Core Viewpoint - Future industries, driven by disruptive technologies, are becoming a key variable in shaping the global competitive landscape, relying on both technological breakthroughs and effective financial support [1][3]. Group 1: Global Future Industry Competition - Future industries are characterized by their strategic, leading, disruptive, and uncertain nature, representing a new wave of technological revolution and industrial transformation [3]. - Major economies are accelerating their layout in future industries, with the U.S. investing heavily in semiconductor, clean energy, and AI sectors through legislative measures like the CHIPS and Science Act and the Inflation Reduction Act [3]. - The EU and Japan are also implementing policies to promote core technology breakthroughs and supply chain autonomy, indicating a shift in focus from traditional industry efficiency to future industry dominance [3]. Group 2: Financial Support for Future Industries - The adaptability of the financial system is crucial for transforming innovation potential into real productivity, as highlighted by the 2024 implementation opinions from the Ministry of Industry and Information Technology [4]. - Financial policies are being aligned with industrial policies to support future industries, with frameworks established for structural monetary policy, special credit, and industrial funds [4]. - The transformation of policies into actionable financial practices requires a deep understanding of the inherent rules and realities of financial support for future industries [4]. Group 3: Theoretical Mechanisms of Financial Support - The uncertainty and externalities of innovation necessitate financial systems that can structurally adapt to support future industries, as traditional market mechanisms are often insufficient [6]. - Future industries face high investment costs, long cycles, and significant risks, making them less attractive to short-sighted private capital [6]. - The public good nature of future industry outcomes often leads to underfunding and innovation gaps due to the inability of firms to internalize the positive externalities of their innovations [6]. Group 4: Structural Constraints of Existing Financial Systems - The existing financial system, rooted in industrialization, struggles to support future industries due to its focus on collateral, cash flow, and historical credit [7][8]. - There are three main mismatches: information mismatch, time mismatch, and structural mismatch, which hinder effective financial support for future industries [8]. - Financial institutions often lack the ability to assess technological potential and commercial pathways, relying instead on traditional financial metrics [8].

2025年是量子力学诞生百年。今年以来，量子科技在全球多个领域内的技术成果不断涌现、融资规模空 前扩张。从国内来看，量子科技被列为重要的未来产业，有望成为新的经济增长点，各地推动量子科技 产业发展的政策相继落地。 合肥高新技术产业开发区、中关村科技园、张江高科技园区、深圳高新技术产业园区、苏州工业园区、 武汉东湖新技术开发区、杭州高新技术产业开发区、成都高新技术产业开发区、济南高新技术产业开发 区是9家具备量子产业发展优势的国家高新区。为强化量子科技的战略布局与协同能力，大会现场正式 启动国家高新区量子产业协同创新网络，深化量子科技产学研融合、加速推动量子科技的成果转化和产 业化应用。 此外，由合肥实验室牵头，联合量子、密码、安全、通信等领域的36家"顶尖力量"，正式启动量子密码 基础设施标准化技术联盟，旨在突破关键核心技术，构建自主可控的标准化体系，为量子通信重大应用 提供关键指引。 展会实现多个"首次" 安徽省科技厅厅长赵明此前在发布会上介绍，本届大会人员规模、企业数量、展览规模等再创新高：参 展企业117家，较去年增加64家，增幅近120%；展陈面积10000平方米，比去年翻一番；已征集展品311 件， ...

