Source: Brokerage China Author: Qu Hongyan Recently, China Yangtze Power hit a historical high and once again showed the slow bull stock trend of "tripling in ten years". The slow bull market has left behind many passers-by and brought good returns to the steadfast investors. It is "rare for those who triple in one year to be like carp jumping over the dragon gate, while those who double in three years are few and far between." On the other end of the investment world, however, violent collapses are also deafening, with many financial products suspected of "Ponzi schemes" ceasing payments, leaving investors with no hope of recovering their investments. Both positive and negative cases illustrate the importance of forming a suitable mentality towards money in one's lifetime; otherwise, sooner or later, you will divorce yourself from your money. "I call this the money mind, a person's IQ can reach 120, 140, or even higher levels, and perhaps some people's minds are good at doing one thing, while others are good at doing another. They can do things that most ordinary people can't do. But I know some very smart people who make very foolish decisions because they lack the money mind." Buffett once said so. The so-called money mind refers to believing in common sense, believing in compound interest, being cautious and rational, thinking independently, prioritizing security over return, not dealing with people with questionable character, not easily guaranteeing for others, not believing in windfall profits, and not trying to cross legal norms for extra benefits. In today's world of ubiquitous information, everyone's wealth may become the "prey" of those with ulterior motives. Only with the money mind, can one form good behavior habits and shield oneself from separating from one's wealth. Do not entrust your wealth easily. Wealth is easy to lose but hard to accumulate, and trust is a vital reason leading to the rapid loss of wealth. "Do not allow anyone else to manage your business unless you can watch their every move closely and understand their behavior; or you have strong reasons to believe in their character and ability. For investors, this criterion determines when you can let someone else make investment decisions for you." Graham's criterion written eighty years ago is so clear. Almost all the investors who lost their wealth in the financial products have violated the above two criteria. They did not have the ability to closely supervise the whereabouts of their funds, nor did they have sufficient reasons to believe in the character of the product issuers. They easily invested their own wealth solely based on others' glib tongue and a piece of commitment paper. They did not act as gatekeepers of their own wealth and ended up with nothing left even if the government punished the wrongdoers. "An ounce of prevention is worth a pound of cure." This is a phrase Munger often says. Destiny must be in one's own hands, and investors with a suitable money mind will try their best to find suspicious points in their investments to protect the safety of their principal. For example, whether the manager is trustworthy, whether the underlying assets are profitable, whether oneself can timely monitor the risks in the investment process, and whether the sales staff is obtaining large commissions. As long as any unreliable signs are found, these investors firmly will not invest their money. Do not desire to get rich quick. As in the capital market and anywhere else, making money is not easy, and desiring to get rich quick will lead to quick loss of wealth. In the capital market, the desire to get rich quickly often leads to investors over-allocating specific stocks, industries, or assets at the worst time. For example, buying high-risk stocks that can gain huge returns once an adventure succeeds, but the chance of success is very small, also known as "whispering stocks" by legendary fund manager Peter Lynch. "They often tell investors a story with explosive effects. These 'whispering stocks' have a hypnotic effect on people, and it is easy for you to believe that the story the company tells has an emotional appeal that can easily confuse you." This is like hearing a very tempting "sizzling" sound, making you salivate, but you did not notice that there is no steak on the grill. In the eyes of investors who lack the money mind, stable yield provided by blue chips such as China Yangtze Power cannot meet their demands. However, historical experience clearly shows that buying stocks lacking in safety solely based on imagined high yields is unwise. The long-term average investment return of general stocks is 9%-10%, which is also the average investment return of stock indexes in history, a benchmark to measure one's investment performance and the benchmark to measure fund investment performance.
Author: Shi Qian. Will this be the arrival of the "real wolf"? The consumption tax rumors suddenly spread in various investment groups yesterday after the close of trading. There are reports that a trillion-level consumption tax reform will be approaching, and luxury goods and high-end services may be the first to test. As of the close of trading this morning, consumer stocks suddenly rebounded collectively, and retail and duty-free areas led the rise. Among them,

Last night, because $Amazon (AMZN.US)$ The cloud computing platform AWS under the company has announced the launch of the Quantum Navigation Program to help businesses prepare for the era of quantum computing. This program is provided by amazon labs and includes three standard modules: use case discovery, technology enablement, and in-depth analysis. As a result, the quantum concept stocks in the usa rose sharply. By the close,$Quantum (QMCO.US)$ it increased by over 138%.$Rigetti Computing (RGTI.US)$Increased by over 58%.$Quantum Computing (QUBT.US)$Increased by over 26%.

