Core Viewpoint - A new type of quantum entangled light source has been successfully developed by a research team from Sun Yat-sen University, marking a significant advancement in quantum technology [1] Group 1: Research Achievement - The research team led by Professors Wang Xuehua and Liu Jin has proposed a novel cavity-induced spontaneous two-photon radiation scheme [1] - The team achieved spontaneous two-photon radiation with an intensity comparable to single-photon radiation for the first time internationally [1] - The newly developed micro-nano quantum entangled light source has a fidelity of up to 99.4% and is triggered on demand [1] Group 2: Implications for Technology - This breakthrough provides critical support for the development of next-generation quantum precision measurement technology [1] - It also facilitates the construction of functional optical quantum information processing chips [1]

Core Insights - Shanghai is focusing on emerging industries and cutting-edge fields such as large models, optoelectronic quantum technology, intelligent sensing, humanoid robots, and synthetic biology, having established 12 high-quality incubators that have nurtured 36 high-tech enterprises, 18 specialized small and medium-sized enterprises, and 36 companies valued over 100 million yuan [1][2][5] Group 1: Incubator Development - The high-quality incubators in Shanghai have a high proportion of private (including mixed) ownership, accounting for 75%, with operational teams focusing on new technologies and models, even engaging in "advanced incubation" [2][5] - The total area of the 12 high-quality incubators exceeds 120,000 square meters, with over 300 enterprises currently incubated [5] - From January to May, the revenue of the incubators reached approximately 65 million yuan, a year-on-year increase of 15%, with professional service income accounting for 51% of total revenue, double the average level of the city's innovation carriers [5] Group 2: Research and Development Investment - In 2024, Shanghai's basic research investment is expected to account for about 11% of total R&D expenditure, surpassing the national average of 6.91% [3] - Shanghai scientists published 158 papers in top international journals last year, accounting for 30% of the total in mainland China, with an increase to 101 papers in the first half of this year, representing 31.6% of the total [3] Group 3: Advanced Incubation Model - The advanced incubation model focuses on niche fields and involves continuous deep innovation technology incubation and industry cultivation, providing specialized vertical incubation services [7] - Advanced incubation can take two forms: validating the technical and market feasibility of research results before the establishment of a company, and selecting promising projects based on market demand and industry trends [7][9] - The model aims to enhance the commercialization rate of scientific and technological achievements by addressing the challenges faced by scientists in entrepreneurship [7][9] Group 4: Successful Case Studies - The project involving the world's most integrated two-dimensional semiconductor processor, developed by a team from Fudan University, has successfully initiated engineering verification in Shanghai [8][9] - The project has received early-stage investments and support for team formation, demonstrating the effectiveness of the advanced incubation model [9][10]

Core Viewpoint - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued the "Action Plan for Measurement Support for the Development of New Quality Productivity (2025-2030)", focusing on enhancing measurement capabilities in various key industries through advanced technologies such as artificial intelligence and smart manufacturing [1][2]. Group 1: Overall Requirements - The plan aims to support the development of new quality productivity by addressing major measurement needs in key industries, including information technology, artificial intelligence, aerospace, new energy, new materials, high-end equipment, biomedicine, quantum technology, integrated circuits, and instruments [1][2][3]. Group 2: Key Areas of Focus - **New Generation Information Technology**: Focus on measurement needs in advanced information technology fields such as chip development and high-precision time-frequency services [2]. - **Artificial Intelligence**: Emphasize the establishment of measurement testing platforms for AI algorithms and systems, enhancing evaluation capabilities [2]. - **Aerospace**: Conduct research on measurement technologies for spacecraft, commercial aircraft, and low-altitude economy [3]. - **New Energy**: Address measurement needs in solar, wind, nuclear, and hydrogen energy sectors, focusing on safety and efficiency [3][4]. - **New Materials**: Develop measurement methods and standards for advanced materials used in defense and emerging industries [5]. - **High-End Equipment**: Research measurement technologies for intelligent transportation and manufacturing equipment to reduce reliance on imports [6]. - **Biomedicine**: Focus on measurement technologies for pharmaceuticals and medical devices to enhance healthcare outcomes [7]. - **Quantum Technology**: Develop precision measurement technologies for quantum communication and computing [8]. - **Integrated Circuits**: Address measurement challenges in the integrated circuit industry, including standardization and defect detection [9]. - **Instruments and Meters**: Innovate measurement technologies for high-end instruments to support domestic production [10]. Group 3: Implementation and Management - The plan includes a project demand collection process, establishment of a project database, selection of key projects, and a comprehensive management system to ensure effective implementation and monitoring [8][9][10].

