市场迷雾重重，还在为抓不住市场热点而焦虑？《掘金板块牛熊》帮你精准把握风格切换信号，带领你 看懂热钱的情绪周期。 每个交易日午间解密当天盘面热点的核心逻辑，《掘金板块牛熊》让你踩准市 场节奏，财富增值不迷路！ 【今日早盘观察】 ①牛榜 - "塑料中的黄金"PEEK材料概念走强！恒勃股份"20cm"涨停,超捷股份、光威复材、南京聚 隆、华密新材、双一科技、富恒新材等跟涨。PEEK材料牛在哪？产业链的核心股有哪些？ ②牛榜 - 脑机接口概念震荡走强！翔宇医疗涨超10%，倍益康、创新医疗、三博脑科、美好医疗、 博拓生物跟涨。脑机接口迎确定性关口，会有下一只翻倍股吗？ ③熊榜 - 锂电池板块震荡调整！锂矿、电解液方向领跌，欣旺达、宏源药业跌超10%，多氟多、天 华新能、大中矿业、海科新源、清水源均跌超7%。锂电板块怎么看？ 点击付费阅读，解密今日盘面热点的核心逻辑！ 前言 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 在这岁末年初的交替阶段，A股市场迎来两个"惊喜"。 一是商业航天板块强者恒强的走势，成为市场人气最高的板块。 今天上午，多元金融、碳纤维、燃气、风电设备等板块表现活跃，这些看似"不相干"的板块，背后 却因为商业航天板块交易逻辑扩散，串联了起来。 二是上证指数的连阳走势。 今天 上午， 上证指数继续上涨，日线迎来"9连阳 " 。截至12月26 日，上证指数今年以来的最长连阳纪录是"8连阳 " ，共发生两次：一次发生在4月11日—22日， 另一次在8月4日—13日。 今天 下午，上证指数若保持涨势，将迎来日线"9连阳 " ，打破此前 的"8连阳 " 纪录。 今天上午，算力产业链、消费电子、有色金属等板块上涨，锂电产业链回调。截至午间收盘，上证 指数上涨0.31%，深证成指上涨0.03%，创业板指下跌0.32%。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | 3975.92 | 13607.39 | 3233.53 | | +12.24 +0.31% | +3.50 +0.03% ...

Group 1 - The A-share market's brain-computer interface sector experienced a collective surge, with Xiangyu Medical rising over 9%, Sanbo Brain Science, Meihao Medical, Mylande, and Innovation Medical increasing over 6%, and Xilinmen, Pulite, and Botuo Bio rising over 5% [1] - The Fifth Frontier of Brain Science and Industry Conference and the 2025 Shenzhen Brain-Computer Interface Expo commenced on December 28, marking a significant event in the sector [1] - The "Guangdong-Hong Kong-Macao Greater Bay Area Brain Science and Central Nervous System Disease AI Innovation Alliance" was officially launched, indicating a collaborative effort to advance brain science and technology [1]

行 业 研 究 华福证券 机械设备 2025 年 12 月 28 日 太空脑机接口首试成功，深空神经探索启新程 投资要点： 突破技术壁垒，在轨验证创举 行 业 定 期 报 告 近日，西北工业大学牵头开发的两套太空专用小鼠无线植入式脑 机接口微系统，搭载"迪迩五号・中国科技城号"空间试验器成功升空 并进入预定轨道，目前运行稳定、数据正常回传。此次任务是国际首 次在太空环境下开展该类设备长期在轨离体验证，核心包含自研多通 道柔性微电极、神经信号采集芯片等关键部件，创新采用"动物舱" 与"独立舱"双室协同验证模式，攻克了太空复杂环境下信号采集、 长期稳定性等技术难题。 筑牢科研基础，赋能未来探索 该试验为后续无约束小动物在体在轨神经信号采集提供关键数据 与技术支撑，助力揭示太空对神经的影响机制、保障航天员脑健康。 其技术未来有望应用于月球/火星基地长期驻留任务，为人类深空探测 筑牢健康基石，同时推动中国植入式脑机接口技术迈入"太空时代"， 为脑科学太空探索及新质生产力发展注入强劲动力。 "十五五"重点赛道，脑机接口市场规模有望快速增长 根据 precedence research，2024 年全球脑机接口市场规模约 ...

