每经AI快讯，2月5日，A股脑机接口板块尾盘回升，爱朋医疗短线拉升涨超4%，创新医疗、博拓生 物、可孚医疗、塞力医疗等个股跟涨。消息面上，中国提出多项APEC合作项目，涉及脑机接口技术 等。 每日经济新闻 ...

证券研究报告 从设备招投标看2026年行业投资机遇 设备拐点向上趋势明确，医疗新科技蓬勃 发展 医药生物行业 强于大市（维持） 证券分析师 叶 寅 投资咨询资格编号：S1060514100001 倪亦道 投资咨询资格编号：S1060518070001 裴晓鹏 投资咨询资格编号：S1060523090002 2026年2月4日 请务必阅读正文后免责条款 投资要点 2025年招投标高景气运行，政策与需求共振驱动增长 2025年医疗设备招投标市场在设备更新政策持续落地推动下逐步呈高景气态势，根据众成数科，全年公开招中标市场规模达1937.59亿元，yoy+24%，绝对金额仅次 于2022年高点位置。从月度趋势看，各月招采规模均处于高位，7-12月采购规模分别为134亿元/146亿元/164亿元/165亿元/207亿元/285亿元，尽管9月后受2024年 同期基数抬升影响增速有所放缓，但绝对规模仍保持高位。细分领域中，医学影像设备表现突出，2025年实现规模整体yoy+35.37%，DR、CT、超声等反弹明显；放 射治疗设备同比增长 36.34%，手术机器人、康复器械等领域也实现显著反弹。国产头部企业充分受益行业复苏 ...

1月份，公募机构以高频调研为新一年的投资布局拉开了序幕。 公募排排网数据显示，当月共有156家公募机构参与A股调研，覆盖电子等17个行业的486只个股，合计 调研3992次。其中，22家公募机构调研均超50次，博时基金、华夏基金、鹏华基金等头部机构领跑。从 调研方向看，AI算力、高端医疗、新能源三大主线成为核心聚焦领域，而脑机接口作为高端医疗中的 新兴赛道，凭借技术突破与商业化临近，成为公募机构问询的"新焦点"。 聚焦三大核心主线 1月份，公募机构的调研积极性显著提升，头部公司行动迅速。 从参与机构来看，博时基金以116次调研居首，重点覆盖电力设备、电子、计算机行业；华夏基金紧随 其后，共调研95次，聚焦机械设备、电力及电力设备领域；鹏华基金调研80次，侧重电子、计算机行 业。此外，易方达基金、国泰基金、富国基金、南方基金等头部机构调研次数均超70次，展现出对2026 年市场机会的高度重视。 此外，医药生物、电力设备、基础化工等行业调研次数均超276次，被调研个股均超34只。综合来看， 公募机构调研标的整体围绕AI算力、高端医疗、新能源等三大高增长主线展开。 脑机接口脱颖而出 值得关注的是，在高端医疗赛道中， ...

证券代码：300753 证券简称：爱朋医疗 公告编号：2026-003 江苏爱朋医疗科技股份有限公司 2025年度业绩预告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025年1月1日至2025年12月31日 2、业绩预告情况：预计净利润为负值 （1）以区间数进行业绩预告的 三、业绩变动原因说明 1、公司归属于上市公司股东的净利润预计亏损，主要系公司主营疼痛管理业务和鼻腔 及上气道管理业务营业收入未达预期。（1）疼痛管理业务方面，2025年是输注泵集中带量 采购政策推进的第一个完整年度，公司输注泵系列产品占疼痛管理业务比重较大，受集采政 策切换过渡期及市场竞争加剧等因素影响，销量较上年同期有所下滑；同时产品终端价格和 出厂价格同比下降，对公司营业收入及净利润产生影响。（2）鼻腔及上气道管理业务方面， 报告期内鼻腔护理系列产品的临床业务开发和准入周期延长，院内收费落地和管理进程慢于 预期；同时，药店零售渠道开发难度加大，产品价格竞争进一步加剧，对公司鼻腔护理产品 的销售带来不利影响。 2、为培育发展新动能、提高公司核 ...

Group 1 - The medical device sector increased by 0.19% on January 29, with Sanyou Medical leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Key stocks in the medical device sector showed varied performance, with Sanyou Medical rising by 5.12% to a closing price of 22.60 [1] Group 2 - Major stocks that declined included Daan Gene, which fell by 9.96% to a closing price of 6.87, and Cap Bio, down 9.88% to 7.94 [2] - The medical device sector experienced a net outflow of 376 million yuan from institutional investors, while retail investors saw a net inflow of 201 million yuan [2][3] - Notable net inflows from retail investors were observed in stocks like Lepu Medical, which had a net inflow of 42.29 million yuan [3]

