Investment Rating - The report maintains a "Buy" rating for multiple companies in the communication sector, including 沪电股份, 美格智能, 中际旭创, 天孚通信, 鸿日达, 中国移动, 工业富联, 中国电信, 新亚电子, and 鼎通科技 [1][2][3] Core Insights - The OCS (Optical Circuit Switch) market is accelerating due to advancements in AI and is expected to see significant growth, with a projected market size increase from $72.78 million in 2020 to $366.47 million by 2024, reflecting a CAGR of 49.80% [2][16][35] - The quantum computing sector is experiencing rapid development, with significant investments from major tech companies, including a commitment of over £31 billion from Microsoft, Nvidia, Google, and OpenAI to enhance AI infrastructure and quantum technology in the UK [3][6][17] - The report highlights the potential for large-scale applications of OCS technology across various fields, driven by the increasing demand for high-speed, low-energy optical switching solutions [2][35] Summary by Sections OCS Market Insights - The OCS technology is positioned as a mainstream direction for next-generation switching technology, showcasing advantages such as high bandwidth capacity and low energy consumption [2][21] - The global OCS switch market is expected to reach $2,022.21 million by 2031, with a CAGR of 17.12% from 2025 to 2031 [16][32] - The report identifies key OCS technology solutions, including MEMS, digital liquid crystal (DLC), and direct beam steering (DBS) [24][27] Quantum Computing Developments - The quantum computing market is projected to grow from $1.1 billion in 2022 to $7.6 billion by 2027, with a CAGR of 48.1% [19][51] - Significant advancements in quantum computing architecture have been achieved, including the development of the AshN instruction set architecture, which enhances operational efficiency and reduces error accumulation [18][37] - The report emphasizes the ongoing acceleration of quantum computing technology and its potential for diverse applications [19][51] Communication Industry Dynamics - The communication sector index increased by 0.52% during the week of September 15-19, 2025, outperforming the broader market [11][12] - Key recommended stocks in the communication sector include 中国移动, 中国电信, and 中际旭创, among others [20][8] - The report notes the competitive landscape in the OCS market, with major players like Google expected to dominate the market share [29][32]

Core Viewpoint - The article discusses the emergence of quantum computing companies in Hefei, particularly focusing on Benyuan Quantum, which is set to initiate its A-share listing process, marking a significant milestone in China's quantum computing industry [5][6]. Group 1: Company Overview - Benyuan Quantum, founded in September 2017 by prominent figures in the quantum computing field, aims to bridge the gap between domestic and international quantum computing advancements [8][9]. - The company is located on a street known as "Quantum Avenue" in Hefei, which hosts several notable quantum companies, including GuoDun Quantum and GuoYi Quantum [8][9]. - The founding team consists of leading experts, including Academician Guo Guangcan and Professor Guo Guoping, with over 75% of the workforce being research and development personnel [9][12]. Group 2: Financial Performance - In 2022, Benyuan Quantum completed a B-round financing of 1 billion RMB, achieving a valuation of approximately 7 billion RMB [15]. - The company's revenue for the previous year was 99.38 million RMB, with a loss of 34.19 million RMB, and it is projected to exceed 100 million RMB in revenue for the current year [19][20]. - Recent transactions indicate a slight decrease in valuation, currently estimated at around 6.9 billion RMB [17]. Group 3: Market Position and Future Prospects - Benyuan Quantum is positioned as a leader in the domestic quantum computing sector, with optimistic projections for its IPO valuation, potentially reaching 10 billion RMB based on comparisons with other quantum companies [21]. - The company focuses on creating a fully autonomous and controllable quantum computing ecosystem, developing various products including quantum chips and cloud platforms [24]. - Hefei has become a hub for quantum technology, housing nearly one-third of China's quantum enterprises and ranking second globally in quantum industry development [28].