脑机接口板块大涨，建议加强重视十五五规划医疗科技方 向 20251225 摘要 中国在脑机接口领域处于全球相对领先地位。中国拥有大量医院和病人资源， 积极推动先进疗法的临床试验。此外，中国在医疗器械制造方面积累了丰富经 验，有望实现厚积薄发。目前，中国有许多团队从事脑机接口研究，数量甚至 可能超过美国。未来，中国有望涌现出具有全球竞争力的脑机接口公司，并逐 步走向国际市场。 目前有哪些公司在布局脑机接口领域？ 在上游零部件供应方面，美好医疗等公司为脑机接口企业提供代工服务。在康 复医疗器械领域，公司如翔宇医疗、迈兰德、韦斯和诚益通等都在积极布局。 此外，下游医院如三博脑科也非常重视这一方向。在非侵入式脑机接口方面， 强脑科技等公司备受关注。一级市场中，如博瑞康等公司也被寄予厚望，有望 通过上市形成更强的板块效应。 明年（2026 年）可以期待哪些政策支持？ 中国脑机接口领域发展迅速，受益于庞大的医院和病人资源以及医疗器 械制造经验，涌现出众多研究团队，数量或超美国，未来有望出现具全 球竞争力的公司。 政策支持力度加大，预计 2026 年将迎来国家顶层设计、资金支持以及 药监局绿色通道等多方面政策利好，加速产品 ...

Core Viewpoint - Sanbo Brain Science (301293) has made significant improvements in its operations following the relocation of its Kunming branch to a new facility, which includes the addition of a cardiology department and advanced medical equipment [1] Group 1: Facility Improvements - The new Kunming facility has been equipped with a medical linear accelerator, gamma knife, and hyperbaric oxygen chamber, leading to a substantial enhancement in the hospital environment [1] - After operating for a period, the business volume at the new location has shown a noticeable increase compared to the old facility [1] Group 2: New Operations - The Xi'an Sanbo branch, which opened in September this year, is currently in a ramp-up phase and requires time for market cultivation and patient attraction [1] - As a result, the current patient visit volume and bed occupancy rate have not yet reached full capacity [1]

Investment Rating - The industry investment rating for the pharmaceutical and biotechnology sector is "Hold" [2]. Core Insights - The report highlights significant breakthroughs in the domestic brain-computer interface (BCI) technology, indicating an acceleration in industry development and international recognition [5]. - The report emphasizes the transition of invasive brain-computer interfaces from laboratory settings to market approval processes, suggesting a rapid expansion of application scenarios [6]. Summary by Relevant Sections Industry Overview - The report discusses the recent advancements in invasive brain-computer interface technology, including the first domestic medical device entering the FDA's breakthrough therapy pathway, which enhances the international recognition of China's BCI technology [5]. - It mentions successful clinical trials using high-throughput wireless invasive BCI systems, enabling patients with high-level paralysis to control smart wheelchairs and robotic dogs through brain signals, achieving a 15%-20% improvement in brain control performance [5]. Investment Recommendations - The report suggests focusing on companies such as Innovation Medical, Aipeng Medical, and Sanbo Brain Science, as they are positioned to benefit from the advancements in the BCI sector [6].

Core Insights - The conference commemorated the centenary of Academician Wang Zhongcheng, a pioneer in China's neurosurgery, and aimed to honor his legacy while promoting the development of the field [3][6][7] - The event attracted nearly 700 experts and scholars, featuring discussions on cutting-edge topics in neurosurgery and brain science, including multidisciplinary collaboration in neuro-oncology and advancements in interventional treatment for cerebrovascular diseases [2][3][4] Group 1: Conference Overview - The conference was held from December 19 to 21 in Beijing, organized by multiple institutions including the Wang Zhongcheng Medical Foundation and the Capital Medical University [2][3] - It included over ten sub-forums covering various specialties such as neurosurgery, neurology, and spinal surgery, focusing on innovative treatment strategies and clinical applications [3][4] Group 2: Technological Focus - A significant emphasis was placed on brain-computer interfaces and brain science, showcasing breakthroughs and applications that indicate a shift towards industrialization in these fields [3][4] - The conference featured live surgical broadcasts, which have become a hallmark of the event, facilitating knowledge sharing among experts [5] Group 3: Academic Contributions - Notable presentations included discussions on the human visual perception mechanism and comparisons between human information processing and large language models [4] - The conference also highlighted the establishment of investment, research, and clinical validation platforms related to brain-computer interfaces and brain science by the Sanbo Brain Hospital [4] Group 4: Legacy and Future Directions - The event served as a culmination of a series of activities celebrating Wang Zhongcheng's academic contributions and entrepreneurial spirit, reinforcing the commitment to advancing neurosurgery in China [6][7] - Emphasis was placed on the need for innovation, collaboration, and nurturing new talent to enhance the overall level and international influence of China's neuroscience [7]

