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<!DOCTYPE html>
<html lang="zh-CN" data-theme="night">
<head>
<meta charset="UTF-8">
<meta name="viewport" content="width=device-width, initial-scale=1.0">
<title>量子科技产业链 - 深度研究报告</title>
<link href="https://cdn.jsdelivr.net/npm/daisyui@4.10.1/dist/full.min.css" rel="stylesheet" type="text/css" />
<script src="https://cdn.tailwindcss.com/3.4.3"></script>
<script defer src="https://cdn.jsdelivr.net/npm/alpinejs@3.13.10/dist/cdn.min.js"></script>
<script src="https://cdn.jsdelivr.net/npm/echarts@5.5.0/dist/echarts.min.js"></script>
<style>
@import url('https://fonts.googleapis.com/css2?family=Inter:wght@300;400;500;600;700&family=Orbitron:wght@400;700&display=swap');
body {
font-family: 'Inter', sans-serif;
background-color: #00000a;
color: #e0e0e0;
background-image:
radial-gradient(circle at 1% 1%, rgba(100, 120, 255, 0.2) 1px, transparent 1px),
radial-gradient(circle at 15% 30%, rgba(100, 180, 255, 0.2) 1px, transparent 1px),
radial-gradient(circle at 80% 90%, rgba(180, 100, 255, 0.2) 1px, transparent 1px);
background-size: 50px 50px;
overflow-x: hidden;
}
.hero-title {
font-family: 'Orbitron', sans-serif;
text-shadow: 0 0 10px rgba(0, 191, 255, 0.7), 0 0 20px rgba(0, 191, 255, 0.5);
}
.glass-card {
background: rgba(10, 10, 20, 0.5);
backdrop-filter: blur(20px);
-webkit-backdrop-filter: blur(20px);
border: 1px solid rgba(255, 255, 255, 0.1);
border-radius: 1.5rem; /* 24px */
transition: all 0.3s ease;
}
.glass-card:hover {
background: rgba(20, 20, 30, 0.6);
border-color: rgba(0, 191, 255, 0.3);
transform: translateY(-5px);
box-shadow: 0 10px 30px rgba(0, 191, 255, 0.1);
}
.bento-grid {
display: grid;
gap: 1rem;
grid-template-columns: repeat(12, 1fr);
}
.bento-item {
grid-column: span 12;
}
@media (min-width: 768px) {
.bento-item-col-6 { grid-column: span 6; }
.bento-item-col-4 { grid-column: span 4; }
.bento-item-col-8 { grid-column: span 8; }
.bento-item-col-3 { grid-column: span 3; }
.bento-item-col-9 { grid-column: span 9; }
.bento-item-row-2 { grid-row: span 2; }
}
.glow-divider {
height: 1px;
background: linear-gradient(90deg, transparent, rgba(0, 191, 255, 0.5), transparent);
border: none;
}
.section-header {
font-family: 'Orbitron', sans-serif;
font-size: 1.875rem; /* text-3xl */
font-weight: 700;
letter-spacing: 0.1em;
text-shadow: 0 0 8px rgba(45, 212, 191, 0.6);
color: #5eead4; /* teal-300 */
}
.tab-lift {
transition: all 0.2s ease-in-out;
}
.tab-lift.tab-active {
transform: translateY(-4px);
background-color: rgba(45, 212, 191, 0.1);
border-color: rgba(45, 212, 191, 0.5);
color: #5eead4;
}
.stock-table th {
background-color: rgba(255, 255, 255, 0.05);
font-family: 'Orbitron', sans-serif;
color: #9ca3af; /* gray-400 */
}
.stock-table tr:hover {
background-color: rgba(0, 191, 255, 0.05) !important;
}
</style>
</head>
