - Micron announced an increase in its investment to $150 billion, significantly impacting the memory chip market [3] - The price of DRAM modules is expected to rise by 18-23% for servers and PCs due to reduced production [3] - **Cultural and Entertainment Developments**: - Companies like Aoya and New Classics are launching new products in the blind box market, capitalizing on the popularity of IP collaborations [5][6] - Light Media is extending the screening of "Nezha" and exploring theme park collaborations [13] - **Quantum Computing Collaboration**: - Electronic City is partnering with Boson Quantum to establish a national quantum computing service network [8][16] - Boson Quantum is recognized for its advanced technology in coherent light quantum computing [16] - **Pharmaceutical Innovations**: - The company plans to launch one innovative drug annually over the next three years, with a focus on a lung cancer drug currently in the final testing phase [10][17] - The potential market for the drug is estimated at 1-1.5 billion yuan annually, with significant profit contributions expected by 2027 [10][17] Other Important but Possibly Overlooked Content - **Ant Group's Strategic Partnerships**: - Various companies are collaborating with Ant Group in the blockchain and digital asset sectors, including Yuanlong Yatu and Annie Co. [14] - **Market Trends in Entertainment**: - The rise of blind box products and IP-driven merchandise is a significant trend, with companies like Bubble Mart leading the market [5][6] - **Technological Advancements in Robotics**: - Companies are developing advanced robotics and AI technologies, with applications in various sectors including entertainment and manufacturing [17] - **Investment in Quantum Technologies**: - The growing interest in quantum computing is reflected in stock price increases and strategic partnerships aimed at enhancing technological capabilities [16] - **Pharmaceutical Market Dynamics**: - The competitive landscape for innovative drugs is intensifying, with companies focusing on unique therapeutic areas and strategic collaborations to enhance market presence [10][17]

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]. 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]. 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" - One-on-one guidance is available from the Hong Kong Stock Exchange expert team, offering free advice on 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 a clear description of their technology, avoiding vague claims without supporting evidence [21]. - Transparency in related party transactions is crucial; companies should disclose fair pricing or cut related business ties if necessary [22]. - Establishing a strong investor relationship is important, with at least two independent investors being preferred [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 Hong Kong Stock Exchange offers no profitability requirements, with a review cycle of 3-6 months, compared to longer periods in A-shares and U.S. markets [30]. - Information disclosure is lower in Hong Kong, allowing confidentiality until the hearing, unlike higher requirements in A-shares and U.S. markets [30].