Core Viewpoint - The article emphasizes the importance of constructing a new development pattern centered on domestic circulation, which is essential for adapting to complex international and domestic changes and promoting high-quality development [2][4][6]. Summary by Sections Significance of Constructing a New Development Pattern - Constructing a new development pattern is a significant measure to address opportunities and challenges in the new development stage, and it is an inherent requirement for implementing the new development concept [4][5]. - It is crucial for shaping new advantages in international cooperation and competition, achieving strategic, holistic, and guiding unity [4]. Requirements for Implementing the New Development Concept - The new development concept includes innovation, coordination, green development, openness, and sharing, which necessitates a transformation in development methods and patterns [5]. - Emphasis is placed on enhancing domestic circulation's balance and coordination, promoting green transformation, and increasing the domestic market's attractiveness to global resources [5]. Pathway to Chinese-style Modernization - The new development pattern is identified as a necessary path for advancing Chinese-style modernization, which is a significant strategic task for the overall development of the country [6]. - It aims to enhance the internal dynamics and reliability of domestic circulation while improving the quality and level of international circulation [6]. Response to International Environmental Changes - The article highlights the acceleration of global changes and the increasing complexity of the international environment, necessitating the construction of a new development pattern to effectively manage external shocks and uncertainties [7][8]. - The global economic growth forecast has been revised down from 3.3% to 2.8%, indicating a need for a robust domestic economic cycle [7]. Strategic Decision for Development Autonomy - The construction of a new development pattern is a strategic decision based on changes in development stages and comparative advantages, moving from an export-oriented model to one focused on domestic demand [8]. - The dependency on foreign trade has decreased from 55.5% in 2008 to a projected 32.5% in 2024, with domestic demand contributing 98.3% to economic growth [8]. Favorable Conditions for Accelerating the New Development Pattern - Political stability and strong leadership under the Communist Party of China provide a solid foundation for advancing the new development pattern [10]. - The vast domestic market, with over 1.4 billion people and a growing middle-income group, presents significant opportunities for consumption and economic growth [11]. - China's manufacturing sector has seen its global share increase from 22.5% in 2012 to approximately 30% in 2024, showcasing its industrial strength [12]. Strategic Tasks for High-Quality Development - The article outlines the need for targeted actions to boost consumption, expand effective investment, and build a modern industrial system [13][15]. - It emphasizes the importance of deepening reforms and enhancing the business environment to support high-quality development [16]. Coordinated Development of Urban and Rural Areas - The article stresses the need for coordinated urban and rural development, promoting new urbanization and rural revitalization [17]. - It highlights the importance of ensuring food and energy security as part of the broader strategy for economic stability [18].

Key Policies - The European Commission has launched a quantum technology strategy aiming to make Europe a global leader in the quantum field by 2030, with expectations to create tens of thousands of high-skilled jobs and a market value exceeding €155 billion by 2040 [4][5] - Texas Governor Greg Abbott has signed the HB 4751 bill to initiate the "Texas Quantum Initiative," aiming to position Texas as a leader in quantum computing, networking, and sensing technologies [6][8] Key Events - The EU technology leader emphasized the need for increased private funding in the quantum sector, as only 5% of global private investment currently flows to Europe, despite over €11 billion in public funding provided in the past five years [9] - SpeQtral and Thales Alenia Space have signed a new cooperation agreement to advance satellite quantum communication technology [9][12] - The China Association for Science and Technology highlighted the need for patient support and a rational environment for the industrialization of quantum technology [15] - A research team demonstrated a high-speed 16-node quantum access network based on passive optical networks, marking progress towards practical quantum communication solutions [17] Key Technologies - An international research team has developed the first quantum computer capable of operating in space, integrated into a satellite launched on June 23 [22] - A new method has been successfully implemented to simulate specific fault-tolerant quantum computations, addressing a long-standing technical challenge [23][24] - Tokyo University and IBM have achieved a record simulation of a many-body system using 56 quantum bits on the IBM Heron quantum processor [26][27] - CSIRO and collaborators have demonstrated the application of quantum machine learning in semiconductor manufacturing, potentially reshaping chip design [29] Key Companies - IBM has released version 2.1 of its Qiskit SDK, predicting the achievement of undisputed practical quantum advantage by the end of 2026 [37][38] - Quantum eMotion and Krown are advancing the development of quantum-secure encryption wallets [39] - Xanadu and Mitsubishi Chemical are collaborating to develop quantum algorithms for simulating extreme ultraviolet lithography processes [40][45] - D-Wave has completed a $400 million stock issuance to accelerate its commercialization efforts in quantum computing [48][49] - Groove Quantum has secured €10 million in funding to focus on germanium-based quantum computing technology [50]

