两会召开在即，科技创新将成为关注重点 眽眻眽睁 年 眾 月 眼 日 光通信相关标的：中际旭创（眾眻眻眾眻睃）， 新易盛（眾眻眻着眻眽）等；IDC 相关标 的：光环新网（眾眻眻眾睃眾）等；光纤光缆龙头：长飞光纤（睁眻眼睃睁睄），亨通光电 （睁眻眻眿睃睂），中天科技（睁眻眻着眽眽）等；量子通信：国盾量子（睁睃睃眻眽睂）等； 运营商相关标的：中国移动（A+H），中国电信（A+H），中国联通（A+H） 等；卫星互联网相关标的：通宇通讯（眻眻眽睂睄眽），普天科技（眻眻眽着眿眿）等。 风险提示：AIGC 应用推广不及预期的风险；国内外政策和技术摩擦的不确定 性风险；着G 规模化商用推进不及预期的风险等。 通信行业 | | | 分析师 赵良毕 ：眻眼眻-睃眻睄眽-睂睁眼睄 ：zhaoliangbi_yj@chinastock.com.cn 行业周报 · 通信行业 分析师登记编码：S眻眼眾眻着眽眽眻眾眻眻眻眾 研究助理：刘璐 ：yj.liulu@chinastock.com.cn 相对沪深 眾眻眻 表现图 眽眻眽睁-眻眽-眽睃 资料来源：Wind，中国银河证券研究院 -50% 0% 50% 100% 150% 2025/2/ ...

证券研究报告 全球量子科技产业化加速推进中 ——量子科技专题报告（一） 行业投资评级：强于大市|维持 孙业亮/刘聪颖 中邮证券研究所 计算机团队 中邮证券 1 1 发布时间：2026-02-26 投资要点 全球高度重视量子科技，国际竞争激烈：量子科技已成为全球主要国家开展科技、经济等领域综合 国力竞争，维护国家技术主权与发展主动权的战略重点之一，对国防安全、信息安全等关键领域有深远影 响；截至2025年8月，全球30余个国家和地区制定或更新量子信息领域的发展战略规划或法案文件，投资 金额已超过350亿美元；"十五五"规划将量子科技列入未来产业布局的首位，政策体系持续完善。 量子计算多技术路线竞相发展，亮点成果不断涌现：近年来，在实验室环境下超导、离子阱、中性 原子、光量子等主要技术路线原理样机的量子比特规模和逻辑门保真度等均有明显提升，量子纠错在新型 编码方案研究和逻辑量子比特构建等方面取得重要科研成果，量子软件与云平台技术成熟度不断提升，应 用场景探索广泛开展，一旦规模、噪声和控制超过某些阈值，性能差距的跃升将转化为巨大经济效益。 后量子密码系统迁移势在必行：量子计算技术的飞速发展，给传统密码学带来前所未有 ...

数据显示，中欧基金旗下1只基金重仓国盾量子。中欧上证科创板100指数发起A（021660）四季度持有 股数4405股，占基金净值比例为2.32%，位居第六大重仓股。根据测算，今日浮盈赚取约14.88万元。 中欧上证科创板100指数发起A（021660）成立日期2024年7月31日，最新规模3876.56万。今年以来收益 8.39%，同类排名664/5579；近一年收益56.6%，同类排名479/4289；成立以来收益103.53%。 2月9日，国盾量子涨5.05%，截至发稿，报702.36元/股，成交12.26亿元，换手率2.22%，总市值722.45 亿元。 资料显示，科大国盾量子技术股份有限公司位于安徽省合肥市高新区华佗巷777号科大国盾量子科技 园，成立日期2009年5月27日，上市日期2020年7月9日，公司主营业务涉及量子通信产品的研发、生 产、销售及技术服务,为各类光纤量子保密通信网络以及星地一体广域量子保密通信地面站的建设系统 地提供软硬件产品,为政务、金融、电力、国防等行业和领域提供组网及量子安全应用解决方案。主营 业务收入构成为：相关技术服务35.68%，量子通信产品34.31%，量子精密测 ...

