CICC: Quantum computing is at a crucial turning point for commercialization, core equipment manufacturers will usher in a strategic opportunity period.

CICC released a research report stating that with global technology giants (such as Google, IBM, Microsoft, etc.) continuously breaking through the scale and error correction accuracy of quantum bits, China has achieved multiple points of surpass in prototype machines such as "Zuchongzhi" and "Nine Chapters". ICV expects the global quantum computing market to grow from $50 billion in 2024 to over $800 billion in 2035, with a CAGR of over 55%. Hardware components are expected to benefit first, with core equipment such as measurement and control systems and dilution refrigerators likely to enter mass production cycles soon. Quantum computing is at a critical turning point from research breakthroughs to commercialization, with hardware components likely to achieve industrial breakthroughs first, presenting a strategic opportunity period for core equipment manufacturers. CICC's main points are as follows: Classical computing faces bottlenecks, quantum computing is expected to bring breakthroughs in computing power As process miniaturization continues, classical computing encounters three major limitations in performance improvement: computing power bottlenecks, quantum tunneling effects, and heat dissipation issues. Quantum computing achieves information superposition and entanglement through quantum bits, leading to an exponential increase in the amount of encodeable information and enabling rapid and efficient solutions to complex problems that classical computing struggles to handle. This feature allows quantum computing to bring new breakthroughs in computing power to high complexity fields such as finance (portfolio optimization), pharmaceuticals (molecular simulation), and engineering materials (material design). Major economies around the world are incorporating quantum information technology into their national strategic layouts The United States has increased funding by $27 billion (2025-29 fiscal years) through the National Quantum Initiative Act, while the EU and Japan have successively launched quantum flagship programs. Since the 13th Five-Year Plan, China has continuously prioritized quantum technology, with the 15th Five-Year Plan suggesting that quantum technology be placed at the forefront of future industrial layout. Policy direction is shifting from research breakthroughs towards engineering and commercial applications. The quantum computing industry chain is entering a rapid growth stage, with simultaneous breakthroughs in various sectors and continuous enhancement of synergy effects, indicating strong industry development momentum. The domestic substitution space for key devices such as dilution refrigerators and measurement control systems in the upstream is vast; the midstream whole machine and software algorithm ecology are gradually improving; and downstream applications in high complexity scenarios such as finance, biomedicine, and material design are leading the way. ICV predicts that the global quantum computing industry scale could exceed $800 billion by 2035. Investment Suggestions It is recommended to pay attention to Western Superconducting Technologies (688122.SH) and Siglent Technologies (688118.SH), with other related targets along the industry chain including Guangzhou Hexin Instrument (688622.SH), Quantumctek Co., Ltd. (688027.SH), Hangzhou Zhongtai Cryogenic Technology Corporation (300435.SZ), and FORSTAR (920640.BJ). Risk Factors Slow breakthrough in technology routes; lag in commercialization; risks from international competition and export restrictions.