Performance Insights - The proportion of companies with positive revenue growth on the North Exchange is high, indicating a stronger seasonal rally in spring. In 2025, 62% of companies reported positive revenue growth, while 48% reported positive net profit growth[12][14]. - The spring rally in 2025 saw a significant increase of +40.17% in the North Exchange 50 Index, supported by optimistic performance expectations[12][15]. Liquidity Factors - Improved liquidity is a key driver for the seasonal rally, with trading volumes in 2024 and 2025 starting from two consecutive days of increased trading volume. The average daily trading amount reached over 100 billion yuan in these years[16][17]. - The North Exchange's trading volume has shown significant fluctuations, but the North Exchange 50 Index's volatility has been relatively small, suggesting stable liquidity conditions[22]. Valuation Trends - Valuations have experienced a phase of correction before seasonal rallies, with the North Exchange's overall price-to-earnings ratio dropping from 55 times in September 2025 to 47 times currently, providing a foundation for potential rallies[26]. - Historical data shows that prior to the spring rallies, valuations were at relatively low levels, which attracted more investments and facilitated valuation recovery[23][26]. Market Dynamics - The spring rally is influenced by multiple factors, including concentrated policy expectations, thematic investment opportunities, and performance-driven market sentiment[5][6]. - The North Exchange has shown a decreasing "see-saw effect" with the Shanghai and Shenzhen markets, indicating a growing recognition and acceptance of the North Exchange among investors[17]. Investment Recommendations - Focus on sectors such as new energy, embodied intelligence, and emerging industries with unique business models that are scarce in the A-share market[15]. - Emphasize companies with strong financial indicators, high growth potential, and significant R&D investments to capitalize on the expected spring rally[15].

Core Insights - The research team from the University of Science and Technology of China has developed a scalable quantum relay basic module and achieved long-distance high-fidelity entanglement between single atomic nodes, marking a significant advancement in the practical application of quantum key distribution (DI-QKD) technology, with transmission distances exceeding 100 kilometers [1][2] Group 1: Quantum Relay Technology - The inherent loss of optical fibers leads to an exponential decay in the efficiency of quantum entanglement transmission over distance, making quantum relay schemes an effective solution to address fiber transmission losses [1] - A major technical challenge that has persisted for nearly 30 years is that the lifetime of entanglement is significantly shorter than the time required to generate it, hindering effective entanglement connection and scalability of quantum relays [1] - The research team has developed long-lifetime trapped ion quantum storage, high-efficiency ion-photon communication interfaces, and high-fidelity single-photon entanglement protocols, achieving a significant breakthrough with an entanglement lifetime of 550 milliseconds, surpassing the 450 milliseconds required for entanglement establishment [1] Group 2: Device-Independent Quantum Key Distribution - The traditional quantum secure communication schemes require precise calibration of device parameters to ensure real-world security, while the device-independent quantum key distribution (DI-QKD) scheme overcomes this limitation, ensuring key security even with completely untrusted quantum devices [2] - The implementation of DI-QKD has faced stringent technical barriers, with previous international experiments mostly limited to short distances of a few meters to hundreds of meters [2] - Utilizing scalable quantum relay technology, the research team successfully achieved long-distance high-fidelity entanglement between two rubidium atoms, breaking the DI-QKD distance barrier of 100 kilometers, improving upon the previous best international experimental level by over two orders of magnitude [2]

Group 1: Quantum Technology Breakthroughs - Chinese scientists have achieved a significant breakthrough in scalable quantum network research by constructing the basic module of a scalable quantum relay, making long-distance quantum networks a realistic possibility [1] - China has positioned quantum information technology as a strategic and disruptive technology, becoming a key focus in global technological competition, with a total investment of $54 billion in quantum technology by public sectors worldwide, and China leading with $15.3 billion [2][3] - The Chinese government has allocated substantial funding for quantum technology, including 30 billion yuan for special R&D funds and 200 billion yuan for national-level emerging industry guidance funds during the 14th Five-Year Plan [2] Group 2: Company Positioning and Investments - Keda Guokong, a high-tech company originating from the University of Science and Technology of China, has made strategic investments in leading quantum companies such as Guoyi Quantum and Jiuzhang Quantum, focusing on quantum ecosystem development [3][5] - Guoyi Quantum, valued at nearly 10 billion yuan, has seen rapid revenue growth from 151 million yuan in 2022 to 501 million yuan in 2024, with a compound annual growth rate exceeding 80% [3] - Jiuzhang Quantum, known for its groundbreaking "Jiuzhang" photonic quantum computing prototype, has received investment from Keda Guokong during its A++ round of financing [4][5] Group 3: Strategic Collaborations and Applications - Keda Guokong's investments are not merely financial but are part of a strategic layout aimed at ecological collaboration, leveraging its software technology capabilities in telecommunications, energy, and transportation [5][6] - The company has signed a strategic cooperation agreement with the China Nuclear Power Institute to explore the application of quantum computing software in the energy sector, focusing on optimizing energy storage strategies and fuel ratios [6] - The potential economic value of quantum computing applications in various fields, including drug discovery and financial services, is projected to reach trillions of dollars, with the market size for quantum computing technology expected to hit $72 billion by 2035 [6]

