炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 01 企业家与市委书记并肩而坐 南京"新春第一会"上，当镜头扫过主席台，人们发现：8位企业家代表赫然坐在前排中央，与市委书 记、市长并肩而坐。这打破了常规座次安排。 他们中间，有法雷奥动力总成中国区总裁叶伟、有集成电路封测"链主"企业华天科技（南京）有限公司 副总经理诸玉平、有做元宇宙交互的南京开为网络科技有限公司董事长杨通。一张主席台，装下了智能 电网、汽车零部件、集成电路、新能源、生物医药、人工智能、工业软件、数字消费等多个关键赛道。 开为网络研发的"Agnes AI"大模型产品在海外用户数近千万，但杨通却是"第一次坐在主席台和市主要 领导开会"。 来源：观一线 马年春节后首个工作日，湖北、广东、山东、江苏、浙江、福建、安徽、河北、河南、湖南、广西、海 南、江西、重庆等全国十多省市，不约而同召开"新春第一会"。 场内场外，那些藏在座位排序、发言主角、未来科技里的细节，引发了另一种关注。 南京"新春第一会"（图|现代快报） 南京这场大会，坚持一个原则：让创造价值的人坐C位。 没什么豪言壮语，却让企业家感受到，"这座城市真的在乎我们。" ...

"新春第一会"具有风向标意义，而武汉，雷打不动，5次将会议主题聚焦科技创新。 2021年，会上发布武汉科技创新十大行动，公布首批"卡脖子"技术攻关"揭榜挂帅"项目榜单。 2月24日，农历正月初八，春节后第一个工作日，武汉召开"新春第一会"，再次聚焦科技创新。这是 自2021年以来，武汉第5次在"新春第一会"上聚焦这一主题。 2月24日，汉产机器人亮相全市科技创新大会。图为光子机器人自主熨烫衣物，扫床机器人清洁床铺。 于武汉而言，科技创新是一以贯之的定力，也是常做常新的事业。 2023年，提出要加快把武汉科教人才优势转化为创新发展优势。 2024年，继续做好创新这篇大文章，以科技创新引领现代化产业体系建设。 2025年，提出要推动科技创新和产业创新融合发展，挺膺打造具有全国影响力的科技创新高地。 2022年5月，武汉获批"建设具有全国影响力的科技创新中心"，当年7月召开的市科创大会提出，要切 实扛起建设武汉具有全国影响力的科技创新中心的重大责任。 今年"新春第一会"，武汉强调，要牢牢把握"一城三廊多带"战略布局，不断提升创新策源、成果转 化、产业发展功能——以东湖科学城为创新极核，以光谷科技创新大走廊、车谷产业 ...

重点选择拥挤度相对较低、资金净流入强度较好、前期未经历明显主升浪，且已完成一轮 调整的科技细分方向作为阶段性配置对象， 重点关注AI应用、机器人及半导体设备等方 向。 同时，中期至两会后，建议逐步提升高股息、低估值板块在组合中的配置比例，重点围绕 银行、食品饮料、交通运输等具备稳定现金流与分红能力的板块进行布局，以对冲组合波 动、提升整体收益的确定性。 对与消费高度相关但盈利弹性有限、政策受益路径不清晰的品种保持相对谨慎，避免在市 场风格切换阶段承受不必要的回撤风险。 01丨 如何看待近期市场风格切换 近期市场震荡中结构性机会表现突出，中泰证券分析春节前后市场风格切换的情况。 短期来看，市场仍将维持结构性活跃、指数震荡的运行格局，尤其在春节前资金偏交易 化、持仓周期偏短的环境中，科技存在反复表现的空间。 0 2丨 量子科技产业催化密集 2 0 26年被视为量子科技发展的里程碑年份。浙商证券计算机团队认为，量子方向已具备 阶段性布局价值。作为"十五五"规划未来产业的首位赛道，量子科技获得了顶层政策的强 力推动。 近期 四部委联合发文，明确政府投资基金重点投向新质生产力与硬科技领域， 临近两 会，行业有望迎来进一 ...

