Macro and Strategy - The macro review highlights a significant increase in PPI month-on-month, with January 2026 CPI showing a year-on-year increase of 0.2% and PPI down by 1.4% compared to the previous year [5][6] - The Hang Seng Technology Index has faced a downturn, failing to experience the expected post-Lunar New Year rally, with a notable shift in investment from high-growth tech stocks to dividend-paying assets [5][6] - The report discusses the performance of various asset classes, indicating a decline in equity indices and mixed results in commodity prices, with WTI crude oil rising by 2.75% [5][6] Industry and Company - The internet industry report emphasizes the growth potential of AI applications, with major companies like SpaceX and Meta making significant advancements in AI technology [13][14] - The pharmaceutical industry report suggests a focus on undervalued sectors, particularly in medical services and consumer-related segments, anticipating a recovery in 2026 [15][16] - China Uranium Industry (001280.SZ) is highlighted for its strong position in the natural uranium market, with a projected production of 3,955 tons in 2024, accounting for 6.4% of global output [17][18] - Bilibili (09626.HK) is expected to benefit from increased advertising revenue in 2026 due to the gaming industry's growth and the rise of AI applications [19][20] - Semiconductor company SMIC (00981.HK) reported a revenue of $2.489 billion in Q4 2025, exceeding guidance, with expectations for growth in 2026 to surpass industry averages [21][22] - Lianchuang Optoelectronics (600363.SH) is focusing on high-temperature superconductors and laser technology, with a projected net profit growth of 19.4% in 2025 [25][26]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [3][5]. Core Views - The company has achieved a significant improvement in its financial performance, with a notable increase in net profit and revenue in the first three quarters of 2025, indicating a turning point in its business trajectory [1][21]. - The focus on "Laser + High-Temperature Superconductors" is optimizing the company's industrial structure, leading to enhanced profitability and growth potential in high-value sectors [2][14]. - The company is well-positioned to benefit from the growing demand in the laser and high-temperature superconducting markets, particularly in commercial aerospace and defense applications [23][40]. Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 2.503 billion yuan, a year-on-year increase of 2.83%, and a net profit of 400 million yuan, up 19.40% year-on-year [1][8]. - The third quarter of 2025 saw a revenue of 856 million yuan, down 3.49% year-on-year but up 1.06% quarter-on-quarter, with a net profit of 137 million yuan, reflecting a 28.04% year-on-year increase [1][21]. - The gross margin for the first three quarters of 2025 was 19.73%, an increase of 3.84 percentage points year-on-year, while the net margin was 16.48%, also reflecting a significant improvement [8][25]. Earnings Forecast and Financial Metrics - The company is projected to achieve net profits of 477 million yuan, 584 million yuan, and 661 million yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 97.9%, 22.3%, and 13.2% [4][3]. - Earnings per share (EPS) are expected to be 1.05 yuan, 1.28 yuan, and 1.45 yuan for the same years, with dynamic price-to-earnings (PE) ratios of 60, 49, and 44 [4][3]. - The report estimates the reasonable stock value to be between 72.4 and 75.1 yuan, suggesting a premium of 14.6% to 18.9% over the current stock price of 63.17 yuan [3][5]. Industry Positioning and Strategic Focus - The company is strategically positioned in the laser and high-temperature superconducting sectors, with a complete industrial chain from core components to system integration [40][47]. - The focus on high-temperature superconductors is expected to drive significant growth, particularly in applications related to controlled nuclear fusion and advanced manufacturing technologies [52][59]. - The company is also exploring opportunities in the commercial aerospace sector, leveraging its technological advancements in electromagnetic launch systems [66][74].

Summary of Key Points from the Conference Call Industry Overview - The fusion industry is entering an accelerated phase driven by policy support and capital expenditure, with major countries expected to introduce fusion policies by 2025, marking a shift from laboratory research to industrial layout and regulatory framework development [1] Technological Developments - Low-temperature superconductors (NbTi, Nb₃Sn) are relatively mature, while high-temperature superconductors (REBCO) are anticipated to become the mainstream in the future. The current landscape features a parallel development of low-temperature and high-temperature superconducting materials, with low-temperature superconductors supporting existing fusion device operations due to their industrial application advantages. High-temperature superconductors are seen as key to breakthroughs in next-generation high-field fusion technology due to their superior adaptability to extreme environments [1] Market Dynamics - The magnetic system is identified as a core cost component of fusion projects. Future Tokamak devices are expected to trend towards compact designs and high-temperature superconductors, leading to a significant increase in industry demand. The market size for second-generation high-temperature superconducting tapes for controllable fusion devices is projected to be 300 million yuan in 2024, with an expected growth to 4.9 billion yuan by 2030, representing a compound annual growth rate (CAGR) of 59.3% from 2024 to 2030 [2] Investment Recommendations - It is advised to focus on core supply chain manufacturers in the magnetic component segment: 1. Low-temperature superconductors: Western Superconductors 2. High-temperature superconductors: Shanghai Superconductor (not publicly listed, with Jingda Holdings as the largest shareholder), Lianchuang Optoelectronics, Eastern Superconductor (not publicly listed, a subsidiary of Yongding Co., Ltd.) 3. Core suppliers of tantalum and niobium: Dongfang Tantalum [2]

