2023年，吕品出任新组建的中电信量子信息科技集团有限公司董事长，全面负责这一国家级量子科技平台的战略与运营。2024年3月，中电信量子集团战略 性投资17.75亿元，成为国盾量子控股股东，实现了电信巨头与量子科技领军企业的深度产业融合，被视作保障量子信息核心技术自主可控、加速产业化布 局的关键一步。 2025年5月30日，吕品正式当选为国盾量子董事长。在其带领下，公司聚焦量子计算、量子通信、量子精密测量三大领域，推出了30余项"量子+"科技产品， 应用于政务、金融、能源、工业互联网等多个关键场景。近期，由双方协力打造的"天衍-287"超导量子计算机上线，其综合性能处于国内领先水平；量子保 密通信应用"量子密话密信"用户已突破600万。 针对这一突发情况可能引发的市场关切，国盾量子表示，吕品先生的逝世不会导致公司董事会成员低于法定人数，不影响董事会正常运作。目前公司经营管 理团队职责清晰、正常履职，公司将依法依规尽快完成董事补选及董事长选举工作。 根据合肥市公安局高新技术开发区分局于18日晚发布的警情通报，当日13时许，警方接报警称一名吕姓男子（46岁）在望江西路与孔雀台路交口某公司办公 室内失去意识。民警迅 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 国盾量子12月18日晚发布公告称，公司董事长吕品不幸逝世。 公告称，吕品于2025年5月起担任国盾量子董事长，并担任战略与投资委员会主任委员、薪酬与考核委 员会委员。公司及公司董事会对吕品先生的逝世表示沉痛哀悼，并向其家属表达深切慰问。 截至公告披露日，吕品不持有公司股票，亦不存在应当履行而未履行的股份锁定承诺。吕品的逝世不会 导致公司董事会成员人数低于法定人数，不会影响公司董事会的正常运作。公司将根据有关规定，尽快 完成董事补选及董事长选举的相关工作，并及时履行信息披露义务。 图片来源：公司公告 当晚，"合肥高新公安"微博发布的警情通报显示，2025年12月18日13时许，该局接报警称，吕某（男， 46岁）在望江西路与孔雀台路交口某公司一办公室内失去意识。接警后，民警立即到场处置。经120现 场确认，吕某已无生命体征。经公安机关勘查调查，已排除案件。 "合肥高新公安"微博 根据公开信息，吕品1979年7月出生，硕士研究生学历，拥有丰富的电信行业从业经验，曾任中国电信 集团有限公司市场部副总经理、中国电信股份有限公司安徽分公司副总经理等职。2023年，吕品出任 ...

Core Insights - The 2025 Smart Technology Ecosystem Conference was held in Guangzhou, where China Telecom's Chairman, Ke Ruiwen, reviewed the company's key business developments over the past year [1] Group 1: Business Developments - China Telecom has established a smart cloud system with a total computing power of 85 EFLOPS, which measures the number of floating-point operations per second [2] - The company has initiated trial commercial use of 10G optical networks in major cities and developed over 200 intelligent service agents, with more than 6 million users of quantum secure communication [2] - There is a growing demand for artificial intelligence across various industries, and the integration of AI into mainstream business operations is seen as essential for cost reduction and efficiency improvement [2] Group 2: Future Business Focus - China Telecom plans to accelerate the construction of new digital information infrastructure, including a space-ground integrated network and networks centered on Automatic Identification and Data Capture (AIDC) [2] - The company aims to promote innovative AI applications, including the widespread adoption of AI smartphones and the exploration of products like AI glasses and humanoid robots [2] - There is a focus on deepening high-level cooperation to build a mutually beneficial ecosystem [2][3] Group 3: Security Measures - China Telecom is working on building a comprehensive AI security assurance capability, which includes a proactive defense system covering cloud, network, edge, and endpoint [3]