Summary of Conference Call Notes Industry and Company Involvement - The discussion primarily revolves around the **Artificial Intelligence (AI)** sector and its implications for the **Chinese market** over the next decade, as well as the performance of **U.S. tech giants** like **Apple**, **NVIDIA**, and **Google** [1][2][3][6][7]. Core Insights and Arguments - **AI as a Market Driver**: AI is expected to be a significant driver of a structural bull market, with substantial advancements anticipated in China over the next ten years, supported by national efforts [1][2][3]. - **Quantum Computing and Autonomous Driving**: Breakthroughs in quantum computing are expected by 2027, with companies like NVIDIA already launching quantum chips. Autonomous driving technology is projected to see revolutionary changes by the end of 2026, presenting opportunities for domestic industries [1][4]. - **AI in Healthcare**: The application of AI in healthcare shows vast potential, as demonstrated by companies like Ant Financial. High dividend strategies and cyclical industries related to heavy metals are also worth monitoring, despite geopolitical risks [1][5]. - **Market Outlook for 2027**: Optimism is expressed regarding the A-share market in 2027, although caution is advised for the consumer and liquor sectors, which may face challenges without policy support. The S&P 500 is expected to see earnings growth surpassing that of the current year [1][6]. - **Performance of U.S. Tech Giants**: Companies like Apple, NVIDIA, and Google are noted for their strong profitability, with annual profits exceeding $100 billion. Their ability to continue investing and maintaining competitiveness is emphasized, with no bubble concerns identified [1][7]. - **NVIDIA's CUDA Platform**: NVIDIA's CUDA platform has established a strong competitive moat, capturing over 90% of the market share. Other companies face challenges in creating similar platforms due to compatibility issues [1][8]. Other Important but Potentially Overlooked Content - **Investment Strategies**: Long-term investors are encouraged to maintain their investment philosophies and not be swayed by short-term market fluctuations. The importance of finding a capable team for asset management is highlighted, as team performance is crucial for success [3][9][10][12]. - **Noise in the Market**: Various market noise factors, such as trade wars and interest rate changes, are deemed secondary to the primary trend of AI development. Investors are advised to focus on major trends rather than being distracted by these noises [14]. - **Assumptions in Investment Models**: The assumptions made in investment models significantly impact decision-making. It is essential to consider both optimistic and pessimistic scenarios when forecasting a company's growth [15][16]. This summary encapsulates the key points discussed in the conference call, providing insights into the AI sector, market outlook, and investment strategies.

Summary of Key Points from the Conference Call Industry Focus - The discussion centers around the **quantum computing industry**, highlighting its potential for investment opportunities in the near future [1]. Core Insights and Arguments - The company emphasizes that **quantum technology** is a promising investment theme, suggesting a phased approach to investment in this sector [1]. - It is anticipated that by **2026**, multiple provinces will likely initiate tenders for **hyper-converged computing** systems, which is expected to benefit leading companies such as **Guodun Quantum** [1]. - In terms of applications, **Guoxin Technology** has recently developed quantum chips for **L4 safety in intelligent driving**, marking a significant step towards practical applications of quantum technology in this field [1]. Individual Stock Insights - The company highlights **Hexin** as a stock to watch, indicating that it is expected to see developments soon, and suggests that the negative impacts from ST (Special Treatment) have largely been absorbed [1]. Investment Recommendations - The company recommends investing in the following stocks: - **Guodun Quantum** - **Hexin Instruments** - **Guoxin Technology** [1].

