脑机接口概念股午前拉升，截至发稿，南京熊猫（600775）(00553)涨4.16%，报4.51港元；微创脑科学 (02172)涨4.24%，报10.83港元；脑动极光-B(06681)涨2.58%，报5.96港元。 消息面上，国家药监局12月18日在北京召开脑机接口医疗器械工作推进会。会议要求，要深入贯彻落实 党的二十届四中全会精神，深刻领会脑机接口作为前瞻布局未来产业的重要战略意义；要坚持安全有效 为首要前提，创新审评监管方法，构建标准体系，加强技术指导服务；要加强跨部门合作，联手产学研 医各方，合力解决关键技术问题，完善产业链供应链；要落实企业主体责任，以问题为导向，提升产品 可靠性和整体竞争力，积极推动脑机接口器械更快更好服务临床、惠及患者。 国泰海通指出，伴随技术创新突破、政策支持引导、资本投入等多重因素驱动，脑机接口行业有望迎来 重要发展机遇，有望在医疗健康、生活消费等下游市场迎来需求释放，市场前景可期。 ...

智通财经APP获悉，脑机接口概念股午前拉升，截至发稿，南京熊猫(00553)涨4.16%，报4.51港元；微 创脑科学(02172)涨4.24%，报10.83港元；脑动极光-B(06681)涨2.58%，报5.96港元。 国泰海通指出，伴随技术创新突破、政策支持引导、资本投入等多重因素驱动，脑机接口行业有望迎来 重要发展机遇，有望在医疗健康、生活消费等下游市场迎来需求释放，市场前景可期。 消息面上，国家药监局12月18日在北京召开脑机接口医疗器械工作推进会。会议要求，要深入贯彻落实 党的二十届四中全会精神，深刻领会脑机接口作为前瞻布局未来产业的重要战略意义；要坚持安全有效 为首要前提，创新审评监管方法，构建标准体系，加强技术指导服务；要加强跨部门合作，联手产学研 医各方，合力解决关键技术问题，完善产业链供应链；要落实企业主体责任，以问题为导向，提升产品 可靠性和整体竞争力，积极推动脑机接口器械更快更好服务临床、惠及患者。 ...

Core Viewpoint - The demand for cerebrovascular interventional devices in China is increasing due to the rising incidence of cerebrovascular diseases, which are among the top three causes of death in the country, with stroke being the leading cause [1][10]. Industry Definition and Classification - Cerebrovascular diseases are conditions affecting blood vessels in the brain, primarily including ischemic and hemorrhagic strokes. Cerebrovascular interventional surgery involves minimally invasive techniques for diagnosing and treating these conditions [2]. - Cerebrovascular interventional devices include medical consumables required for these surgeries, such as embolization coils, thrombectomy stents, and aspiration catheters [2]. Industry Characteristics - The cerebrovascular interventional device industry is characterized by high technical barriers, continuous technological innovation, and favorable industry policies [4]. Current Industry Status Global Market - The global market for cerebrovascular interventional devices is projected to reach USD 3.292 billion in 2024, with North America accounting for 43.04% of the market, Europe 26.56%, and Asia-Pacific 25.27%. The market is expected to grow to USD 3.974 billion by 2025 [7]. Chinese Market - In China, the market for cerebrovascular interventional devices is expected to reach CNY 3.504 billion in 2024, with specific segments such as intracranial thrombectomy stents at CNY 1.584 billion and aspiration catheters at CNY 0.272 billion. By 2025, the market is projected to grow to CNY 4.879 billion [10][13]. Industry Supply Chain - The upstream of the cerebrovascular interventional device industry consists of raw material suppliers, including tubing and alloy materials. The midstream includes manufacturers like Medtronic and Johnson & Johnson, while the downstream consists of distribution channels and end customers, primarily medical institutions [15].

Core Viewpoint - The demand for neurointerventional medical devices in China is increasing due to the rising incidence of cerebrovascular diseases, with stroke being the leading cause of death among Chinese residents. The market for neurointerventional consumables is projected to grow significantly in the coming years [1][5]. Industry Definition and Classification - Neurointerventional devices are medical consumables required for neurointerventional surgeries, primarily used to diagnose and treat cerebrovascular diseases through minimally invasive techniques [2][3]. Industry Development Status - The global market for neurointerventional consumables is expected to reach $3.292 billion in 2024, with North America holding a 43.04% market share. The Chinese market for these consumables is projected to grow from 3.504 billion yuan in 2024 to 4.879 billion yuan in 2025 [5][6]. Industry Chain - The upstream of the neurointerventional device industry consists of raw material suppliers, while the midstream includes manufacturers like Medtronic and Johnson & Johnson. The downstream consists of medical institutions that utilize these devices [7]. Industry Development History - The neurointerventional device industry in China has evolved through three stages: the embryonic stage (1980-1999), the initiation stage (2000-2010), and the rapid development stage (2011-present) [8]. Competitive Landscape - The market is primarily dominated by multinational companies such as Medtronic and Johnson & Johnson, while domestic companies like Guichuang Tongqiao and Micron Brain Science are gaining ground through competitive pricing and localized channels [9][10]. Key Enterprises - The leading companies in the Chinese neurointerventional market include Medtronic, Stryker, and Johnson & Johnson, with a significant presence of domestic players like Guichuang Tongqiao and Micron Brain Science [10][11]. Technological Breakthroughs - Domestic companies are achieving technological advancements in core products, allowing them to compete more effectively with international standards while benefiting from cost advantages [12]. Application Scenario Expansion - The application of new technologies such as AI-assisted navigation systems and biodegradable materials is expected to enhance the efficiency and scope of neurointerventional procedures, supported by favorable government policies [13].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02172 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF ...

