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 ...

Group 1 - The core viewpoint is that the current computational power of quantum computers is still in the early stages and cannot solve practical problems, primarily being sold as research instruments [1] - The company focuses on selling quantum computers and core components, such as measurement and control systems and refrigeration units, mainly to research institutions for quantum computing research [1] - The industry is still in a phase of technological accumulation and ecosystem cultivation, with "mass production" not being the current focus, and the company aims to collaborate with industry partners to advance quantum technology and explore application scenarios [1] Group 2 - The company’s superconducting quantum computer "Tianyan-504," which has the highest number of qubits domestically, has completed acceptance testing [2] - The company does not produce quantum computing chips, sourcing them through horizontal cooperation with the University of Science and Technology of China [3] - As of the market close on September 24, the company's stock price was 354.99 yuan per share, reflecting a 3.5% increase [3]

Group 1: Fund Distribution and Sales Fee Reform - The China Securities Regulatory Commission has solicited opinions on the draft regulations for managing sales fees of publicly offered securities investment funds, which may impact commercial banks' role in fund distribution [1] - Banks are expected to prefer large fund managers and equity funds that demonstrate stable performance and sound management due to the focus on personal customer service and encouragement of long-term investment in the draft [1] - The reform aims to enhance banks' professional service capabilities and promote the healthy development of the public fund industry [1] Group 2: Fund Sales Performance - In the first half of 2025, the total scale of non-monetary funds held by the top 100 fund distribution institutions exceeded 10 trillion yuan, reaching 10.2 trillion yuan, a 6.95% increase from the previous half [1] - The combined scale of equity funds held by these institutions was 5.14 trillion yuan, reflecting a 5.89% quarter-on-quarter growth [1] - Ant Group continues to lead in equity fund holdings, with significant growth in non-monetary funds and stock index funds, while major brokerages dominate the index product sector [1] Group 3: Interest Rates on Large Deposits - Several private banks have launched large-denomination certificates of deposit with interest rates exceeding 2%, contrasting with state-owned and joint-stock banks where rates are generally in the "1" range [2] - These high-rate products are often limited in availability and sell out quickly, indicating a strategy for customer acquisition by private banks [2] - Industry insiders suggest that this approach is a temporary measure and may not be sustainable in the long term [2] Group 4: New Energy Vehicle Insurance - The high growth and high claims phenomenon in new energy vehicle insurance is changing, with leading insurers moving towards profitability while improving the claims ratio [2] - The new energy vehicle insurance market is expected to remain a key growth area for the auto insurance sector, although achieving overall profitability will take time [2] Group 5: AI Chip Market Dynamics - Domestic chip manufacturers are seizing the market opportunity created by the instability of Nvidia's chip supply, with significant investments from companies like Alibaba and Baidu [2] - The development prospects for domestic AI inference chips are considered promising, although ongoing efforts in ecosystem development are necessary [2] Group 6: Cloud Infrastructure and AI Demand - Oracle's recent performance, highlighted by a 359% year-on-year increase in remaining performance obligations (RPO) to $455 billion, signals strong demand for AI inference computing [3] - Nearly 60% of this growth is attributed to a $300 billion contract with OpenAI, indicating a clear signal of the industry's need for computing power [3] - The substantial order enhances confidence across the industry to invest in AI and cloud sectors [3] Group 7: Construction Industry Performance - The construction sector experienced a decline in revenue and net profit in the first half of 2025, with revenues down 5.66% and net profits down 8.89% year-on-year [4] - Despite the downturn, many institutions are optimistic about potential recovery opportunities in the second half of the year [4] Group 8: Tencent's Bond Issuance - Tencent is promoting its first bond issuance in four years, seeking to issue offshore RMB-denominated notes with maturities of 5, 10, and 30 years at initial guidance rates of 2.6%, 3%, and 3.6% respectively [4] Group 9: AI Chip Efficiency - A new optical chip developed by American scientists can perform AI tasks with energy efficiency improvements of 10 to 100 times compared to traditional chips, potentially alleviating the high energy demands of AI applications [4] Group 10: Financial Transactions and Corporate Actions - Yunfeng Financial plans to issue 1.91 billion new shares at a price of HKD 6.1 per share, aiming to raise approximately HKD 11.7 billion [5] - Dongcheng Pharmaceutical is planning to spin off its subsidiary for a public listing in Hong Kong, with no substantial legal obstacles identified [6] - The company Biyuan Quantum has initiated IPO counseling for its A-share listing, focusing on quantum computing technology [7] - United Precision intends to acquire a 51% stake in Chengdu Mite Aviation Manufacturing for no more than 380 million yuan, aiming to expand its presence in the aerospace defense sector [8]