证券研究报告 | 2025年10月21日 金融工程日报 沪指单边上行，科技龙头再度拉升 市场表现：今日(20251021) 市场全线上涨，规模指数中中证 2000 指数表现 较好，板块指数中创业板指表现较好，风格指数中中证 500 成长指数表现较 好。通信、电子、房地产、机械、建筑行业表现较好，煤炭、食品饮料、交 通运输、银行、电力公用事业行业表现较差。光模块(CPO)、超宽带技术、 消费电子代工、光芯片、页岩气等概念表现较好，锂电电解液、啤酒、有机 硅、高速公路精选、央企煤炭等概念表现较差。 市场情绪：今日市场情绪较为高涨，收盘时有 90 只股票涨停，有 5 只股票 跌停。昨日涨停股票今日收盘收益为 1.82%，昨日跌停股票今日收盘收益为 -1.80%。今日封板率 78%，较前日提升 2%，连板率 17%，较前日下降 13%， 连板率创近一个月新低。 市场资金流向：截至 20251020 两融余额为 24300 亿元，其中融资余额 24132 亿元，融券余额 168 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 10.7%。 折溢价：20251020 当日 ETF 溢价较多的是通信 ...

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Rongbai Technology, Jingzhida, Shouchuang Environmental Protection, World, and Jiufeng Energy [12] - In the last five days, the most researched companies were Dike Co., Jiuzhou Pharmaceutical, Aipeng Medical, Juzan Optoelectronics, and LiuGong [13] - Among the top twenty companies in the past 30 days, 11 had ten or more rating agencies, with Huafeng Measurement and Huichuan Technology expected to see significant growth in net profit for the first half of 2025 compared to 2024 [12] Group 2: Major Shareholder Increase in A-Share Companies - From October 13 to October 17, 2025, six A-share companies announced significant shareholder increases, with Luyin Investment and Beichen Industrial planning to increase their holdings by amounts exceeding 1% of the latest market value [17] - From January 1 to October 17, 2025, a total of 285 companies announced shareholder increases, with 81 having ten or more rating agencies, and 20 of these companies planning increases exceeding 1% of their latest market value [19] Group 3: A-Share Company Buyback Situation - From October 13 to October 17, 2025, 72 companies announced buyback progress, with 12 having ten or more rating agencies, and four companies expected to have buyback amounts exceeding 1% of their market value [24] - From January 1 to October 17, 2025, 1,768 companies announced buyback progress, with 383 having ten or more rating agencies, and 89 companies expected to have buyback amounts exceeding 1% of their market value [27]

Group 1: Market Trends and Company Performance - A total of 173 listed companies received institutional research during the week of October 13 to 17, with approximately 20% of the researched stocks achieving positive returns, led by Huicheng Environmental with a 20.08% increase [1] - The technology sector remains a focus for institutional research despite recent adjustments, with companies like Dike Co., Nengke Technology, and Aipeng Medical attracting around 100 institutional inquiries [1] - The storage industry is experiencing continuous price increases, prompting institutions to explore investment opportunities, with companies like Dike Co. expecting strong revenue growth in their storage business [3] Group 2: Company Strategies and Responses to Policy Changes - Dike Co. is planning to acquire Jiangsu Jingkai, which will enhance its integrated layout in the storage business, potentially improving profit margins [3] - Deep Technology indicated that its semiconductor packaging business is progressing steadily, with capacity utilization meeting order demands, and it will continue to monitor market opportunities for expansion [3] - The Central Cyberspace Affairs Commission and the National Development and Reform Commission issued guidelines for AI deployment in government sectors, which South威 Software views as a significant step for the intelligentization of government services [5] Group 3: Banking Sector Insights - The banking sector has seen increased research interest as bank stocks serve as a safe haven during market adjustments, with Shanghai Bank reporting a more than 6% increase [6][7] - Shanghai Bank plans to maintain a stable dividend policy, with a cash dividend ratio of no less than 30% annually from 2025 to 2027 [7] - Ningbo Bank has also seen a 4% increase and aims to expand financial services to meet the financing needs of the real economy, emphasizing sustainable growth and shareholder returns [8]

