Focus Events - Guosen Securities has received approval from the Shenzhen Stock Exchange for the acquisition of 96.08% of Wanhe Securities, marking the third broker merger project approved since last year, pending further approval from the CSRC [1] - The People's Bank of China is set to announce the June Loan Prime Rate (LPR), with the current 1-year LPR at 3% and the 5-year LPR at 3.5% [1] Macro News - He Lifeng, a member of the Political Bureau of the CPC Central Committee, stated at the Qingdao Summit that China is an ideal, safe, and effective investment destination for multinational companies due to its vast domestic market and complete industrial system [1] Industry Dynamics - Three departments have mandated that car manufacturers must not engage in exaggerated or false advertising and must uphold product quality, emphasizing long-term responsibility and avoiding short-term cost-cutting measures [4] - The Chinese photovoltaic industry is expected to see a significant production cut of 10% to 15% in the third quarter as part of a "production limit to maintain prices" strategy [6] - The Ministry of Commerce announced it will expedite the review of rare earth export license applications to maintain global supply chain stability [6] Company Focus - Suning.com plans to sell four Carrefour subsidiaries for a total of 4 yuan, which is expected to increase the company's net profit by approximately 572 million yuan [9] - CATL intends to use up to 4.5 billion yuan of idle fundraising for cash management in safe, liquid deposit products [9] - Xiaomi has invested 635 million yuan to acquire 728 acres of industrial land in Beijing for the construction of a new energy intelligent connected vehicle manufacturing project [9][10] - Jinzongzi Wine clarified that it is not exiting the liquor industry, but is standardizing its business scope in compliance with regulatory requirements [11] - Konda New Materials plans to acquire at least 51% of Chengdu Zhongke Huamei Electronics to expand into the semiconductor integrated circuit sector [11] - Online and Offline announced a potential change in control, leading to a temporary suspension of its stock [12] - Taiji Co. announced that the Hubei State-owned Assets Supervision and Administration Commission has become the controlling shareholder, with stock resuming trading [13][14] - Zhongyan Chemical plans to agree to a capital reduction for Zhongyan Alkali Industry, which is expected to constitute a major asset restructuring [15] - Lianchuang Optoelectronics reported strong demand for drone countermeasures in the Middle East and is actively engaging with potential local clients [15] - Shengnuo Bio expects a net profit increase of 253.54% to 332.10% for the first half of 2025, driven by strong performance in its peptide raw material business [16] - *ST Gongzhi's stock will resume trading and enter a delisting preparation period, with the last trading date expected to be July 10, 2025 [17]

Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.

近日，公司已完成回购股份注销减少注册资本工商登记手续及《公司章程》备 案，公司总股本由 45522.575 万股减少至 45351.445 万股，注册资本也相应由 45522.575 万元减少至 45351.445 万元。公司取得江西省市场监督管理局换发的《营 业执照》，登记信息具体如下： 证券代码：600363 证券简称：联创光电 编号：2025-050 江西联创光电科技股份有限公司 关于完成回购股份注销减少注册资本工商登记的公告 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。 江西联创光电科技股份有限公司（以下简称"公司"）分别于 2025 年 4 月 27 日、2025 年 5 月 19 日召开了第八届董事会第二十次会议和 2024 年年度股东大会， 审议通过了关于《减少公司注册资本及修改<公司章程>》的议案，对已回购的 1,711,300 股 A 股股份进行注销并相应减少公司注册资本。具体内容详见公司分别 于 2025 年 4 月 29 日、2025 年 5 月 20 日在上海证券交易所网站（www.sse.co ...

Core Viewpoint - Jiangxi Lianchuang Optoelectronics Technology Co., Ltd. announced its 2024 annual profit distribution plan, which includes a cash dividend of 0.054 yuan per share (before tax) to all shareholders, totaling approximately 24.48 million yuan [2][4][13]. Distribution Plan - The profit distribution plan was approved at the annual general meeting held on May 19, 2025 [2][4]. - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [3][4]. - The total number of shares eligible for the dividend is 453,401,050 after excluding 113,400 shares held in the company's repurchase account [4][6]. Dividend Details - The cash dividend distribution is based on a ratio of 0.54 yuan for every 10 shares held, resulting in a total cash dividend of 24,483,656.70 yuan [4][13]. - The company will not issue bonus shares or increase capital from reserves in this distribution [4][13]. Taxation Information - Individual shareholders holding shares for over one year will be exempt from personal income tax on the dividend, while those holding for one year or less will not have tax withheld at the time of distribution [9][10]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net dividend of 0.0486 yuan per share [10][11]. Share Repurchase and Capital Reduction - The company has approved a share repurchase plan with a maximum price of 70.00 yuan per share, which will be adjusted to 69.95 yuan per share following the dividend distribution [12][15]. - The total repurchase amount will range from 100 million yuan to 150 million yuan, with the repurchased shares intended for cancellation and reduction of registered capital [12][15]. Capital Reduction Completion - The company has completed the cancellation of 1,711,300 shares, reducing its registered capital from 45,522.575 million yuan to 45,351.445 million yuan [18].

