Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The brain-computer interface (BCI) technology is undergoing a period of accelerated transformation, with various technical paths available, including invasive, semi-invasive, and non-invasive methods, each with its own advantages in signal quality, safety, and operational difficulty [5][19] - The Chinese brain-computer interface market is projected to grow significantly, with the market size reaching approximately 1.73 billion yuan in 2023, accounting for 12.5% of the global market [6] - The industry is supported by a three-pronged policy approach focusing on planning, payment, and standards, which is expected to facilitate rapid development [6][33] Summary by Sections 1. Brain-Computer Interface Overview - BCI is a multidisciplinary technology that integrates neuroscience, computer science, and engineering to enable communication between the brain and external devices [17] - The technology operates through a closed-loop system involving signal input, processing, device control, and feedback [17] 2. Policy Support for BCI Development - The Chinese government has issued several policies to support the BCI industry, including the "Implementation Opinions on Promoting the Innovation and Development of the Brain-Computer Interface Industry" which outlines goals for 2027 and 2030 [6][43] - The policies aim to establish a robust industrial ecosystem, enhance innovation capabilities, and promote clinical applications of BCI technologies [43][44] 3. Technological Advancements and Applications - Core technological breakthroughs are occurring in the upstream segment of the BCI industry, particularly in hardware such as electrodes and chips [7] - The medical application of BCI is predominant, with 56% of the market share in 2023, focusing on various therapeutic areas including cognitive disorders and movement disabilities [7][9] - Companies like Lepu Medical and Aipeng Medical are actively involved in developing deep brain stimulation (DBS) technologies, with some preparing for IPOs [7][8] 4. Investment Recommendations - The report suggests focusing on both invasive and non-invasive BCI products, with specific companies identified as beneficiaries based on their clinical trial progress and commercialization potential [8] - Notable companies include Aipeng Medical and Lepu Medical for invasive products, and Xiangyu Medical and Innovation Medical for non-invasive products [8]

Core Insights - The medical device sector is experiencing a strong upward trend, with the CSI All Index Medical Device Index rising by 1.25% and significant gains in key stocks such as Meihua Medical and Xiangyu Medical [1] - Neuralink, owned by Elon Musk, plans to begin large-scale production of brain-machine interface devices in 2026, aiming for a streamlined and automated surgical process [1] - The brain-machine interface has been included in China's 14th Five-Year Plan, with specific goals for technological breakthroughs by 2027 and industry strength by 2030 [1] Market Performance - The medical device ETF (159883) has seen a 1.16% increase, with net subscriptions exceeding 400 million units [1] - The latest net inflow into the medical device ETF is 274 million yuan [1] Industry Developments - Domestic high-end medical device market share is increasing, with over 70% penetration of domestic DR and ultrasound diagnostic equipment in grassroots medical institutions [2] - The brain-machine interface industry is expected to enter a growth phase, transitioning from research to commercialization, supported by policy and technological advancements [2] - The brain-machine interface market is projected to grow at a CAGR of 17% from 2025 to 2034, reaching an estimated $12.4 billion by 2034 [2] ETF Insights - The medical device ETF (159883) has the highest brain-machine interface content in the market, accounting for over 23% of its holdings, and focuses on innovative domestic companies [3] - The Hong Kong medical ETF (159366) tracks a medical theme index, providing exposure to high-quality assets in the medical device sector, including minimally invasive brain science and robotics [3]

Group 1 - The medical device sector experienced a significant increase of 5.5% on January 5, with JinHao Medical leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] - Notable individual stock performances included JinHao Medical with a closing price of 38.23, up 20.03%, and BoTuo Bio with a closing price of 45.34, also up 20.01% [1] Group 2 - The medical device sector saw a net inflow of 1.678 billion yuan from institutional investors, while retail investors experienced a net outflow of 644 million yuan [2] - The top individual stock in terms of net inflow was AiPeng Medical, with a net inflow of 1.57 million yuan, representing 25.59% of its trading volume [3] - Conversely, major outflows were observed in stocks like MaiRui Medical, which had a net outflow of 91.39 million yuan from retail investors, accounting for 2.74% of its trading volume [3]