Group 1 - Tianqi Co., Ltd. has entered the brain-computer interface (BCI) sector by investing in Suzhou Huahui Chip, focusing on high-density flexible neural electrode technology, achieving animal testing stages, and becoming a key player in domestic BCI hardware localization. The developed flexible neural electrode has 1024 channels, with signal acquisition precision and anti-interference capabilities at an internationally advanced level. The company has also completed biocompatibility surface modification technology to reduce inflammation after electrode implantation, with core patents authorized by the National Intellectual Property Administration [1][2][3] - Innovation Medical, through its subsidiary Boling Brain Machine, is one of the first companies in China to commercialize BCI rehabilitation products. The core product, Cyberlink AC5, was officially launched in October 2025, generating sales revenue of 114,000 yuan in 2025. Another product, Cyberlink AM5, has completed multi-center clinical trials and is progressing through the approval process. The company plans to establish five additional clinical cooperation centers to accelerate the application of BCI technology in treating neurological diseases [4][5][6] - iFlytek is a leading company in the non-invasive BCI field, leveraging its artificial intelligence technology to develop BCI collaborative technology. The company has established long-term partnerships with universities for research and development. Its non-invasive BCI system has been piloted in 120 schools nationwide, improving student attention by 30%. In the medical field, a collaboration with Beijing Tiantan Hospital has achieved a 92% accuracy rate in identifying abnormal brain signals for epilepsy [7][8][9] Group 2 - Jiahe Intelligent focuses on the research and mass production of BCI hardware, particularly EEG acquisition devices and core components, serving both consumer and medical-grade markets. The company has achieved large-scale production of EEG acquisition headphones with a signal recognition accuracy of 92%, primarily used in sleep monitoring and attention training. It plans to expand into overseas BCI hardware markets by 2026 [10][11][12] - Tom Cat is the first company in China to apply BCI technology in consumer scenarios, focusing on interactive games and rehabilitation training products. The company launched a mind-controlled game product in 2025, which quickly gained over 500,000 users. It also collaborates with rehabilitation institutions to develop BCI rehabilitation training systems, showing a 35% average improvement in patient motor function scores [13][14][15] - Hanwei Technology, through its subsidiary Weisheng Technology, is a leading company in the EEG sensor field, with an annual shipment of over 2 million units. The company has developed an epilepsy early warning system with an 88% accuracy rate in clinical tests. It also focuses on flexible pressure sensors for invasive BCI electrodes, addressing industry pain points [16][17][18] Group 3 - StarNet Ruijie leverages its network communication technology to develop low-power, high-stability EEG signal transmission systems and data encryption modules, becoming a core supplier for BCI data links. The developed transmission system supports real-time transmission of 1024-channel EEG signals with a latency of less than 10ms and a stability of 99.9% [19][20][21] - Yijiahe focuses on the integration of BCI and embodied intelligent robots, exploring applications in smart healthcare. The company has signed a strategic cooperation agreement to develop real-time emotional companionship and brain-controlled robots, enhancing the emotional care capabilities of robots [22][23][24] - Lihua Technology is focused on incubating and investing in the BCI sector, successfully incubating three high-tech companies in the field. The company collaborates with the Shenzhen Institute of Advanced Technology to provide comprehensive services for incubated companies, addressing development pain points [25][26][27] Group 4 - Sanbo Neurosurgery is a leading private hospital in the neurosurgery field, focusing on the clinical application and research of BCI. The company has successfully conducted an interventional BCI surgery, accumulating valuable experience for clinical applications. It is also recruiting participants for ongoing clinical trials [28][29][30] - Shiyun Circuit is a core enterprise in the PCB field, providing customized PCB products for BCI devices. The company focuses on high-density, flexible PCB designs, achieving low signal loss rates below 2% [31][32][33] - Meihua Medical is a leading supplier of core components for BCI, having entered the core supply chain for invasive BCI products. The company has developed components that have passed biocompatibility tests, ensuring long-term stability and safety for implanted devices [34][35][36]

Core Viewpoint - The medical device sector experienced a rise of 0.54% on January 21, with N Aisheren leading the gains, while the Shanghai Composite Index increased by 0.08% and the Shenzhen Component Index rose by 0.7% [1] Group 1: Stock Performance - N Aisheren (code: 920050) closed at 44.04, with a remarkable increase of 175.59% and a trading volume of 141,600 shares [1] - Tianzhihang (code: 688277) saw a rise of 12.38%, closing at 23.88 with a trading volume of 376,500 shares [1] - Xishan Technology (code: 688576) increased by 11.18%, closing at 76.80 with a trading volume of 34,000 shares [1] - Kangzhong Medical (code: 688607) rose by 10.91%, closing at 59.67 with a trading volume of 76,200 shares [1] - Shuoshi Biological (code: 6658889) increased by 9.74%, closing at 84.84 with a trading volume of 70,300 shares [1] Group 2: Capital Flow - The medical device sector saw a net inflow of 300 million yuan from institutional investors, while retail investors experienced a net outflow of 430 million yuan [2] - Major stocks like Sainuo Medical (code: 688108) had a net inflow of 69.18 million yuan from institutional investors, but a net outflow of 44.76 million yuan from retail investors [3] - LePu Medical (code: 300003) had a net inflow of 48.54 million yuan from institutional investors, with a slight net inflow of 0.52 million yuan from retail investors [3]

