临近岁末，回看2025这一年，面对外部环境急剧变化，不确定性增加，中国经济始终顶风搏浪、奋力向前—— 全年经济总量有望达到140万亿元，世界第二大经济体的地位巩固提升。消费作为经济增长的主引擎作用进一步凸显，实体 经济根基更加稳固，国际市场布局持续优化，不断夯实中国经济稳健发展基本盘。 这是2025年7月25日在青海省海南藏族自治州共和县拍摄的±800千伏特高压青南换流站（无人机照片）。新华社记者 孙瑞 博 摄 这一年，纵使国际环境复杂多变，不确定性加剧，中国经济仍承压而上，以坚实的"稳"持续为世界经济发展提供动能。 看经济增长：前三季度国内生产总值（GDP）同比增长5.2%，比上年同期加快0.4个百分点。10月份规模以上工业增加值、 社会消费品零售总额等主要经济指标表现良好。 看就业物价：10月份全国城镇调查失业率为5.1%，比上月下降0.1个百分点，全国居民消费价格指数（CPI）同比上涨 0.2%，保持总体平稳。 看国际收支：前三季度货物进出口规模创历史同期新高，增速逐季回升，10月末，外汇储备规模升至33433亿美元。 2025年11月17日，X9043次中欧班列（西安）驶出西安国际港站，驶向阿塞拜疆首 ...

（一）重要市场新闻 1、据央视新闻报道，北京时间2025年11月30日20时20分，我国在文昌航天发射场使用长征七号改运载 火箭，成功将实践二十八号卫星发射升空，卫星顺利进入预定轨道，发射任务获得圆满成功。此次任务 是长征系列运载火箭的第611次飞行。 2、据新华社报道，11月29日，据国家航天局消息，该局已于近期设立商业航天司，相关业务正在逐步 开展，标志着我国商业航天产业迎来专职监管机构，未来将持续推动我国商业航天高质量发展，产业链 有望全线受益。 （二）行业掘金 2、据媒体报道，11月28日，中科大基于可编程超导量子处理器"祖冲之二号"，首次在量子体系中实现 并探测了高阶非平衡拓扑相。标志着量子模拟在探索复杂拓扑物态方向上取得重要突破，为利用超导量 子处理器在量子模拟问题上实现量子优势奠定了基础。相关研究成果已发表于国际学术期刊《科学》。 本次实验展示了超导量子处理器在可编程性和操控精度方面的显著优势，本次实验证明了超导量子处理 器在模拟复杂物理系统方面的能力，未来有望助力解决高温超导、复杂分子结构等难题。本次成果的发 布有望为量子纠错打开突破口，推动量子计算性能跃升。 点评：量子计算是遵循量子力学规律 ...

明日主题前瞻 1、银 | 11月28日白银价格迎来大幅飙升，内外盘白银价格纷纷刷新历史新高，其中COMEX白银期货最高触及57.245美元/盎司，伦敦现货白银最高达56.78 美元/盎司，国内沪银期货主力合约最高升至13239元/千克13。截至目前，其年内累计涨幅已高达90%，成为年内表现极为强势的品种之一。 点评：分析师认为，白银价格强势的核心驱动来自宏观货币政策预期与基本面供需结构的共振。目前市场对美联储12月降息25个基点的概率预期已升至85% 以上，远高于一周前的40%左右。这种宽松预期推动美元指数走弱，既降低了白银的持有成本，又刺激资金大量流入贵金属板块。供需方面，今年是全球白 银连续第5年出现供应缺口，缺口规模估计达9500万盎司。光伏装机量维持高位、新能源汽车渗透率提升，长期拉动白银工业需求，且2026年白银供给预计 持续短缺，为银价提供了刚性支撑。 2、量子计算 | 据安徽省人民政府官方微信发布消息，11月28日，中科大基于可编程超导量子处理器"祖冲之二号"，首次在量子体系中实现并探测了高阶非 平衡拓扑相。标志着量子模拟在探索复杂拓扑物态方向上取得重要突破，为利用超导量子处理器在量子模拟问题上 ...

Core Insights - The article discusses a significant breakthrough in the field of quantum simulation, specifically the realization and detection of higher-order nonequilibrium topological phases (HOTPs) using a programmable superconducting quantum processor [1][5]. Group 1: Research Background - Topological phases have emerged as a crucial research direction in condensed matter physics and quantum simulation, with higher-order topological phases challenging traditional bulk-boundary correspondence [3]. - The realization of higher-order topological phases in quantum systems has been a scientific challenge, with potential implications for revealing the quantum nature of topological states and enabling topological quantum computing based on non-Abelian statistics [4]. Group 2: Experimental Achievements - The research team successfully implemented quantum simulation and detection of both balanced and nonequilibrium second-order topological phases using the "Zuchongzhi 2" superconducting quantum processor [5]. - They developed theoretical designs for static and Floquet quantum circuits to construct higher-order topological Hamiltonians in a two-dimensional superconducting qubit array, addressing key challenges in the field [5]. - The experimental setup involved a 6×6 qubit array, where the team executed up to 50 Floquet periods of evolution operations, successfully realizing four different types of nonequilibrium second-order topological phases and exploring their energy spectra, dynamical behaviors, and topological invariants [5][7].

