Industry Overview - Brain-Computer Interface (BCI) is a new cross-disciplinary technology that creates a communication channel between the brain and external devices, enabling direct information exchange [6] - BCIs can be classified into three types: invasive, semi-invasive, and non-invasive, with applications in medical rehabilitation, consumer interactions, and military fields [7] - The global BCI market is projected to reach $7.63 billion by 2029, growing from $1.2 billion in 2019 to nearly $2 billion in 2023, with a compound annual growth rate (CAGR) exceeding 13% from 2019 to 2023 [13][14] - Over 1,500 financing events in the global BCI sector have raised nearly $10 billion, with significant investments in both the U.S. and China [16] Policy Guidance - Major countries have launched brain initiatives to support BCI development, with the U.S. investing approximately $4.5 billion in its BRAIN Initiative since 2013 [37][40] - China has initiated its "Brain Science and Brain-Like Intelligence Technology" project, with funding expected to reach hundreds of billions of yuan [39][42] Clinical Situation - The medical demand for BCIs is driven by the need for rehabilitation in stroke and disabled populations, with significant clinical research already underway for various diseases [3][33] - Clinical trials for BCIs are accelerating globally, with a rapid increase in the number of trials in China [3][11] Industry Progress - Notable advancements include Neuralink's implantation of over 10 devices and Synchron's achievement of brain-controlled iPad functionality [4][4] - Key overseas companies like Neuralink and Synchron are leading in the invasive BCI field, focusing on treatment and human-computer interaction [4][4] - Domestic companies are also making strides, with clinical trials accelerating and real-time Chinese language decoding being achieved [4][4] Industry Chain Analysis - The BCI industry chain consists of upstream hardware and software supply, midstream BCI product supply, and downstream applications in various fields [18] - Upstream technology innovation barriers are high, with breakthroughs in flexible electrodes and chips being critical [20][21] - Downstream applications are primarily in the medical field, which is the most mature area for commercialization [30]

Industry Research - The solid-state battery industry is entering a new phase, with consensus on mass production validation by 2026-2027, driven by multiple catalysts. The divergence lies in the process routes and pilot verification, as well as the ability to achieve a commercial closed loop by 2030. The assessment of technology and manufacturing maturity indicates that solid-state technology will progress from stages 5-6 to 7-8. The mid-term focus is on equipment and key materials, while the long-term shift will be towards leading solid-state companies and material companies with core patents [4]. PCB Equipment - The demand for AI computing power is driving a wave of capital expenditure in the PCB industry, with domestic PCB equipment manufacturers expected to see sustained order growth. The industry outlook remains positive, with NVIDIA's Rubin architecture potentially reshaping the demand and landscape for drilling equipment and needles [6]. Company Analysis - Meilan De (688273.SH) has been a leader in the domestic pelvic floor dysfunction (PFD) market for over a decade, focusing on pelvic and obstetric rehabilitation equipment. The company is expanding into reproductive anti-aging, sports rehabilitation, light medical beauty, and brain-machine interface fields, rapidly building a product matrix for women's health throughout their life cycle through self-research and acquisitions. The company utilizes various energy source technologies, including ultrasound, laser, electrophysiology, electrical stimulation, magnetic stimulation, and high-frequency, continuously leading industry development [6]. - Shuanglin Co. (300100.SZ) has been deeply involved in the automotive parts industry for 40 years, gradually forming industrial advantages through internal improvements and external acquisitions. The equipment and screw rod business are expected to become new growth drivers for the company. The outlook for the second half of 2026 is positive, with expectations for gradual increases in robot deployment and trends towards domestic screw rod replacement. Shuanglin possesses unique advantages in screw rod grinding equipment and processes, making it a rare player in the domestic screw rod field [8].

