Investment Rating - The investment rating for the computer industry is optimistic (maintained) [1] Core Insights - The brain-computer interface (BCI) market has significant potential, with global medical applications expected to reach $40 billion by 2030 and $145 billion by 2040 [5][36] - The technology is maturing, with companies like Neuralink receiving FDA approval for human trials, indicating a shift from concept to practical application [6][8] - Policy support is increasing, with various regions in China implementing plans to accelerate the commercialization of BCI technologies [7][45] Summary by Sections 1. Brain-Computer Interface: Continuous Breakthrough - BCI creates a communication channel between the brain and external devices, enabling direct information exchange [17] - The global BCI market was valued at $2.35 billion in 2023, with a projected CAGR of 16.55% from 2023 to 2033 [35] 2. Policy and Technology Resonance: Bright Commercial Prospects for BCI 2.1 Policy: BCI Medical Pricing Implementation Accelerates Commercialization - Major countries are investing in BCI research, with the U.S. and EU leading in funding and project initiatives [41][44] - China's government has issued multiple directives to guide BCI development, including the establishment of independent pricing for BCI services [45][46] 2.2 Technology: Positive Progress in Clinical Trials, Approaching Industrialization - The BCI system faces numerous technical barriers, particularly in balancing performance and commercial viability [48] - China's BCI sector is rapidly advancing, with increasing publications and patents in the field [51][52] 3. Beneficiary Companies 3.1 Neuralink: Pioneer in Invasive BCI Technology - Neuralink is leading in invasive BCI technology, having initiated human trials and planning further patient implants [55][66] 3.2 Strong Brain Technology: Leader in Non-Invasive BCI - Strong Brain Technology focuses on non-invasive BCI solutions, having developed multiple products and secured significant funding [67][69] 3.3 Rock Mountain Technology: Forward-Looking Layout of Brainwave Large Models - Rock Mountain Technology is developing brainwave large models to enhance human-computer interaction systems [80]

Group 1 - The core viewpoint of the news is the performance and holdings of the Zhongyin Innovation Medical Mixed A fund, which has shown a decline in recent net value but strong performance over the past six months and year-to-date [1] - As of July 10, 2025, the latest net value of Zhongyin Innovation Medical Mixed A is 1.9240 yuan, reflecting a decrease of 0.61%. The fund's return over the past month is -2.55%, ranking 3762 out of 3974 in its category. However, its six-month return is 69.25%, ranking 25 out of 3870, and its year-to-date return is 59.89%, ranking 26 out of 3868 [1] - The top ten stock holdings of Zhongyin Innovation Medical Mixed A account for a total of 70.44%, with significant positions in companies such as Kelun-Botai (9.77%), Hengrui Medicine (9.39%), and Innovent Biologics (8.54%) [1] Group 2 - Zhongyin Innovation Medical Mixed A was established on November 13, 2019, and as of March 31, 2025, it has a total scale of 2.613 billion yuan. The fund manager is Zheng Ning [1] - Zheng Ning has a background in finance and has held various positions in asset management, including roles at Taikang Asset Management and Zhonggeng Fund Management. He joined Zhongyin Fund Management in 2022 and has been managing multiple funds since then [2]

Core Insights - The integration of high-tech medical devices such as AI medical devices, medical robots, and implantable medical devices is crucial for shaping new productive forces in the medical device industry [1] - In the first half of this year, China approved 43 innovative drugs and 45 innovative medical devices, marking year-on-year growth of 59% and 87% respectively, indicating that reform policy dividends are transforming into industrial development momentum [1] - The approval of innovative medical devices has reached a new high, with the National Medical Products Administration (NMPA) introducing 10 measures to optimize lifecycle supervision and support the innovation of high-end medical devices [1] Medical Device Innovation - Domestic innovative medical device companies are increasingly emerging, with Shenzhen Beixin Life Technology's peripheral IVUS (intravascular ultrasound) catheter breaking the monopoly of imported products, marking a breakthrough in China's peripheral vascular precision intervention [3] - The introduction of IVUS technology allows for clearer visualization of vascular conditions, addressing limitations of traditional DSA (digital subtraction angiography) methods [3] - The application of IVUS in peripheral vascular intervention is still limited due to product usability issues and insufficient training [3] Market Competition in High-End Medical Devices - The competition in the high-end innovative medical device sector is intensifying, particularly in the field of cardiac pulsed field ablation (PFA), which has seen multiple domestic PFA products approved recently [5] - PFA technology is primarily used for atrial fibrillation treatment and is expected to benefit patients with difficult-to-treat conditions [5] - Major global players like Johnson & Johnson, Medtronic, Boston Scientific, and Abbott dominate over 85% of the electrophysiology market in China, while domestic companies are beginning to gain traction [5] Market Growth Projections - The Chinese cardiac electrophysiology surgery volume is expected to approach 500,000 cases by 2024, with the PFA market projected to reach 1.3 billion yuan by 2025 and grow to 16.3 billion yuan by 2032, reflecting a compound annual growth rate of 43.73% [6] Breakthroughs in Heart Valve Technology - The approval of Shanghai Huihe Medical's transcatheter tricuspid valve ring shaping system K-Clip marks the first domestic tricuspid valve medical device, filling a long-standing gap in the market [7] - There are over 1 million patients with severe tricuspid regurgitation in China, with nearly half potentially benefiting from new tricuspid valve devices [7] - The global market for tricuspid valve devices is expected to expand as more products receive regulatory approval [8] AI and Robotics in Healthcare - The integration of AI technology and robotics in healthcare is anticipated to create innovative opportunities, with the NMPA initiating a second batch of tasks for AI medical devices and biomedical materials [8] - AI models are empowering various aspects of the healthcare industry, from diagnostic assistance to personalized treatment plans and medical image analysis [9]