Economic Development and Growth Targets - Shanghai's GDP is projected to reach 5.67 trillion yuan by 2025, with a growth rate of 5.4% compared to the previous year, achieving annual and "14th Five-Year" economic growth targets [2] - The GDP growth target for 2023 is set at around 5%, focusing on expanding effective demand and promoting consumption and investment [2] Foreign Investment and Trade - By the end of last year, Shanghai had recognized 1,076 regional headquarters of multinational companies and 636 foreign R&D centers, with over 6,300 new foreign enterprises expected to be established by 2025, marking a 6.8% year-on-year increase [3] - The foreign trade import and export scale is anticipated to exceed 4.5 trillion yuan by 2025, with a 19.8% growth in contracted foreign investment [3] Industrial Development and Innovation - Shanghai's industrial output value surpassed 4 trillion yuan last year, with plans to target new sectors such as smart terminals and commercial aerospace during the "15th Five-Year" period [4] - The city aims to increase R&D expenditure to about 4.5% of GDP by 2025, with a focus on enhancing basic research investment from 7.9% to around 12% [4] Employment and Skills Development - Shanghai plans to create over 600,000 new jobs by 2026, with a focus on supporting youth employment and addressing the impact of AI on job markets through "AI + employment" initiatives [6] - The city will host the 48th World Skills Competition to promote new skills and enhance vocational training aligned with industry needs [6] Elderly Care and Community Services - Shanghai has established 122 smart elderly care facilities, aiming to enhance technology-driven services and community care [7] - The city has introduced guidelines for building senior-friendly shopping environments, which have been well-received by the elderly community [7]

Core Viewpoint - The University of Science and Technology of China has achieved a significant breakthrough in quantum network research by constructing a scalable quantum relay basic module, which enables quantum key distribution over distances exceeding 100 kilometers at the highest security level, laying a crucial foundation for the development of a quantum internet [1] Group 1 - The research team has successfully built the world's first scalable quantum relay basic module [1] - The quantum key distribution transmission distance has surpassed 100 kilometers, marking a significant milestone in security [1] - This achievement is pivotal for establishing a quantum internet infrastructure [1]

"希望依托成都军民融合、生物医药等领域优势，打造重大应用场景，推动量子科技高精尖成果转 化。"成都中微达信科技有限公司聚焦产业转化难题，道出了不少量子科技企业的心声。市经信局市新 经济委相关负责人当场回应，将重点打造"量子+"重大应用场景，结合成都电子信息、生物医药等优势 领域挖掘精准需求，开放城市管理、公共服务等领域政务数据资源与应用场景，为量子技术提供"试验 场"，同时高频次组织场景供需对接会，推动成果在蓉落地转化。 刚落地成都不久的成都玻色量子科技有限公司，提出了算力平台建设和生态完善的双重诉求，希望推动 量超智混合算力平台建设，并将量子计算算力纳入算力券政策范围、建立常态化产学研对接机制。市领 导及相关部门针对性给出回应，明确了具体对接措施，承诺会后进一步联动落实，助力企业快速融入本 地生态。 硬核筑基，产业发展"底气十足"。这场政企"面对面"，不仅是纾解诉求的现场，更是彰显成都通信及量 子科技产业实力的窗口。目前，成都已形成以"高校+实验室创新平台+科研院所"为主体的创新体系， 构建起"四链融合"协同创新格局，在量子计算、量子通信、量子精密测量三大领域实现全覆盖。 此次活动并非政企互动的终点，而是长 ...