Core Viewpoint - The event "Technology Light, Cross-Strait Shine" showcased the integration of cutting-edge technology and cultural heritage, promoting deep collaboration in the technology sector between Beijing and Taiwan [1][4]. Group 1: Technological Innovations - The first segment highlighted breakthroughs in four key areas: quantum computing, brain-computer interface devices, new materials, and renewable energy, demonstrating the potential of these technologies to reshape the future [2]. - Quantum computers are solving complex computational problems, while brain-computer interfaces bridge neural signals with the digital world, enhancing communication [2]. - The audience experienced a virtual tour of the cross-strait technology innovation center, showcasing collaborative development in artificial intelligence and renewable energy [2]. Group 2: Cultural Integration - The second segment emphasized the fusion of technology and culture, featuring performances that combined traditional Tai Chi with robotic elements, illustrating the harmony between technology and human culture [2]. - A singer performed a classic piece, enhancing the emotional connection with the audience through a blend of traditional music and modern visuals [2]. - The event included a modern interpretation of Peking opera, merging traditional art forms with contemporary technology, which received enthusiastic applause [2]. Group 3: Future Outlook - The third segment outlined a grand vision for future technological development, focusing on collaboration and innovation between the two regions [3]. - Scientists shared personal stories of perseverance in research, inspiring the audience with their commitment to scientific breakthroughs [3]. - The event also featured a bustling market outside the venue, where traditional Taiwanese cuisine and local delicacies were enjoyed, fostering a sense of community and cultural exchange [3]. Group 4: Collaborative Significance - The event underscored the strong emotional and practical ties between Beijing and Taiwan in the technology sector, positioning technology as a new coordinate for collaboration [4]. - Beijing E-Town is emerging as a fertile ground for cross-strait technological talent and project implementation, contributing to high-quality regional development [4].

Summary of Quantum Computing Industry Conference Call Industry Overview - The quantum computing industry is gaining momentum with significant investments and advancements, indicating a strong future potential despite current commercialization challenges [1][2][3] - Major players include GuoDun in photonic quantum and quantum communication, IBM with a target of 200 logical qubits by 2029, and BenYuan launching a 500-qubit measurement and control system [1][3][7] Key Insights and Arguments - The quantum industry is underestimated globally, ranking high in technology strategies across the US, Japan, EU, and the UK, second only to AI [2] - Short-term commercialization (3-5 years) is challenging, but long-term (5-10 years) potential is significant, with quantum computing expected to complement current computing methods [2] - GuoDun and BenYuan are leading in system solutions and core component development, while companies like Xi'an Century are emerging in the post-quantum cryptography sector [4][5] Investment Focus Areas - Key investment segments include: - System solution providers like GuoDun - Upstream core component developers such as PuYuan Precision Electronics - The growing field of post-quantum cryptography, particularly companies like Xi'an Century [4][5][16] Quantum Security Technology Developments - The US has launched post-quantum cryptography (PQC) technology, aiming to replace existing systems within five years, while China is optimistic about its standards [5] - Companies like Xi'an Century are positioned to benefit significantly in the financial sector due to their strong industry presence [5][8] Computing Power Demand Trends - The demand for computing power is transitioning towards quantum computing, with domestic capabilities showing strong performance [6] - Long-term projections indicate that increased investments from companies like NVIDIA will create a robust sector effect [6] Industry Development Projects - GuoDun and BenYuan are developing systems to support 500 logical qubits, with telecommunications investments accelerating application in communication networks [7] - IBM's goal of achieving 200 logical qubits by 2029 is a significant milestone for solving complex problems [7] Beneficiaries in Financial and Military Sectors - Companies such as Xi'an Century, 3D Xingan, and Geer are expected to thrive in financial and military applications, which are critical use cases for quantum technology [8] Commercialization and Market Potential - Quantum computing is rapidly advancing, with expectations to reach 200 logical qubits by 2029, impacting fields like molecular simulation [9] - Notable revenue growth in companies like iQOO and Deveo indicates faster-than-expected commercialization [9] - The domestic market is conservative but poised for significant advancements in the next 1-2 years, with substantial investments in quantum computing infrastructure [9] Quantum Security and Related Technologies - Quantum security encompasses quantum communication and encryption, with increasing threats to existing cryptographic systems [10] - Companies like GuoDun are collaborating with telecommunications to enhance quantum network applications [10] Relationship Between QKD and PQC - QKD (Quantum Key Distribution) and PQC are complementary technologies, enhancing overall information security [11][12] Progress in Quantum Technology Across Sectors - Companies like Xi'an Century are leading in the financial sector, with stable fundamentals and profit releases [13] - The development of quantum technology is expected to significantly impact military and enterprise sectors [13] Commercialization of Quantum Measurement Technology - Quantum measurement technology is advancing rapidly, with companies like GuoDun and unlisted GuoYi leading the way [14] Importance of Quantum Development in China and the US - Both countries prioritize AI, nuclear power, and quantum technology, with the US making significant early investments [15] Notable Investment Targets - Key companies to watch include GuoDun, PuYuan Precision Electronics, and Xi'an Century, which are expected to benefit from ongoing industry developments and potential sector effects [16]

