证券代码：300203 证券简称：聚光科技 公告编号：2026-005 聚光科技（杭州）股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 聚光科技(杭州)股份有限公司(下称"公司")于2025年8月20日召开第五届 董事会第二次会议，审议通过了《关于回购公司股份方案的议案》。同意公司使 用自有资金和自筹资金，以集中竞价交易方式回购部分公司已在境内发行的人民 币普通股（A股）股票，并在未来适宜时机用于实施股权激励计划或员工持股计 划。本次回购资金总额不低于人民币10,000万元（含本数）且不超过人民币15,000 万元（含本数），回购价格不超过人民币29.50元/股（含），回购期限为自公司 董事会审议通过本次回购方案之日起12个月内。具体内容详见公司于2025年8月 20日、2025年8月27日分别在巨潮资讯网披露的《关于回购公司股份方案的公告》 （公告编号：2025-031）、《回购报告书》（公告编号：2025-037）。 公司已取得交通银行股份有限公司杭州浣纱支行出具的《交通银行股票回购 增持贷款承诺函》，承诺为公司提 ...

证券研究报告 | 2026年02月23日 2026年02月26日 2026年02月28日 公用环保 202602 第 2 期 优于大市 国办发布《关于完善全国统一电力市场体系的实施意见》，2026 年全国碳排放 权交易市场有关工作安排出炉 市场回顾：本周沪深 300 指数上涨 0.36%，公用事业指数下跌 1.25%，环 保指数上涨 0.63%，周相对收益率分别为-1.61%和 0.27%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 23 和第 15 名。电力板 块子板块中，火电下跌 0.23%；水电下跌 2.06%，新能源发电下跌 0.58%； 水务板块下跌 1.53%；燃气板块下跌 2.27%。 重要事件：国办《发布关于完善全国统一电力市场体系的实施意见》。2026 年 2 月 11 日，国务院办公厅发布关于完善全国统一电力市场体系的实施意 见。文件明确，到 2030 年，基本建成全国统一电力市场体系，各类型电源 和除保障性用户外的电力用户全部直接参与电力市场，市场化交易电量占全 社会用电量的 70%左右。跨省跨区和省内实现联合交易，现货市场全面转入 正式运行，市场基础规则和技术标准全面 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [5][7]. Core Insights - The report highlights the release of the State Council's implementation opinions on improving the national unified electricity market system, aiming for 70% of electricity consumption to be market-based by 2030 [14][15]. - The green methanol projects in China are primarily concentrated in Inner Mongolia and Northeast regions, with a planned capacity of 18.37 million tons per year [16]. - The report emphasizes the importance of carbon neutrality and recommends investments in the new energy industry chain and comprehensive energy management [18]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.36%, while the public utility index fell by 1.25% and the environmental index increased by 0.63% [13][21]. - Within the electricity sector, coal-fired power decreased by 0.23%, hydropower by 2.06%, and new energy generation by 0.58% [22]. Important Policies and Events - The State Council issued opinions on the national unified electricity market system, targeting a fully operational market by 2030 [14]. - The Ministry of Ecology and Environment announced plans for the 2026 national carbon emissions trading market [15]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [18]. - New energy companies such as Longyuan Power and Three Gorges Energy are recommended due to supportive national policies [18]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are expected to maintain stable profits [18]. - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [18]. - The report suggests focusing on environmental companies like China Everbright Environment and Shanghai Industrial Holdings as they enter a mature phase [19]. Key Company Profit Forecasts and Investment Ratings - Huadian International (600027.SH): Outperform, with an EPS of 0.46 for 2024A and a PE of 9.9 [7]. - Longyuan Power (001289.SZ): Outperform, with an EPS of 0.75 for 2024A and a PE of 20.5 [7]. - China Nuclear Power (601985.SH): Outperform, with an EPS of 0.46 for 2024A and a PE of 20.0 [7]. - China Everbright Environment (0257.HK): Outperform, with an EPS of 0.55 for 2024A and a PE of 9.5 [7].