Group 1 - China Telecom has integrated quantum technology into its strategic framework, achieving significant breakthroughs such as the world's largest quantum metropolitan network and over 6 million users of quantum secure communication [1] - The company has developed a distributed encryption system that combines Quantum Key Distribution (QKD) and Post-Quantum Cryptography (PQC) [1] - Under national laboratory guidance, China Telecom has established the "Tianyan-287" superconducting quantum computer, which is the most powerful in the country [1] Group 2 - The establishment of the "Central Enterprise Quantum Talent Innovation Space" is a major strategic initiative aimed at promoting quantum technology and industrial development [2] - The initiative focuses on collaborative innovation among state-owned enterprises, aiming to share research tasks, resources, and innovation outcomes [2] - The company plans to accelerate the transformation of research results into practical applications, creating a globally competitive open ecosystem for quantum technology [2] - A new talent mechanism will be implemented to enhance collaboration and establish a high-level quantum talent research zone [2]

Core Viewpoint - The province prioritizes the development of quantum technology as a key component of its economic and social growth, aiming to lead the nation in this field [1][2]. Group 1: Quantum Technology Development - The province has hosted the Quantum Conference for five consecutive years since 2021, establishing it as a significant event in the domestic quantum field [1][4]. - The "Tianyan-287" superconducting quantum computer, equipped with 105 data qubits and 182 coupling qubits, has been launched, demonstrating a processing speed 450 million times faster than the fastest supercomputer for specific problems [1]. - The quantum computer achieves breakthroughs in three areas: "fully domestic," "AI empowerment," and "super fusion," utilizing entirely domestic hardware and components [1]. Group 2: Industry Growth and Innovation - The province has over 100 quantum industry chain enterprises, leading the nation [2]. - Significant technological achievements include the "Nine Chapters" and "Zu Chongzhi" quantum computers, with ongoing support for key technologies like high-performance low-noise single-photon detectors [2]. - The establishment of the Anhui Quantum Industry Pilot Zone focuses on innovation, incubation, industry clustering, and talent community development [3]. Group 3: Ecosystem and Financial Support - A 400,000 square meter Quantum Future Industry Science Park has been established to foster a favorable industrial ecosystem [4]. - The province emphasizes financial support for quantum technology, integrating it into a systematic development framework [4].

Core Points - The development of the Yangtze River Economic Belt is crucial for China's long-term interests, aiming to become a leader in ecological priority and high-quality economic growth [1][3][4] - The region's GDP is projected to exceed 63 trillion yuan in 2024, with a growth rate of 5.4% [1] - In the first eight months of this year, the foreign trade import and export value of the 11 provinces and cities along the Yangtze River reached 13.7 trillion yuan, a historical high, accounting for 46.3% of the national total [1] Environmental Protection and Restoration - Significant achievements have been made in ecological environment protection and restoration along the Yangtze River, with a focus on "big protection" and not "big development" [1][4][9] - The illegal sand mining activities have been addressed, with 39 illegal sand terminals and 84 sand fields shut down in Hunan [4] - The ecological integrity index of the Yangtze River has improved, with the main stream maintaining a Class II water quality for five consecutive years [9] Industrial Transformation - The transformation and upgrading of industries are essential for achieving both ecological sustainability and economic growth [6][8] - The Jiujiang Petrochemical Industry Park is undergoing a significant transformation with a total investment of 10.6 billion yuan, expected to increase annual revenue by 60 billion yuan [8] - Over 30 chemical companies in Jiujiang have transitioned to green development, with a 13.3% year-on-year increase in profits from the petrochemical industry chain [9] Innovation and Technological Advancement - Innovation is emphasized as a driving force for development, with a focus on transforming research and talent advantages into development advantages [10][11] - The automotive industry in the Yangtze River Economic Belt is becoming the largest automotive industry cluster in China, with significant advancements in electric and intelligent connected vehicles [12] - Quantum technology applications are being developed in Hefei, with over 30 quantum technology companies contributing to a complete ecosystem from research to industrialization [12] Regional Coordination and Integration - The Yangtze River Economic Belt is seeing enhanced regional coordination and integration, with collaborative efforts among provinces to address environmental and economic challenges [15][19] - The establishment of a "capacity pool" mechanism in Zhejiang has facilitated the rapid development of river-sea intermodal transport, significantly improving logistics efficiency [17] - The integration of the Yangtze River Economic Belt with the Belt and Road Initiative is enhancing trade connectivity and market access [18]

