Minsheng Securities: Quantum cryptography technology accelerates evolution and leading domestic enterprises increase their layout.

Minsheng Securities released a research report stating that quantum computing has not only become a disruptive force in breaking through the bottleneck of AI computation power, but also poses a serious challenge to the security of traditional encryption systems. Post-quantum cryptography technology aims to build a new encryption system that can resist quantum computer attacks, becoming an important technical means to ensure future information security. Currently, the standardization process of this technology is accelerating, with continuous exploration in applications, and leading companies at home and abroad are also increasing their layout efforts, highlighting the increasingly competitive situation. It is recommended to pay attention to companies such as Quantumctek Co., Ltd. (688027.SH), Sansec Technology (688489.SH), and Venustech Group Inc. (002439.SZ). The main points of Minsheng Securities are as follows: Quantum computing is expected to become a disruptive force in solving the bottleneck of AI computation power. Compared to traditional computing, quantum computing can bring stronger parallel computing capabilities and lower energy consumption, making it have great potential in the field of AI. With the competition among global technology giants, the quantum computing software and hardware system has begun to take shape. According to ICV data, the market size is expected to reach 4.7 billion USD in 2023, and is expected to exceed 800 billion USD by 2035. On the hardware side, superconducting quantum computing has made significant progress, narrowing the gap between domestic quantum computing industry and overseas technology giants. On the application side, quantum computing is accelerating its integration in various fields. To address the challenges of quantum computing, post-quantum cryptography technology is evolving rapidly. With breakthroughs in quantum computing technology in hardware, algorithms, and other aspects, its strong computing power is posing unprecedented threats to traditional encryption systems. Existing encryption systems based on large integer factorization may face the risk of being cracked. Post-quantum cryptography technology aims to build a new encryption system that can resist quantum computer attacks, becoming an important technical means to ensure future information security. Currently, the United States is leading in the development of post-quantum cryptography, while China is in the stage of perfecting standards and conducting industry trials. Focusing on future technological changes, leading domestic companies are accelerating their layout. With the rapid development of post-quantum cryptography technology, leading domestic companies in the fields of network security and quantum computing are accelerating their layout, focusing on algorithm research and development, hardware innovation, and industry scenario implementation, actively promoting the iteration and application expansion of post-quantum cryptography technology, striving to take the lead in this frontier field, and providing solid support for China to build a future independent and controllable information security barrier. Quantumctek Co., Ltd.: supports the complete industrial chain to commercialize post-quantum cryptography technology. Sansec Technology: independently develops encryption products for the quantum computing era, covering a full range of anti-quantum encryption products from encryption chips to encryption boards, encryption machines, and encryption systems. Jilin University Zhengyuan Information Technologies: actively promotes research on anti-quantum cryptography migration, achieving full-stack innovation from algorithms to applications. Topsec Technologies Group Inc.: strategically invests in quantum computing, leading the upgrade of security products with chip-level post-quantum encryption cards. CETC Cyberspace Security Technology: releases the "Quantum Armour" series of anti-quantum cryptography products, building a secure ecological chain. Koal Software: focuses on cutting-edge technology, anti-quantum migration solutions for the financial industry landing pilot projects. C*Core Technology: promotes the combination of quantum technology and chip design, laying out the entire chain from algorithms to chips and products. Investment advice: Quantum computing, with its exponential parallel processing capabilities, global collaboration characteristics, and ultra-low energy consumption advantages, is fundamentally disrupting traditional computing architecture. It has become a disruptive force in breaking through the bottleneck of AI computation power and poses a serious challenge to the security of traditional encryption systems. Post-quantum cryptography technology aims to build a new encryption system that can resist quantum computer attacks, becoming an important technical means to ensure future information security. Currently, the standardization process of this technology is accelerating, with continuous exploration in applications, and leading companies at home and abroad are also increasing their layout efforts, highlighting the increasingly competitive situation. It is recommended to focus on targets related to post-quantum cryptography technology such as Quantumctek Co., Ltd., Sansec Technology, Jilin University Zhengyuan Information Technologies, Topsec Technologies Group Inc., CETC Cyberspace Security Technology, Koal Software, C*Core Technology, as well as targets related to quantum computing such as Venustech Group Inc., GuoChuang Software, Guangzhou Hexin Instrument, Digital China Information Service Group, Kehua Data Co.,Ltd., China Greatwall Technology Group, Accelink Technologies, Unigroup Guoxin Microelectronics, Hengtong Optic-Electric. Risk warning: The development of quantum computing technology may not meet expectations, and industry competition may intensify.