证券代码：600363 证券简称：联创光电 编号：2025-049 江西联创光电科技股份有限公司 关于实施 2024 年年度权益分派后调整 回购价格上限的公告 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： 回购价格上限调整起始日期：2025 年 6 月 25 日（2024 年年度权益分派除 权除息日） 一、回购股份的基本情况 1 调整前回购价格上限：不超过人民币 70.00 元/股（含） 调整后回购价格上限：不超过人民币 69.95 元/股（含） 公司于 2025 年 5 月 19 日召开 2024 年年度股东大会，审议通过了关于《2024 年度利润分配预案》的议案，同意公司以实施权益分派股权登记日总股本扣除回购 专用证券账户上已回购股份为基数，向全体股东每 10 股派发现金股利 0.54 元（含 税），合计拟派发现金红利 24,483,656.70 元（含税），不进行送红股和公积金转增 股本。如自公司 2024 年年度利润分配预案公告之日起至实施权益分派股权登记日期 间，因可转债转股、回购股份、股权激 ...

法律意见书 关于 江西求正沃德律师事务所（以下简称本所）作为江西联创光电科技股份有限公司 （以下简称公司或联创光电）聘请的专项法律顾问，依据《中华人民共和国公司法》（以 下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市公司股份 回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》（以下简称 《监管指引第 7 号》）等法律、法规和规范性文件以及《江西联创光电股份有限公司章 程》（以下简称《公司章程》）的规定，就公司 2024 年度差异化分红事项（以下简称本 次差异化分红）出具本法律意见书。 为出具本法律意见书，本所谨作如下声明： 本所及经办律师已严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，对本 次差异化分红的相关事项进行了核查，保证本法律意见书不存在虚假记载、误导性陈 述或者重大遗漏。 本所得到公司如下保证：公司已经向本所律师提供出具本法律意见书所必需的真 实、完整、有效的原始书面材料、副本材料或者口头证言，并无虚假、隐瞒和重大遗 漏之处，文本材料为副本或复印件的，均与原件一致或相符。 对于本法律意见书至关重要而又无法得到直接证据支持的事实，本所律师依据公 司、 ...

| 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/24 | － | 2025/6/25 | 2025/6/25 | 证券代码：600363 证券简称：联创光电 公告编号：2025-048 江西联创光电科技股份有限公司 2024年年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.054元（含税） 相关日期 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经江西联创光电科技股份有限公司（以下简称"公司"） 2025 年 5 月 19 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上市公司股份回购规则 ...

Core Viewpoint - The optoelectronic new materials industry is experiencing significant growth in China, driven by advancements in technology and increasing market demand, particularly in solar cells, optical communication, and display technologies [1][4][23]. Industry Definition and Classification - Optoelectronic materials are defined as materials that can generate, convert, transmit, process, and store optical signals, encompassing categories such as semiconductor optoelectronic materials, organic semiconductor materials, inorganic crystals, quartz glass, infrared materials, laser materials, and nonlinear optical materials [2][4]. Industry Development Status - The number of patents for optoelectronic new materials in China reached 122 in 2022, but has seen a decline in recent years, with projections of 99 in 2023 and 76 in 2024, and only 11 by May 21, 2025 [1][4]. - The optoelectronic materials sector is crucial for the advancement of the optoelectronic industry, with applications in solar cells, optical communication, and displays [4]. Industry Chain - The industry chain consists of upstream core raw materials (basic chemicals, rare metals, targets), midstream production of optoelectronic materials and devices, and downstream applications in high-growth areas such as photovoltaic power generation and optical communication [6][8]. Semiconductor Materials - The semiconductor materials market in China is projected to reach approximately 147 billion yuan in 2024 and about 164.69 billion yuan in 2025, accounting for around 27.24% and 27.20% of the electronic materials market, respectively [8]. Optical Communication - The optical communication market in China is expected to grow from 139 billion yuan in 2023 to approximately 175 billion yuan by 2025, driven by advancements in 5G, cloud computing, and big data technologies [10]. Competitive Landscape - Major companies in the optoelectronic new materials industry include BOE Technology Group, Longi Green Energy, Jiangfeng Electronics, Sanan Optoelectronics, and others, reflecting a diverse and international competitive landscape [12][14]. Representative Companies - **BOE Technology Group**: A leading global company in semiconductor display products, with over 100,000 patents and significant market share in LCD and OLED technologies [14][15]. - **Shaanxi Lait Optoelectronic Materials Co., Ltd.**: Focuses on OLED organic light-emitting materials, with a revenue of 442 million yuan in 2024, reflecting a strong growth trajectory [17][19]. - **Ningbo Jiangfeng Electronics**: Specializes in ultra-pure metal sputtering targets, with a revenue of 2.333 billion yuan in 2024, highlighting its strong market position [21]. Industry Development Trends - The demand for optoelectronic materials is expected to continue growing, with advancements in silicon-based solar cells and organic light-emitting diodes (OLEDs) leading the way [23]. - Future developments will focus on higher performance, lower costs, and multifunctionality, with new materials such as perovskite solar cells and quantum dot emitters gaining traction [23].

