New Stock Issuance - The new stock issuance for 酉立智能 (stock code: 920007) is priced at 23.99[1] - The offer period for 申科股份 (stock code: 002633) is from July 29, 2025, to August 27, 2025[1] - The offer period for ST凯利 (stock code: 300326) is from July 17, 2025, to August 15, 2025[1] Abnormal Fluctuations - The report highlights severe abnormal fluctuations for multiple stocks, including 广生堂 (stock code: 300436) and 华银电力 (stock code: 600744)[1] - The announcement links for stocks experiencing abnormal fluctuations are provided for further details[1] - The report includes a list of stocks with significant trading activity and their respective announcement dates[1] General Market Insights - The report provides a comprehensive overview of new stock offerings and market activities on July 29, 2025[1] - It emphasizes the importance of monitoring stock performance and market trends for informed investment decisions[1]

Market Overview - The US stock market was closed on July 4th for Independence Day [1] Hong Kong Stock Market Highlights - Yum China (09987) rose over 3% after announcing the establishment of an innovation fund to convert operational needs into practical applications [2] - H&H International Holdings (01112) fell over 7%, expecting a 45% to 65% decline in net profit for the first half of the year [2] - China Rare Earth Holdings (03788) surged nearly 9% as it plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Health Road (02587) jumped over 18% as its controlling shareholder voluntarily extended the lock-up period, focusing on digital health services [2] - Smoore International (06969) increased over 5% with the launch of Glo Hilo in Japan, maintaining high profit margins [2] - Tencent Music (01698) rose nearly 3% as institutions noted that recent acquisition plans would enhance overall content supply [2] - Jihong Co., Ltd. (02603) surged over 7%, with a projected net profit increase of over 55% year-on-year for the first half [2] - Solar stocks collectively declined, with Xinyi Solar (00968) down 4.86%, Fuyao Glass (06865) down 3.88%, New Energy (01799) down 3.19%, and Xinyi Glass (00868) down 2.64% [2] Other Notable Movements - Kuaishou-W (01024) rose over 3% as it plans to launch a live streaming initiative across multiple cities to create a collaborative ecosystem [3] - Gold stocks faced pressure, with Shandong Gold (01787) down 5.09%, China Gold International (02099) down 3.44%, Lingbao Gold (03330) down 2.68%, and Chifeng Jilong Gold (06693) down 2.33% [3] - China Shipbuilding Defense (00317) increased over 3% after the approval of a merger and acquisition restructuring plan, optimizing resources in the shipbuilding industry [3] - Medical device stocks saw a broad increase, with Spring Medical (01858) up 6.36%, Yongsheng Medical (01612) up 7.27%, Xinwei Medical-B (06609) up 3.55%, and Microneuroscience (02172) up 1.12% [3] - Some stablecoin concept stocks rose, with Victory Securities (08540) up 6.9%, Guotai Junan International (01788) up 5.15%, Yika (09923) up 2.59%, and China Everbright Holdings (00165) up 1.96% [3] - SF Express City (09699) rose nearly 7% amid intensified competition in the food delivery sector, with expectations of increased order volume [3] - HSSP International (03626) fell over 20% after being named by the Hong Kong Securities and Futures Commission for high stock concentration [3] Strategic Partnerships and New Listings - Shengye (06069) opened nearly 15% higher after forming a strategic partnership with Stand Robot to enhance its robotics industry chain [4] - Beverage stocks opened high, with Cha Bai Dao (02555) up 15%, Nayuki's Tea (02150) up 9.87%, Gu Ming (01364) up 5.77%, Hu Shang Ayi (02589) up 2.99%, and Mixue Group (02097) up 2.92% [4] - FWD Group (01828) had a flat opening on its first day of listing, being a life insurance company under Li Zeqiang's control [4]

