中证报中证网讯(王珞)当前，量子计算已从科研探索迈入产业培育关键阶段，全球竞争聚焦全链条技术 栈构建，暗藏极具潜力的投资机遇。量子计算产业的六大关键投资点，涵盖量子芯片系统、量子计算测 控系统、量子计算环境支撑系统这"三硬"，以及量子操作系统与软件、量子计算云平台、量子计算应用 软件这"三软"，它们互为支撑、缺一不可，共同构成产业发展的核心骨架。本系列报道将逐一解构这六 大投资点，剖析其核心价值、技术迭代路径与发展态势，为量子计算赛道投资者梳理清晰的产业脉络与 投资逻辑。 全球量子计算产业竞争已进入白热化阶段，作为量子计算机的"大脑与心脏"，量子芯片不仅是决定算力 上限的核心硬件，更是产业链中最具战略价值的投资方向之一，其技术突破直接牵动产业发展节奏与投 资逻辑。 据安徽省量子计算工程研究中心(下称"量子计算研究中心")介绍，在量子计算"三硬三软"六大核心能力 体系中，量子芯片居于基础核心地位，是产业的价值锚点。缺乏自主可控的量子芯片，后续的测控、软 件等能力便"无的放矢"，六大能力的协同发展更是无从谈起。从产业竞争与投资格局而言，掌握量子芯 片核心技术者，才能在量子计算赛道占据先发优势。 量子计算研究中心表 ...

近年来，量子计算领域经历了快速增长，技术进步和大规模投资频繁登上新闻头条。联合国将2025年定为国际量子科学与技术年。因 此，量子计算迅速成为全球竞赛。全球私营企业和政府纷纷争相打造世界上第一台全尺寸量子计算机。 这种特定的"仪式感"往往预示着产业发展的重要阶段。长期以来，量子计算一直徘徊在"明天就实现"与"永远二十年"的悖论中。 然而，随着量子计算成为全球竞赛，全球私营企业和政府纷纷争相打造世界上第一台全尺寸量子计算机。要实现这一点，首先我们需要 稳定且可扩展的量子处理器，也就是芯片。 根据近期量子芯片发展进展不难发现，量子芯片的底层逻辑正在发生根本性扭转，那就是，量子芯片也正在从追求"物理比特"的数量转 向"高保真度逻辑比特"与"模块化可扩展架构"。 简单来说，量子计算正在经历它的"晶体管时刻"。 高保真度逻辑比特 量子芯片，通常被称为量子处理单元（QPU），是利用量子纠缠和量子叠加等量子力学原理进行信息处理的核心部件。 传统芯片基于经典物理学原理，基本信息处理单位为比特，每个比特只能取值0或1，而量子芯片的基本信息处理单位为量子比特，每个 量子比特可以为0或1，或两者的叠加态。这一特性使得量子处理器在处 ...

Core Viewpoint - Longxin Technology has its own independent instruction set and architecture, which may provide a potential advantage in developing quantum chips, although quantum chips are currently focused on specialized application scenarios and have not yet achieved large-scale commercialization [1] Group 1 - Longxin Technology responded to an investor inquiry regarding its potential advantages in quantum chip development based on its independent architecture [1] - The current state of quantum chips is that they are primarily concentrated on pilot applications in specialized scenarios, with no widespread application in general-purpose CPU fields [1]

证券日报网讯12月25日，龙芯中科在互动平台回答投资者提问时表示，量子芯片目前多聚焦于专用场景 试点应用，尚未实现大规模商业化，暂未广泛应用于通用CPU领域。 ...

主流技术路径尚未收敛，产业链中上游是发展重点 量子计算产业链上游主要涵盖量子芯片、环境与测控系统以及其他关键元器件，主流技术路径尚未收敛 导致产业链上游尚未形成清晰竞争格局。产业链中游主要涵盖量子计算机整机以及软件算法，基于整机 成本高企及软件算法复杂性考量，云平台或将成为量子计算向下游加速渗透的关键环节。产业链下游主 要涵盖科研、金融、化工、制药等众多领域，目前尚未展现出指数级加速或量子优越性方面的规模化突 破，从理论研究到商业化落地有望进一步探索。 中信建投主要观点如下： 量子计算重塑计算边界，引领未来产业发展 量子计算利用量子力学现象可破除经典计算瓶颈、重塑计算边界，已经逐步进入含噪声的中等规模量子 时代，超导、离子阱、光量子以及中性原子等主流技术路径齐头并进，共同推进量子计算实用化、规模 化。我国"十五五"规划将量子科技列为未来产业之首，工信部牵头筹建量子信息标准化技术委员会，初 步明确了量子科技产业发展蓝图。全球主要国家纷纷加码量子战略布局，加速抢占发展先机，量子科技 已然成为全球新的角力场。 智通财经APP获悉，中信建投发布研报称，2025年是"国际量子科学与技术年"，亦是量子科技加速从理 论研究 ...