Core Viewpoint - The "15th Five-Year Plan" emphasizes the transformation of the economy towards high-quality development, focusing on new productive forces as the main engine for growth, with a shift in investment paradigms towards technology innovation and industrial upgrading [1][2]. Group 1: Economic Development and Investment Opportunities - The "15th Five-Year Plan" highlights the importance of expanding domestic demand and improving income distribution to drive consumption as a key growth engine [2]. - The plan aims to significantly enhance the level of technological self-reliance, focusing on critical areas such as semiconductor equipment and high-end materials, while also exploring future industries like quantum technology and brain-machine interfaces [2][4]. - Investment logic is shifting from short-term speculation to long-term value, with a focus on companies with technological barriers and continuous innovation capabilities, particularly in advanced manufacturing and hard technology sectors [3][4]. Group 2: Structural Upgrades and Industry Focus - The economic development during the "15th Five-Year Plan" will rely more on structural upgrades rather than scale expansion, with advanced manufacturing and strategic emerging industries as key targets [4][5]. - Investment opportunities are identified in artificial intelligence, quantum technology, biomanufacturing, and commercial aerospace, as well as in the transformation of traditional manufacturing towards smart and green practices [4][8]. - The importance of industry chain collaboration and full-chain layout is emphasized, with a focus on integrating technology, industry, and finance to enhance overall competitiveness [6][7]. Group 3: Capital Market Dynamics - The capital market is expected to evolve with a new valuation system that prioritizes R&D intensity, core patent numbers, and technology conversion efficiency over traditional financial metrics [6][7]. - Long-term capital mechanisms are being improved to support stable funding for technology enterprises, with an anticipated increase in direct financing and a more favorable environment for private enterprises with core technologies [3][6]. - The focus on new energy, new materials, and strategic emerging industries is expected to create significant investment potential as traditional industries undergo transformation [8][19]. Group 4: Policy and Strategic Directions - The "15th Five-Year Plan" sets a clear policy direction for supporting emerging industries while also upgrading traditional sectors, ensuring a balanced approach to economic development [16][19]. - The emphasis on technological innovation as a core strategic priority reflects a commitment to transitioning from a manufacturing powerhouse to a technology-driven economy [19][20]. - Education reforms are aligned with strategic needs to ensure a robust talent pipeline for future industries, particularly in high-demand fields like AI and engineering [20].

量子科技产业的蓬勃发展离不开金融"活水"的浇灌。安徽持续在量子科技金融支持方面发力。大会分两 批举行量子科技和产业中心金融支持项目签约仪式。其中，中电信量子产业创业投资基金是由中国电信 （601728）发起设立的首支中央企业量子产业创投基金，将围绕国家"十五五"规划，携手量子基金合作 伙伴共同投早、投小、投长期、投硬科技，加快培育未来产业。 为进一步打通从基础研究到市场应用的通道，让量子技术真正走进千行百业，安徽还启动量子信息"千 家场景"行动，规划建设量子产业先导区。 本届大会以"百年量子.智启未来"为主题，参展企业达117家，人员规模、企业数量、展览规模均创新 高。 中证报中证网讯(记者杨洁)2025量子科技和产业大会11月20日在安徽合肥开幕，一系列重大成果亮相。 在大会现场，国家高新区量子产业协同创新网络正式启动。包括合肥高新区、北京中关村园区、上海张 江高新区、深圳高新区、苏州工业园区、武汉东湖高新（600133）区、杭州高新区、成都高新区、济南 高新区在内的9家具备量子产业发展优势的国家高新区，共同组建成国家高新区量子产业协同创新网 络，未来这些高新区将深化量子科技产学研融合，加速成果转化、推动产 ...