【中泰机械】量子科技系列：在不确定性中超越未来 1. 量子科技行业整体定位与发展预期 • 行业定位与增速：量子科技是未来产业，2026年为催化大年，2025-2035年预计年均复合增速可达70%甚至80%以 上，以每年翻倍速度增长；商业化窗口期在未来5-10年。 • 国家战略与国际竞争：量子科技是国家定位的战略级产业，中美欧国家级竞赛持续；十五五规划将量子产业发展 提升至高位，政 【中泰机械】量子科技系列：在不确定性中超越未来 1. 量子科技行业整体定位与发展预期 • 行业定位与增速：量子科技是未来产业，2026年为催化大年，2025-2035年预计年均复合增速可达70%甚至80%以 上，以每年翻倍速度增长；商业化窗口期在未来5-10年。 · 稀释制冷机：超导路线核心配套设备，美国2023年后禁止对中国出口；国内量启技术实现突破，25年前半年营收 7000万元，预计25年净利润超5000万元，市占率31%；全球规模约5亿美元，若超导路线爆发，2030年市场空间或 达百亿美元量级。 · 超导量子芯片：加工依赖电子束曝光等设备，物料成本低但研发和工艺维护成本高，若超导路线成为核心，2030 年市场规模或达百亿美元 ...

Summary of Conference Call on Optical Interconnection Sector Industry Overview - The conference focused on the optical interconnection sector, highlighting its growth potential and recent market dynamics, particularly in the context of technological advancements and stock performance in related companies like AMD and NVIDIA [1][2]. Key Points and Arguments Market Dynamics - The optical interconnection industry is experiencing a positive momentum driven by technological advancements and market catalysts, with significant stock price increases observed in major players [1]. - The sector is categorized into three segments: large optical, small optical, and new optical, each with distinct growth trajectories and market logic [1]. New Optical Segment - The new optical segment includes next-generation solutions such as CPU, NPU, and OCS, which are gaining traction due to rapid technological iterations and deployment [2]. - Lumentum reported substantial progress in the CPO field, securing multi-million dollar orders for high-power laser systems, with deliveries expected by 2027 [2][3]. Large Optical Segment - The large optical segment, primarily focused on optical modules, is expected to maintain a high growth trajectory, supported by increasing capital expenditures from major cloud service providers (CSPs) like Amazon and Google, which are projected to reach nearly $600 billion in 2026, a 60% year-over-year increase [7]. - The demand for optical modules is underpinned by the need for enhanced AI computing capabilities, with significant growth anticipated in 800G, 1.5T, and 3.2T optical products [9]. Small Optical Segment - The small optical segment, which includes second-tier optical module manufacturers, is poised for substantial growth as demand from CSPs expands beyond major players to include companies like Meta and AWS [13][14]. - The potential for second-tier companies to secure contracts with leading CSPs is increasing, which could lead to rapid revenue growth due to their smaller base and high elasticity in performance [14]. Additional Important Insights - The competition between CPU and traditional optical modules is stabilizing, with both technologies expected to coexist and grow, reflecting a positive outlook for the industry [11]. - The NPU segment is gaining attention, with major players like Tencent and Alibaba making significant advancements, indicating a shift in market focus towards this technology [10]. - The overall market logic for optical modules remains strong, with various catalysts expected to enhance growth prospects, including increased production capacity and technological advancements [12]. Recommendations - Continued monitoring of the optical interconnection sector is advised, with specific attention to key players such as Tianfu Communication and Juguang Technology for potential investment opportunities [6][12]. - The small optical segment should be closely watched for emerging opportunities, particularly in companies like Liantech and Green Li Eco, which may benefit from increased demand and supply chain integration [14].

量子科技：在不确定性中超越未来 20260223 摘要 中国将量子科技提升至战略高度，科研成果显著，但产业化与美国存在 差距。2025 年前三季度，美国量子企业融资超 40 亿美元，中国不足其 1/10，需提高公共投资和社会化融资效率。 量子科技产业分为量子通信、量子计算和精密测量三大方向。量子通信 起步早，但带宽受限；量子计算市场规模最大，超导路线相对成熟；精 密测量领域亦有企业积极推进。 量子计算技术路线多样，包括超导、离子阱、光学和中性原子等，各具 优劣，尚未形成大规模应用的成熟方案。超导路线依托半导体工艺，具 有一定工程优势。 量机技术打破欧美垄断，研制出高性能稀释制冷剂，国内市场占有率达 31%，成为核心供应商。2025 年上半年营收 7,000 万元，预计全年净 利润超 5,000 万元。 稀释制冷剂全球市场规模约 5 亿美元，若超导量子计算大规模应用，到 2030 年市场可能增长至百亿美元级别。中国若占据 25%-30%市场份 额，市场规模将达数十亿美元。 Q&A 量子科技行业在未来的发展前景如何？ 量子科技被定位为未来产业，预计在 2025 年至 2035 年间，整个行业的年均 复合增长率将达 ...

