本报记者 曹琦 8月26日晚间，江西联创光电科技股份有限公司（以下简称"联创光电"）披露2025年半年度报告。报告 期内，公司实现营业收入16.48亿元，同比增长6.51%；归属于上市公司股东的净利润2.63亿元，同比增 长15.18%；扣除非经常性损益后的归属于上市公司股东的净利润2.37亿元，同比增长14.01%。 联创光电表示，2025年上半年，公司管理层紧扣既定战略目标，有效应对市场复杂变化，着力推进技术 创新、产业结构优化与市场拓展，核心竞争力持续增强，进而驱动公司各项业务稳健发展，盈利能力稳 步提升。 多项业务上半年同比增长 报告期内，联创光电战略稳步推进，产品结构进一步优化升级，激光系列及传统LED芯片板块、背光源 及应用产品板块主营业务收入增长较为明显，公司整体业绩呈增长态势。 2025年上半年，联创光电激光系列及传统LED芯片板块实现收入1.28亿元，同比大幅增长176.87%。这 一业绩的取得，主要得益于联创光电实现了大功率激光器件及光刃系列整机的双重突破，完成了光刃多 型号性能迭代与方案攻坚，软件算法在识别精度和组网技术两方面取得关键突破，筑牢了技术壁垒。 今年上半年，联创光电深化激光和 ...

报告期内，联创光电的激光产业坚持"技术创新"与"市场拓展"双轮驱动，聚焦"技术引领、市场破局、 品牌增值、客户深耕"四大核心，开拓了军工、院校和研究所客户,且不断获得好评。 8月26日晚，联创光电(600363)披露2025年半年报。今年上半年，公司实现主营业务收入16.17亿元，同 比增长7.15%；实现归母净利润2.63亿元，同比增长15.18%；基本每股收益0.58元。 总部位于江西南昌的联创光电，主营业务涉及激光系列及传统LED芯片产品、智能控制系列产品、背光 源及应用产品，光电通信与智能装备线缆及金属材料产品等。其中，激光产业及高温超导产业，最为引 人关注。 数据显示，今年上半年，联创光电的激光系列及传统LED芯片，合计实现主营业务收入1.28亿元，同比 大幅增长176.87%。 据悉，随着激光产业近年来取得突破性进展，使其在边境防控、关键设施防护等场景中逐步取代传统武 器，已成为安防体系中的战略性支柱。据Global Market Insights发布的《定向能武器市场——2025— 2034年》数据，全球激光武器市场规模预计从2024年的67亿美元增长至2034年的334亿美元，期间年复 合增长 ...

Core Viewpoint - The company is transitioning from a single cable manufacturer to a diversified integrated solution provider across multiple industries, including automotive wiring harnesses, optical communication, power engineering, superconductors, and big data services, with significant revenue contributions expected from these sectors in 2024 [1] Group 1: Company Developments - The company is the first private listed company in the domestic optical cable industry and has expanded its business scope significantly [1] - In 2024, the revenue contributions from automotive wiring harnesses, optical communication, and power engineering are projected to be approximately 29.3%, 27.1%, and 25.3% respectively [1] - The company is set to establish a domestic IDM laser chip factory through its subsidiary, expected to produce around 15 million photonic integrated chips annually after completion [3] Group 2: Industry Trends - The global optical module market is projected to grow at a CAGR of approximately 22% from 2024 to 2029, driven by major international tech companies increasing their capital expenditures [2] - The domestic superconducting market is expected to reach 13.92 billion by 2026, with significant applications in controlled nuclear fusion [2] - The second-generation superconducting materials REBCO show promising industrialization prospects due to their high irreversibility field and current density in liquid hydrogen and ammonia temperature ranges [2] Group 3: Future Projections - The company anticipates net profits attributable to shareholders of 360 million, 141 million, and 210 million for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.25, 0.10, and 0.14 yuan [3] - The company plans to expand its superconducting strip production capacity to 20,000 km within the next 2-3 years, with an initial capacity of approximately 2,000 km expected by mid-2025 [3]

Core Viewpoint - The A-share market showed a mixed performance with major indices experiencing slight increases, indicating a cautious market sentiment amid varied sector performances [1][2]. Market Performance - As of the midday close on July 3, the Shanghai Composite Index was at 3457.36 points, up 0.07%, the Shenzhen Component Index at 10490.5 points, up 0.75%, and the ChiNext Index at 2152.54 points, up 1.36% [1][2]. - The overall market breadth was relatively balanced, with the number of stocks rising and falling being approximately equal [2]. Sector Performance - The leading sectors included recombinant proteins, innovative drugs, and CRO (Contract Research Organization), while superconductors, BC batteries, and cultivated diamonds showed weakness [4]. Capital Flow - Main capital inflows were observed in the electronics, pharmaceutical biology, and communications sectors, while outflows were noted in non-ferrous metals, basic chemicals, and banking sectors [5]. - Specific stocks with significant net inflows included Industrial Fulian (14.98 billion), CATL (9.72 billion), and Luxshare Precision (7.82 billion) [5]. - Conversely, stocks facing notable net outflows included Yuyin Co. (5.52 billion), Northern Copper (5.16 billion), and Hunan Tianyan (3.38 billion) [5]. Institutional Insights - Guoyuan Securities highlighted the significance of including innovative drugs in commercial insurance directories, indicating a strengthening role of commercial insurance in the multi-tiered medical security system, which is expected to create more opportunities for the industry [7]. - CITIC Securities projected steady revenue growth in the computer industry by Q2 2025, with a focus on AI applications and computing power, suggesting investment in AI-related sectors such as management software, medical IT, and cloud services [7].

