★ 宏观动态 ★ 财政部：2025年证券交易印花税增长57.8% 国务院关税税则委员会公告：自2026年2月2日起，对威士忌酒实施5%的进口暂定税率。该商品归在 《中华人民共和国进出口税则（2026）》税则号列22083000项下。 育儿补贴已惠及3000多万名婴幼儿 1月30日，财政部社会保障司副司长刘英在财政部举行的新闻发布会上表示，据统计，截至目前，全国 已向3000多万名婴幼儿发放了育儿补贴。对于2025年已通过审核但尚未发放到位的有关申请，将督促行 业主管部门指导各地进一步加快工作进度，确保2026年3月底之前全部足额发放到位。 ★ 1月30日，财政部举行新闻发布会，介绍2025年财政收支情况。会上，财政部国库司副司长郑涌介绍， 2025年，证券交易印花税达到2035亿元，增长57.8%。 两部门：将通过容量电价回收煤电机组固定成本的比例提升至不低于50% 国家发展改革委、国家能源局发布关于完善发电侧容量电价机制的通知。其中提出，完善煤电及天然气 发电容量电价机制。各地按照《关于建立煤电容量电价机制的通知》（发改价格〔2023〕1501号）要 求，将通过容量电价回收煤电机组固定成本的比例提升至不低于 ...

在他看来，济南未来在全国激光产业布局中的定位，可聚焦四大方向实现突破，既贴合济南实际，也能 填补全国产业生态短板 1月28日，中国光学光电子行业协会副秘书长程慧云在济南市政府举办的新闻发布会上表示，从产业规 模看，济南激光产业产值约200亿元，规上企业达98家，核心企业30家，形成"龙头引领、中小协同"的 梯队。济南正在成为华北地区激光产业的"核心增长极"，填补我国北方高端激光装备制造与国际合作的 空白。 程慧云介绍，从全国激光产业发展格局来看，当前国内已形成"华中（武汉）、华南（珠三角）、华东 （长三角）、华北（环渤海）、西部（西安）"五大产业带，各区域依托自身基础形成差异化优势：武 汉聚焦光电子全生态，珠三角主打消费电子激光应用，长三角侧重精密激光器件，西安发力光子传感。 而济南，正在成为华北地区激光产业的"核心增长极"，填补我国北方高端激光装备制造与国际合作的空 白，这是济南在全国布局中的独特定位。 从技术实力看，济南在大功率激光加工设备领域全球领先，万瓦级光纤激光切割设备出口规模居全国前 列，有国家重点实验室1家（山东大学晶体材料国家重点实验室）、省重点实验室4家（华光光电子山东 省半导体激光器技术重 ...

Core Viewpoint - The 21st "China Optics Valley" International Optoelectronic Expo and Forum will be held in May 2026 in Wuhan, focusing on laser optics, optical communication, and the entire downstream industry chain, showcasing cutting-edge technologies and innovations in the global optoelectronic field [1][3]. Group 1: Event Overview - The theme of the 2026 expo is "Connecting Everything with Light, Leading the Future" [1]. - The event is expected to expand in scale, with an exhibition area projected to exceed 30,000 square meters, gathering over 400 global exhibitors and 30,000 professional visitors [1]. - In 2025, the expo attracted 390 companies from 12 countries and regions, receiving more than 27,000 professional visitors [1]. Group 2: Involvement of Reed Exhibitions - Reed Exhibitions, a leading global exhibition organization, will leverage its extensive client network and marketing capabilities to enhance the expo [2]. - The organization aims to integrate high-quality procurement resources from sectors like electronics manufacturing, automotive, and semiconductors, facilitating connections between optoelectronic companies and downstream applications [2]. - Reed Exhibitions plans to attract more international exhibitors and professional visitors, increasing the expo's global influence [2]. Group 3: Focus Areas and Activities - The expo will concentrate on four core areas: laser technology, optical communication, precision optics, and optoelectronic technology and applications [2]. - It will feature high-end seminars covering topics such as smart photonics, laser industry, and silicon photonics, with participation from academicians and industry leaders [2]. - The event aims to promote the integration of optoelectronic technology with key industries in Central and Western China, such as automotive engineering and biomedicine [2][3].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][23]. Core Insights - The company achieved a year-on-year growth of 19% in net profit attributable to shareholders in Q2 2025, driven by advancements in laser technology and high-temperature superconductors, which open up future growth opportunities [1][6]. - The company reported a total revenue of 1.65 billion yuan in the first half of 2025, reflecting a 6.5% increase year-on-year, with a net profit of 260 million yuan, up 15.2% year-on-year [6][7]. - The laser segment saw significant growth, with revenue from laser products increasing by 176.87% in H1 2025, while the smart control series faced a decline due to export tariff impacts [6][7]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenues for 2025, 2026, and 2027 are 3.596 billion yuan, 4.002 billion yuan, and 4.506 billion yuan, respectively, with year-on-year growth rates of 15.8%, 11.3%, and 12.6% [2][6]. - **Net Profit Forecasts**: Expected net profits for the same years are 583 million yuan, 721 million yuan, and 875 million yuan, with growth rates of 141.6%, 23.7%, and 21.3% [2][6]. - **Earnings Per Share (EPS)**: Forecasted EPS for 2025, 2026, and 2027 are 1.29 yuan, 1.59 yuan, and 1.93 yuan, respectively [2][6]. Business Segment Analysis - **Laser and LED Chips**: The company achieved a revenue of 128 million yuan in H1 2025, marking a substantial increase of 176.87% year-on-year, with significant contributions from its subsidiary [6]. - **Smart Control Series**: Revenue decreased by 7.07% year-on-year to 821 million yuan in H1 2025, primarily due to export challenges [6]. - **Backlight and Application Products**: This segment saw a revenue increase of 17.95% year-on-year, reaching 596 million yuan, with a focus on industrial control and automotive applications [6]. Industry Outlook - The high-temperature superconducting industry is expected to grow significantly, with the global nuclear fusion equipment market projected to reach 217.2 billion yuan annually by 2031-2035, growing at a compound annual growth rate of 35% from 2023 to 2028 [6]. - The company is positioned to benefit from advancements in commercial aerospace and nuclear fusion technologies, which are anticipated to drive future orders and growth [6].