Core Viewpoint - The Hong Kong stock market is expected to benefit from internal "14th Five-Year Plan" catalysts and external "fiscal + monetary" easing policies from major economies, particularly the US and Japan, leading to a rebound in valuations and performance by 2026 [1] Group 1: Market Outlook - The Hong Kong stock market is projected to experience a second round of valuation recovery and performance resurgence by 2026, supported by a complete domestic AI industry chain and an influx of quality A-share companies listing in Hong Kong [1] - The Hang Seng Index is currently seen as a valuation low point among major global markets, with an estimated equity risk premium (ERP) of 5.7% [1] - The expected net profit growth for the Hang Seng Index and Hang Seng Tech in 2026 is 8.5% and 29.9%, respectively, indicating a positive outlook for earnings recovery [1][4] Group 2: Strategic Investment Directions - Five long-term investment directions are recommended: 1) Technology sector, including AI and consumer electronics; 2) Healthcare, particularly biotechnology; 3) Resource products benefiting from overseas inflation and de-dollarization; 4) Essential consumer goods expected to recover in valuation; 5) Paper and aviation sectors benefiting from RMB appreciation [1] - The "14th Five-Year Plan" emphasizes the construction of a modern industrial system and high-level technological self-reliance, which is expected to support strategic emerging industries such as new energy, new materials, and aerospace [2] Group 3: Emerging Industries - The solid-state battery industry is anticipated to reach a market value of 1.2 trillion yuan from 2024 to 2030, marking a new wave of electrification innovation [3] - The brain-computer interface sector is gaining government attention, with new policies expected to address clinical challenges [3] - The bio-manufacturing market is projected to reach a trillion-level scale, driven by continuous application expansion [3] Group 4: Performance Expectations - The market expects the performance growth of Hong Kong stocks to bottom out in 2025, with revenue and profit growth projected to reach 5.5% and 9.2% in 2026, respectively [4] - The earnings sentiment for Hong Kong stocks has begun to warm, with upward adjustments in profit forecasts since July 25 [4][5] Group 5: Capital Flows - Southbound capital inflows into Hong Kong stocks reached 1.26 trillion HKD from the beginning of the year to the end of October, becoming a core driver for the market [6] - The trend of passive management funds increasing their allocation to Hong Kong stocks is evident, with a significant rise in the proportion of passive funds in the Southbound Stock Connect [6] - Retail investors are expected to play a larger role in the market, with ETF inflows into Hong Kong stocks exceeding 270 billion HKD since June [6]

Core Insights - Quantum technology is becoming a focal point for global innovation and is recognized as a key area for measuring national technological strength [2][3] - The successful development of the "Zu Chongzhi No. 3" quantum computing prototype marks a significant shift for China from a follower to a leader in quantum computing [2][3] - The quantum technology index reached a historical high with a year-to-date increase of 40.92%, indicating growing market expectations [1][2] Industry Development - The quantum technology market in China is projected to reach $9.758 billion by 2029, with a compound annual growth rate of 37.45% from 2024 to 2029 [4] - The industry is currently in a transitional phase, moving from "0 to 1" to "1 to N," with quantum communication being the most mature sector [4][5] - Key challenges for the commercialization of quantum technology include the maturity of technology and the completeness of the industrial chain [5][6] Investment Opportunities - Quantum communication, particularly quantum key distribution (QKD), is seen as the most mature and likely to achieve large-scale revenue first [6][7] - Companies like Guodun Quantum are gaining attention, with significant holdings in various funds, reflecting investor interest in the sector [8][9] - The recent surge in quantum technology stocks is attributed to both technological advancements and policy support, indicating a potential long-term investment opportunity [9][10]

Core Viewpoint - The company, Guangdian Yuntong, currently does not engage in quantum communication business activities [1] Group 1 - The company has clarified its position regarding involvement in quantum communication, stating that it is not currently part of its business operations [1]