Group 1: Market Trends and Company Performance - A total of 173 listed companies received institutional research during the week of October 13 to 17, with approximately 20% of the researched stocks achieving positive returns, led by Huicheng Environmental Protection with a 20.08% increase [2] - The technology sector remains a focus for institutional research despite recent adjustments, with companies like Dike Co., Nengke Technology, and Aipeng Medical attracting around 100 institutional inquiries [2] - The banking sector has seen an increase in research interest, with Shanghai Bank rising over 6% during the week and planning to maintain a stable dividend policy with a cash dividend ratio of no less than 30% over the next three years [10][16] Group 2: Semiconductor and Storage Industry Insights - The storage industry is experiencing continuous price increases, attracting institutional interest, with Dike Co. indicating a positive outlook for its storage business revenue growth and plans to acquire Jiangsu Jingkai [4] - Deep Technology stated that its semiconductor packaging and testing business is progressing steadily, with capacity utilization meeting order demands, while also monitoring market opportunities for potential expansion [6] - Demingli predicts a favorable trend for the storage industry cycle, driven by advancements in NAND technology and increasing demand for high-speed storage due to AI applications [6] Group 3: Policy Impact on Companies - The recent policy changes from the Central Cyberspace Administration and the National Development and Reform Commission are seen as a guiding framework for the intelligent transformation of government services, benefiting companies like Nanwei Software [8] - Zhongjin Radiation plans to strengthen communication with existing cobalt suppliers to mitigate costs following the implementation of the cobalt export quota system in the Democratic Republic of the Congo [11] - Zhongji United has prepared sufficient inventory overseas to mitigate potential impacts from tariff changes, ensuring stable operations and maintaining communication with clients for price adjustments [12]

证券日报网讯爱朋医疗10月17日发布公告，在公司回答调研者提问时表示，公司围术期脑状态监测产品 麻醉深度监护仪已获得3张注册证，完成20多个省份的挂网并产生销售。公司全新推出的顽固性失眠麻 醉治疗系统，目前已落地医院开展临床治疗，商业化正式开始推广，其收费主要根据实际的治疗项目对 应收费。公司近期获取的两款脑电采集产品医疗器械注册证是公司"多模态ADHD行为治疗管理系统"的 核心组成部分，目前公司已经和复旦大学附属儿科医院共同成立脑机接口行为治疗联合实验室，将科研 创新与临床场景紧密结合，为ADHD儿童提供全新认知行为治疗解决方案。ADHD行为治疗在院内是有 相应的收费目录的，同时湖北、浙江、江苏等地相继出台脑机接口相关医疗服务价格项目，其中非侵入 式脑机接口适配费966元/次。9月24日国家医保局出台新规，明确将为脑机接口等创新医疗产品开通医 保赋码"绿色通道"，为脑机接口临床实践及应用提速。 （文章来源：证券日报） ...

证券日报网讯爱朋医疗（300753）10月17日发布公告，在公司回答调研者提问时表示，公司始终坚持以 产品创新和技术创新为核心驱动力，在脑机接口方向，公司将持续深化传感器、电极、脑电信号处理及 应用算法研究，积极推进围术期脑状态监测、睡眠疾病诊治、多动症与专注力提升、癫痫预警等精神类 疾病诊疗的临床应用。公司已成立人工智能与脑机工程研究院，该研究院将以技术研发为导向，推动医 疗器械人工智能在技术研发、临床转化及商业化方面落地，专注于疼痛管理、麻醉与镇静、精神诊疗三 大领域。同时，公司积极加强与知名院校、科研院所的交流合作，推动科技创新和产业落地的深度融 合。 ...

Core Insights - The company Aipeng Medical has received three registration certificates for its perioperative brain state monitoring product, the anesthesia depth monitor, and has completed network access in over 20 provinces, generating sales [1] - A new treatment system for refractory insomnia has been launched and is currently undergoing clinical treatment in hospitals, with commercialization efforts initiated based on actual treatment project execution [1] - The company has established a joint laboratory for brain-machine interface behavioral therapy in collaboration with the Children's Hospital affiliated with Fudan University, focusing on cognitive behavioral therapy for children with ADHD [1] - The core component of the multimodal ADHD behavioral management system has received registration certification, and non-invasive brain-machine interface adaptation fees have been set at 966 yuan per session in regions such as Hubei, Zhejiang, and Jiangsu [1] - The National Medical Insurance Administration has opened a "green channel" for innovative products like brain-machine interfaces, facilitating the acceleration of clinical application [1]