QuantWare公司还透露，目前正在建设一家量子芯片工厂，预计将于2026年投产。未来这家工厂可大规模生产量子芯片，有望成为全球主要的量子芯片工 厂。公司还表示，量子计算作为一种前沿技术，正展现出在化学、材料和能源等领域的巨大变革潜力，但当前量子芯片主要维持在100个量子比特左右，公 司致力于提供大规模的量子芯片架构。据悉，量子芯片就是将量子线路集成在基片上，进而承载量子信息处理的功能，是未来量子计算机的"大脑"。 （央视财经《天下财经》）荷兰量子硬件初创公司QuantWare正式发布了全新的量子处理器单元（QPU）扩展架构，这一架构具备创建1万量子比特的量子 芯片潜力，其容量是当前业内最高容量芯片的近100倍。 荷兰量子硬件初创公司QuantWare近日在其官网公布消息，正式发布了全新的量子处理器单元（QPU）扩展架构，这一架构能够创建拥有1万量子比特的量 子芯片，远超当前主流商用量子芯片的水平。美国谷歌公司推出的Willow量子芯片，包含105个量子比特，而美国IBM公司此前推出的新款Heron量子芯片， 包含156个量子比特。 转载请注明央视财经 编辑：潘煦 ...

任正非在座谈会上反复强调"教育是教育，商业是商业"，这句话的分量远超字面意义。当下，不少企业打着"产教融合"的旗号，把高校实验室变成产品试验 田，将学生论文转化为商业专利，看似"协同创新"，实则是商业逻辑对教育本质的侵蚀。教育的核心是"培养可能性"——让青年在试错中建立批判性思维， 在好奇中触摸知识边界；而商业的本质是"实现可行性"——把技术转化为解决具体问题的工具。二者的关系不是"谁主导谁"，而是"各归其位的齿轮咬合"。 华为与ICPC的合作模式正是这种边界感的体现：ICPC挑战赛提供的是"质疑的土壤"，让青年在算法竞赛中挑战现有规则；华为则提供产业场景，将获奖选 手的创新思路接入工业互联网、医疗AI等实际需求。这种分工避免了两个极端：既不让教育沦为企业的"人才预科班"，也不让商业困于实验室的"技术乌托 邦"。正如任正非所言，"企业与学校的分工要清晰"，学校负责"仰望星空"，企业负责"脚踏实地"，二者通过"挑战赛发展""地区合作"等纽带连接，而非模糊 地带的利益捆绑。 二、AI落地：从"炫技"到"解渴"的务实革命 华为在资源受限下的选择更具启示性。面对芯片等关键领域的外部限制，华为没有选择"全面开花"，而是 ...

Core Insights - Quantum computing is becoming a new focus for investors, but the commercialization process faces significant challenges. Despite recent technological breakthroughs, the risks for investors currently outweigh potential returns [1][3][6] - Google's recent announcement of its quantum chip being 13,000 times faster than traditional computers highlights the potential of quantum computing. However, the industry remains in its early stages, with the most advanced quantum computers still unable to surpass traditional ones in most applications [1][4] Industry Challenges - The primary bottleneck in quantum computing is the insufficient number of qubits and high error rates. Current quantum computers require cooling to near absolute zero, making them large and complex [4][5] - Analysts emphasize that scalability will be a key issue in the next five to ten years, with IBM's roadmap aiming for 2,000 qubits by 2033 and Google's target of 1,000 qubits, though timelines remain unclear [3][4] Competitive Landscape - The competition for quantum computing expansion is still unclear, with major players like IBM, Google, Amazon, and Microsoft investing heavily. Smaller companies and startups like PsiQuantum are also entering the market [5] - The lack of clarity on which technological path will prove most scalable adds to the uncertainty for investors, as any current technology could fail [5] Commercialization Timeline - The timeline for industry consolidation is uncertain, with estimates suggesting it may take three to four years to address engineering challenges [6] - By 2030, quantum computing revenue could reach $4.25 billion, which, while modest, is comparable to Nvidia's revenue a decade ago. If challenges are overcome, quantum computing could see rapid growth and significant returns for investors [6][7]