诺安研究精选股票A（320022）基金经理为唐晨。 截至发稿，唐晨累计任职时间3年47天，现任基金资产总规模16.65亿元，任职期间最佳基金回报 66.67%， 任职期间最差基金回报27.8%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，诺安基金旗下1只基金重仓国盾量子。诺安研究精选股票A（320022）四季度增持1.72万股， 持有股数6.11万股，占基金净值比例为3.39%，位居第九大重仓股。根据测算，今日浮盈赚取约192.4万 元。 诺安研究精选股票A（320022）成立日期2012年12月10日，最新规模4.71亿。今年以来收益13.43%，同 类排名104/5562；近一年收益76.07%，同类排名229/4285；成立以来收益424%。 2月3日，国盾量子涨5.12%，截至发稿，报646.46元/股，成交9.02亿元，换手率1.76%，总市值664.96亿 元。 ...

Core Viewpoint - GuoDun Quantum's stock price has shown significant volatility, with a year-to-date increase of 23.96% but a recent decline of 5.09% over the last five trading days, indicating potential market fluctuations and investor sentiment shifts [2]. Company Overview - GuoDun Quantum Technology Co., Ltd. was established on May 27, 2009, and went public on July 9, 2020. The company is based in Hefei, Anhui Province, and specializes in the research, development, production, sales, and technical services of quantum communication products [2]. - The company's main business revenue breakdown includes: technical services (35.68%), quantum communication products (34.31%), quantum precision measurement products (13.03%), quantum computing products (12.42%), and other (4.56%) [2]. Financial Performance - For the period from January to September 2025, GuoDun Quantum achieved operating revenue of 190 million yuan, representing a year-on-year growth of 90.27%. However, the net profit attributable to the parent company was a loss of 26.47 million yuan, which is an increase in loss of 51.98% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 9.6 million yuan in dividends, with no dividends paid in the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for GuoDun Quantum was 21,700, an increase of 12.24% from the previous period. The average number of circulating shares per person decreased by 10.91% to 3,711 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is a new entrant holding 1.1147 million shares, while Guangfa Multi-Factor Mixed Fund has exited the top ten list [3].

Group 1 - The core point of the news is that GuoDun Quantum's stock price has dropped by 5.11%, currently trading at 613.00 CNY per share, with a total market capitalization of 63.054 billion CNY [1] - GuoDun Quantum Technology Co., Ltd. specializes in the research, development, production, sales, and technical services of quantum communication products, providing solutions for various sectors including government, finance, electricity, and national defense [1] - The company's main business revenue composition includes: technical services (35.68%), quantum communication products (34.31%), quantum precision measurement products (13.03%), quantum computing products (12.42%), and others (4.56%) [1] Group 2 - According to data, the Shenwan Hongyuan Fund has one fund heavily invested in GuoDun Quantum, specifically the Shenwan Hongyuan SSE G60 Strategic Emerging Industries ETF (510770), which holds 1,100 shares, accounting for 2.32% of the fund's net value [2] - The Shenwan Hongyuan SSE G60 Strategic Emerging Industries ETF (510770) has a current scale of 16.6164 million CNY and has achieved a year-to-date return of 8.84% [2] - The fund manager, Wang Yunjie, has been in position for 5 years and 179 days, with the fund's total asset size at 5.65 billion CNY, achieving a best return of 62% during his tenure [3]

Group 1 - The core viewpoint of the news is that GuoDun Quantum's stock has shown significant growth this year, with a 25.37% increase year-to-date and a 65.00% increase over the past 60 days, despite a recent decline in stock price [1] - As of January 15, GuoDun Quantum's stock price was 631.61 yuan per share, with a total market capitalization of 64.968 billion yuan [1] - The company has experienced a net outflow of main funds amounting to 26.49 million yuan, with large orders showing a mixed trend in buying and selling [1] Group 2 - GuoDun Quantum's main business involves the research, production, sales, and technical services of quantum communication products, contributing to various sectors such as government, finance, and defense [1] - The revenue composition of the company includes 35.68% from related technical services, 34.31% from quantum communication products, 13.03% from quantum precision measurement products, and 12.42% from quantum computing products [1] - As of September 30, the company reported a revenue of 190 million yuan for the first nine months of 2025, reflecting a year-on-year growth of 90.27%, while the net profit attributable to the parent company was -26.47 million yuan, a 51.98% increase year-on-year [2] Group 3 - Since its A-share listing, GuoDun Quantum has distributed a total of 9.6 million yuan in dividends, with no dividends paid in the last three years [3] - As of September 30, 2025, the number of shareholders increased by 12.24% to 21,700, while the average circulating shares per person decreased by 10.91% to 3,711 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as a new entrant, holding 1.1147 million shares, while Guangfa Multi-Factor Mixed Fund has exited the top ten list [3]