Core Viewpoint - The article highlights a significant breakthrough in scalable quantum network research by the team led by Academician Pan Jianwei from the University of Science and Technology of China, marking a transition from theoretical concepts to practical possibilities in quantum communication and expanding China's international leadership in this field [1][2]. Group 1: Breakthroughs in Quantum Technology - The research team has constructed the basic module for a scalable quantum relay, enabling long-distance quantum networks to become a reality [2][3]. - The team achieved high-fidelity entanglement between single-atom nodes over long distances and successfully extended the transmission distance of device-independent quantum key distribution (DI-QKD) beyond 100 kilometers [2][4]. - These advancements are seen as a milestone following the "Mozi" quantum satellite, further solidifying China's position in quantum communication and networking [2][3]. Group 2: Market Response and Investment Opportunities - Following the announcement, several quantum technology stocks surged in the A-share market, with notable increases in companies like Longfly Fiber, Geer Software, and Hengtong Optic-Electric [1][5]. - The quantum computing market is projected to grow from $800 million in 2021 to $50.37 billion by 2024, with an expected CAGR of 87.64% reaching approximately $219.98 billion by 2030 [5]. - The article emphasizes that quantum computing could address the increasing demand for computational power in the AI era, providing a new paradigm for computational supply [5]. Group 3: Quantum Computing Industry Chain - The upstream of the quantum computing industry chain includes dilution refrigerators, measurement and control systems, and quantum chips, which collectively account for about 86% of the core segments [6]. - Domestic companies are accelerating innovation and domestic substitution in response to strict regulations on high-end measurement and control equipment in Europe and the U.S. [6]. - The article notes that the application market for quantum computing in fields such as financial risk control, biomedicine, and chemical material design is expected to exceed $100 billion in the next decade [6].

Summary of Conference Call Records Company and Industry Involved - Focus on the **AI industry** and specifically on **NVIDIA** as a leading company in the AI sector [1][12][17] Core Points and Arguments - **Market Volatility and Investment Strategy**: The stock market experienced significant volatility, particularly during the crash from August 5 to August 7, 2025, with the fear index (VX index) reaching 42.8, a rare occurrence in 31 years. Buying quality stocks like NVIDIA during panic periods has proven to yield returns, as evidenced by a 10% gain after purchasing NVIDIA at $92 [1][2][3][4] - **Comparison of US and A-shares**: The US stock market generally trends upwards, supported by dividends and buybacks, while A-shares exhibit a zigzag pattern with shorter bull markets and longer bear markets. This difference significantly impacts investment returns over the past 30 years [1][5] - **Bitcoin Investment Insights**: Bitcoin's volatility can be mitigated by observing its long-term upward trend. Despite its non-yielding nature, it has shown overall growth, but stocks and other yielding assets are considered more stable and potentially more rewarding [1][6] - **Gold vs. Other Assets**: Gold has historically served as a store of value but lacks the yield that stocks provide. The average return on US stocks, adjusted for inflation, has been 6.6% over 200 years, with earnings growth contributing significantly to this return [7] - **Technological Progress as a Growth Driver**: Technological advancements are identified as the core driver of wealth growth and capital market development. Historical examples illustrate the importance of investing in line with technological changes [10] - **Opportunities in the AI Era**: The advent of AI presents substantial investment opportunities, akin to previous technological revolutions. Investors are encouraged to seize these opportunities, with NVIDIA highlighted as a potential high-return investment similar to past successes like Tencent [11][12] - **NVIDIA's Competitive Edge**: NVIDIA is positioned as a leader in AI, with significant R&D investments projected to reach $15 billion in 2026. Its profit is expected to be $120 billion in 2026, with a potential 50% growth in 2027. The company’s rapid product iteration and introduction of quantum chips enhance its competitive advantage [12][13] - **Absence of AI Bubble**: Current capital expenditures and profit growth among US tech giants, including Google, do not indicate an AI bubble. Historical patterns suggest that major themes drive asset classes every decade, with AI being the current theme [13] - **Future Economic Growth and China's Role**: AI is anticipated to significantly boost global economic growth rates, particularly in China, where companies like Huawei and Alibaba are advancing in AI. This development is seen as crucial for sustaining economic growth amid competition with the US [14] - **Long-term Investment Strategies**: Investors are advised to adopt a long-term perspective, planning for 20 to 30 years to navigate market fluctuations. Historical examples, such as Buffett's investment in Apple, illustrate the potential for substantial returns through patience and strategic planning [15][16] Other Important but Possibly Overlooked Content - **Wealth Management and Currency Fluctuations**: Currency changes can drastically affect wealth management, as illustrated by the depreciation of the Turkish lira. Investing in stable markets can significantly enhance wealth [9] - **Investment in Tesla vs. Bitcoin**: Investing in Tesla, a yielding asset, is viewed as potentially more rewarding than Bitcoin due to its growth potential linked to technological innovations [8] - **Oriental Harbor's Investment Strategy**: The firm plans to focus on AI technologies, with significant investments in Google and NVIDIA, anticipating these companies may become the first to exceed a market cap of $10 trillion [17]