Core Viewpoint - The water quality testing instrument industry is experiencing steady growth driven by increasing public concern for water safety and stricter environmental regulations, with the market size projected to grow from 1.83 billion yuan in 2017 to 5.22 billion yuan by 2025, representing a compound annual growth rate (CAGR) of 14.03% [1][9]. Industry Overview - Water quality testing refers to the process of determining the types and concentrations of pollutants in water, evaluating water quality status [3]. - Key water quality indicators include comprehensive indicators (temperature, color, turbidity, pH, conductivity, suspended solids, dissolved oxygen, chemical oxygen demand, and biochemical oxygen demand) and toxic substances (phenols, cyanides, arsenic, lead, chromium, cadmium, mercury, and organic pesticides) [3]. - Water quality testing instruments can be categorized by function (single-parameter and multi-parameter testers), testing items (pH meters, total phosphorus testers, etc.), and usage environment (laboratory, portable, simple, and online testers) [4][3]. Market Demand and Growth - The market demand for water quality testing instruments is steadily increasing due to heightened public awareness and regulatory pressures [1][9]. - The industry is expected to play a crucial role in dynamic water quality monitoring, pollution warning, and comprehensive management, driven by advancements in smart, portable, and multi-parameter integrated technologies [1][9]. Industry Development Background - Water quality safety is a significant concern, with ongoing improvements in surface and groundwater quality in China [4][5]. - In 2024, 90.4% of monitored surface water quality sections were rated as good (Class I-III), indicating progress in water environment governance [5]. - Continuous, precise, and efficient monitoring of water quality is essential for ensuring environmental safety and supporting scientific decision-making [5]. Industry Chain - The upstream of the water quality testing instrument industry includes raw materials and components such as sensors, probes, circuit boards, optical components, and consumables [5]. - The midstream involves the production and manufacturing of water quality testing instruments, while the downstream encompasses sales channels and application fields, including environmental water, wastewater, and water conservancy sectors [5][6]. Competitive Landscape - The industry features a diverse competitive landscape with international leaders (e.g., Thermo Fisher, Hach, Siemens, ABB) dominating the high-end market, while domestic companies (e.g., Xuedilong, Xianhe Environmental Protection, and others) focus on mid-range markets and specialized applications [9][10]. - Domestic firms leverage their understanding of local markets and flexible service models to establish competitive advantages in mid-tier markets [10]. Key Companies - Xianhe Environmental Protection Technology Co., Ltd. has developed a comprehensive service provider model in environmental monitoring, with a reported revenue of 138 million yuan in the first half of 2025, reflecting a 0.73% year-on-year growth [10]. - Lihua Technology Co., Ltd. specializes in environmental monitoring systems, reporting a revenue of 558 million yuan in the first three quarters of 2025, marking a 5.15% increase [12]. Industry Trends - The industry is moving towards multi-parameter integration, real-time monitoring, and intelligent analysis, with future instruments expected to combine various detection technologies [13]. - There is a focus on miniaturization and rapid on-site detection capabilities, enabling water quality testing to expand into distributed scenarios such as river inspections and household water safety [14]. - Companies are transitioning from equipment suppliers to comprehensive solution providers, offering monitoring systems and data services, enhancing the value derived from long-term monitoring data [14].