Market Performance - On July 1, the major stock indices in Shanghai and Shenzhen opened mixed, with the Shanghai Composite Index slightly higher and the Shenzhen Component and ChiNext Index also opening with minor gains. The Shanghai Composite Index showed a fluctuating upward trend throughout the day, closing at 3457.75 points, up 0.39%, marking a new year-to-date closing high [1] - The Shenzhen Component Index closed at 10476.29 points, up 0.11%, while the ChiNext Index closed at 2147.92 points, down 0.24%. The total trading volume for the Shanghai market was approximately 553.6 billion yuan, and for the Shenzhen market, it was about 912.5 billion yuan [1] Sector Performance - The pharmaceutical sector led the gains, with significant increases in various sub-sectors such as immunotherapy, innovative drugs, recombinant proteins, generic drugs, weight loss drugs, hepatitis concepts, and hair medical treatments. Other sectors that saw notable increases included shipbuilding, industrial gases, photolithography machines, banking, and superconducting concepts [1] - Conversely, digital currency stocks experienced significant declines, along with substantial adjustments in sectors like electronic identification, cross-border payments, and Web3 concepts [1] Institutional Insights - According to institutional views, the market is expected to experience fluctuations, with a historical 60% probability of the Shanghai Composite Index rising in July. Investors are advised to focus on defensive sectors in the early part of the month and shift attention to mid-year performance reports and policy movements later on. Key sectors to watch include technology (semiconductors, AI), military industry, and high-growth areas in mid-year reports [2] - Another institution emphasized the importance of focusing on performance-driven sectors and stable assets as the earnings season approaches, with expected growth in industries such as steel, computers, and defense [2] Policy Developments - The National Healthcare Security Administration announced that a draft for the commercial insurance innovative drug directory and the medical insurance directory will be released soon. This initiative aims to streamline the application process for companies and ensure that both directories are aligned in their adjustments [4] - The State-owned Assets Supervision and Administration Commission is accelerating the development of the new energy vehicle industry, focusing on enhancing the capabilities of young talents in intelligent development and digital marketing [5]

Market Overview - The Shanghai and Shenzhen stock markets opened mixed on June 20, with the Shanghai Composite Index and Shenzhen Component Index slightly lower, while the ChiNext Index opened slightly higher [1] - The market saw initial gains followed by a pullback, with the Shanghai Composite Index experiencing narrow consolidation during the day [1] - By midday, the Shanghai Composite Index was at 3364.83 points, up 0.08%, with a trading volume of approximately 248.3 billion yuan; the Shenzhen Component Index was at 10032.64 points, down 0.19%, with a trading volume of approximately 422.7 billion yuan; the ChiNext Index was at 2015.47 points, down 0.56%, with a trading volume of approximately 213.9 billion yuan [1] Sector Performance - The railway equipment, photovoltaic, and gaming sectors showed strong performance at the market open, while digital currency, oil and gas, and precious metals sectors faced declines [1] - The BC battery, photolithography machine, and solid-state battery sectors initially strengthened but retreated after reaching highs; meanwhile, the liquor, port shipping, and logistics sectors continued to perform well throughout the day [1] - Financial stocks, including banks and insurance, experienced slight gains, with institutions like Pudong Development Bank and Hangzhou Bank reaching historical highs [1] AI and Technology Investment Insights - CITIC Securities highlighted a resurgence in AI network construction driven by the demand for AI reasoning and training, as well as the maturity of ASIC chips, suggesting a positive outlook for the optical module and copper cable sectors [2] - Huatai Securities noted significant growth in Shanghai Superconductor, a leader in high-temperature superconducting materials, indicating an acceleration in the industry driven by controllable nuclear fusion demand [2] - China International Capital Corporation (CICC) emphasized that the current AI market is still in its early stages, recommending attention to opportunities in AI hardware and applications, particularly in areas like embodied intelligence and autonomous driving [2] E-commerce and International Cooperation - The Ministry of Commerce reported that the number of Silk Road e-commerce partner countries has increased to 35, reflecting China's expanding international e-commerce cooperation [3] - In the first five months of 2025, China's e-commerce sector demonstrated strong growth, with significant increases in sales across various digital products and services [3] Energy Consumption Data - The National Energy Administration reported that China's total electricity consumption in May reached 809.6 billion kilowatt-hours, marking a year-on-year increase of 4.4% [4] - Breakdown of electricity consumption by sector showed the first industry at 11.9 billion kilowatt-hours (up 8.4%), the second industry at 541.4 billion kilowatt-hours (up 2.1%), and the third industry at 155 billion kilowatt-hours (up 9.4%) [4]

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.