<body class="min-h-screen">
<div id="stars" class="fixed top-0 left-0 w-full h-full -z-10"></div>
<div id="stars2" class="fixed top-0 left-0 w-full h-full -z-10"></div>
<div id="stars3" class="fixed top-0 left-0 w-full h-full -z-10"></div>
<div class="container mx-auto p-4 md:p-8">
<!-- Header Section -->
<header class="text-center py-12">
<div class="absolute inset-0 -z-10 h-full w-full bg-transparent bg-[linear-gradient(to_right,#8080800a_1px,transparent_1px),linear-gradient(to_bottom,#8080800a_1px,transparent_1px)] bg-[size:14px_24px]"></div>
<div class="absolute left-0 right-0 top-0 -z-10 m-auto h-[310px] w-[310px] rounded-full bg-fuchsia-400 opacity-20 blur-[100px]"></div>
<h1 class="text-4xl md:text-6xl font-bold hero-title tracking-widest text-white">量子科技产业链</h1>
<p class="text-lg md:text-xl text-cyan-300 mt-4">Quantum Technology Industry Chain</p>
<p class="mt-8 text-sm text-gray-500 max-w-3xl mx-auto">
北京价值前沿科技有限公司 AI投研agent“价小前投研” 进行投研呈现本报告为AI合成数据投资需谨慎。
</p>
</header>
<!-- Insight Section -->
<main x-data="{ activeTab: 'insight' }">
<div class="mb-12">
<h2 class="section-header text-center mb-8">核心洞察 & 产业链分析</h2>
<div class="bento-grid">
<!-- Core Logic -->
<div class="bento-item md:bento-item-col-8 glass-card p-6 flex flex-col">
<h3 class="text-xl font-bold text-cyan-300 mb-4">核心观点与市场认知</h3>
<p class="text-gray-300 flex-grow">量子科技产业链正处在由<strong class="text-teal-300 mx-1">国家战略强力驱动</strong>的产业化初期。其核心驱动力源于“大国博弈”下的<strong class="text-teal-300 mx-1">科技自主可控</strong>需求,而非短期商业利润。当前的市场逻辑主要围绕<strong class="text-cyan-400 mx-1">基础设施建设(量子通信)</strong>和上游核心<strong class="text-cyan-400 mx-1">“铲子股”(量子计算)</strong>展开。产业的全面爆发仍需等待<strong class="text-fuchsia-400 mx-1">量子纠错</strong>等关键技术瓶颈的突破和“杀手级”应用的出现。</p>
<div class="mt-4 text-sm text-gray-400">
<span class="font-semibold text-amber-300">预期差分析:</span> 市场对商业化程度、C端应用价值、核心技术自主可控存在乐观预期但实际进展揭示量子计算仍处基础研究阶段C端应用模式待验证稀释制冷机等核心部件仍存“卡脖子”风险。
</div>
</div>
<!-- Catalysts -->
<div class="bento-item md:bento-item-col-4 glass-card p-6">
<h3 class="text-xl font-bold text-cyan-300 mb-4">关键催化剂</h3>
<div class="space-y-3 text-gray-300 text-sm">
<div class="flex items-start">
<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5 text-teal-300 mr-2 shrink-0 mt-0.5" fill="none" viewBox="0 0 24 24" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 10V3L4 14h7v7l9-11h-7z" /></svg>
<div><strong class="text-white">“十五五”规划细则出台:</strong>明确投资规模与重点项目,提供最强政策背书。</div>
</div>
<div class="flex items-start">
<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5 text-teal-300 mr-2 shrink-0 mt-0.5" fill="none" viewBox="0 0 24 24" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 12l2 2 4-4m6 2a9 9 0 11-18 0 9 9 0 0118 0z" /></svg>
<div><strong class="text-white">骨干网二期项目启动:</strong>预计带来百亿级订单,利好设备商与集成商。</div>
</div>
<div class="flex items-start">