Core Viewpoint - The development of the Yangtze River Economic Belt is crucial for China's long-term interests, focusing on ecological protection, high-quality economic growth, and enhancing domestic and international circulation [1][2]. Group 1: Ecological Protection and Restoration - Significant achievements have been made in ecological protection and restoration along the Yangtze River, with a focus on "coordinated protection and not large-scale development" [1][2]. - The GDP of the Yangtze River Economic Belt is projected to exceed 63 trillion yuan, with a growth rate of 5.4% in 2024 [1]. - In the first eight months of this year, the foreign trade import and export value of the 11 provinces and cities along the Yangtze River reached 13.7 trillion yuan, a historical high, with a year-on-year growth of 6% [1]. Group 2: Industrial Transformation and Upgrading - The transformation and upgrading of industries are essential for achieving both ecological sustainability and economic growth [7]. - The total investment in the 150 million tons/year aromatics and refining project in Jiujiang is 10.6 billion yuan, expected to increase annual revenue by 60 billion yuan [7]. - Jiujiang's petrochemical industry has seen a year-on-year profit increase of 13.3% [7]. Group 3: Innovation and Technological Development - The Yangtze River Economic Belt is becoming a hub for the automotive industry, with significant advancements in electric and intelligent connected vehicles [9][10]. - Over 40 enterprises and universities in Hubei have formed a joint innovation body for automotive-grade chips, leading to the development of the first domestic high-performance microcontroller chip [9]. - The quantum technology sector in Hefei has seen the establishment of over 30 leading enterprises, with more than 2,000 related patents [11]. Group 4: Regional Coordination and Integration - The Yangtze River Economic Belt emphasizes regional collaboration, with various provinces and cities working together to enhance ecological protection and economic development [15][18]. - The establishment of a "five-in-one" governance model in Yueyang has improved environmental management by integrating multiple departments [15]. - The new shipping channel project at the Three Gorges is expected to enhance the comprehensive functions of water conservancy, shipping, and ecology along the Yangtze River [18].

Core Viewpoint - The development of the Yangtze River Economic Belt is crucial for China's long-term interests, focusing on ecological protection, high-quality economic growth, and enhancing domestic and international circulation [1][3]. Economic Development - The GDP of the Yangtze River Economic Belt is projected to exceed 63 trillion yuan in 2024, with a growth rate of 5.4% [1]. - In the first eight months of this year, the foreign trade import and export value of the 11 provinces and cities along the Yangtze River reached 13.7 trillion yuan, a historical high, with a year-on-year growth of 6%, accounting for 46.3% of the national total [1]. Ecological Protection - Significant achievements have been made in ecological environment protection and restoration along the Yangtze River, with a focus on "grasping major protection and not engaging in major development" [4][8]. - The ecological integrity index of the Yangtze River has improved, with the main stream maintaining a Class II water quality for five consecutive years [8]. Industrial Transformation - The transformation and upgrading of industries are emphasized, with projects like the 150 million tons/year aromatics and refining modification project in Jiujiang expected to increase annual revenue by 60 billion yuan [7]. - Over 30 chemical companies in Jiujiang have transitioned to green development, with the city's petrochemical industry chain profit increasing by 13.3% year-on-year [8]. Innovation and Technology - The Yangtze River Economic Belt is becoming China's largest automotive industry cluster, with significant advancements in electric and intelligent connected vehicles [11]. - The establishment of a quantum technology ecosystem in Hefei, with over 30 leading quantum technology companies, highlights the region's focus on innovation [12]. Regional Collaboration - The integration of transportation networks and the establishment of a "capacity pool" mechanism in Zhejiang have enhanced the efficiency of logistics and trade along the Yangtze River [17]. - Collaborative efforts among provinces, such as the G60 Science and Technology Innovation Corridor, are promoting resource sharing and technological innovation [19].