南京证券股份有限公司 关于南京麦澜德医疗科技股份有限公司 2025年度持续督导工作现场检查报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规 则》《上海证券交易所科创板上市公司自律监管指引第1号——规范运作》等有关法 律、法规的规定，南京证券股份有限公司（以下简称"保荐机构"或"南京证券"）作 为正在履行南京麦澜德医疗科技股份有限公司（以下简称"麦澜德"或"公司"）持续 督导工作的保荐机构，对公司2025年1月1日至本次现场检查期间（以下简称"本持续 督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 南京证券股份有限公司 （二）保荐代表人 李建勤、张红 （三）现场检查时间 2025年12月29日至2025年12月31日 （四）现场检查人员 张红、刘姝含 （五）现场检查内容 公司治理和内部控制情况、信息披露情况、公司的独立性以及与控股股东、实 际控制人及其他关联方资金往来情况、募集资金使用情况、关联交易、对外担保、 重大对外投资情况、公司经营状况等。 （六）现场检查手段 1、与公司部分董事、高级管理人员进行访谈； 1 ...

Core Viewpoint - The approval of the medical device registration certificate for the Mindray brain-computer interface transcranial magnetic stimulation device marks a significant breakthrough in advanced medical technology for the company, indicating a substantial step towards the industrial application of non-invasive brain-computer interfaces and opening new avenues for future technological expansion and revenue growth [1] Group 1 - The Jiangsu Provincial Drug Administration has granted a medical device registration certificate to Mindray for its brain-computer interface transcranial magnetic stimulation device [1] - This achievement signifies an important milestone in the field of advanced medical technology for the company [1] - The development paves the way for the practical application of non-invasive brain-computer interfaces, enhancing the company's growth potential [1]

Core Insights - The company, Mailland, has achieved a significant milestone by obtaining the medical device registration certificate for its non-invasive brain-computer interface transcranial magnetic stimulation device, becoming the first in Jiangsu Province to do so [1][2] - This achievement marks a substantial breakthrough in the field of advanced medical technology and indicates a practical step towards the industrial application of non-invasive brain-computer interfaces, opening new avenues for future technological expansion and revenue growth [1][3] Company Developments - Mailland has been actively transforming its business and iterating its technology, establishing a solid revenue base in niche medical device sectors such as pelvic floor rehabilitation and reproductive rehabilitation, while also clearly positioning itself in high-end medical technology, including brain-computer interfaces [2] - The company’s brain-computer interface product focuses on non-invasive multimodal technology, combining EEG and fNIRS signals to enhance clinical usability and signal analysis accuracy, with expectations to obtain its first medical device registration certificate by Q1 2026 [2] Industry Trends - The brain-computer interface technology is entering a critical phase of commercialization and clinical application, benefiting from national policy support, the establishment of industry standards, and continuous breakthroughs in core technologies, indicating a shift from research validation to large-scale market expansion [2] - The domestic market for brain-computer interfaces is rapidly growing, with multiple technological routes, including invasive, semi-invasive, and non-invasive methods, suggesting a future integration of medical, rehabilitation, and consumer applications [2]

Group 1 - The core viewpoint of the article highlights a significant surge in A-share market stocks related to brain-computer interface (BCI) technology, driven by recent developments in the sector [1] - Aipeng Medical reached a 20% daily limit increase, while Kefu Medical rose over 15%, indicating strong investor interest in BCI-related companies [1] - Notable stocks such as Nanjing Panda, Pulite, and Innovation Medical achieved a 10% daily limit increase, reflecting a broader trend of positive market sentiment towards BCI stocks [1] Group 2 - The article mentions that on January 6, Strong Brain Technology, a leading company in the BCI field, announced the completion of approximately 2 billion RMB in financing, marking a significant milestone for the industry [1] - This financing round is noted to be the second largest globally in the BCI sector, only behind Neuralink, which is owned by Elon Musk [1] - The financing success of Strong Brain Technology is expected to further stimulate interest and investment in the BCI market, potentially leading to more advancements and innovations in the field [1]

资金流向方面，该股今日全天主力资金净流出2391.68万元。（数据宝） 麦澜德1月7日龙虎榜 | 买入营业部名称 | 买入金额(万元) | | --- | --- | | 机构专用 | 3191.21 | | 中信建投证券股份有限公司河北分公司 | 2204.94 | | 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券营业部 | 2138.63 | | 机构专用 | 1958.92 | | 瑞银证券有限责任公司上海花园石桥路证券营业部 | 1161.81 | | 卖出营业部名称 | 卖出金额(万元) | | 机构专用 | 1848.78 | | 华泰证券股份有限公司总部 | 1626.55 | | 摩根大通证券(中国)有限公司上海银城中路证券营业部 | 1544.43 | | 机构专用 | 1101.89 | | 国投证券股份有限公司广州猎德大道证券营业部 | 963.67 | （文章来源：证券时报网） 1月7日麦澜德（688273）收盘价54.86元，收盘下跌10.39%，全天换手率30.94%，振幅15.30%，成交额 6.31亿元。科创板交易公开信息显示，当日该股因日换手率达30%等上榜。 证券时 ...