Core Viewpoint - The neurointervention industry has undergone significant changes since the introduction of centralized procurement in 2021, leading to drastic price reductions and a shift in market dynamics, with a notable increase in the market share of domestic products and a concentration of market share among leading companies [1][2]. Group 1: Price Changes and Market Dynamics - The average price of spring coils dropped from 12,000 yuan to around 6,400 yuan, a decrease of 46.82%, with the highest drop reaching 66% [1]. - The minimum winning price for spring coils is now approximately 3,244 yuan, while the average price for intracranial thrombectomy stents has fallen from 26,900 yuan to below 4,000 yuan [1]. - The market share of domestic neurointervention products surged from less than 10% to 26% by 2024, indicating a significant shift in the competitive landscape [1]. Group 2: Financial Performance of Leading Companies - Despite gaining market share, leading companies in the neurointervention sector have faced continuous losses, with notable losses reported by companies such as MicroPort Brain Science and Guichuang Tongqiao [2]. - By 2024, these companies have turned profitable, with MicroPort Brain Science achieving a net profit of 249 million yuan, marking a significant turnaround from previous losses [2]. Group 3: Revenue Growth Factors - Revenue growth for leading companies has been substantial, with Guichuang Tongqiao's neurointervention business experiencing revenue growth rates of 463%, 108%, 64%, and 38.4% from 2021 to 2024 [3][4]. - The number of approved and commercialized products has increased significantly, with MicroPort Brain Science expanding from 8 to 25 products from 2021 to 2024 [5]. Group 4: Sales and Market Expansion Strategies - Centralized procurement has accelerated the commercialization of neurointervention products, leading to increased sales volumes despite lower prices [7][9]. - Companies like MicroPort Brain Science have expanded their product reach to approximately 520 hospitals, significantly increasing their market presence [8]. Group 5: Cost Management and Efficiency - Leading companies have focused on improving operational efficiency to reduce costs, with Guichuang Tongqiao reducing its sales and distribution expenses from 31% to 22.3% of total revenue [14]. - Companies have also optimized their supply chains and production processes, with MicroPort Brain Science achieving a 90% localization rate for raw materials by the end of 2023 [15][16]. Group 6: International Market Expansion - In response to domestic market pressures, leading companies are increasingly targeting international markets, with MicroPort Brain Science conducting over 50 overseas training and academic exchange events in 2024 [10][11]. - Guichuang Tongqiao reported international business revenue of 22.6 million yuan in 2024, a 58.2% increase, indicating successful market penetration in Europe and Asia [11].

Group 1 - The core viewpoint of the article highlights a significant surge in Hong Kong's brain-computer interface concept stocks, with MicroPort NeuroTech (02172.HK) rising over 35% and Nanjing Panda Electronics (00553.HK) increasing by 36% [1]

Group 1 - The core viewpoint of the article highlights the strong performance of brain-computer interface-related stocks in the Hong Kong market, particularly the significant rise of MicroPort NeuroTech and Nanjing Panda Electronics [1] - MicroPort NeuroTech (02172.HK) experienced a price increase of 14.96%, while Nanjing Panda Electronics (00553.HK) saw a rise of 14.86% [1] - The upcoming first humanoid robot industry chain exhibition in Hangzhou on June 20 will feature Tesla and Yushu, showcasing advanced technologies such as bionic drive, embodied intelligence, and brain-computer interfaces [1]

金融界6月16日消息，周一港股小幅低开，盘面上，生物医药、油气设备及服务股继续走高，截至10： 05，恒生生物科技ETF（159615）涨1.09%，该基金年内至今已涨超58%！ 热门个股方面，微创脑科学 涨超7%，云顶医药、康方生物、四环医药等涨超5%，信达生物、石药集团、京东健康、科伦博泰生物- B等跟涨。 消息面上，6月13日，国务院常务会议研究优化药品和耗材集采有关举措。会议指出，要加 强药品和耗材集采政策评估，完善公立医院补偿机制，支持医药企业提高创新能力，要加强对药品和耗 材生产、流通、使用全链条质量监管。 天风证券研报表示，国务院常务会议研究优化药品和耗材集采 有关举措，本次会议召开标志着前期流传的集采优化方案已进入落地阶段，预计近期新一轮采用优化后 新规则的集采将推出，整体而言，预计优化后的集采规则在价格降幅上有望更可控，在分量上有望更有 利于存量规模较大的企业，对于仿制药相关企业的收入和利润带来边际上的积极影响。 东莞证券表 示，近期，医药生物板块持续大幅跑赢同期沪深300指数，创新药相关产业链已经减肥药板块表现靓 眼，目前国内创新药公司经过多年研发投入，陆续进入收获期，创新药领域近期利好频 ...

Group 1 - The medical and pharmaceutical sector continues to perform strongly, with the Hong Kong medical ETF (159366) rising over 2% in early trading, marking a three-day increase [1] - Key stocks such as Kelaiying, Micron Medical, and Zhaoyan Pharmaceutical saw significant gains of 5.90%, 5.47%, and 4.73% respectively, contributing to a cumulative increase of 6.32% in the ETF over the past week [1] - A major policy announcement from the Central Committee and the State Council aims to improve public welfare and healthcare, including the establishment of a drug catalog adjustment mechanism and the promotion of quality healthcare resource sharing [1] Group 2 - Dongwu Securities highlights three factors that suggest 2025 will be a pivotal year for innovative drugs, including the orderly rollout of significant business development (BD) deals, expected profitability for more companies by 2026, and an improving domestic environment for innovative drugs [2] - The Chinese innovative drug market is poised for rapid growth, supported by favorable policies and international expansion, making it a highly promising sub-sector within the pharmaceutical industry [2] - The Hong Kong medical ETF (159366) focuses on unique medical segment leaders, including internet healthcare, CXO, and medical devices, and operates as a pure Hong Kong Stock Connect ETF with T+0 trading support [2]