Core Viewpoint - IonQ Inc has announced an acquisition agreement with SkyWater Technology, valuing the deal at approximately $1.8 billion, marking a significant step in IonQ's strategy to build a fully integrated quantum platform [1][2]. Group 1: Acquisition Details - The acquisition involves a cash and stock transaction, with an offer of $35 per share, consisting of $15 in cash and $20 in stock, representing a 38% premium over SkyWater's average stock price over the past 30 days [1]. - The deal has been approved by both companies' boards and is expected to close in the second or third quarter of 2026, pending regulatory approvals and shareholder votes [1]. Group 2: Strategic Implications - This acquisition is the largest in IonQ's recent strategic initiatives, aiming to integrate its quantum architecture with SkyWater's semiconductor manufacturing capabilities, creating a closed-loop process from quantum chip design to production [1]. - SkyWater, identified as the largest domestic chip foundry in the U.S., will maintain its brand and operations as a wholly-owned subsidiary of IonQ, continuing to serve its existing clients in defense, aerospace, and commercial sectors [2]. Group 3: Market Reactions - Following the announcement, SkyWater's stock rose by 9% intraday, closing up 3.29%, while IonQ's stock initially rose but ultimately closed down 8.21%, with a post-market rebound of 2.37% [2].

Core Viewpoint - IonQ Inc has agreed to acquire SkyWater Technology for approximately $1.8 billion, marking a significant step towards building a fully integrated quantum platform [1][2] Group 1: Acquisition Details - The acquisition will be executed through a cash and stock transaction, with IonQ offering $35 per share, comprising $15 in cash and $20 in stock, representing a 38% premium over SkyWater's average stock price over the past 30 days [1] - The deal has received unanimous approval from both companies' boards and is expected to close in the second or third quarter of 2026, pending regulatory approvals and shareholder votes [1] Group 2: Strategic Implications - This acquisition is the largest in a series of recent purchases by IonQ, which includes a $1.08 billion acquisition of UK-based Oxford Ionics [1] - The integration of SkyWater's semiconductor manufacturing capabilities with IonQ's quantum architecture aims to create a closed-loop process from quantum chip design to end production [1][3] Group 3: Technological Advancements - IonQ's CEO stated that the acquisition will allow the company to utilize a large domestic chip foundry, accelerating technology development and enhancing appeal to U.S. clients in sensitive sectors like defense [2] - The collaboration is expected to significantly reduce the development time for a 256-qubit chip from 9 months to 2 months, and advance IonQ's roadmap for testing 200,000 physical qubit units by 2028 [2] Group 4: Market Position and Future Outlook - SkyWater, identified as the largest domestic chip foundry in the U.S., will operate as a wholly-owned subsidiary of IonQ while maintaining its brand and existing production facilities [3] - The acquisition is seen as a strategic move to enhance IonQ's competitiveness in the federal and defense sectors, aiming to replicate Nvidia's model by controlling core hardware manufacturing [3] - The quantum computing industry is transitioning from experimental phases to large-scale industrial applications, indicating a significant shift in market dynamics [3]

Core Viewpoint - Longxin Zhongke has no current plans for quantum chips, which are primarily used in specific fields, unlike general processors that have a wide range of applications [1] Group 1 - Longxin Zhongke responded to investor inquiries on January 13, indicating that quantum chips are not part of their current strategy [1]