Core Viewpoint - The stock of 聚光科技 (Juguang Technology) has shown fluctuations in price and trading volume, with a recent increase of 2.07% on February 13, 2023, reaching a price of 16.26 yuan per share, and a total market capitalization of 7.296 billion yuan [1]. Group 1: Stock Performance - As of February 13, 2023, the stock price of 聚光科技 has increased by 2.52% year-to-date, with a 2.20% increase over the last five trading days, a 1.33% decrease over the last 20 days, and a 6.27% increase over the last 60 days [1]. - The trading volume on February 13, 2023, was 72.945 million yuan, with a turnover rate of 1.01% [1]. Group 2: Financial Performance - For the period from January to September 2025, 聚光科技 reported a revenue of 2.05 billion yuan, representing a year-on-year decrease of 11.10%, and a net profit attributable to shareholders of -62.3351 million yuan, a decline of 152.98% year-on-year [2]. - Cumulatively, since its A-share listing, 聚光科技 has distributed a total of 630 million yuan in dividends, with 112 million yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders of 聚光科技 increased to 23,000, up by 13.30% from the previous period, while the average number of circulating shares per person decreased by 11.74% to 19,483 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 13.8153 million shares, a decrease of 5.1892 million shares from the previous period, while Ruiyuan Growth Value Mixed A increased its holdings by 2.4209 million shares to 10.8588 million shares [3].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the expansion of China's carbon market, which now includes high-energy-consuming industries such as petrochemicals, chemicals, construction materials, non-ferrous metals, paper, and banking, with a full implementation expected by 2027 [1][2]. Core Insights and Arguments - The new industries added to the carbon market are expected to contribute an additional 1 to 1.5 billion tons of carbon emissions, which is relatively limited compared to the existing emissions from the power, steel, cement, and aluminum sectors that account for 70-80% of China's total carbon emissions [2][7]. - The carbon market is transitioning from energy consumption control to carbon emission control, with local governments facing assessments based on carbon intensity, impacting project approvals and officials' promotions [2][23]. - The pricing of carbon credits is expected to stabilize and gradually rise, with projections estimating prices to be between 150 to 200 yuan by 2030 [2][25][26]. Allocation of Carbon Quotas - New high-energy industries will likely have their carbon quotas allocated based on production output, with specific methods such as baseline allocation for different product concentrations in industries like caustic soda [4][9]. - For complex industries, historical total or intensity methods may be used, which could disadvantage advanced companies planning to expand production [4][10]. - The aviation sector is currently only partially included, with airports subject to carbon management while airlines will be managed separately by the Civil Aviation Administration [5][16]. Impact on Related Industries - The expansion of the carbon market will directly affect downstream industries such as petrochemicals, chemicals, construction materials, non-ferrous metals, and paper, requiring them to report and manage their carbon emissions [3]. - The clean energy sector is expected to benefit from this expansion, with opportunities arising in areas like green electricity, green hydrogen, and biofuels [3]. - Companies involved in energy-saving equipment and carbon monitoring technologies are also anticipated to gain from the market's growth [3]. Regulatory and Compliance Aspects - Companies failing to meet carbon quota requirements face severe penalties, as illustrated by a case where a company was fined 420 million yuan for not clearing its carbon emissions [20]. - The carbon quota distribution process includes a pre-allocation phase (typically 70%) followed by final adjustments based on actual verified data [19]. Future Projections and Considerations - The carbon market is expected to gradually tighten its regulations, particularly for new coal-fired power plants, while industries like steel and cement may benefit from historical production quotas [14]. - The transition to carbon emission control will require industries to adapt their operations, with different pathways for emission reductions depending on the sector [15]. Additional Important Points - The carbon market's current coverage includes approximately 7 to 8 billion tons of emissions, with the total carbon emissions in China around 10 billion tons [7]. - The methodology for quota allocation may evolve, with potential shifts towards more comprehensive management strategies that consider both historical production and emission intensity [10][11].

Macro Strategy - The core viewpoint indicates that recent liquidity shocks in overseas markets, driven by concerns over the AI software bubble and subsequent momentum selling, have led to significant volatility in equities, commodities, and cryptocurrencies. It suggests that some assets may have been "wrongly killed" due to these liquidity shocks, as the macroeconomic fundamentals and broad liquidity environment have not changed significantly [1][13] - The report anticipates that the upcoming U.S. non-farm employment and CPI data for January may present upward risks, potentially reversing the slight increase in expectations for Federal Reserve rate cuts observed this week [1][13] Financial Products - The report highlights that overseas market liquidity shows signs of stabilization, which may improve market sentiment. It predicts a positive outlook for the A-share market in February, with a historical probability of 78.57% for an increase following a macro timing model score of 0 [1][16] - Fund allocation recommendations suggest a balanced ETF configuration due to expected short-term market fluctuations, with a focus on sectors like chemicals and electric grid equipment, which continue to see increasing fund sizes [1][16] Commodity Market - The report discusses the impact of liquidity shocks on commodity prices, noting that certain commodities, which rely on supply-demand improvements, have been "wrongly hurt" but may return to fundamental pricing logic as market conditions stabilize [2][17] - It emphasizes that the recent volatility in silver and other precious metals indicates a potential end to the liquidity shock, with silver becoming a key indicator of market sentiment [2][17] Environmental Industry - The report stresses the importance of advancing the national carbon market and outlines investment recommendations in clean energy, energy conservation, and recycling sectors. It highlights specific companies such as Longjing Environmental and others involved in renewable energy and waste management [6][10] Non-Banking Financial Sector - The report notes a recovery in the IPO and refinancing market, with significant year-on-year growth in both areas. It indicates that the capital market reforms and increased market activity are expected to benefit brokerage firms' investment banking revenues [9] AI Industry and Bond Financing - The report focuses on the AI industry, highlighting the need for a diversified financing system to support technology companies, particularly private firms with high growth potential. It reviews case studies of leading tech companies' bond financing paths to assess the feasibility of similar strategies in China [4]