Core Insights - The development of the Yangtze River Economic Belt is crucial for China's long-term interests, focusing on ecological priority and high-quality economic growth [1][3][4] - The region's GDP is projected to exceed 63 trillion yuan in 2024, with a growth rate of 5.4% [1] - The foreign trade value of the 11 provinces and cities along the Yangtze River reached 13.7 trillion yuan in the first eight months of this year, marking a historical high and a 6% year-on-year increase [1] Environmental Protection and Restoration - Significant achievements have been made in ecological protection and restoration along the Yangtze River, with a focus on "big protection" and avoiding "big development" [1][4][8] - The illegal sand mining activities have been addressed, with 39 illegal sand terminals and 84 sand fields shut down in Hunan [4] - The ecological integrity index of the Yangtze River has improved, with the main river maintaining a Class II water quality for five consecutive years [8] Industrial Transformation and Innovation - The chemical industry along the Yangtze River is undergoing transformation towards greener practices, with over 30 chemical companies in Jiujiang promoting green development [8][7] - Jiujiang Petrochemical's investment in a 150 million tons/year aromatics and refining project is expected to generate an additional 60 billion yuan in revenue annually [7] - The automotive industry in the Yangtze River Economic Belt is becoming a major hub for electric and intelligent connected vehicles, with significant growth in exports of new energy vehicles [10][11] Regional Collaboration and Connectivity - The Yangtze River Economic Belt is enhancing regional collaboration, with initiatives like the "G60 Science and Technology Innovation Corridor" promoting resource sharing and cooperative innovation [19] - The establishment of a "transport capacity pool" mechanism in Zhejiang has improved logistics efficiency, facilitating the rapid movement of goods along the river [17] - The integration of the Yangtze River Economic Belt with the Belt and Road Initiative is strengthening international trade connections [18]

Investment Rating - The report maintains a "Buy-A" rating for China Telecom (601728.SH) [1] Core Views - The company's fundamental operations remain robust, with significant growth in smart revenue [1] - In H1 2025, China Telecom achieved revenue of CNY 269.4 billion, a year-on-year increase of 1.3%, with service revenue at CNY 249.1 billion, up 1.2% [2] - The net profit attributable to shareholders reached CNY 23.0 billion, reflecting a year-on-year growth of 5.5% [2] Summary by Sections Basic Business Performance - Mobile communication service revenue grew to CNY 106.6 billion, up 1.3% year-on-year, with a mobile user base of 433 million and an ARPU of CNY 46.0 [3] - Fixed-line and smart home service revenue reached CNY 64.1 billion, a slight increase of 0.2% year-on-year, with broadband users totaling 199 million and a broadband ARPU of CNY 48.3 [4] Digital and AI Business Growth - The digital industry revenue reached CNY 74.9 billion, up 1.5% year-on-year, with Tianyi Cloud revenue at CNY 57.3 billion and smart revenue soaring by 89.4% to CNY 6.3 billion [6] - The company launched over 80 industry-specific large models and 30 intelligent agents, indicating a strong push in the "AI+" initiative [6] Capital Expenditure and Infrastructure - Capital expenditure decreased to CNY 34.2 billion, down 28% year-on-year, with investments focused on mobile networks and digital industry [12] - The company has established a robust computing infrastructure with a total computing power of 77 EFLOPS, enhancing its capabilities in AI and cloud services [12] Financial Forecast and Valuation - The report forecasts net profit for 2025-2027 at CNY 34.77 billion, CNY 36.57 billion, and CNY 38.25 billion, representing year-on-year growth rates of 5.3%, 5.2%, and 4.6% respectively [13] - The estimated EPS for the same period is projected to be CNY 0.38, CNY 0.40, and CNY 0.42, with corresponding P/E ratios of 20.0, 19.0, and 18.2 [13]