Core Viewpoint - Quantum technology in China is rapidly advancing, with Hefei aiming to create a 100 billion yuan-level quantum industry cluster, showcasing significant achievements in quantum communication and computing [1][6]. Group 1: Industry Development - Hefei has established itself as a leading city in quantum technology research and industrialization, with 91 companies in the sector, the highest in China [3]. - The city has developed the world's largest quantum secure communication metropolitan network and launched the first operator-level quantum encryption application, serving over 5 million users [1][3]. - The quantum information industry in Hefei is projected to achieve nearly 1.4 billion yuan in revenue in 2024, reflecting a year-on-year growth of 21.6% [6]. Group 2: Company Initiatives - China Telecom Quantum Information Technology Group is at the forefront of quantum industry development, focusing on building a new security infrastructure against quantum computing threats [5][6]. - The company has launched over 30 quantum technology products across various sectors, including government, emergency services, industry, and finance, with nearly 6 million users of its quantum communication service [5][6]. - The company plans to release China's first high-performance quantum-resistant encryption chip by 2025 and aims to establish the largest quantum computing power cluster, exceeding 1200 bits [6]. Group 3: Future Plans - Hefei is piloting the construction of a "National Quantum Information Future Industry Science Park" and aims to gather over 150 quantum information companies by 2027 [6]. - The city is enhancing its financial support system for the quantum industry, including a "financial guidance + fund matrix" to foster innovation and collaboration [6].

Macro Dynamics - The Ministry of Commerce responded to the trade agreement between the US and Vietnam, emphasizing China's opposition to unilateral actions that sacrifice its interests for trade deals [1] - The Ministry of Commerce also commented on reports of a potential visit by a US presidential business delegation to China, reiterating the need for mutual respect and cooperation to enhance US-China economic relations [2] Industry Developments - The National Medical Products Administration announced measures to optimize the regulatory support for high-end medical device innovation, including special reviews for innovative medical devices and guidance for AI and biomaterials products [3] - The first chip-level post-quantum password card was launched by Anhui Wentian Quantum Technology Co., marking a significant advancement in quantum security technology [5] Financial Institutions - China Merchants Bank received approval to establish a wholly-owned subsidiary, China Merchants Financial Asset Investment Co., with a registered capital of 15 billion yuan, aimed at providing comprehensive financing support [6] - Baoding Bank was approved to increase its registered capital from 5.27 billion yuan to 5.98 billion yuan [7] Market Data - A-shares saw collective gains, with the Shanghai Composite Index rising by 0.18%, the Shenzhen Component by 1.17%, and the ChiNext Index by 1.90%, driven by a surge in consumer electronics stocks [9] - The total margin financing balance across both exchanges increased by 10.52 billion yuan, with the Shanghai Stock Exchange reporting a balance of 928.08 billion yuan and the Shenzhen Stock Exchange at 909.00 billion yuan [10] Company Dynamics - Aerospace Chengtong announced the restoration of its qualification for military material engineering service procurement after completing internal investigations [12] - Morgan Stanley increased its long position in CATL's H-shares from 7.05% to 8.09%, while its short position rose from 4.86% to 5.83% [13][14] - Wealth Trend's actual controller plans to reduce his stake by up to 3% through a combination of trading methods, which is not expected to significantly impact the company's governance [15] - Alibaba plans to issue approximately 12 billion HKD in zero-coupon exchangeable bonds, with proceeds aimed at cloud computing infrastructure and international e-commerce development [16]