<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5 text-teal-300 mr-2 shrink-0 mt-0.5" fill="none" viewBox="0 0 24 24" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M11.049 2.927c.3-.921 1.603-.921 1.902 0l1.519 4.674a1 1 0 00.95.69h4.915c.969 0 1.371 1.24.588 1.81l-3.976 2.888a1 1 0 00-.363 1.118l1.518 4.674c.3.922-.755 1.688-1.538 1.118l-3.976-2.888a1 1 0 00-1.176 0l-3.976 2.888c-.783.57-1.838-.196-1.538-1.118l1.518-4.674a1 1 0 00-.363-1.118L2.05 10.1c-.783-.57-.38-1.81.588-1.81h4.914a1 1 0 00.951-.69l1.519-4.674z" /></svg>
<div><strong class="text-white">核心企业IPO</strong>本源量子、国仪量子上市将重塑板块估值体系。</div>
</div>
</div>
</div>
<!-- ECharts - Industry Chain -->
<div class="bento-item md:bento-item-col-9 md:bento-item-row-2 glass-card p-6">
<h3 class="text-xl font-bold text-cyan-300 mb-4">产业链图谱</h3>
<div id="echarts-chain" class="w-full h-[500px] md:h-full"></div>
</div>
<!-- Timeline -->
<div class="bento-item md:bento-item-col-3 glass-card p-6">
<h3 class="text-xl font-bold text-cyan-300 mb-4">关键事件轴</h3>
<ul class="space-y-4 text-sm">
<li class="relative pl-6">
<div class="absolute left-0 top-1.5 h-2 w-2 rounded-full bg-cyan-400 animate-pulse"></div>
<div class="absolute left-1 top-4 h-full w-px bg-cyan-400/20"></div>
<p class="font-semibold text-white">2024-2025年</p>
<p class="text-gray-400">战略定位与政策密集出台期,“十五五”规划建议排名第一。</p>
</li>
<li class="relative pl-6">
<div class="absolute left-0 top-1.5 h-2 w-2 rounded-full bg-teal-400"></div>
<p class="font-semibold text-white">2023-2025年</p>
<p class="text-gray-400">产业化加速期中国电信控股国盾量子本源量子进入IPO辅导。</p>
</li>
<li class="relative pl-6">
<div class="absolute left-0 top-1.5 h-2 w-2 rounded-full bg-fuchsia-400"></div>
<p class="font-semibold text-white">长期</p>
<p class="text-gray-400">中美科技竞赛加剧美国将37家量子企业列入实体清单。</p>
</li>
</ul>
</div>
<!-- Risks -->
<div class="bento-item md:bento-item-col-12 glass-card p-6">
<h3 class="text-xl font-bold text-red-400 mb-4 flex items-center">
<svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 mr-2" fill="none" viewBox="0 0 24 24" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M12 9v2m0 4h.01m-6.938 4h13.856c1.54 0 2.502-1.667 1.732-3L13.732 4c-.77-1.333-2.694-1.333-3.464 0L3.34 16c-.77 1.333.192 3 1.732 3z" /></svg>
潜在风险与挑战
</h3>
<div class="grid grid-cols-1 md:grid-cols-3 gap-4 text-sm text-gray-300">
<div><strong class="text-red-300 block">技术风险:</strong> 最大的瓶颈是量子纠错(QEC)一个逻辑比特需约1000个物理比特技术鸿沟巨大。量子比特退相干问题严峻。</div>
<div><strong class="text-red-300 block">商业化风险:</strong> 建设与设备成本高昂,限制规模化部署。应用场景有限,尚未找到普适性“杀手级”应用。核心人才全球仅千人级别,极度短缺。</div>
<div><strong class="text-red-300 block">政策与竞争风险:</strong> 美国技术封锁与禁运带来“卡脖子”风险。QKD与PQC的技术路线之争存在不确定性。</div>
</div>
</div>
</div>
</div>
<!-- Detailed Data Section -->
<div x-data="{ activeTab: 'news' }" class="glass-card p-4 sm:p-6 md:p-8 mb-12">
<div class="tabs tabs-boxed bg-transparent justify-center mb-6">