Group 1 - The core point of the news is that GuoDun Quantum has seen a significant increase in its stock price, rising 5.26% to 605.93 CNY per share, with a total market capitalization of 623.27 billion CNY and a cumulative increase of 14.27% over the past five days [1] - GuoDun Quantum Technology Co., Ltd. specializes in the research, production, and sales of quantum communication products, providing solutions for various sectors including government, finance, and defense [1] - The company's revenue composition includes 35.68% from technical services, 34.31% from quantum communication products, 13.03% from quantum precision measurement products, and 12.42% from quantum computing products [1] Group 2 - According to data, the Shenwan Hongyuan Fund has a significant holding in GuoDun Quantum, with its G60 Strategic Emerging Industries ETF holding 1,100 shares, representing 2.32% of the fund's net value [2] - The fund has generated a floating profit of approximately 33,300 CNY today and 79,100 CNY during the five-day increase [2] - The Shenwan Hongyuan G60 Strategic Emerging Industries ETF has a total scale of 16.6164 million CNY and has achieved a year-to-date return of 7.28% [2]

Group 1 - The core viewpoint of the news is the performance and market position of GuoDun Quantum Technology Co., Ltd., which saw a stock price increase of 5.01% to 565.50 CNY per share, with a total market capitalization of 58.168 billion CNY [1] - GuoDun Quantum specializes in the research, production, sales, and technical services of quantum communication products, providing solutions for various sectors including government, finance, electricity, and national defense [1] - The company's revenue composition includes: technical services (35.68%), quantum communication products (34.31%), quantum precision measurement products (13.03%), quantum computing products (12.42%), and other services (4.56%) [1] Group 2 - Dongxing Fund has a significant holding in GuoDun Quantum, with the Dongxing Blue Ocean Wealth Mixed A Fund increasing its holdings by 837 shares to a total of 1,838 shares, representing 2.67% of the fund's net value [2] - The Dongxing Blue Ocean Wealth Mixed A Fund has a total scale of 22.94 million CNY and has achieved a year-to-date return of 0.74% [2] - The fund manager, Sima Yimai Maiti, has been in position for 4 years and 257 days, with the best fund return during this period being 34.07% [3]

Group 1 - The core viewpoint of the news is that GuoDun Quantum has seen a stock price increase of 5.01%, reaching 565.50 CNY per share, with a total market capitalization of 58.168 billion CNY [1] - GuoDun Quantum Technology Co., Ltd. specializes in the research, production, sales, and technical services of quantum communication products, providing solutions for various sectors including government, finance, electricity, and national defense [1] - The company's revenue composition includes: technical services (35.68%), quantum communication products (34.31%), quantum precision measurement products (13.03%), quantum computing products (12.42%), and others (4.56%) [1] Group 2 - TaiPing Fund has a significant holding in GuoDun Quantum, with its TaiPing Industry Select A fund (009537) reducing its holdings by 13,900 shares, now holding 24,400 shares, which represents 5.38% of the fund's net value [2] - The TaiPing Industry Select A fund has achieved a year-to-date return of 4.24%, ranking 1693 out of 5488 in its category, and a one-year return of 63.24%, ranking 726 out of 4192 [2] - The fund manager, Lin Kaisheng, has been in position for 8 years and 246 days, with the fund's total asset size at 449 million CNY and a best return of 74.78% during his tenure [3]