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We determine the two-way quantum and secret-key capacities of the pure-loss channel under an average input photon-number constraint. For transmissivity and photon budget , both capacities equal , where is the entropy of a thermal state. This coincides with the rate achieved by the known reverse coherent information of a two-mode squeezed vacuum. Our result provides the last missing capacity formula for the celebrated pure-loss channel, completing the picture of bosonic quantum communication under pure loss.

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