Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The brain-computer interface (BCI) technology is entering a phase of large-scale production, with gaming as a significant application area, expected to benefit continuously [3] - The integration of AI in gaming is enhancing multi-modal capabilities and innovative forms, potentially opening up new industry spaces [3] - The upcoming gaming season, with new game launches and updates to existing games, is anticipated to drive revenue growth [4] Summary by Sections Brain-Computer Interface Developments - BCI technology connects the human brain with external devices for information exchange, enabling previously disabled individuals to engage in gaming through "brain-controlled" interfaces [3] - The launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a significant breakthrough in core technology [3] - Companies like 37 Interactive Entertainment and Century Huatong are actively investing in BCI-related projects, indicating a growing interest in this field [3] AI Integration in Gaming - AI is enhancing various aspects of game development, from art resource generation to core creative areas like gameplay design and narrative structure [3] - Tencent reported a 40% reduction in animation production time due to AI integration, showcasing efficiency gains [3] - The number of games utilizing generative AI on the Steam platform has increased significantly, indicating a trend towards AI-enhanced gaming experiences [3] Upcoming Gaming Season - Major game releases and updates are scheduled for January, including anniversary events and new collaborations with popular IPs [4] - The report suggests focusing on the gaming sector due to its favorable valuation and expected demand surge during the holiday season [4] - Recommended companies include Giant Network, Xindong Company, and Tencent Holdings, among others, as potential beneficiaries of this trend [4]

沪指1月5日上涨1.38%，申万所属行业中，今日上涨的有26个，涨幅居前的行业为传媒、医药生物，涨 幅分别为4.12%、3.85%。传媒行业位居今日涨幅榜首位。跌幅居前的行业为石油石化、银行，跌幅分 别为1.29%、0.34%。 资金面上看，两市主力资金全天净流入83.34亿元，今日有15个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨3.69%，全天净流入资金94.81亿元，其次是医药生物行业，日涨幅 为3.85%，净流入资金为43.79亿元。 主力资金净流出的行业有16个，机械设备行业主力资金净流出规模居首，全天净流出资金36.94亿元， 其次是国防军工行业，净流出资金为34.11亿元，净流出资金较多的还有汽车、通信、轻工制造等行 业。 传媒行业今日上涨4.12%，全天主力资金净流入8.55亿元，该行业所属的个股共129只，今日上涨的有 110只，涨停的有4只；下跌的有18只。以资金流向数据进行统计，该行业资金净流入的个股有63只，其 中，净流入资金超5000万元的有10只，净流入资金居首的是汤姆猫，今日净流入资金5.84亿元，紧随其 后的是三七互娱、天下秀，净流入资金分别为3.70 ...

Group 1 - The cloud gaming sector saw a rise of 4.64%, ranking 8th among concept sectors, with 27 stocks increasing in value, including 37 Interactive Entertainment which hit the daily limit, and others like Tom Cat, Jia Chuang Vision, and Xie Chuang Data which rose by 16.34%, 12.07%, and 10.11% respectively [1] - The cloud gaming concept attracted a net inflow of 1.044 billion yuan from main funds today, with 16 stocks receiving net inflows, and 5 stocks exceeding 50 million yuan in net inflow. Tom Cat led with a net inflow of 584 million yuan, followed by 37 Interactive Entertainment, Sichuan Changhong, and Youke De with net inflows of 370 million yuan, 195 million yuan, and 145 million yuan respectively [2][3] Group 2 - In terms of fund inflow ratios, 37 Interactive Entertainment, Tom Cat, and Sichuan Changhong had the highest net inflow ratios at 30.54%, 16.02%, and 12.83% respectively [3] - The cloud gaming sector's fund inflow rankings showed Tom Cat with a daily increase of 16.34% and a turnover rate of 21.45%, while 37 Interactive Entertainment increased by 10.00% with a turnover rate of 2.95% [3][4]

"In my enterprises, you need a calendar, not a stop-watch. They're geared to a ten-year cycle." ——Laurance Rockefeller. 在我的事业中，你需要的是日历，而不是一块秒表。它是以十年为周期运转的。——劳伦斯·洛克菲勒（美国企业家、慈善家，洛克菲勒家族成员） 十年前，中国游戏行业争论的焦点仍是，重度手游究竟能不能走通？此后十年，重度手游带领中国游戏产业开疆拓土，一度推动中国成为全球规模最大的 单一游戏市场。期间，也涌现了腾讯、网易、米哈游、世纪华通等优秀厂商，成为全球排名Top 10的游戏研发商。 十年后，随着硬件、用户、玩法红利逐渐消失，中国乃至全球游戏行业，正在步入一种更加结构性的困局：过去，我们相信一款爆款可以重塑游戏市场格 局，甚至引发行业级"军备竞赛"，比如MOBA、吃鸡、搜打撤。而现在，我们发现，游戏行业已经悄悄进入另一种秩序：大DAU赛道被大厂垄断；买量 被字节算死，厂商沦为打工人；讨论的重心从做手游转向跨端，要么搞单机，要么搞小游戏。 同时，中国游戏玩家也变得越来越难伺候。十年前，他 ...

传媒概念股大幅走强，岩山科技、利欧股份、三七互娱涨停。 （文章来源：每日经济新闻） 受重仓股上涨影响，传媒ETF涨约4%。 有券商表示，从中长期来看，随着内容供给逐步恢复，AI等技术赋能持续深化，叠加政策支持及消费回暖 预期，传媒行业景气度有望得到修复。建议关注影视院线、游戏、广告营销等领域业绩表现亮眼的公司， 并关注布局数字资产、应用AIGC相关技术的公司。 ...