<a @click="activeTab = 'news'" :class="{'tab-active': activeTab === 'news'}" class="tab tab-lift border border-transparent">新闻数据</a>
<a @click="activeTab = 'roadshow'" :class="{'tab-active': activeTab === 'roadshow'}" class="tab tab-lift border border-transparent">路演纪要</a>
<a @click="activeTab = 'report'" :class="{'tab-active': activeTab === 'report'}" class="tab tab-lift border border-transparent">研报精粹</a>
</div>
<div x-show="activeTab === 'news'" x-cloak>
<div class="space-y-2">
<div class="collapse collapse-plus bg-white/5">
<input type="radio" name="news-accordion" checked="checked" />
<div class="collapse-title text-xl font-medium text-cyan-300">宏观政策与产业规划</div>
<div class="collapse-content text-gray-400 text-sm leading-relaxed">
<ul class="list-disc pl-5 space-y-2">
<li><strong>国家战略:</strong> 定位为未来产业、新质生产力、大国博弈的“颠覆性”赛道。“十五五”规划建议中排名第一。</li>
<li><strong>部委政策:</strong> 七部门联合印发《关于推动未来产业创新发展的实施意见》,明确发展方向。</li>
<li><strong>地方布局:</strong> 安徽、山东、上海、合肥等多地公布规划,建设产业集群。</li>
<li><strong>金融支持:</strong> 中国银行推动未来五年人工智能、量子科技全产业链1万亿元专项金融支持。</li>
<li><strong>国际竞争:</strong> 中美科技竞赛激烈美国通过《国家量子计划法案》增加投资并对华限制英美签署《量子技术合作备忘录》联合投入50亿美元。</li>
</ul>
</div>
</div>
<div class="collapse collapse-plus bg-white/5">
<input type="radio" name="news-accordion" />
<div class="collapse-title text-xl font-medium text-cyan-300">量子科技产业链构成</div>
<div class="collapse-content text-gray-400 text-sm leading-relaxed">
<p><strong>主要赛道:</strong> 量子通信、量子计算、量子精密测量。</p>
<ul class="list-disc pl-5 mt-2 space-y-2">
<li><strong>上游 (核心元器件/“铲子股”):</strong> 量子芯片(国芯科技)、探测器(国盾量子)、测控系统(普源精电)、稀释制冷机(禾信仪器)。</li>
<li><strong>中游 (整机/平台):</strong> 整机龙头(国盾量子)、量子计算机(“九章三号”、“祖冲之三号”)、GPU+QPU耦合架构(英伟达NVQLink)。</li>
<li><strong>下游 (应用/服务):</strong> 量子通信网络(国家骨干网、城域网)、量子加密通话(中国移动)、量子云服务(国盾量子)。</li>
</ul>
</div>
</div>
<div class="collapse collapse-plus bg-white/5">
<input type="radio" name="news-accordion" />
<div class="collapse-title text-xl font-medium text-cyan-300">主要产业链企业动态</div>
<div class="collapse-content text-gray-400 text-sm leading-relaxed">
<ul class="list-disc pl-5 space-y-2">
<li><strong>国盾量子:</strong> 国内绝对龙头25年H1量子计算业务收入同比+283.92%。与中电信签订6305.4万元计算项目及0.77亿元通信设备合同。</li>
<li><strong>中国电信:</strong> 投资超百亿在合肥建设产业化项目,破解量子与经典通信网络融合难题。</li>
<li><strong>本源量子:</strong> 量子计算机专利数量超越美国已进入IPO辅导阶段。</li>
<li><strong>华为:</strong> 取得量子计算专利,旗下哈勃投资入股国测量子。</li>
<li><strong>中国移动:</strong> 启动“‘点亮百城’量子试验网”,成立“量子生态联盟”。</li>
<li><strong>国际巨头:</strong> 谷歌发布“Willow”芯片英伟达举办“量子日”微软发布拓扑核心量子处理单元。</li>
</ul>
</div>
</div>
</div>
</div>
<div x-show="activeTab === 'roadshow'" x-cloak>
<div class="space-y-2">
<div class="collapse collapse-plus bg-white/5">
<input type="radio" name="roadshow-accordion" checked="checked" />
<div class="collapse-title text-xl font-medium text-cyan-300">核心观点提炼</div>
<div class="collapse-content text-gray-400 text-sm leading-relaxed">
<ul class="list-disc pl-5 space-y-2">