Core Viewpoint - The "14th Five-Year Plan" emphasizes significantly enhancing the level of technological self-reliance and self-improvement, highlighting the importance of technological development during this period [1] Group 1: Semiconductor Manufacturing - The demand for advanced semiconductor manufacturing, particularly for processes at 7nm and below, is expected to grow significantly in the AI era, with current domestic capacity accounting for less than 2% of total wafer foundry capacity [1] - Domestic wafer manufacturers are making progress in equipment supply, yield improvement, and customer expansion, with potential for rapid growth alongside the domestic AI industry [1] - The ongoing tightening of U.S. semiconductor restrictions is driving the domestic replacement of semiconductor equipment and components, with a projected 3-5 times growth potential for domestic equipment [1] Group 2: New Energy System - The construction of a new energy system is a key future direction, focusing on increasing the share of renewable energy and ensuring a reliable transition from fossil fuels [2] - The new energy system will see significant investment opportunities, particularly in new energy storage, with a projected installed capacity of over 180GW by 2027, leading to direct investments of approximately 250 billion yuan [2] - The nuclear fusion sector is also highlighted as a forward-looking investment area, with private sector investments in fusion companies reaching approximately 9.9 billion euros by mid-2025 [2] Group 3: Quantum Technology - Quantum computing offers significant advantages over classical information tools, with applications in computing, communication, and measurement [3] - The industry is expected to see rapid development, with quantum communication already being industrialized, and quantum computing anticipated to experience market growth between 2028 and 2030 [3] Group 4: Artificial Intelligence and Domestic Control - The urgency for domestic hardware and software localization is emphasized, with significant improvements expected in foundational hardware and software during the "14th Five-Year Plan" [4][5] - The government aims for AI to be integrated into six key sectors by 2027, with a target of over 70% penetration of new intelligent terminals and agents by 2030 [5] Group 5: Consumer Electronics - Consumer electronics, particularly hardware with both consumption and technological attributes, are expected to become a significant investment direction in the next 2-3 years [6] - The market for AI-enabled consumer electronics is projected to grow, with significant demand anticipated for products like AI glasses and smart imaging devices [6] Group 6: AI in Cultural Content Creation - The "14th Five-Year Plan" supports the integration of AI in creative industries, enhancing efficiency and product development in sectors like film and gaming [7] - The commercialization of high-quality domestic content is expected to grow, with increasing competitiveness in international markets for Chinese IPs and cultural products [7]

Group 1 - The global competition in chip technology has evolved from a focus on processes to a comprehensive competition, with China reportedly leading in third-generation chip materials, significantly surpassing its Western counterparts [1] - Most existing chips are based on silicon technology, which is approaching its limits, leading major manufacturers like TSMC, Intel, and Samsung to abandon traditional upgrade paths in favor of equivalent processes [3] - The global industry is exploring new chip technologies and materials, such as photonic and quantum chips, as alternatives to silicon [3] Group 2 - China faces significant challenges in advancing silicon chip technology due to difficulties in obtaining EUV lithography machines, which involve a complex supply chain requiring collaboration from thousands of companies across multiple countries [5] - In the realm of advanced chip technology, China is considered to be in the first tier alongside the United States, particularly in photonic and quantum chip technologies, although the exact competitive advantage remains unclear until large-scale commercialization occurs [5] - Chinese companies have reportedly achieved a leading position in the global gallium nitride (GaN) materials market, which is recognized as a third-generation chip material, with widespread applications, especially in mobile phone chargers [5][7] Group 3 - Innoscience, a Chinese company, holds a 30% share of the global GaN materials market, followed by American companies Navitas, Power Integrations, and EPC with shares of 17%, 15.2%, and 13.5% respectively [7] - GaN materials are not only used in mobile phone chargers but also in emerging technology sectors such as electric vehicles and high-speed rail, contributing to rapid advancements in these fields [7] - The application of GaN materials extends to military technology, enhancing the detection range of advanced radar systems and being utilized in various defense applications [7][9] Group 4 - In addition to GaN, China has made significant progress in other advanced chip materials such as gallium arsenide (GaAs), indium phosphide (InP), and silicon carbide (SiC), supporting technological advancements across various sectors [9]