Core Viewpoint - Jiangxi Lianchuang Optoelectronics Technology Co., Ltd. announced that its controlling shareholder, Jiangxi Electronic Group Co., Ltd., has released part of its pledged shares, which may impact the company's stock liquidity and investor sentiment [2][3]. Group 1: Shareholding and Pledge Status - Jiangxi Electronic Group holds 94,736,092 shares in the company, accounting for 21.01% of the total share capital. After the release of the pledge, the total number of pledged shares is 70,940,272, which represents 74.88% of the shares held by the group and 15.73% of the company's total share capital [2][3]. - As of the announcement date, the remaining pledged shares do not pose a risk of forced liquidation, and there will be no change in the actual control of the company. The pledge risk is considered manageable [3]. Group 2: Future Plans and Share Reduction - The share reduction is part of the controlling shareholder's plan to repay pledged loans and support its operational development. The reduction will occur through block trading, with a maximum of 9,017,769 shares, or 2% of the total share capital, planned to be sold between February 9, 2026, and May 8, 2026 [10]. - As of the report's signing date, the controlling shareholder has already reduced its holdings by 4,558,400 shares, which is 1.01% of the total share capital. Post-reduction, the shareholder will hold 90,177,692 shares, representing 20.00% of the total share capital [10][12].

证券代码：600363 证券简称：联创光电 江西联创光电科技股份有限公司 简式权益变动报告书 上市公司名称：江西联创光电科技股份有限公司 股票上市地点：上海证券交易所 股票简称：联创光电 股票代码：600363 信息披露义务人：江西省电子集团有限公司 住所或通讯地址：江西省南昌市高新开发区京东大道 168 号 权益变动性质：股份减少（大宗交易减持） 签署日期：二〇二六年二月九日 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》及相关法律、法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在江西联创光电科技股份有限公司（以下简称： "联创光电"或"公司"）拥有权益的股份变动情况； 截至本报告书签署之日，除本报告书披露的信息外，上述信息披露义务人没 有通过任何其他方式增加或减少在联创光电 ...

证券代码：600363 证券简称：联创光电 编号：2026-006 江西联创光电科技股份有限公司 关于控股股东部分股份解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: 2 公司于近日接到控股股东电子集团通知，获悉其将所持有本公司的部分股份 解除质押，具体事项如下： | 股东名称 | 江西省电子集团有限公司 | | --- | --- | | 本次解质股份（股） | 4,790,000 | | 占其所持股份比例 | 5.06% | | 占公司总股本比例 | 1.06% | | 解质时间 | 2026/2/6 | | 总持股数量（股） | 94,736,092 | | 总持股比例 | 21.01% | | 剩余被质押股份数量（股） | 70,940,272 | | 剩余被质押股份数量占其所持 股份比例 | 74.88% | | 剩余被质押股份数量占公司总 | 15.73% | | 股本比例 | | 一、股份解除质押情况 1 二、其他情况说明 截至本公告披露日，公司控股股东电子集团剩余被质押股份不 ...

Group 1 - The company, Lianchuang Optoelectronics, announced the release of 4.79 million shares from pledge by its controlling shareholder, Jiangxi Electronic Group [1] - Jiangxi Electronic Group holds approximately 94.74 million shares of Lianchuang Optoelectronics, accounting for 21.01% of the total share capital [1] - After the release of the pledge, the total number of pledged shares is approximately 70.94 million, which represents 74.88% of the shares held by Jiangxi Electronic Group and 15.73% of the total share capital of the company [1] Group 2 - The article highlights the trend of young executives, particularly those born in the 2000s, taking on significant roles in A-share companies, raising concerns about their ability to meet investor expectations [1]