Group 1: Industry Overview - In the first half of the year, China approved 43 innovative drugs and 45 innovative medical devices, representing year-on-year growth of 59% and 87% respectively, indicating that reform policy dividends are transforming into industrial development momentum [1] - The innovative medical device market in China is rapidly growing, with the number of approved innovative medical devices increasing from 19 in 2019 to 65 in 2024 [2] - The overall market size of China's medical device market is projected to grow from 729.8 billion yuan in 2020 to 941.7 billion yuan in 2024, and is expected to reach 1,813.4 billion yuan by 2035 [2] Group 2: Drivers of Growth - The rapid development of China's innovative medical device industry is driven by four key factors: policy support, market demand, capital investment, and talent availability [3] - The National Medical Products Administration has implemented special review procedures and priority approval channels to significantly shorten the time to market for innovative products [3] - The aging population is increasing medical demand, and the reimbursement policies favoring domestic devices are expanding the grassroots market [3] Group 3: Local Government Initiatives - Local governments, such as those in Chongqing and Shenzhen, have issued action plans and measures to support the development of the medical device industry [4] Group 4: Company Engagement - Numerous listed companies are actively investing in the innovative medical device sector, with products from companies like Shanghai United Imaging Healthcare, Shenzhen Mindray Bio-Medical Electronics, and Shenzhen YHLO Biotech being recognized in high-end medical equipment promotion projects [5] - Guangzhou Jiutai Medical Technology, a subsidiary of Boji Pharmaceutical, specializes in clinical trials and registration services for high-risk medical devices, having provided services for nearly 20 innovative medical devices [5] - Guangdong Baolai Medical Technology recently launched new products, including the BioView anesthesia video laryngoscope and the S200 smart enteral nutrition pump, which has already received a Class II registration certificate [5] Group 5: Future Outlook - Listed companies are expected to enhance their R&D capabilities and accelerate the development and commercialization of innovative medical devices by increasing investment and collaborating with universities and research institutions [6] - To overcome core technology bottlenecks, companies need to focus on technological innovation and talent development while actively participating in international competition and cooperation [6]

Group 1 - The brain-computer interface concept sector rose by 0.74%, ranking 8th among concept sectors, with 17 stocks increasing in value [1] - Leading gainers in the sector included Jihua Group, Entropy Technology, and Beiyikang, which rose by 7.59%, 5.92%, and 4.33% respectively [1] - The sector experienced a net inflow of 366 million yuan, with 18 stocks receiving net inflows, and 12 stocks seeing inflows exceeding 10 million yuan [1][2] Group 2 - Jihua Group had the highest net inflow of 331 million yuan, followed by Innovative Medical, Chengyitong, and Zhongke Information with net inflows of 162 million yuan, 77.97 million yuan, and 36.04 million yuan respectively [1][2] - The net inflow ratios for Jihua Group, Chengyitong, and Zhongke Information were 13.23%, 10.52%, and 8.87% respectively [2] - The trading volume and turnover rates for leading stocks in the sector were significant, with Jihua Group showing a turnover rate of 13.84% [2][3]

Group 1 - The brain-computer interface (BCI) sector has seen significant advancements since 2025, with related stocks experiencing substantial increases, such as Saily Medical up 165.37% and Innovative Medical up 92.46% as of July 3 [1] - The A-share BCI sector has an overall increase of 49.1% this year, indicating a strong market sentiment towards this industry [1] - Policy support has been a driving force, with cities like Beijing and Shanghai launching five-year action plans for BCI development, aiming to cultivate innovative enterprises and achieve clinical application of BCI products by 2030 [1][2] Group 2 - The establishment of China's first BCI industrial cluster in Shanghai marks a significant step in the domestic BCI landscape, with the new facility expected to be operational within the year [2] - The stock market has reacted positively, with multiple BCI-related stocks experiencing consecutive gains, such as Saily Medical and Jihua Group achieving three consecutive trading limits [2] - The BCI theme index in A-shares has risen by 4.96% over the past month, reflecting ongoing investor interest [2] Group 3 - Companies are increasingly engaging with investors regarding BCI developments, with Chengyitong announcing a dual-track strategy in invasive and non-invasive BCI technologies [3] - Chengyitong plans to release three prototypes of neuro-rehabilitation devices integrating BCI technology by July 2024 [3] - Other companies, such as Chengdu Huamei and Pulite, are also exploring BCI applications, focusing on signal processing hardware and high-performance materials, respectively [3]