Market Overview - The Shanghai Composite Index closed at 4018.63 points, above the five-day moving average, with an increase of 1.25% [1] - The total trading volume of A-shares reached 24,812.35 billion yuan [1] Stocks Performance - A total of 1,955 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - BeiYikang (18.85% deviation rate, 29.98% increase, latest price 44.96 yuan) [1] - WeiSi Medical (15.01% deviation rate, 20.00% increase, latest price 58.08 yuan) [1] - ChengYiTong (14.78% deviation rate, 19.98% increase, latest price 23.06 yuan) [1] Additional Notable Stocks - Other stocks with significant performance include: - GuanHao Biological (14.72% deviation rate, 20.00% increase, latest price 16.62 yuan) [1] - DiNaiKe (14.64% deviation rate, 20.00% increase, latest price 17.76 yuan) [1] - MeiHao Medical (14.46% deviation rate, 20.00% increase, latest price 28.86 yuan) [1] Trading Metrics - The trading turnover rates for the top performing stocks vary, with BeiYikang at 12.85% and WeiSi Medical at 7.20% [1] - The five-day moving average prices for these stocks range from 14.49 yuan to 282.35 yuan [1][2]

政策端也持续加码支持。国家药监局近期在北京召开脑机接口医疗器械工作推进会，明确表示将加快相 关产品的审评审批流程，推动创新器械更快上市应用。 国金证券指出，在医疗器械创新政策密集落地 背景下，脑机接口作为前沿交叉领域，正迎来从科研验证向临床及消费场景拓展的关键窗口期。 （文章来源：每日经济新闻） 医疗器械ETF（562600）大涨4.36%。截止2025年12月30日，医疗器械ETF脑机接口含量达20.91%。 消息面上，行业迎来多重催化。特斯拉CEO埃隆·马斯克近日在社交媒体透露，其旗下脑机接口公司 Neuralink计划于2026年启动脑机接口设备的"大规模生产"。这一表态被市场视为该技术迈向商业化的重 要信号。 与此同时，由OpenAI首席执行官Sam Altman联合创立的脑机接口初创公司Merge Labs宣布将分拆为独 立实体，专注于开发基于超声波的非侵入式脑信号读取技术。该方案无需植入电极，即可实现对大脑活 动的大范围、高精度解读，有望大幅降低技术门槛与临床风险。 早盘脑机接口概念小幅高开，随后震荡上行，截止10点57分，乐普医疗、美好医疗、翔宇医疗、伟思医 疗、迈普医学封板涨停。 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [29]. Core Insights - The report highlights that the national government will continue to support the renewal of medical equipment in 2026, which is expected to drive demand in the medical device sector. The focus is on high-end equipment and companies with significant performance improvements and international expansion, such as Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical [3]. - The report emphasizes the optimization of application conditions and review processes for equipment renewal projects, aiming to lower investment thresholds and enhance support for small and medium-sized enterprises [3]. - The ongoing policy for equipment renewal is anticipated to sustain a favorable bidding environment for medical devices, with a gradual improvement in performance as inventory clears [3]. Summary by Sections Industry Overview - The report discusses the government's announcement on December 30, 2025, regarding large-scale equipment renewal and the inclusion of various sectors, including healthcare, in the support framework for 2026 [3]. - It outlines the measures to improve the application process for equipment renewal, including stricter requirements for equipment depreciation and minimum usage periods [3]. Investment Opportunities - The report suggests focusing on companies that are expected to show significant performance improvements and have a leading international presence in the medical device sector [3]. - Specific companies recommended for investment include Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical, which are well-positioned to benefit from the anticipated demand for high-end medical equipment [3]. Market Performance - The medical sector has experienced a decline, with a reported drop of 2.06% in the last week, ranking 25th among 28 industries [8][18]. - The report notes that the medical device market is under pressure in the short term due to policy impacts, but improvements are expected as companies innovate and expand internationally [5].