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony were held in Shanghai, gathering over 300 industry experts to discuss future opportunities in the Chinese capital market [1] - The top honor for the 7th Sina Finance Golden Unicorn Elite Analyst in the innovative drug sector was awarded to the Zheshang Securities research team, led by Chief Analyst Wu Tianhao [1] Group 2 - The strategy for the high-value consumables sector in 2026 indicates optimism due to policy optimization, with expectations for revenue recovery and new product launches [2] - The medical device sector is expected to see performance recovery driven by the resumption of in-hospital bidding and the "Belt and Road" initiative, despite a decline in profit in the first three quarters of 2025 [2] - The home medical sector is anticipated to regain growth, supported by overseas expansion and recovery in revenue and profit growth in 2025 [2] Group 3 - Investment recommendations include high-value consumables companies with cleared procurement risks and new product launches, such as Microelectrophysiology, Aikang Medical, and Weikang Medical [3] - Medical device and home medical companies expected to see steady revenue growth include Mindray Medical, Meihua Medical, and Yuyue Medical, among others [3]

Core Insights - The neurovascular intervention medical consumables market in China is rapidly growing, with a projected market size of 132.56 billion yuan in 2024 and an expected increase to 197.22 billion yuan by 2025, indicating a significant growth trajectory in this sector [1][3]. Market Overview - The neurovascular intervention medical consumables market is categorized into three main segments: hemorrhagic intervention consumables (71.36 billion yuan, 53.83%), ischemic intervention consumables (35.04 billion yuan, 26.43%), and access intervention consumables (26.16 billion yuan, 19.73%) for 2024 [1][4]. - By 2025, the market shares are expected to shift slightly, with hemorrhagic intervention consumables projected to reach 109.95 billion yuan (55.75%), ischemic intervention consumables at 48.79 billion yuan (24.74%), and access intervention consumables at 38.48 billion yuan (19.51%) [1][4]. Industry Development - The neurovascular intervention field is recognized as a revolutionary advancement in neuroscience, providing less invasive treatment options compared to traditional open surgeries [3]. - The market has grown from 32.25 billion yuan in 2017 to 132.56 billion yuan in 2024, showcasing a robust annual growth rate [3]. Competitive Landscape - The market has historically been dominated by international giants such as Medtronic and Stryker, which held over 60% of the market share [5]. - Domestic companies like MicroPort NeuroScience, Xinwei Medical, Guichuang Tongqiao, and Peijia Medical have made significant advancements in product development, particularly in thrombectomy stents and embolization coils, enhancing their market competitiveness [5]. Industry Trends - The neurovascular intervention medical consumables industry is experiencing rapid growth driven by increased healthcare investment, rising consumer payment capabilities, and an aging population [7]. - There is a notable trend towards domestic companies achieving breakthroughs in lower-tech areas, with expectations for expansion into more advanced fields such as flow-directed devices and intracranial drug balloons [7].

智通财经APP讯，微创脑科学(02172)发布公告，于2025年11月20日，公司已决议根据公司于2023年7月 12日采纳的股份计划向集团脑机接口技术研发资深总监及混沌脑机研究院首席研究员Will Zhang博士(承 授人)授出购股权，以合共认购最多50万股公司股本中每股面值0.00002美元的公司普通股，惟须待承授 人接纳后，方可作实。 ...

微创脑科学(02172)发布公告，于2025年11月20日，公司已决议根据公司于2023年7月12日采纳的股份计 划向集团脑机接口技术研发资深总监及混沌脑机研究院首席研究员Will Zhang博士(承授人)授出购股 权，以合共认购最多50万股公司股本中每股面值0.00002美元的公司普通股，惟须待承授人接纳后，方 可作实。 ...

格隆汇11月20日丨微创脑科学(02172.HK)公告，于2025年11月20日，公司已决议根据公司于2023年7月 12日采纳之股份计划向集团脑机接口技术研发资深总监及混沌脑机研究院首席研究员Will Zhang博士 (「承授人」)授出购股权，以合共认购最多50万股公司股本中每股面值0.00002美元之公司普通股，惟须 待承授人接纳后，方可作实。 ...