<li><strong>商业化路径:</strong> 量子通信已进入实用化,商业模式为“基建(城域网)+服务(量子密话)”量子计算短期聚焦科研设备销售商业化节点在2030年后。</li>
<li><strong>成本与定价:</strong> QKD设备单节点约200万完整节点500-800万超导量子计算机整机售价数千万至数亿元。</li>
<li><strong>市场规模预测 (2030年):</strong> 量子计算300-500亿元量子通信是其2-5倍(600-1500亿元)。长期看2035年量子计算市场或达3000亿元。</li>
<li><strong>核心技术瓶颈:</strong> 量子计算核心是<strong class="text-white">量子纠错</strong> (约1000物理比特 -> 1逻辑比特);上游关键设备如<strong class="text-white">稀释制冷机</strong>核心部件仍依赖进口。</li>
<li><strong>运营商角色:</strong> 中国电信控股国盾量子主导网络建设是产业化的关键推动力。“量子密话”用户达百万级国盾分润约2.76元/月/户。</li>
</ul>
</div>
</div>
<div class="collapse collapse-plus bg-white/5">
<input type="radio" name="roadshow-accordion" />
<div class="collapse-title text-xl font-medium text-cyan-300">量子计算产业链</div>
<div class="collapse-content text-gray-400 text-sm leading-relaxed">
<ul class="list-disc pl-5 space-y-2">
<li><strong>技术路线:</strong> 主流为超导、离子阱、光量子等,超导路线工程化优势明显。</li>
<li><strong>产业时间表:</strong> 2027年 IBM 200逻辑比特系统 -> 2030年 Google 百万物理比特容错机,为“可纠错实用量子计算”节点 -> 2035年 市场规模达百亿美元。</li>
<li><strong>应用路径:</strong> 专用量子机、量子-经典混合计算(QPU+GPU)。重点场景包括金融风控、药物模拟、AI加速、密码破解。</li>
</ul>
</div>
</div>
<div class="collapse collapse-plus bg-white/5">
<input type="radio" name="roadshow-accordion" />
<div class="collapse-title text-xl font-medium text-cyan-300">量子通信产业链</div>
<div class="collapse-content text-gray-400 text-sm leading-relaxed">
<ul class="list-disc pl-5 space-y-2">
<li><strong>技术路线之争:</strong> 中国主推物理层QKD (依托光纤资源)美国主推数学算法PQC。</li>
<li><strong>网络建设:</strong> 国内骨干网1.2万公里,城域网每年新增数十城市,形成“天地一体化”网络。英国政府评价中国已进入“量子安全互联网”中期阶段。</li>
<li><strong>B/G端应用:</strong> 浙江国盾2023年电网量子加密收入1.5亿元;政务、金融是主要客户。</li>
</ul>
</div>
</div>
</div>
</div>
<div x-show="activeTab === 'report'" x-cloak>
<div class="space-y-2">
<div class="collapse collapse-plus bg-white/5">
<input type="radio" name="report-accordion" checked="checked" />
<div class="collapse-title text-xl font-medium text-cyan-300">量子计算</div>
<div class="collapse-content text-gray-400 text-sm leading-relaxed">
<ul class="list-disc pl-5 space-y-2">
<li><strong>发展阶段:</strong> 产业生态处于初期,中美并跑。目前仍处基础研究阶段,核心挑战是量子纠错。</li>
<li><strong>产业链:</strong> 上游关键设备和元器件(如制冷系统)对外依赖度较高;中游原型机(谷歌Sycamore、中国“祖冲之”)和软件平台(IBM Qiskit)是核心;下游以云平台(Amazon Braket、百度量子平台)和超量融合为主要服务模式。</li>
<li><strong>应用探索:</strong> 主要在生物医药(Moderna)、金融(本源量子)、交通物流(DLR)等领域进行探索。</li>
</ul>
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<div class="collapse-title text-xl font-medium text-cyan-300">量子通信</div>
<div class="collapse-content text-gray-400 text-sm leading-relaxed">
<ul class="list-disc pl-5 space-y-2">
<li><strong>发展阶段:</strong> 技术已具备“天地一体”广域网络工程化条件,处于规模应用推广阶段。</li>
<li><strong>技术原理:</strong> 当前主流应用为QKD未来QSDC和QT是发展方向。</li>
<li><strong>网络建设:</strong> 我国已建成全球规模最大的量子保密通信网络地面总里程超1万公里代表为“京沪干线”和“墨子号”卫星。</li>
<li><strong>应用案例:</strong> 金融领域(工商银行、浙商银行)、政务、能源等。中国电信推出全球首款量子安全通话产品,用户达百万级。</li>
</ul>
</div>
</div>