Core Viewpoint - The article emphasizes the importance of central enterprises in China to strategically layout future industries driven by cutting-edge technologies, which are crucial for national development and economic transformation [1][2][3]. Group 1: Historical Mission of Central Enterprises - The layout of future industries is essential for national strategy, as it helps seize opportunities from the new technological revolution and industrial transformation [2]. - Central enterprises face risks in key areas like high-end chips and industrial software, which threaten national security and technological independence [2]. - The 14th Five-Year Plan outlines the need for initiatives in advanced technologies such as brain-like intelligence, quantum information, and hydrogen energy [2]. Group 2: Development of New Quality Productivity - New quality productivity is driven by technological breakthroughs and innovative resource allocation, representing the evolution of advanced productivity [4]. - Future industries, including quantum technology and bio-manufacturing, are seen as pivotal for economic growth and sustainability [4]. - The cultivation of future industries is viewed as a key strategy for enhancing China's competitive edge and achieving high-quality economic development [4]. Group 3: Opportunities for Transformation and Upgrading - Central enterprises are urged to transition from traditional growth models to high-value, high-tech industries to address challenges like overcapacity and declining profit margins [5]. - Future industries are expected to create new pillar industries worth hundreds of billions or even trillions, providing a second growth curve for central enterprises [5]. - A strategic plan is necessary for central enterprises to focus on high-collaboration areas within the industry chain [5]. Group 4: Advantages and Current Trends of Central Enterprises - Central enterprises possess strong capital strength and technical reserves, with total assets exceeding 90 trillion yuan by the end of 2024 [7]. - Since the 14th Five-Year Plan, central enterprises have invested 8.6 trillion yuan in strategic emerging industries [7]. - Central enterprises play a crucial role in national strategic missions, enabling resource integration and collaborative operations [7]. Group 5: Breakthroughs in Key Future Industries - Central enterprises have made significant progress in humanoid robotics, quantum computing, and controllable nuclear fusion, showcasing their technological capabilities [8][9]. - The establishment of a controllable nuclear fusion innovation consortium indicates a commitment to advancing this critical technology [9]. - Continuous reforms in state-owned enterprises aim to enhance innovation capabilities and core competitiveness [9]. Group 6: Systematic Planning for Future Industries - Central enterprises must adopt a systematic approach to strategically plan for future industries, ensuring they remain at the forefront of national development [10]. - Differentiated strategies are necessary for various sectors, considering their unique challenges and resource endowments [11]. - Emphasis on internal innovation and collaboration with external partners is crucial for building a robust industrial ecosystem [13]. Group 7: Reforming Mechanisms and Support Systems - Reforming governance structures and financial support systems is essential to foster innovation and provide long-term capital for future industries [14]. - Central enterprises should lead the establishment of common technology platforms and promote international cooperation in technology [14]. - Creating an open innovation ecosystem will facilitate collaboration across various sectors and enhance overall industry competitiveness [14].

Core Insights - The inauguration of China's first large-scale dedicated optical quantum computer manufacturing facility marks a significant step in the country's quantum technology development, transitioning from laboratory principles to industrial applications [1][2] - The facility, covering approximately 5,000 square meters, is capable of producing dozens of dedicated optical quantum computers annually, filling a global manufacturing gap in this field [1][3] Group 1: Technological Advancements - The team has made continuous breakthroughs in key technologies such as coherent light sources, low-loss optical paths, and high-speed measurement and control, establishing a fully autonomous optical quantum computing engineering system [2] - The successful implementation of this manufacturing facility is a physical manifestation of these technological capabilities, emphasizing that the real value lies in practical applications [2] Group 2: Collaborative Efforts - The company has engaged in deep collaborations with various partners, including Guangzhou National Laboratory, China Mobile, and Ping An Group, to validate the efficiency and quality advantages of optical quantum computers in different scenarios [2] - The supportive business environment in Shenzhen, characterized by innovation and efficiency, has encouraged the company to establish its primary manufacturing base there [2] Group 3: Manufacturing Process - The facility integrates research and development, manufacturing, and testing, aiming for engineering, standardization, and large-scale production of optical quantum computers [3] - It features a clean production area designed to maintain quantum state stability, supported by a five-layer guarantee system including personnel purification and air cleanliness [3] - The manufacturing process consists of seven major processes, 223 procedures, and over 1,000 operational steps, ensuring a highly integrated and precise assembly line for quantum computing [3]

中国首个规模化专用光量子计算机制造工厂启用仪式现场展示相关数据和设备。 11月24日，我国量子计算在深圳南山迎来历史性突破:中国首个规模化专用光量子计算机制造工厂在南 山智城启用。该制造工厂的落地，标志着我国量子计算正式从"实验室原理验证"迈入"工程化量产"新阶 段，不仅填补了全球光量子计算机规模化制造的行业空白，也为我国在全球量子科技竞争中抢占产业化 先机奠定关键基础。 政策面上，"量子科技"被写入《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》，与 生物制造、氢能和核聚变能、脑机接口、具身智能、6G等并列为前瞻布局的未来产业。 迎产业化里程碑 工厂的核心竞争力体现在严苛的制造标准与完善的技术保障体系。魏海介绍，光量子计算机共7大制 程、223道工序、1000余个工步，位于南山区的这个全国首个规模化专用光量子计算机制造工厂总面积 约5000平方米，主要划分为两大功能板块:万级洁净生产区和综合配套支持区。 中国首个规模化专用光量子计算机制造工厂启用仪式现场展示相关数据和设备。 建立可复制、可扩展的量子硬件制造标准 "这座工厂的落成，不仅是生产线，更是连接基础科学与产业应用的'桥梁'。"中国科学院院 ...