Core Viewpoint - The brain-computer interface (BCI) concept stocks surged on the first trading day of 2026 in the A-share market, driven by significant developments in the industry, including Neuralink's plans for mass production of BCI devices and supportive policies for high-end medical devices [1][3]. Group 1: Stock Performance - Multiple BCI-related stocks, including Aipeng Medical, Xiangyu Medical, and Meihua Medical, reached their daily limit up, with Aipeng Medical rising by 20% to 33.30 CNY [2][1]. - Other notable performers included Sainuo Medical and Hanwei Technology, which saw increases of 17.31% and 15.99%, respectively [2][1]. - The overall trend in the Hong Kong market mirrored that of the A-share market, with stocks like Nanjing Panda Electronics rising over 30% [2][1]. Group 2: Industry Developments - Elon Musk's Neuralink announced plans to begin large-scale production of BCI devices in 2026, signaling a significant advancement in the field [3]. - The integration of artificial intelligence in healthcare is accelerating, with 207 AI medical devices expected to be approved by 2025, highlighting the rapid technological progress [3]. - The global BCI market is projected to reach $12.4 billion by 2034, with a compound annual growth rate (CAGR) of 17% from 2025 to 2034, indicating substantial growth potential [3]. - Recent policy support, including the inclusion of implantable BCI devices in a priority approval list by the National Medical Products Administration, is expected to further enhance the commercialization process [3].

1月5日上午，A股三大股指高开高走，沪指重返4000点，超4000只个股上涨，近百只个股涨停。截至午间收盘，沪指报4011.45点，涨1.07%，深证成指涨 1.87%，创业板指涨2.15%。 沪深两市半日成交额达1.64万亿元，较上个交易日放量3238亿元。个股涨多跌少，全市场共4064只个股上涨，99只个股涨停，有1236只个股下跌。 从板块看，保险、医疗器械、半导体、游戏等板块涨幅居前，脑机接口概念股大涨；石油天然气、旅游酒店等板块跌幅居前，海南自贸港概念股持续下 挫。 | | | Wind热门概念指数 | | | | | Wind中国行业指数 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 脑机接口 | 医疗器械 | 保险 | CRO | 存储器 | 保险 | 医疗保健 | 生物科技 | 半导体 | 电脑硬件 | | 9.37% | 6.26% | 5.84% | 5.40% | 5.34% | 5.69% | 4.80% | 3.97% | 3.61% | 3.48% | | 医疗服务 | 创新药 | 基因检 ...

Group 1 - The gaming sector experienced a significant rebound, with companies like 37 Interactive Entertainment hitting the daily limit, and others such as Century Huatong and Giant Network also seeing gains. The gaming ETF (159869) surged nearly 4% in early trading, accumulating 1.171 billion yuan over the last 10 trading days, reaching a total scale of 12.611 billion yuan by December 31 [1] - WeChat Mini Games announced an upgrade to its in-app purchase incentive policy starting January 1, 2026, aimed at encouraging developers to create high-quality content. The year 2025 is anticipated to be a breakout year for the Chinese gaming market and its overseas expansion, with a total of 1,676 domestic game licenses issued, marking a 28.33% increase from 1,306 in 2024 [1] - Huaxin Securities forecasts a 7.68% year-on-year growth in domestic gaming market revenue for 2025, as the industry enters a phase of refined operations with normalized license issuance. The competitive landscape is characterized by leading firms and emerging players in niche markets, with a focus on lightweight casual products and the need for breakthroughs in mid-to-heavyweight and AI-native games [1] Group 2 - The gaming sector is catalyzed by multiple factors including AI, content, and changes in commercialization models. The gaming ETF (159869) tracks the performance of A-share listed companies in the animation and gaming industry, presenting investment opportunities [2]

作者 | 一财 阿驴 11:31 A股午盘丨沪指重返4000点 截至午盘，沪指涨1.07%，深成指涨1.87%，创业板指涨2.15%，科创综指涨超3%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | vam | 4011.45 | 42.61 | 1.07% | | 399001 | 深证成指 | | 13777.32 | 252.29 | 1.87% | | 399006 | 创业板指 | | 3272.07 | 68.90 | 2.15% | | 000680 | 科创综指 | Vim | 1689.67 | 52.97 | 3.24% | 盘面上，保险股涨幅居前，脑机接口概念股掀涨停潮，半导体产业链爆发，AI应用、商业航天题材 活跃。海南自贸区、石油板块调整。 | 板块名称 | 涨幅号 | 涨速 | 涨停数 | | --- | --- | --- | --- | | 脑机接口 | +13.06% | +0.19% | 26 | | 高压氧舱 | +7.12% | +0.1 ...

1月5日， 脑机接口板块持续大涨，截至发稿，板块指数涨幅已超11%。 马斯克说，该设备的电极丝将直接穿过硬脑膜，而无需将其切除，此举意义重大。 编辑丨瑜见 倍益康30%涨停，美好医疗、三博脑科、熵基科技、翔宇医疗、诚益通等10股20%涨停，创新医疗、荣 泰健康、南京熊猫、三七互娱等涨停。 | 代码 | 名称 | 式唱 | 息金额 | 息而值 | 现价 | | --- | --- | --- | --- | --- | --- | | 920199 | 倍益康 | +29.98% | 1.96 Z | 30.62 G | 44.96 | | 688767 | 博拓生物 | +20.01% | 6.27 Z | 67.71 Z | 45.34 | | 301293 | 三博脑科 | +20.01% | 7.04Z | 1 45.8亿 | 70.78 | | 301363 | 美好医疗 | +20.00% | 1.98 Z | 164.2 乙 | 28.86 | | 301330 | শ্ব # 技 | +20.00% | 7.25 Z | 93.34 Z | 39.66 | | 300887 | 谱尼测试 | + ...