Zhongtai: Quantum computing is moving towards the exploration stage of application. Finance, energy materials, pharmaceuticals, and healthcare are key to expanding market size.

Zhongtai released a research report stating that the necessity of quantum computing in parallel computing, exponential speed, and high efficiency is constantly being verified. The industrial practice is in full swing, with technology iterations accelerating in major companies and research institutions in China and the United States. New solutions are continuously being explored for core challenges such as stability, scalability, and error correction in the field of quantum computing. The industrial space holds promise, and the technology routes vary. With the parallel drive of research and commercialization, quantum computing is beginning to move towards the exploration stage of industry scenarios, but large-scale fault-tolerant general quantum computing has not yet been realized. The core driving factors for market expansion are finance, energy materials, logistics transportation, and pharmaceuticals and healthcare. According to McKinsey's forecast, the market size of quantum computing will accelerate in the next 5-10 years. Development Necessity: The quantum superiority demonstrates a market space exceeding a hundred billion US dollars in the long term. Compared to traditional computing, quantum computing has advantages in parallel computing, exponential speed, and high efficiency, with unique quantum superposition and entanglement properties, enabling problem dimension reduction and demonstrating its computing superiority. In recent years, nearly 250 companies worldwide have laid out industrial plans and ecological competitions for quantum hardware and software. According to China Mobile's 2023 report, a practical general quantum computer must have a scale of 1 million quantum bits and 1000 logical quantum bits and will need to reach the large-scale fault-tolerant stage, which is expected to take 10-20 years. Technology Routes: Stability, scalability, and error correction are core challenges, leading to technological route diversification. The journey of technological breakthrough in quantum computing is long and challenging, with core technological improvements focusing on stability, scalability, and error correction. Mainstream quantum computing routes can be divided into two categories: one is the artificial particle route represented by superconducting and silicon semiconductor routes, and the other is the natural particle route represented by ion trap, neutral atom, and photonic quantum routes. Application Prospects: Research + Commercialization in parallel drive, promising spaces in Finance + Energy + Logistics + Pharmaceuticals. In terms of application exploration, the focus is currently on quantum simulation, quantum combinatorial optimization, and quantum linear algebra. With the parallel drive of research and commercialization, quantum computing is beginning to move towards the exploration stage of industry scenarios, but large-scale fault-tolerant general quantum computing has not yet been realized. The core driving factors for market expansion include finance, energy materials, logistics transportation, and pharmaceuticals and healthcare. According to McKinsey's forecast, the market size of quantum computing will accelerate in the next 5-10 years. Overseas: Major players competing, different technological routes Majorana 1 for stability, Willow for speed. In February 2024, Microsoft's Majorana 1 was launched, becoming the world's first quantum processing unit built on a topological core, significantly reducing error rates with its topological protection feature and featuring high processing speed and compact size. Google's Willow released in December 2024 can complete a standard benchmark calculation in less than five minutes, far outpacing the speed of the current fastest supercomputer. Majorana 1 and Willow have different focuses in their development, with Microsoft leaning towards creating higher inherent stability and Google focusing on improving computing performance and efficient error correction. Domestic: Leading research institutes, coordinated top-level planning Superconducting and photonic quantum dual tracks racing. With support from the government's policies, quantum computing has become one of the key strategic technologies for development in China. The development of the quantum industry is mainly supported by research institutes. So far, China has developed domestically the "Jiuzhang No. 3" pioneer in optical quantum computing and the "Zuchongzhi No. 3" with top-notch superconducting quantum computing superiority. Risk warning: Technological iterations may not meet expectations; commercialization progress may not meet expectations; there may be risks of information lag or lack of timely updates in the public information used in research reports.