Recently, tech companies in Europe and the USA such as Google,$Microsoft (MSFT.US)$, Quantinuum, intel, and others have successively increased their R&D investment and application expansion in the field of quantum computing technology. Among them, the leading global quantum computing company InQ in the USA has made significant progress in performance, mergers and acquisitions, and external cooperation. Chinese scientists have successfully completed the world's largest scale quantum computing fluid dynamics simulation on the third generation domestically developed superconducting quantum computer "Benyuan Wukong", marking important progress for domestic quantum computing power in solving practical problems.

Collectively surged.

Last night, the quantum concept stocks in the usa surged collectively. At the close, Quantum (QM­CO) rose over 138%, Rigetti Computing increased by more than 58%, and Quantum Computing gained over 26%.

$Amazon (AMZN.US)$ Last Friday, the cloud computing platform AWS announced the Quantum Embark initiative. The creation of Quantum Embark is intended to assist customers in preparing for the era of quantum computing, an emerging field that utilizes quantum mechanics. AWS stated, "It has the potential to revolutionize the industry by solving problems that even the most powerful traditional computers cannot address." AWS added that Quantum Embark is a consulting program designed to help customers with "compute-intensive use cases, understand the latest technologies, identify relevant quantum technologies to focus on, and ultimately make informed decisions about future resources and long-term quantum roadmaps."

Additionally, on November 19,$NVIDIA (NVDA.US)$it was announced that collaboration is underway with Google Quantum AI to leverage simulations powered by the intel CUDA-Q platform to accelerate the design work for next-generation quantum computing devices. Google Quantum AI is utilizing nvidia's CUDA-Q quantum computing platform and the Eos supercomputer to simulate the physical characteristics of quantum processors. This will help overcome one of the current limitations of quantum computing hardware—"noise" interference. Google can use 1024 Hopper Tensor Core GPUs on the Eos supercomputer with the CUDA-Q platform to perform the world's largest and fastest dynamic simulations of quantum devices at very low cost.

Is the opportunity opening up?

So, is the quantum opportunity opening up? Based on recent developments among domestic quantum leaders.$Quantumctek Co., Ltd. (688027.SH)$From the performance perspective, there may be this momentum. QuantumCTek has risen for three consecutive months, and the maximum increase in stock price has already doubled.

Recently, leading technology companies in Europe and the USA such as Google, Microsoft, Quantinuum, and Intel have successively entered the field, increasing their R&D investment and application expansion in quantum computing technology. On November 19, Microsoft and Atom Computing announced a commercial quantum computer with 24 logical qubits, breaking records, and plan to deliver a complete quantum computing suite by 2025, supporting local deployment and cloud computing service. On November 20, Google DeepMind and Google Quantum AI published research in Nature, launching the AI-based quantum error decoder AlphaQubit. This method reduces errors by 30% compared to traditional decoders, significantly improving quantum computing accuracy and speed.

According to AVIC Securities, on the policy front, in January 2024, seven departments including the Ministry of Industry and Information Technology, Ministry of Science and Technology, State-owned Assets Supervision and Administration Commission, and Chinese Academy of Sciences released the "Implementation Opinions on Promoting the Innovative Development of Future Industries", in which multiple mentions were made to develop quantum information technology. In March 2024, the State Council’s "Government Work Report" pointed out that in 2023, China’s technological innovation achieved new breakthroughs, including that 'innovative results in cutting-edge fields such as quantum technology continue to emerge', and 'formulating future industry development plans to open up new tracks in quantum technology, life sciences, and others.' In the same month, the State-owned Assets Supervision and Administration Commission selected the first batch of pioneering companies according to the 'Four News' (new tracks, new technologies, new platforms, new mechanisms) standards, accelerating the layout of new fields and new tracks and nurturing development of new productive forces. Most of the first batch of selected pioneering companies were established within three years, primarily focusing on emerging fields such as AI, quantum information, and biomedical.

In addition, recently, Chinese scientists successfully completed the world's largest-scale quantum computing fluid dynamics simulation on China's third-generation independently-developed superconducting quantum computer 'Benyuan Wukong', marking an important advancement for domestic quantum computing power in solving practical problems. 'Benyuan Wukong' was independently developed by the Benyuan Quantum team and went live globally in January this year. It is an advanced programmable, deliverable superconducting quantum computer. Currently, it has completed 0.27 million quantum computing tasks sent from 133 countries around the world. Furthermore, it achieved the first overseas sale of Chinese independent quantum computing power, with the buyer being a well-known enterprise from a permanent member state of the UN Security Council.

Editor/rice