We studied the excitation dynamics in films of disubstituted polyacetylene,
a degenerate groundstate conjugated polymer, using psec transient and stea
dy-state spectroscopies. The polymer is found to support charged and neutra
l topological soliton excitations concurrent with a strong intrinsic photol
uminescence band with quantum efficiency, eta similar or equal to 50%. This
leads to stimulated emission in thin films and lasing in cylindrical mu ca
vities. The seeming contradiction of a degenerate ground-state polymer with
high eta is explained by the lowest excited-state ordering.