Core Viewpoint - The successful development of China's first chip-level post-quantum cryptography card by Wentiang Quantum Technology Co., Ltd. and Huazhong University of Science and Technology marks a significant breakthrough in the engineering application of quantum security technology, laying a solid foundation for future post-quantum cryptography migration [1] Group 1 - The rapid advancement of quantum computing technology poses unprecedented challenges to traditional cryptographic systems, which could lead to information leakage in critical sectors such as finance, healthcare, and energy management if compromised [2] - Post-quantum cryptography technology is designed to resist attacks from future quantum computers and is considered a key technology for information security, providing a superior solution for safeguarding data [2] - Wentiang Quantum focuses on the research and application of quantum cryptographic communication systems and products, collaborating with a well-established team from Huazhong University that has extensive experience in post-quantum cryptography chip research [2] Group 2 - The chip-level post-quantum cryptography card utilizes a System on Chip (SoC) architecture combined with quantum random number generation technology, supporting multiple post-quantum cryptographic algorithms while being compatible with traditional national cryptographic algorithms [2] - The card is designed to fulfill various security functions such as digital signature/verification, asymmetric/symmetric encryption/decryption, and key generation, addressing the urgent need for information systems to defend against quantum computing attacks [2] - Testing indicates that the chip-level post-quantum cryptography card can be widely adapted and applied in critical infrastructure sectors including government, finance, telecommunications, and energy [3]

Core Insights - Anhui Wentiang Quantum Technology Co., Ltd. has announced the successful development of China's first chip-level post-quantum cryptography card in collaboration with Professor Liu Dongsheng's team from Huazhong University of Science and Technology, marking a significant breakthrough in the engineering application of quantum security technology [1] - The rapid advancement of quantum computing poses unprecedented challenges to traditional cryptographic systems, which could lead to information leakage in critical sectors such as financial transactions, medical data, energy dispatch, and command control if compromised by quantum computers [1] - Post-quantum cryptography technology is designed to resist attacks from future quantum computers and can be implemented on existing electronic computers, providing a superior solution for information security and is considered a key technology for "information sovereignty" [1]

Core Insights - The article emphasizes the importance of diverse financial tools in supporting technology enterprises throughout their lifecycle, highlighting the role of long-term equity investment in fostering technological innovation [1] Group 1: Long-term Equity Investment - Long-term equity investment is crucial for supporting technological innovation, as evidenced by various funding rounds for quantum technology and AI companies [1][2] - The Ministry of Science and Technology and other departments have issued policies to encourage long-term capital to support technological innovation through initiatives like AIC equity investment pilots and the development of secondary market funds [1][2] Group 2: AIC Equity Investment Funds - AIC equity investment funds have been expanding their pilot programs since 2021, with characteristics such as large amounts, long cycles, and high risk tolerance, which are essential for technology enterprises [2][3] - As of now, at least 74 AIC equity investment funds have been established nationwide, with signed intention amounts exceeding 380 billion yuan [3] Group 3: Role of Local State Capital - Local state capital's involvement in AIC funds enhances the integration of these funds with the technology industry, allowing for better identification of emerging industry opportunities [3] - The collaboration between local state capital and AIC funds creates a closed-loop ecosystem that accelerates the commercialization of technology [3] Group 4: Insurance Capital's Innovative Investment Strategies - Insurance capital has been participating in equity investments for 15 years, with recent investments in AI companies demonstrating this trend [4][5] - To address risk management challenges in early-stage investments, insurance funds are adopting innovative strategies such as investing in S funds, which focus on hard technology [5] Group 5: National Venture Capital's Role - National venture capital funds are recognized as key players in the equity investment market, often entering earlier in the technology development process compared to financial institutions [6] - National venture capital institutions are encouraged to establish sustainable support mechanisms and connect with social capital to foster long-term investments [6][7] Group 6: Patience in Investment - The article highlights the need for various capital sources to exhibit patience in supporting technology enterprises, as the nature of technological projects requires time for development and returns [7]