Core Viewpoint - The article highlights the growing interest in controllable nuclear fusion concept stocks, particularly focusing on Jiangxi Lianchuang Optoelectronics Technology Co., Ltd. (Lianchuang Optoelectronics), which has made significant progress in its transformation and upgrade efforts in recent years [2][3]. Company Performance - Lianchuang Optoelectronics reported a revenue of 800 million yuan in Q1 2025, representing a year-on-year increase of 11.54%, and a net profit attributable to shareholders of 116 million yuan, up 10.57% year-on-year [2]. - The company has successfully turned its backlight source business profitable since March, focusing on products with good development trends such as flat panel, automotive, and industrial control backlight sources [3]. Technological Innovation - The company is committed to continuous innovation, optimizing its industrial structure by focusing on smart control, laser, and high-temperature superconducting industries, which are gradually entering the commercialization phase [2]. - Lianchuang Optoelectronics is enhancing the performance, stability, and environmental adaptability of its laser products while expanding its product matrix to maintain a leading position in niche markets [3]. Industry Outlook - The commercialization of controllable nuclear fusion is accelerating, with global construction of fusion devices expected to yield 2 to 3 new operational devices annually in the coming years [4]. - The "Spark One" project, which utilizes high-temperature superconducting technology, is progressing from the planning phase to actual operation, with significant milestones expected between 2026 and 2029 [5]. Future Prospects - Experts predict that controllable nuclear fusion could achieve commercial application within the next 10 to 15 years, potentially becoming a crucial part of the global energy structure and contributing to sustainable development [6].

Group 1: Company Highlights - Yongding Co., Ltd. has seen a significant increase in stock price due to multiple favorable factors, including a comprehensive layout in the optical communication field and a recent breakthrough in high-temperature superconducting business, which is expected to contribute to long-term profit growth [3] - Suzhou Longjie has achieved 12涨停 in 8 days, driven by expectations of military materials and asset injection, benefiting from frequent state-owned enterprise reforms and policy incentives for mergers and acquisitions [3] - Nuo Puxin's stock price increase is attributed to a 253% growth in its fresh food business last year, leading to a doubling of profits, with a recent upgrade from brokers indicating potential for valuation recovery [3] Group 2: Industry Trends - The yellow wine sector is experiencing a transformation, with Kuaijishan reaching a historical high, driven by the China Alcoholic Drinks Association's strategy to attract younger consumers, indicating a significant shift in market dynamics [4] - The overall market sentiment shows that despite a net outflow of 3 billion from northbound funds, there was a late rebound with 1.8 billion flowing back into leading technology stocks like Ningde Times, reflecting foreign investors' confidence in the technology sector and consumer recovery [4] Group 3: Investment Insights - Today's涨停 stocks are primarily focused on three areas: policy-driven technological breakthroughs (such as nuclear fusion and superconductors), consumer recovery in niche markets (yellow wine and fresh food), and expectations of restructuring in state-owned enterprises [4] - The investment strategy emphasizes the importance of selecting the right stocks and being patient, as these sectors and companies have both short-term catalysts and long-term logic worth monitoring [4]

Group 1 - The superconducting concept sector rose by 3.12%, ranking third among concept sectors, with 21 stocks increasing in value, including Yongding Co. and Baili Electric, which hit the daily limit, and Jinbei Electric, Chenguang Medical, and Antai Technology showing significant gains of 7.26%, 6.39%, and 6.17% respectively [1] - The leading stocks in terms of net inflow of main funds included Yongding Co. with a net inflow of 273 million yuan, followed by Baili Electric and Jingda Co. with net inflows of 192 million yuan and 94.95 million yuan respectively [2][3] - The main fund inflow rates for Baili Electric, Jingda Co., and Yongding Co. were 18.10%, 10.04%, and 9.57% respectively, indicating strong investor interest in these stocks [3] Group 2 - The superconducting concept sector attracted a net inflow of 773 million yuan today, with 14 stocks receiving net inflows, and 6 stocks seeing inflows exceeding 30 million yuan [2] - The top stocks by net inflow in the superconducting concept sector included Yongding Co., Baili Electric, and Wolong Nuclear Materials, with respective net inflows of 273 million yuan, 192 million yuan, and 73.71 million yuan [2][3] - The overall performance of the superconducting concept sector reflects a positive market sentiment, with significant gains in several key stocks [1][2]