Industry Insights - The Shanghai Quantum Artificial Intelligence Consortium and the Shanghai Quantum Technology Equipment Industry Innovation Alliance were established, focusing on interdisciplinary research in quantum artificial intelligence over the next five years [1] - The global quantum computing industry is expected to grow from $5.04 billion in 2024 to $21.998 billion by 2030, with a compound annual growth rate (CAGR) of 87.64% [1] - Various hardware technology routes for quantum computing are developing concurrently, with superconducting quantum computing being the most favored [2] Company Developments - Geer Software has invested in Shanghai Hongge Post-Quantum Technology Co., which is engaged in research, standard formulation, and product development in the field of post-quantum cryptography, with applications in government, finance, and military sectors [3] - Jida Zhengyuan has made progress in research on post-quantum cryptographic algorithms, achieving an algorithm for post-quantum signatures [4]

Group 1: Core Insights - The visit of President Trump to the UK from September 16-18 was marked by large-scale protests against him, reflecting public discontent with the perceived imbalance in the "special relationship" between the US and the UK [1][7] - Despite the protests, the British royal family organized a grand welcome ceremony for Trump, emphasizing the ongoing diplomatic ties between the two nations [1][4] - A significant technology cooperation agreement was signed between the UK and the US during Trump's visit, focusing on AI, quantum computing, and nuclear energy, with the UK aiming to attract substantial US investments [7][8] Group 2: Investment and Economic Implications - The technology cooperation agreement is expected to secure a strong position for US AI companies in the UK market, with US firms committing to invest £150 billion (approximately $204 billion) in the UK [8] - Notable investments include £90 billion (approximately $122 billion) from Blackstone over the next decade, £22 billion from Microsoft over four years, and £5 billion from Google for data center expansion [8] - The UK government anticipates that these investments will create 7,600 jobs, signaling confidence in the UK's industrial strategy [8][9] Group 3: Political Context and Reactions - The visit occurred amid political challenges for UK Prime Minister Starmer, who had to manage the fallout from the dismissal of the UK ambassador to Washington due to his ties with Jeffrey Epstein [7][10] - Critics have raised concerns about the nature of the investments, suggesting they may not address the UK's long-standing issues with attracting venture capital for startups [10][11] - The US tech industry has been pressuring the UK to lower its digital services tax and amend regulations perceived as unfavorable to American companies [11]