Investment Rating - The report provides a positive investment rating for the regenerative medicine sector, highlighting specific companies as key investment opportunities [1]. Core Insights - The regenerative medicine platform company is positioned in the high-end manufacturing field of neurosurgery, with a projected revenue growth of 30% and a net profit increase of 43% in Q1-Q3 of 2025. The company is expected to enter a product harvest phase from 2025 to 2027, stabilizing net profit margins and increasing profits [1]. - The report emphasizes the benefits of centralized procurement, with the company achieving significant growth by trading price for volume, projecting a 21% revenue increase and a 93% net profit growth in 2024 [1]. - The report identifies new product approvals and expanded indications as key growth drivers, with expectations of a 100% growth rate for certain products from 2025 to 2026 [1]. Summary by Relevant Sections Regenerative Medicine - The regenerative medicine company is expected to see a revenue increase of 30% and a net profit increase of 43% in Q1-Q3 of 2025, entering a product harvest phase from 2025 to 2027 [1]. - The company benefits from centralized procurement, achieving a 21% revenue increase and a 93% net profit growth in 2024 [1]. - New product approvals are anticipated to drive a 100% growth rate from 2025 to 2026 [1]. Automotive - The automotive sector shows a positive outlook with the introduction of a second brand expected to enhance performance significantly compared to Q3 [1]. - The company is projected to achieve a revenue of 1,099 million in 2026, with a growth rate of 37% [1]. Paper Industry - The white cardboard paper industry is expected to see a recovery in downstream demand, with the company positioned to benefit from high market concentration and improved pricing power [1]. - The company anticipates a revenue increase of 407 million in 2026, with a growth rate of 123% [1]. Chemical Industry - The chemical sector is experiencing high demand, with the agricultural market showing signs of recovery [1]. - The company is projected to achieve a revenue of 2,078 million in 2026, maintaining a growth rate of 14% [1]. Mining - The mining sector is benefiting from rising gold and copper prices, with the company expected to see a 54% increase in net profit [1]. - The projected revenue for 2026 is 50,478 million, with a growth rate of 10% [1].

Core Viewpoint - Guangzhou Maipu Regenerative Medicine Technology Co., Ltd. is planning to acquire 100% equity of Guangzhou Yijie Medical Technology Co., Ltd. for a total price of 334.85 million yuan, which includes both share issuance and cash payment [1][2]. Group 1: Transaction Details - The transaction price is set at 33,484.94 million yuan, with 30,105.88 million yuan paid in shares and 3,379.06 million yuan in cash [1]. - The company will issue 7,271,946 shares, representing 9.84% of the total share capital post-issuance (excluding supporting financing) [1]. Group 2: Funding and Purpose - The company plans to raise an additional 13,357.64 million yuan from its controlling shareholder Yuan Yuyu to supplement working capital, fund R&D projects, and cover cash payments [2]. - This restructuring aims to expand the company's presence in the neuro-interventional medical device sector, enhancing technological synergy and channel integration [2]. Group 3: Regulatory Aspects - The transaction constitutes a related party transaction but does not qualify as a major asset restructuring or a restructuring listing [2]. - The transaction is subject to approval from the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission, indicating potential uncertainties in implementation [2].

回复函显示，本次交易标的资产易介医疗股东全部权益的评估值为33484.94万元，采用收益法评估结 果，增值率为259.91%；资产基础法评估结果为11975.77万元，增值率为28.72%。评估机构最终选取收 益法作为评估结论，并针对市场法未采用的原因、两种方法结果差异较大的合理性、未来收入增长依据 等问题进行了逐一说明。 评估方法选择：收益法更能体现企业核心价值 评估机构指出，未采用市场法主要是由于难以获取在行业、企业发展阶段及经营规模等方面与易介医疗 具备可比性的公开市场交易案例，且当前同行业可比公司的经营规模与标的资产存在显著差异。数据显 示，易介医疗2025年6月末净资产为9303.58万元，同期可比上市公司如惠泰医疗、赛诺医疗的净资产分 别为282927.97万元、92479.08万元，差距显著。 广东联信资产评估土地房地产估价有限公司近日就广州迈普再生医学科技股份有限公司（以下简称"迈 普医学"）发行股份及支付现金购买资产并募集配套资金事宜，对深圳证券交易所的审核问询函中涉及 资产评估的相关问题进行了详细回复，重点解释了标的资产易介医疗的评估方法选择、估值合理性及未 来业绩预测依据等核心问题。 针 ...

华泰联合证券有限责任公司 关于广州迈普再生医学科技股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易 之 独立财务顾问报告 （修订稿） 独立财务顾问 签署日期：2025 年 12 月 独立财务顾问声明和承诺 华泰联合证券有限责任公司（以下简称"华泰联合"、"本独立财务顾问"）接受广 州迈普再生医学科技股份有限公司（以下简称"迈普医学"、"上市公司"或"公司"） 委托，担任本次发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本 次交易"）的独立财务顾问，就该事项向上市公司全体股东提供独立意见，并制作本独 立财务顾问报告。 本独立财务顾问核查意见是依据《中华人民共和国公司法》、《中华人民共和国证券 法》、《上市公司重大资产重组管理办法》、《上市公司并购重组财务顾问业务管理办法》、 《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》、 《上市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的监管要求》、和《深 圳证券交易所上市公司重大资产重组审核规则》等法律法规及文件的规定和要求，以及 证券行业公认的业务标准、道德规范，经过审慎调查，本着诚实信用和 ...