Core Insights - The ultrafast laser market in China is experiencing rapid growth, with the market size increasing from 2.26 billion yuan in 2018 to 4.02 billion yuan in 2023, representing a compound annual growth rate (CAGR) of 12.21% [1][14] - The market is projected to exceed 4.55 billion yuan in 2024, with a year-on-year growth of 13.18% [1][14] - The demand for ultrafast lasers is driven by the need for high-efficiency and precision processing across various industries, supported by national policies favoring high-end manufacturing [1][14] Industry Overview - Ultrafast lasers, including picosecond and femtosecond lasers, are characterized by extremely short pulse durations, high peak power, and precise energy focusing [1][3] - The technology is based on mode-locking techniques, which ensure short pulse widths, making ultrafast lasers suitable for advanced manufacturing applications [3][5] Industry Development History - The development of ultrafast lasers in China has progressed through four stages, starting from the first ruby laser developed in 1960 to the significant advancements in picosecond and femtosecond laser technologies in the 2000s [5] - The industry saw a substantial increase in shipments, with 2,300 units sold in 2020, nearly doubling from previous years [5] Industry Chain - The ultrafast laser industry chain includes upstream components such as optical and electronic components, with a trend towards domestic production of core parts [7][26] - The downstream applications are diverse, covering sectors like medical aesthetics, aerospace, precision machinery, energy, and consumer electronics [7] Market Trends - The ultrafast laser technology is evolving towards higher power, narrower pulse widths, and shorter wavelengths, enhancing processing speed and quality [23] - The demand for ultrafast lasers is expanding in precision manufacturing, consumer electronics, and renewable energy sectors, with increasing penetration rates [24] Key Companies - Notable companies in the ultrafast laser market include Inno Laser, Han's Laser, Delong Laser, and Raycus Laser, which are positioned in the second tier of the global market [17][19][21] - Inno Laser is recognized for its advanced capabilities in various laser technologies and is projected to achieve a revenue of 301 million yuan in 2024, reflecting a growth of 27% [19] - Han's Laser, a leading provider of intelligent manufacturing equipment, is expected to generate 14.771 billion yuan in revenue in 2024, with a growth of 4.83% [21]

Group 1: Industry Development - The nuclear fusion industry is entering an accelerated development phase driven by funding support, policy backing, and technological breakthroughs [1] - In February 2023, China National Nuclear Power and Zhejiang Energy Power announced investments of 1 billion and 750 million yuan respectively in China Fusion Energy Co., indicating strong financial interest in the sector [1] - The National Energy Administration of China has committed to supporting the research and development of frontier technologies like nuclear fusion [1] Group 2: Project Acceleration - Domestic and international fusion projects are accelerating, with the Hefei BEST facility officially starting construction, expected to be completed by 2027 and potentially generating power by 2030 [2] - The CRAFT "Kua Fu" project, a key system for the Hefei fusion reactor, is in critical stages and is expected to be fully operational by the end of 2025 [2] - The "Spark One" project has completed its comprehensive review and is entering the funding and bidding phase, with a total investment exceeding 20 billion yuan and a technical goal of achieving a Q value greater than 30 [2] Group 3: Company Opportunities - Lianchuang Superconductor is expected to see a significant increase in orders, participating in the "Spark One" project with an estimated investment of over 20 billion yuan [2] - The company has secured a subcontract for the development and testing of superconducting coils for China National Nuclear Group, laying the groundwork for larger-scale magnet supply [2] - Lianchuang Superconductor has established a presence in various sectors including metal thermal processing, photovoltaics, semiconductors, and nuclear fusion, which is anticipated to drive substantial revenue growth [2] Group 4: Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 3.75 billion, 4.12 billion, and 4.62 billion yuan, with year-on-year growth rates of 21%, 10%, and 12% respectively [3] - Expected net profits for the same period are 600 million, 770 million, and 990 million yuan, with growth rates of 150%, 27%, and 29% respectively [3] - The current market valuation corresponds to price-to-earnings ratios of 46, 36, and 28 times for 2025 to 2027 [3]