Group 1 - The fusion industry is entering an accelerated phase driven by policy support and capital expenditure, with major countries expected to introduce fusion policies by 2025, marking a shift from laboratory research to industrial layout and regulatory framework construction [2][9] - Domestic policy support for controllable nuclear fusion is forming a clear advancement logic, with a national framework being established to optimize regulatory processes and provide clear guidance for technological research and development [6][8] - The superconducting materials landscape is characterized by a parallel development of low-temperature superconductors (NbTi, Nb₃Sn) and high-temperature superconductors (REBCO), with low-temperature superconductors currently supporting existing fusion operations and high-temperature superconductors poised to become key for next-generation high-field fusion technology breakthroughs [2][3][27] Group 2 - The magnet system is a core cost component of fusion projects, with the ITER project showing that component costs account for 86%, of which magnets represent 28%, primarily due to the reliance on high-cost low-temperature liquid helium for cooling [3][55] - In high-temperature superconducting projects, the cost of the magnet system is expected to increase further, as seen in the ARC project where the magnet system accounts for 46% of the total cost [57] - The global market for second-generation high-temperature superconducting tapes used in controllable nuclear fusion devices is projected to grow from 300 million yuan in 2024 to 4.9 billion yuan by 2030, with a compound annual growth rate (CAGR) of 59.3% from 2024 to 2030 [3][65] Group 3 - Investment recommendations focus on the magnet segment of the fusion system, which is currently transitioning from low-temperature to high-temperature technology, indicating a significant demand increase driven by the capital expenditure cycle in nuclear fusion [3][8] - The BEST project, aimed at bridging the gap between experimental and demonstration reactors, is expected to accelerate capital expenditure, with significant procurement activities already underway [59][63] - The global market for superconducting materials is expected to see substantial growth, driven by the increasing demand for high-temperature superconductors in fusion applications, with REBCO materials showing significant potential for enhancing magnetic field strength and reducing magnet size [27][31]

Core Viewpoint - The military industry sector has seen a significant rise, with the military ETF Huabao (512810) increasing over 3%, and many constituent stocks experiencing substantial rebounds, indicating strong market interest and positive performance expectations for 2025 [1][2]. Group 1: Market Performance - The military ETF Huabao (512810) rose by 3.17%, reaching a price of 0.847 [1]. - Key stocks in the military sector, such as Hailanxin, surged over 16%, while Hangfa Control hit the daily limit [1]. - A total of 45 constituent stocks of the military ETF have disclosed their 2025 performance forecasts, with 30 stocks expected to see profit increases [2]. Group 2: Earnings Forecasts - Among the 45 stocks, 14 are projected to double their net profits, with Huafeng Technology showing the highest expected increase of over 2285% [2]. - Hailanxin anticipates a net profit of 40 million to 60 million yuan for 2025, representing a year-on-year growth of 387.47% to 631.20% [1][2]. - Other companies like Zhenlei Technology and Aerospace Science and Technology are also expected to see significant profit growth, exceeding six times their previous earnings [2]. Group 3: Detailed Earnings Projections - A detailed table lists various companies with their projected net profit ranges and year-on-year growth percentages, highlighting significant expected increases across the board [3]. - For instance, Laoshiyuan Technology forecasts a net profit of 33.8 million to 38.8 million yuan, with a growth rate between 2004.17% and 2285.85% [3]. - Aerospace Science and Technology expects a net profit of 6 million to 9 million yuan, with a growth rate of 388.74% to 633.11% [3].

Investment Rating - The report maintains a "Positive" outlook on the power equipment and new energy industry [6] Core Viewpoints - The "14th Five-Year Plan" period saw slower-than-expected carbon reduction, prompting high-energy-consuming industries to accelerate carbon reduction commercialization during the "15th Five-Year Plan" period, leading to a growth inflection point for green fuels [3][8] - The demand for energy storage is expected to grow significantly, with a forecasted 50% increase in energy storage installations by 2025, driven by the rapid growth of new energy [3][19] - The offshore wind power, perovskite, and space photovoltaic sectors are anticipated to exhibit high growth potential during the "15th Five-Year Plan" period [3][8] Summary by Sections 1. Wind and Solar Power Entering Maturity with High Growth in Sub-markets - The demand for new energy installations in China is expected to remain robust, with a target of 360 million kilowatts of wind and solar power capacity by 2035 [12] - The average annual installation space for wind and solar power is projected to exceed 400 GW from 2026 to 2035 [12][13] 2. Energy Storage and Nuclear Power with Stable Supply Attributes - By the end of 2025, China's energy storage installations are expected to reach 66.43 GW, with a year-on-year growth of 52% [19] - The construction speed of nuclear power is expected to accelerate, with a target of 70 million kilowatts of operational capacity by 2025 [21] 3. Carbon Reduction Goals and the Emergence of Green Fuels - The actual carbon reduction progress during the "14th Five-Year Plan" is expected to fall short of the target, necessitating increased efforts in the "15th Five-Year Plan" [26] - Policies are encouraging the integration of green electricity with hydrogen, ammonia, and zero-carbon parks [29] 4. New Photovoltaic Technologies and Nuclear Fusion - Perovskite technology is expected to achieve mass production during the "15th Five-Year Plan" period, with efficiency improvements anticipated [32] - The BEST project aims for completion by 2027, with significant investment expected in nuclear fusion technology [34]