变革者——改变全球经济的下三大科技趋势

Multi-AssetGlobal Nine Themes Talking Points Gamechangers–a quantum leap? ◆We explore the next three big tech trendsand howtheycould ◆Wefind quantum computers are increasingly moving from ◆Our analysis of Q3 earnings calls shows companies adoptingartificial intelligencecontinue to outperform Welcome to Talking Points, Global Investment Research’s monthly look at the key David May*Global Head of Investment ResearchHSBC Bank plcdavid.may@hsbc.com In this month’s editionwe look beyondartificial intelligencetoconsider the next threebig trends that could transform the global economy–humanoid robots, autonomousdriving and quantum computing. Each of these areas is seeing rapid progress.Quantum computing, for example, has moved beyond pure research to commercial * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnotregistered/ qualified pursuant to FINRA regulations Want to find out more about our themes? Subscribe to this periodicalhere. You canalso read ourGuide to HSBC Global Investment Research. Whatare the next game-changing technologies?Weexploreautonomous driving,humanoid robots, and quantum computing.See:Gamechangers&The Macro Brief Can quantum computing make the leap?The technology is increasingly movingfrom pure research to commercial trials.Read:Quantum Revisited Can AI outperform?Weanalyse what companies are saying onQ3 earnings calls.Read:AI: Adopt & outperform,Europe’s AI momentandThe AI effect Where can Chinese cars go next?Weexaminethepaceof progressand the riseof the robot.Read:China Autonomous DrivingandRobots, robots everywhere Will tariff uncertainty continue?We look at tariffdealsandrecenttradedata.Read:Uncertainty still dominates,China’s trade playbookandVietnam at a glance This is our latest report on the Nine Themes. If you want to subscribe to any of This report must be read with the disclosures and the analyst certifications inthe Disclosure appendix, and with the Disclaimer, which forms part of it. Our picks of the last month Nine themes James PomeroyGlobal EconomistHSBC Bank plcjames.pomeroy@hsbc.com What are the nextgame-changing technologies? Right now, it feels like we are in the midst of a rapid transformation in the technology space–and the economy is adjusting to it at pace. Changes in energy, battery and of courseartificialintelligencetechnology are coming every day and will continue to alter the underlying fabric ofthe global economy, mostly for the better. But beyond these three areas, there are even more Bethan EllisGlobal EconomistHSBC Bank plcbethan.ellis@hsbc.com Each of these areas is seeing rapid progress. Coupled with AI, they are likely to lead totransformative impacts for the quality of human life, the labour market and productivity. The upsides could be substantial–with the most optimistic projections estimating that acombination of all these emerging technologies adding 1.5ppts or more to annual productivity But this comes at a huge cost. Employment in many sectors has the potential to be moresubstantially affected over the next decade than at any point in history–be that driving or Therewill be big winners and big losers. These technological breakthroughs, like AI, create thepotential to make some firms much more productive and profitable, but smaller firms and someworkers could be left behind. What is good for the stock market may notbe good for the broad Why read this report?Humanoidrobots,autonomousvehicles andquantumcomputing couldhave big, tangible implications for the global economy, say James Pomeroy and Bethan Ellis. ContactJamesonemailandsubscribeIContactBethanonemail Gamechangers–The next three bigtech trends to transformthe globaleconomy Disruptive Technology Davey Jose*Senior Global Tech PlatformsAnalystHSBC Bank plc Can quantum computing make the leap? While AI is comfortably the most talked-about disruptive tech today, quantum computers (QCs)continue to make headway. With vast potential computational power, it could far outpace thebest classical supercomputers to solve a certain class of problems, andis increasingly movingfrom pure research in labs to commercial trials of real-world use cases. QCs may even Nicolas Cote-Colisson*MD, Head of Global TechPlatformsHSBC Continental Europe Many trials focus on futureproofing data storage and transmission from the risks that QCs couldpresent on the day when malicious actors can apply QCs to crack today’s cryptographictechniques. Preparing for this “Q-Day” is a concern for businesses and regulators alike. But we Abhishek Shukla*, CFASenior Analyst, TechnologyHSBC Bank Middle East Ltd, DIFCabhishek2.shukla@hsbc.com+971 4 5093343 Paul Rossington*Senior Global Tech PlatformsAnalystHSBC Bank plc InSeptember 2025,for example,HSBC demonstrated the world’s first-known quantum-enabledalgorithmictrading with IBM. This innovative trial resulted in a remarkable 34% boost inaccurately predicting the likelihood of winning client requests in the European corporate bondm