Group 1: Company Overview - Aipeng Medical focuses on medical devices, particularly in pain management and nasal airway management, while also exploring brain-computer interface innovations [4] - The company has established a partnership with Ruishen'an Medical, a leading player in the domestic neuroregulation field [4] Group 2: Product Development and Market Position - The company has launched a perioperative brain state monitoring product, which has received 3 registration certificates and is generating sales across over 20 provinces [5] - The newly introduced treatment system for refractory insomnia has begun clinical applications, with pricing based on specific treatment projects [5] - The non-invasive brain-computer interface adaptation fee is set at 966 RMB per session, with recent regulations facilitating insurance coverage for innovative medical products [5] Group 3: Technological Advancements - The anesthesia depth monitoring device utilizes a proprietary index, collecting EEG data at 2,000 times per second, providing a comprehensive analysis of anesthesia depth [8] - The company’s new generation ADM series anesthesia depth monitor offers enhanced performance, usability, and stability, with features including EEG spectrum analysis and anesthesia depth assessment [8] Group 4: Strategic Collaborations - Aipeng Medical's investment in Ruishen'an in 2019 was driven by strategic synergies in chronic pain treatment, particularly with the development of implantable vagus nerve stimulators [9][10] - The collaboration has expanded to include various products for epilepsy and pain management, achieving significant sales [10] Group 5: Future Research and Development Plans - The company aims to deepen research in sensors, electrodes, and EEG signal processing, focusing on clinical applications for sleep disorders, ADHD, and epilepsy [11] - An Artificial Intelligence and Brain-Computer Engineering Research Institute has been established to drive innovation in pain management, anesthesia, and mental health treatment [11]

Group 1 - The core viewpoint of the news is that Aipeng Medical has seen a stock price increase of 5.07%, reaching 30.45 CNY per share, with a trading volume of 240 million CNY and a turnover rate of 9.16%, resulting in a total market capitalization of 3.838 billion CNY [1] - Aipeng Medical, established on October 30, 2001, and listed on December 13, 2018, specializes in the development, production, and sales of medical devices in the fields of pain management and nasal care [1] - The company's main business revenue composition includes pain management products at 59.73%, nasal and upper airway products at 29.40%, and other products at 10.87% [1] Group 2 - From the perspective of fund holdings, Beixin Ruifeng Fund has one fund heavily invested in Aipeng Medical, specifically the Beixin Ruifeng Health Life Theme Flexible Allocation Fund (001056), which holds 120,000 shares, accounting for 4.43% of the fund's net value, ranking as the tenth largest holding [2] - The Beixin Ruifeng Health Life Theme Flexible Allocation Fund (001056) was established on March 27, 2015, with a latest scale of 89.3779 million CNY, and has achieved a year-to-date return of 29.73%, ranking 2969 out of 8161 in its category [2] - The fund has a one-year return of 32.8%, ranking 2786 out of 8021, and a cumulative return since inception of 23.5% [2]

Core Viewpoint - Aipeng Medical (300753) is focusing on the medical device sector, particularly in pain management and upper airway management, while also expanding into brain-computer interface innovations [1] Group 1: Business Focus - The company is engaged in two main segments: acute and chronic pain management, and nasal and upper airway management [1] - Aipeng Medical is actively developing brain-computer interface applications, including perioperative brain state monitoring and treatment systems for insomnia and ADHD [1] Group 2: Product Development - The company has developed a multimodal ADHD behavior management system that connects data from in-hospital training centers to home training environments, utilizing scientific EEG monitoring and multimodal intervention training [1] - Aipeng Medical possesses advanced technology in anesthesia depth monitoring, which is crucial for perioperative monitoring, diagnosis, and early warning applications [1] Group 3: Future Innovations - The company is researching a seizure warning platform and aims to advance clinical applications for perioperative brain state monitoring, ADHD, sleep disorders, and epilepsy [1] - Aipeng Medical has invested in Ruishen'an Medical, which specializes in the development, production, and sales of brain nerve regulation and intracranial electrode medical devices [1]