<div class="collapse collapse-plus bg-white/5">
<input type="radio" name="report-accordion" />
<div class="collapse-title text-xl font-medium text-cyan-300">量子测量</div>
<div class="collapse-content text-gray-400 text-sm leading-relaxed">
<ul class="list-disc pl-5 space-y-2">
<li><strong>发展阶段:</strong> 产业链基本形成处于实用化转型阶段。量子PNT(定位、导航、授时)是战略重点。</li>
<li><strong>商用化产品:</strong> 量子时钟、量子重力仪、量子磁力计等,其中原子钟商业化成熟度最高。</li>
<li><strong>应用领域:</strong> 国防军工、生物医疗、能源开发、资源勘探等,已成为传统传感测量的重要补充。</li>
</ul>
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</div>
</div>
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<h2 class="section-header text-center mb-8">产业链核心标的</h2>
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{ source: '上游\n核心元器件', target: '核心器件' },
{ source: '低温设备', target: '禾信仪器' },
{ source: '低温设备', target: '天和防务' },
{ source: '测控系统', target: '普源精电' },
{ source: '核心器件', target: '国芯科技' },
{ source: '核心器件', target: '光迅科技' },
{ source: '核心器件', target: '富士达' },
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{ source: '量子通信运营', target: '中国联通' },
{ source: '抗量子密码(PQC)', target: '格尔软件' },
{ source: '中国电信', target: '国盾量子' }, // 控股关系
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{"stock": "神州信息", "stock_code": "000555", "reason": "网络建设集成商", "other_tags": "量子通信", "details": "“京沪干线”总包方,量子通信网络建设核心集成商。"},
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{"stock": "富士达", "stock_code": "920640", "reason": "射频连接器", "other_tags": "量子计算", "details": "提供超低温环境下的射频信号传输方案。北交所弹性标的。"},
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{"stock": "天奥电子", "stock_code": "002935", "reason": "量子精密测量", "other_tags": "量子测量", "details": "涉及量子时钟、量子磁力计等高精度测量设备。"},
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{"stock": "三未信安", "reason": "抗量子密码(PQC)", "other_tags": "量子通信/应用", "details": "后量子密码(PQC)领域重要参与者。"},
{"stock": "中国移动", "stock_code": "600941", "reason": "运营商/云平台", "other_tags": "量子通信/运营", "details": "启动“‘点亮百城’量子试验网”,成立量子生态联盟。"},
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{"stock": "光韵达", "stock_code": "300227", "reason": "单光子探测器", "other_tags": "量子计算/测量", "details": "单光子探测器是量子信息技术的关键组件。"},
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{"stock": "陕西华达", "stock_code": "301517", "reason": "连接器/供货卫星", "other_tags": "量子计算/通信", "details": "产品供货给量子通信卫星项目。"},
{"stock": "浙江东方", "stock_code": "600120", "reason": "参股神州量子/国盾量子", "other_tags": "控股/参股", "details": "通过投资平台间接参股量子科技公司,参与量子通信骨干网建设。"},
{"stock": "银轮股份", "stock_code": "002126", "reason": "参股", "other_tags": "控股/参股", "details": "通过产业基金等方式间接参股量子领域。"},
{"stock": "纬德信息", "stock_code": "688171", "reason": "产业联盟合作", "other_tags": "战略合作", "details": "加入粤港澳大湾区量子科技与产业创新联盟,启动产业合作。"},
{"stock": "德美化工", "stock_code": "002054", "reason": "参股本源量子", "other_tags": "参股", "details": "间接持有本源量子股权成为其IPO影子股。"},
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