□ 本报记者 许 愿 （来源：新华日报） 省政协委员、省市场监管局副局长孙沪兵建议，要强化战略引导，开展标准强企稳链行动，分类制定行 动计划，在机器人、量子科技等关键和新兴技术领域提前布局一批国际标准提案，培育合成生物、电力 装备等具有国际影响力的团体标准组织。同时发挥平台作用，鼓励企业依托海外工程输出中国标准，加 快建设国际标准化服务平台。此外，还要加强人才培育，成立"企业+高校+科研机构"国际标准联合 体，并完善激励机制。 近年来，江苏标准产出量质齐升，然而对标国际标准化发展更高要求与产业链升级现实需要，我省仍面 临一些制约因素。 ...

"十五五"开局之际，发展未来产业被摆到最高决策层"案头"。1月30日，中共中央政治局就前瞻布局和 发展未来产业进行第二十四次集体学习，引发高度关注。 随后，国务院国资委党委召开专题党委会议，传达此次集体学习要求：大力发展战略性新兴产业和未来 产业，立足现代化产业体系建设全局，着眼开辟增长"第二曲线"，一体统筹推进中央企业战略性新兴产 业、未来产业发展和传统产业转型升级。 《中国经营报》记者注意到，目前，上海、天津、成都等多地城投公司均已启动布局未来产业。 中经记者 石健 北京报道 "部分城投公司已进行了人工智能相关基础设施布局，建有算力中心、数据中心等基础设施，并探索运 营方向。利用人工智能，可以有效缓解或解决城市化进程中遇到的问题、引导城投发展方向，城投公司 多位城投行业人士认为，发展未来产业将成为未来城投转型的重要方向之一。城投应依托自身优势，结 合智慧城市、园区建设等方面主动拥抱未来产业，寻找未来产业上中下游中与其契合的项目，实现城投 增长的"第二曲线"。 找准生态位 近日，天津城投低空量子网络科技发展有限公司（以下简称"天津低空量子公司"）完成工商注册，该公 司由天津低空经济投资发展有限公司与中电信无 ...

此外，尽管成都拥有超百所高校及科研院所，但量子科技专业人才缺口依然巨大；公共服务平台及场景 开放示范应用等方面的布局亦显不足。 为抢抓量子科技发展机遇，近期四川制定了《四川省量子科技产业突破发展行动计划》，目标直指打造 全国量子科技产业核心增长极，并重点在量子计算、量子通信和量子精密测量三大领域发力。 为支撑这一蓝图，四川省量子科技学院宣告成立，四川省量子科技产业基金同步启动，旨在构建人才培 育与资本助力的双重支撑体系。 中新网成都2月6日电(单鹏)作为未来全球科技变革的关键驱动力，量子科技正成为国际竞争的新焦点。 今年四川省两会期间，四川省人大代表、四川大学物理学院研究员昂然在接受采访时表示，四川可凭 借"后发优势"实现量子科技破局。 今年，四川省政府工作报告明确提出，将前瞻布局量子科技等未来产业。在昂然看来，中国量子科技呈 现"局部领先、整体并跑"的格局。相比北京、合肥等先发地区，四川在这一赛道仍是"后起之秀"。 昂然指出，现阶段四川量子科技发展还存在明显短板：技术链方面，本地高端芯片、专用软件依赖省外 供应，自主研发能力有待加强；产业链方面，缺乏具有龙头引领作用的企业集群，且相关企业数量偏 少，导致资金 ...

Core Viewpoint - The research team from the University of Science and Technology of China has achieved significant breakthroughs in quantum communication technology, including the construction of a scalable quantum relay module and the successful transmission of device-independent quantum key distribution (DI-QKD) over distances exceeding 100 kilometers, marking a major step towards practical applications in quantum networks [1][2]. Group 1 - The research team developed long-lived trapped ion quantum memory, high-efficiency ion-photon communication interfaces, and high-fidelity single-photon entanglement protocols, achieving long-lived quantum entanglement with a lifetime of 550 milliseconds, which significantly exceeds the 450 milliseconds required to establish the entanglement [2][3]. - The successful construction of the scalable quantum relay module enables the realization of long-distance quantum networks, making it a feasible possibility [2][3]. - The distance for device-independent quantum key distribution has been improved by more than two orders of magnitude compared to the previous best international experimental level, showcasing the advancements in this field [2][3]. Group 2 - Academician Pan Jianwei stated that these breakthroughs represent another milestone achievement for China following the "Mozi" quantum satellite, indicating that fiber-based quantum networks are transitioning from theoretical concepts to practical possibilities [2][3]. - This progress further enhances China's international leading position in the field of quantum technology [2][3].