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 0.99%, closing at 1443.39 points, with a total trading volume of 5.729 billion shares and a turnover of 309.373 billion yuan, resulting in an average turnover rate of 2.92% [1] - Among the tradable stocks on the STAR Market, 371 stocks closed higher, with 28 stocks increasing by over 10%, including Yinos, Fuxin Technology, and Anda Intelligent, which hit the daily limit [1] - The distribution of turnover rates shows that 11 stocks had turnover rates exceeding 20%, while 39 stocks had rates between 10% and 20% [1] High Turnover Stocks - The stock with the highest turnover rate was Hengkong New Materials, which closed at 62.06 yuan, up 19.99%, with a turnover rate of 41.79% and a trading volume of 1.222 billion yuan [3] - Other notable high turnover stocks included Jianxin Superconducting, which rose by 8.99% with a turnover rate of 37.03%, and Qiangyi Co., which increased by 12.55% with a turnover rate of 31.76% [3][4] Sector Analysis - In the high turnover stocks, the electronics sector had the most representation, with 63 stocks, followed by the pharmaceutical and biological sector with 23 stocks, and the national defense and military industry with 17 stocks [2] - Among the high turnover stocks, 129 stocks saw an increase, with Hengkong New Materials, Shengbang Safety, and Bibet hitting the daily limit [2] Capital Flow - A total of 99 stocks in the high turnover category experienced net inflows of main funds, with the highest net inflows recorded for Dekeli, Huahong Company, and Hengkong New Materials, amounting to 461 million yuan, 262 million yuan, and 223 million yuan respectively [2] - Conversely, the stocks with the largest net outflows included Lvdihui, Chengdu Xian Dao, and Huasheng Lithium Battery, with outflows of 318 million yuan, 142 million yuan, and 140 million yuan respectively [2] Leverage Fund Movements - Among the high turnover stocks, 107 stocks recently received net purchases from leveraged funds, with significant increases in financing balances for Qiangyi Co., Xinyuan Co., and Huahong Company, which rose by 584 million yuan, 522 million yuan, and 459 million yuan respectively [2]

Group 1 - The Sci-Tech Innovation 50 Index opened high on January 7, fluctuated within a narrow range, turned negative in the afternoon, and then rose significantly, closing at 1443.39 points with an increase of 0.99% and a total trading volume of approximately 871.3 billion yuan [1] - The Sci-Tech Innovation Composite Index rose by 1.53% on January 7, closing at 1746.72 points with a total trading volume of about 3094 billion yuan. The average increase for the 600 stocks in the Sci-Tech Innovation Board was 1.73% with an average turnover rate of 4.27% [2] - High-priced stocks generally rose while low-priced stocks showed mixed performance. Notably, component stocks and electrical equipment stocks performed strongly, while healthcare and communication equipment stocks had the largest declines [2] Group 2 - The stock with the highest trading volume was Cambrian with 94.2 billion yuan, while ST Pava had the lowest trading volume at 482.2 million yuan [3] - The stock with the highest turnover rate was Hengkang New Materials at 41.79%, while Longteng Optoelectronics had the lowest turnover rate at 0.26% [4]

Group 1 - The brain-computer interface sector in the A-share market experienced a significant decline, with multiple companies reporting substantial drops in their stock prices [1] - Major companies such as Mailland, Chengyitong, and Aipeng Medical saw declines exceeding 10%, while others like Leidi Ke and Weisi Medical dropped over 8% [1][2] - Several brain-computer interface concept stocks issued announcements indicating a cooling off, with companies like Aerospace Changfeng stating they have not actually engaged in related business activities [1] Group 2 - Mailland's stock fell by 11.09%, with a total market value of 54.43 billion [2] - Chengyitong's stock decreased by 10.91%, with a market capitalization of 6.731 billion [2] - Aipeng Medical's stock dropped by 10.39%, with a market value of 4.514 billion [2]