证券代码：300753 证券简称：爱朋医疗 江苏爱朋医疗科技股份有限公司 投资者关系活动记录表 编号：2026-002 | | 特定对象调研 分析师会议 | | | | --- | --- | --- | --- | | 投资者关系活动 类别 | 媒体采访 业绩说明会 | | | | | 新闻发布会 路演活动 | | | | | 现场参观 | | | | | 其他（电话会议） | | | | 参与单位名称及 | 中信建投证券，兴业证券，国联民生证券，华创证券，国新证券，国 元证券，上海证券，华龙证券，国泰基金，南方基金，西部利得基金， 工银瑞信基金，汇添富基金，兴全基金，农银汇理基金，中欧基金， | | | | | 中银基金，富国基金，建信基金，建信资产，永赢基金，南华基金， | | | | | 华宝自营，中国人寿养老保险，华鑫信托，交银康联人寿，中信期货， | | | | 人员姓名 | 国泰海通资管，浙商资管，华创证券资管，国源信达资管，易鑫安资 | | | | | 管，鲸域资管，健顺投资，草木资本，友山基金，上海古曲基金，北 | | | | | 京沣沛投资，正圆投资，景泰利丰投资，杭州乾璐 ...

Core Viewpoint - The brain-computer interface (BCI) sector in the A-share market has shown significant activity at the beginning of 2026, with a cumulative increase of 18.04% in the BCI theme index as of January 16, 2026, indicating a strong interest and potential for commercialization in this emerging industry [2][4]. Industry Overview - The BCI industry is projected to reach a market size of trillions, transitioning from laboratory research to commercial applications, driven by advancements in technology and supportive government policies [3]. - The Ministry of Industry and Information Technology and other departments have emphasized the importance of BCI in their strategic plans, including its inclusion in the "14th Five-Year Plan" for future industrial development [3]. Market Performance - As of January 16, 2026, the total market capitalization of 26 listed companies in the BCI sector has increased by approximately 108.7 billion yuan over ten trading days [8]. - Notable companies like Innovation Medical and Meihua Medical have experienced significant stock price fluctuations, reflecting the volatile nature of the market and investor sentiment towards BCI technologies [5][7]. Company Developments - Innovation Medical's subsidiary, Boling Brain Machine Technology, has launched products aimed at rehabilitation for stroke patients, although it reported operating losses of 6.6 million yuan and 8.66 million yuan in 2023 and 2024, respectively [6]. - Meihua Medical, a leader in cochlear implants, is actively collaborating with BCI clients to facilitate the transition from laboratory research to commercial production, highlighting the interconnectedness of BCI and existing medical technologies [7]. Strategic Collaborations - Companies like Yahui Long and Shenzhen Brain Machine Star Chain Technology have entered strategic partnerships to develop BCI-related products, aiming to enhance diagnostic and treatment capabilities in central nervous system diseases [9]. - Aipeng Medical is also expanding its business into BCI applications, focusing on pain management and sleep disorders, indicating a broader trend of diversification within the medical device sector [9]. Technical Insights - The core technological barriers in the BCI industry are concentrated in the upstream supply chain, including hardware components and surgical techniques, with significant potential for growth in domestic market penetration and localization [10].

爱朋医疗 20260115 摘要 爱朋医疗聚焦非侵入式脑机接口商业化，尤其在术中麻醉监测领域，已 实现超 1,000 万元收入，但受医疗控费影响，进展未达预期，正积极拓 展新应用。 公司预计 2026 年，针对顽固性失眠和多模态 ADHD 治疗系统的新应用 有望带来数千万元收入，2027 年或成业绩新拐点，前提是医院端商业 化基础良好。 爱朋医疗的围术期脑状态监测产品已在约 20 个省市有自费收费项目， 每次约 300 元，顽固性失眠和小儿 ADHD 治疗系统也采用类似模式， 均不在医保范围内。 术中麻醉监测已进入 100 多家医院，目标 2026 年超 200 家；顽固性失 眠治疗系统已与两家医院合作，小儿 ADHD 治疗目标是覆盖国内头部 100 家儿科门诊率 1 万以上的医院。 半植入式癫痫预警产品处于样机预研阶段，预计 2026 年底出样机， 2027 年进入动物临床，与科研院所合作，如瑞金医院徐文教授及中科 学院系。 Q&A 爱朋医疗在脑机接口领域的布局情况如何？未来是否会有重点技术方向？ 爱朋医疗在脑机接口领域的布局非常全面，涵盖了无创、半侵入式和全侵入式 三大技术方向。在无创脑机接口方面，公司主 ...