Core Insights - The major bull stocks this year are concentrated in sectors such as artificial intelligence, precious metals, robotics, and innovative pharmaceuticals, many of which are closely related to future technology industries [1] - The "14th Five-Year Plan" emphasizes the forward-looking layout of future industries, promoting quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and 6G as new economic growth points [1] - The 2025 Government Work Report explicitly states the establishment of a growth mechanism for future industry investment, nurturing sectors like biomanufacturing, quantum technology, embodied intelligence, and 6G [1] Industry Analysis - Huazhong Securities believes that the "14th Five-Year Plan" provides clear deployment for emerging industries and forward-looking layouts, reflecting strong policy support for high-level technological development [1] - According to data, 142 stocks have been mentioned in institutional research reports related to future industries, with 66 stocks involving embodied intelligence, 33 stocks involving hydrogen energy or nuclear fusion, and 20 stocks involving quantum technology [2] - Quantum technology, including quantum computing, quantum communication, and quantum measurement, is expected to see significant growth during the "14th Five-Year" period, with continuous technological breakthroughs paving the way for future commercialization [3] Company Performance - Companies like Guandun Quantum and New Era (002527) are predicted to have net profit growth rates exceeding 100% over the next two years, while others like Hezhong Intelligent (603011) and Shenzhou Information (000555) are expected to exceed 50% [3] - The average stock price increase for the mentioned companies is close to 62%, significantly outperforming the broader market, with stocks in embodied intelligence and nuclear fusion showing particularly strong performance [3] - Silver Wheel Co. (002126) and Zhongjian Technology (002779) have been highlighted for their involvement in the embodied intelligence sector, with both companies having seven research reports mentioning them [2]

Core Insights - Sichuan Province is implementing a "Quantum Technology Industry Breakthrough Development Action Plan" to enhance innovation and support policies in quantum technology sectors [1] - The quantum technology industry in China is expected to experience significant growth, particularly in quantum communication, which has already seen initial commercialization [1][2] - Quantum computing is recognized as a disruptive technology, with ongoing advancements in various technical routes and a projected substantial progress in the next 5 to 10 years [2] Group 1: Sichuan Province Initiatives - The "Action Plan" will focus on technology innovation, industry innovation, enterprise cultivation, application promotion, and resource assurance [1] - Specific support policies will be developed to drive the growth of the quantum technology industry in Sichuan [1] Group 2: Market Potential and Trends - Quantum communication is leading the way in commercialization, with key players dominating the industry [1] - The quantum computing market is anticipated to experience rapid development between 2028 and 2030, warranting ongoing attention to the sector [1] - The quantum technology sector is currently in its early development stage, with a focus on critical components like lasers and dilution refrigerators [2] Group 3: Technological Advancements - Quantum computing is seen as one of the most disruptive frontier technologies, with diverse technical routes such as superconducting, ion traps, neutral atoms, photonic, and silicon semiconductors [2] - The industry is gradually forming a development pattern that integrates basic research, engineering development, application exploration, and industrial cultivation [2] - Reports indicate that quantum computing is still in the early stages of technological breakthroughs, with potential for significant advancements in the coming years [2]

Core Insights - The Chinese government has included quantum technology in the 15th Five-Year Plan, indicating a strategic focus on developing a self-controlled quantum technology system to drive economic growth and enhance national security [1][2]. Group 1: Policy and Strategic Direction - The 15th Five-Year Plan emphasizes the exploration of diverse technological routes, application scenarios, viable business models, and market regulations to promote quantum technology as a new economic growth point [1]. - Quantum communication is highlighted as a crucial pillar of future information science, capable of achieving more efficient and secure information transmission [1]. Group 2: Achievements and Progress - During the 14th Five-Year Plan, China made significant breakthroughs in quantum technology, transitioning from a follower to a leader in certain areas, with notable achievements such as "Mozi," "Nine Chapters," and "Zu Chongzhi" [2]. - The systematic capability for quantum technology development is steadily being established, marking a historical leap in the field [2]. Group 3: Expert Recommendations - Experts suggest enhancing top-level design and integration in quantum technology innovation, fostering interdisciplinary collaboration, and ensuring a comprehensive layout from basic research to industrialization [2]. - There is a call for deep integration of industry, academia, and research to boost autonomous innovation capabilities and ensure key supply chain elements are self-controlled [2]. - Open cooperation is encouraged, leveraging international intellectual resources while leading international scientific initiatives and participating in standard-setting [2]. Group 4: Funding and Research Initiatives - The National Natural Science Foundation of China has launched a major research plan with funding up to 7 million yuan per project to support foundational research in quantum information science [3]. - The development of quantum technology requires not only policy support but also a focus on talent cultivation and international collaboration [3].