Group 1: Breakthrough in Visual Prosthetics - Chinese scientists have developed the world's first visual prosthetic with ultra-wide spectral response capabilities, enabling blind animals to regain visible light vision and expand their visual functions [1] - The retinal prosthetic, based on tellurium nanowire networks (TeNWNs), covers a spectral range from visible light (470nm) to near-infrared (1550nm), surpassing the natural human vision range of 380-780nm [1] - This technology avoids the risks associated with invasive brain surgeries and breaks the physiological limits of human vision, allowing users to perceive infrared light and accurately locate infrared light sources [1] Group 2: Growth of Brain-Computer Interface (BCI) Market - The global brain-computer interface technology is rapidly advancing, with significant attention from tech companies, medical institutions, academic research organizations, and government departments [2] - McKinsey predicts that the BCI medical application market could reach $40 billion by 2030 and $145 billion by 2040, with serious medical applications for central nervous system diseases estimated at $15 billion in 2030 and $85 billion in 2040 [2] - The domestic BCI companies are expected to gradually achieve commercialization due to technological innovations and favorable policies promoting industry development [2] Group 3: Related Companies in the BCI Sector - Micron Brain Science (02172) is a leading company in the domestic neuro-interventional medical device field, covering hemorrhagic stroke, atherosclerosis, and acute ischemic stroke, maintaining the top position in the domestic market share [3] - Xinwei Medical-B (06609) successfully completed animal trials for China's first interventional brain-computer interface, developed in collaboration with Nankai University's AI team [3] - Nanjing Panda Electronics (00553) is involved in the development of a multimodal human-computer interaction system based on BCI technology, which has been included in Jiangsu Province's key research and development plan [3]

Core Viewpoint - The surge in stock prices of companies involved in brain-computer interface (BCI) technology is driven by significant developments and investments in the sector, indicating a growing market potential and investor interest [1][3][5]. Group 1: Stock Performance and Market Trends - Micron Brain Science (微创脑科学) saw its stock price rise to a high of 15.24 HKD, marking a new record since May 2023, before experiencing a decline [1]. - Brain Rejuvenation Technology (脑再生科技) experienced a dramatic increase in stock price, with gains of 46.59% and 70.81% on consecutive days, and a cumulative increase of 205.52 times over three months [1][3]. - The BCI concept has gained traction, with significant stock price increases for various companies, including a 19.96% rise for Micron Brain Science and 19.97% for Guanhao Biological [3]. Group 2: Market Size and Growth Projections - The global BCI market is projected to reach approximately 2.62 billion USD in 2024 and is expected to grow to 12.4 billion USD by 2034, with a compound annual growth rate (CAGR) of 17.4% from 2025 to 2034 [5]. - The domestic BCI market in China is anticipated to reach 3.2 billion CNY in 2024, reflecting an 18.8% increase from the previous year, with expectations to exceed 5.5 billion CNY by 2027 [5]. Group 3: Technological Development and Applications - The BCI technology is transitioning from laboratory research to industrial application, with significant advancements in both invasive and non-invasive techniques [6][7]. - The domestic BCI development strategy focuses on a dual approach: invasive techniques for medical rehabilitation and non-invasive techniques for consumer markets [6][7]. Group 4: Company Performance and Financials - Micron Brain Science is recognized as a leading player in the domestic neuro-intervention medical device market, with a market share ranking fourth based on 2023 sales revenue [9]. - The company reported a revenue of 762 million CNY for 2024, a 14.4% increase year-on-year, with domestic revenue growing by 8.3% and overseas revenue surging by 137.6% [10]. - The net profit attributable to the parent company for 2024 was 254 million CNY, reflecting a 74.6% increase, driven by revenue growth and improved operational efficiency [10].

Group 1 - The brain-computer interface (BCI) concept stocks experienced a significant surge, with companies like Guanhao Biological and Xiangyu Medical seeing substantial gains [2] - Neuralink, a startup owned by Elon Musk, announced the completion of a $650 million Series E funding round, reigniting interest in the BCI sector [2] - BCI technology aims to facilitate communication between the brain and external devices, potentially addressing various neurodegenerative diseases [2] Group 2 - The first clinical cohort study for BCI has officially started, aiming to validate the effectiveness and safety of implanted BCIs in treatment [3] - Recent advancements in BCI technology include a demonstration where a subject controlled a video game using thought, marking a significant milestone in invasive BCI trials [3] - National and local policies are increasingly supportive of BCI development, with initiatives to streamline clinical application and pricing for BCI services [3] Group 3 - Many institutions express optimism about the BCI industry's future, viewing it as a core technology for next-generation human-machine interaction [4] - The application of BCI technology is expected to focus primarily on medical rehabilitation in the short term [4] - Continuous technological advancements and favorable policies are anticipated to accelerate the commercialization of BCI companies in China [4]