Core Viewpoint - The healthcare services sector experienced a decline of 1.45% with a net outflow of 1,102.31 million in funds, indicating a bearish trend in the market [1] Group 1: Sector Performance - The healthcare services sector saw a total of 2 stocks rising and 41 stocks declining [1] - The top ten decliners in the sector included Sanbo Brain Science (-4.57%), Ruizhi Medicine (-4.56%), and Innovation Medical (-4.34%) [1] Group 2: Stock Details - Sanbo Brain Science closed at 49.87 with a decline of 4.57% and a net fund outflow of 108.09 million [1] - Ruizhi Medicine closed at 10.88, down 4.56%, with a net outflow of 68.69 million [1] - Innovation Medical closed at 15.00, down 4.34%, with a net outflow of 320.40 million [1] - Other notable decliners included Maipu Medical (-3.79%), Nuotai Biological (-3.40%), and Dae Oriental (-3.21%) [1] Group 3: Gainers - The stocks that gained included *ST Biological with an increase of 3.83% and Chengda Pharmaceutical with an increase of 1.03% [1]

Market Performance - The brain-computer interface concept declined by 2.60%, ranking among the top declines in concept sectors [1][2] - Within the sector, companies such as Xiangyu Medical and Aipeng Medical experienced significant declines, while Lepu Medical and ST Huaton saw increases of 4.05% and 3.05% respectively [1][3] Capital Flow - The brain-computer interface sector experienced a net outflow of 2.376 billion yuan, with 27 stocks seeing net outflows and 5 stocks exceeding 100 million yuan in outflows [2] - The company with the highest net outflow was Jihua Group, with a net outflow of 998.798 million yuan, followed by Innovation Medical and Haige Communication with net outflows of 288.118 million yuan and 186.919 million yuan respectively [2][3] Top Gainers and Losers - The top gainers in the brain-computer interface sector included Lepu Medical with a gain of 4.05% and ST Huaton with a gain of 3.05% [1][3] - The top losers included Xiangyu Medical with a decline of 8.34% and Aipeng Medical with a decline of 6.17% [3]

证券代码：002173 证券简称：创新医疗 公告编号：2025-033 创新医疗管理股份有限公司 关于签署参股公司全诊医学《B 轮增资及转股协议》 《B 轮股东协议》及相关文件的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、本次交易概述 （一）交易基本情况 创新医疗管理股份有限公司（以下简称"公司"）于 2024 年 8 月 28 日召开 的第六届董事会 2024 年第六次临时会议，审议通过了《关于投资杭州全诊医学 科技有限公司的议案》，同意公司对杭州全诊医学科技有限公司（以下简称"全 诊医学"）进行战略投资，具体内容详见公司 2024 年 8 月 29 日、2024 年 11 月 1 日发布于巨潮资讯网（http://www.cninfo.com.cn）的相关公告。 议》约定在规定时间内设立员工期权计划（对应全诊医学在本次融资交易和员工 持股平台增资后 5%的股权）。 根据《深圳证券交易所股票上市规则》、公司《章程》等相关规定，本次交 易事项无需提交股东大会审议。 （三）本次交易事项不涉及关联交易，也不构成《上市公司重大资产组管理 办法》规定的重 ...

证券代码：002173 证券简称：创新医疗 公告编号：2025-032 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 创新医疗管理股份有限公司（以下简称"公司"）第六届董事会于 2025 年 6 月 30 日召开了 2025 年第五次临时会议。本次会议以通讯表决方式召开。会议通 知于 2025 年 6 月 27 日以书面形式发出。本次会议由陈海军董事长主持，应出席 董事 9 名，实际出席 9 名。本次会议召开符合《公司法》及公司《章程》的规定， 合法有效。 特此公告。 创新医疗管理股份有限公司 创新医疗管理股份有限公司 第六届董事会 2025 年第五次临时会议决议公告 二、董事会会议审议情况 与会董事就议案进行了审议、表决，以 9 票赞成、0 票反对、0 票弃权的表 决结果一致通过了《关于同意签署参股公司全诊医学〈B 轮增资及转股协议〉〈B 轮股东协议〉及相关文件的议案》。 同意公司签署《杭州全诊医学科技有限公司 B 轮增资及转股协议》、《杭州全 诊医学科技有限公司 B 轮股东协议》以及杭州全诊医学科技有限公司（以下简称 "全诊医学" ...