Group 1 - The 2025 Pujiang Innovation Forum will focus on future industries such as AI for Science, quantum intelligence, controllable nuclear fusion, and neural technology, showcasing advancements in these fields through various forums [2][3] - The forum will feature a "Future Vision Exhibition Area" and a "Shared Future Experience Area," allowing attendees to engage with cutting-edge technologies, including quantum computing achievements [3][5] - Shanghai is positioning itself as a leader in controllable nuclear fusion, with multiple projects advancing rapidly as part of its strategic industrial layout [2][3] Group 2 - The forum will host discussions on the integration of quantum computing and artificial intelligence, with prominent scientists participating to explore the potential of AI in quantum control and design [4] - A "Shanghai Quantum Artificial Intelligence Consortium" will be established to facilitate cross-disciplinary collaboration between scientists in quantum computing and AI [4] - The forum will also showcase practical applications of technology, such as a health assessment tool using AI and optical imaging, and a non-invasive brain-computer interface for gaming [5][6] Group 3 - The theme of the forum is "Shared Innovation, Co-Creating the Future: Building an Open and Cooperative Global Scientific Community," with Belarus as the guest country [7][8] - The forum has evolved into a significant platform for scientific diplomacy, inviting representatives from various countries to engage in discussions and collaborations [7][8] - Over 550 guests from more than 45 countries and regions will attend, highlighting the forum's commitment to fostering global scientific cooperation [8]

Core Viewpoint - The quantum computing sector has experienced a significant surge, with major stocks like Quantum Corporation and Quantum Computing seeing substantial increases, indicating a strong market interest and optimism in AI demand [1][2]. Group 1: Quantum Computing Sector - Quantum computing stocks collectively surged, with Quantum Corporation rising over 43% and Quantum Computing increasing over 26% [1]. - Rigetti Computing announced a three-year, $5.8 million research contract with the U.S. Air Force Research Laboratory, contributing to its stock rise of over 10% [2]. - IonQ Inc signed a memorandum of understanding with the U.S. Department of Energy to advance space quantum technology, leading to a stock increase of over 3% [2]. Group 2: Major Tech Stocks - Major tech stocks such as Apple, Amazon, and Tesla rose over 1%, while Nvidia, Microsoft, and Google saw slight increases, reflecting overall market strength [3]. - OpenAI plans to spend approximately $100 billion on renting cloud service providers' backup servers over the next five years, in addition to the previously estimated $350 billion by 2030 [3][4]. Group 3: Federal Reserve Insights - Minneapolis Fed President Kashkari indicated that the risk of a rapidly deteriorating labor market may outweigh the risk of significant inflation, predicting two more rate cuts this year [5][6]. - Kashkari raised the estimate for the neutral interest rate to 3.1% and warned that political interference could undermine the Fed's independence [6]. - New Fed Governor Stephen Milan expressed that he does not believe tariff policies will cause substantial inflation, supporting a low-rate outlook [6][7].

自本月初与日本达成的贸易协议正式生效以来，美国政府正探讨如何利用日本承诺的5500亿美元投资重 振本国制造业。 目前特朗普政府正与日本团队讨论过使用部分5500亿美元帮助在美建厂，但情况依旧变化多端，已有十 余个提案仍在考虑。比如，美国总统特朗普与美商务部部长卢特尼克提出在美建设燃气轮机及仿制药生 产设施、投资新建核电站与能源管道等选项。 当前，美国制造业整体表现疲软。本周最新数据显示，美国9月纽约联储制造业指数从11.9大幅下滑 至-8.7。新订单与发货量显著减少，企业资本支出意愿持续低迷，招聘活动与投资意向仍未复苏，消费 者信心亦未见明显改善。 牛津经济研究院高级经济学家帕莱什（Nico Palesch）此前对第一财经记者表示，当前很难有信心预测 美国制造业或所谓再工业化的实质性回归。 "一方面，制造商作为潜在投资主体，普遍对销售前景持悲观态度，因此不太可能大规模扩建产能。另 一方面，近年来的工厂建设热潮主要得益于拜登政府时期的《通胀削减法案》和《芯片与科学法案》， 而特朗普政府削减了相关补贴，仅靠关税难以支撑广泛的制造业复兴。"帕莱什说。 用关税威胁投资 本月初，特朗普签署行政命令，正式实施美日贸易协议 ...

每经AI快讯，9月19日，美股量子计算概念股集体拉升，Quantum Computing涨幅扩大至20%，昆腾大涨 超10%，Rigetti Computing涨近8%，SEALSQ Corp涨超5%，IonQ Inc涨超4%。 ...