2025年11月12日，"科创天府·智汇蓉城"科技成果对接四川大学专场活动举行，四川大学470余项科技成 果发布，一批重点项目集中签约。这一幕正是一年来四川成都"科创天府·智汇蓉城"科技成果对接活动 的生动缩影。 2024年11月，"科创天府·智汇蓉城"科技成果对接活动正式开启，一年来，成都构建"1+3"科技成果常态 对接转化活动体系，进园区、进企业、进院所、进高校，聚人才、聚技术、聚资金，形成全链条成果转 化新机制，累计开展"科创天府·智汇蓉城"科技成果对接活动300余场，9000余家企业参与，促成产学研 合作超400项；打造具有全国影响力的城市科创品牌，有力促进科技创新与产业创新深度融合，为城市 高质量发展注入强劲创新动能。 构建常态化对接活动机制 实现高水平科技供需匹配 开放城市场景，沃飞长空发布首款载客eVTOL产品AE200-100；破解技术瓶颈，中微达信研发出量子计 算测控系统；成都世运会期间，80余项"成都智造"集中亮相，助力企业斩获全球订单……以"科创天府· 智汇蓉城"科技成果对接活动为牵引，一年来，活动链接9000余家企业，发布企业供需清单2000余项、 创新产品近500个。 从精准供需对接 ...

Group 1: Space Computing - The "Liangxi Constellation" project, involving 12 intelligent computing satellites, is publicly tendered with an estimated contract value of 450 million yuan [1] - The project aims to address the increasing demand for computing power driven by the explosive growth of artificial intelligence (AI), as traditional data centers face significant limitations [1] - Space computing is expected to become a crucial component of future computing infrastructure, with investment opportunities across satellite manufacturing, core chips, data processing, and communication links [1] Group 2: Artificial Intelligence - Alibaba reported a revenue of 247.8 billion yuan for Q2 of fiscal year 2026, with its Cloud Intelligence Group generating 39.82 billion yuan, exceeding market expectations [2] - AI-related product revenue has seen triple-digit growth for nine consecutive quarters, with a year-on-year increase of 34% in the Cloud Intelligence Group [2] - Alibaba's Qwen app achieved over 10 million downloads within a week of its public beta, surpassing the growth rates of competitors like ChatGPT [2] Group 3: Commercial Space - The National Space Administration of China has issued a plan to promote high-quality and safe development of commercial space from 2025 to 2027, including the establishment of a national commercial space development fund [3] - The plan aims to enhance the commercial space ecosystem, which includes satellites, rockets, and launch facilities, transitioning from technology validation to large-scale application [3] - The commercial space sector is expected to play a vital role in China's global space economy and contribute to the digital economy and smart society [3] Group 4: Quantum Computing - China's first large-scale dedicated optical quantum computer manufacturing facility has opened, marking a significant step towards the industrialization of quantum computing [4] - Quantum computing is recognized as a core driver of next-generation information technology, capable of addressing traditional computing power limitations [4] - The industry is expected to grow rapidly due to technological breakthroughs, policy support, and market demand, with applications expanding across various sectors [4] Group 5: Data Elements - The National Data Bureau has initiated a pilot project for the development and utilization of data resources in state-owned enterprises, involving 12 central enterprises [7] - This initiative is part of a broader strategy to enhance the value of public data operations, which is expected to significantly impact economic and social development [7] Group 6: 3D Vision Technology - Huawei has launched the Mate 80 series smartphones, which support 3D facial recognition technology, enhancing payment security and user convenience [6] - The 3D vision industry is anticipated to experience explosive growth starting in 2024, driven by the demand for high-precision perception in automation applications [6]

Group 1 - The core point of the article is that Guodun Quantum (SH 688027) announced its board meeting and provided details on its revenue composition for 2024, highlighting the significant contributions from various sectors within the quantum industry [1] - The revenue composition for Guodun Quantum in 2024 is as follows: Quantum communication accounts for 57.79%, quantum computing for 22.33%, quantum precision measurement for 15.32%, and other businesses for 4.56% [1] - As of the report, Guodun Quantum has a market capitalization of 47.3 billion yuan [1] Group 2 - The article also mentions another company, which has recently faced regulatory scrutiny from the China Securities Regulatory Commission (CSRC) due to a significant loss exceeding 100 million yuan shortly after its IPO [1] - The core product of this company has been severely impacted as its largest customer has shifted to self-sourcing, resulting in reduced procurement [1]