行 业 研 华福证券 机械设备 2025 年 12 月 20 日 究 上海首例脑机接口植入患者术后一年，高位截瘫有望神 经重塑 投资要点： 植入脑机接口，开启康复新程 行 业 定 期 报 告 38岁的高位截瘫患者小董，2020年因车祸导致生活无法自理，2024 年 9 月成为上海首例脑机接口（NEO 系统）临床试验受试者，在华山 医院接受植入手术。这款上海研发的产品已进入创新医疗器械特别审 批"绿色通道"，术后小董坚持每日两次、每次 2 小时的康复训练， 通过意念驱动气动手套完成抓握等动作，还搭配下肢被动训练和上肢 力量锻炼。 岩山科技、汉威科技、三博脑科、创新医疗、东方中科、翔宇医 疗、熵基科技、诚益通、伟思医疗、麦澜德、爱朋医疗、倍益康等。 风险提示 证 券 研 市场竞争加剧、政策支持力度不及预期、技术研发及新产品开发 不利、脑机产品造成病患受伤等风险 机械设备 强于大市（维持评级） 一年内行业相对大盘走势 功能逐步恢复，期盼惠及更多患者 经过一年康复，小董手部运动能力显著提升，能捏起小钢珠、握 笔写字，脊髓损伤程度从 B 级降为 C 级，出现神经重塑迹象；全身温 热感恢复，肢体麻木感减轻，排汗、自主排便 ...

Group 1 - Sichuan Chengyu's wholly-owned subsidiary plans to acquire 85% equity of Hubei Jingyi Company for 2.409 billion yuan, enhancing the company's control over highway projects [1] - Huadian Technology signed contracts worth approximately 815 million yuan with Huadian Technology Group for a wind power hydrogen production project [2] - Dongfang Cable and its subsidiary won projects totaling approximately 3.125 billion yuan, accounting for 34.37% of the company's audited revenue for 2024 [3] Group 2 - Heng Rui Medicine received approval for clinical trials of SHR-2906 injection, a self-developed biopharmaceutical aimed at weight control and metabolic regulation [4] - Qingdao Port plans to invest approximately 15.7 billion yuan in two terminal projects [5] - Jingu Co. received a notification to supply low-carbon wheels for two export models to a major domestic car manufacturer, with production expected in 2026 [6] Group 3 - ST Xingguang won a procurement project worth approximately 22.955 million yuan, accounting for 11.96% of the company's revenue for 2024 [7] - Xinbo Co. plans to jointly invest in an alloy materials research institute with partners, focusing on high-performance materials for various industries [8] - Tianqi Lithium's third-phase lithium concentrate expansion project has been completed and is undergoing trial production, with a total capacity of 2.14 million tons per year [9] Group 4 - Changfei Fiber reported that new fiber optic products related to data centers represent a small proportion of total demand [10] - Dongfang Bio's subsidiaries obtained multiple medical device registration certificates, including various testing kits [11] - Xiugang Co. plans to use up to 500 million yuan of idle fundraising for cash management in safe, liquid investment products [12] Group 5 - Jifeng Co. received a project designation for passenger car seat assemblies from a European luxury brand, with a total lifecycle value of approximately 9.8 billion yuan [13] - CanSino initiated Phase I clinical trials for a combined vaccine, completing the first subject enrollment [14] - Dayu Water-saving's subsidiary pre-won a drainage project worth 140 million yuan and another project worth 1 billion yuan [15] Group 6 - Yutong Pharmaceutical's subsidiary received clinical trial approval for YKYY032 injection for treating hyperlipoproteinemia [17] - Diweier announced the departure of a core technical personnel, impacting its technical leadership [18] - Weilang Co.'s controlling shareholder received regulatory measures from the Shandong Securities Regulatory Bureau for failing to fulfill a commitment [19] Group 7 - Xiehe Electronics invested 5 million yuan in a private equity fund focusing on hard technology sectors [20] - Phoenix Optical received a government subsidy of 4.7053 million yuan, representing 35% of its projected net profit for 2024 [21] - China State Construction reported a 0.9% year-on-year increase in new contracts signed in the first 11 months of 2025, totaling 4.0408 trillion yuan [22] Group 8 - Nanguang Energy's pumped storage power station units 1 and 2 have entered trial operation, with units 3 and 4 expected to follow by year-end [23] - Jindalai plans to invest 280 million yuan to acquire a 34% stake in Yunnan Jici Medical Technology [24] - Geer Software terminated its planned acquisition of a majority stake in Weipin Zhiyuan due to failure to reach agreement on key terms [25] Group 9 - Ningbo Fubang completed the absorption merger of its wholly-owned subsidiary, inheriting all assets and liabilities [26] - Zhongyuan Neipei signed a strategic cooperation framework agreement with Ningbo Puzhi Company for humanoid robot-related business [28] - Gongyuan Co. announced a business integration and relocation of its production lines in the East China region [29] Group 10 - Chlor-alkali Chemical's subsidiary plans to invest 2.975 billion yuan in a comprehensive utilization project for waste salt [30] - Kain Technology announced the departure of a core technical personnel, impacting its research capabilities [31] - ST Renfu received approval for clinical trials of a new drug for idiopathic pulmonary fibrosis [32] Group 11 - Sanbo Brain Science's established brain science fund has completed registration with the Asset Management Association of China [33] - Tongyou Technology plans to apply for a 70 million yuan credit line from Beijing Bank, using its property as collateral [34] - Bai Ao Intelligent signed a significant equipment sales contract worth approximately 27.5021 million yuan [35] Group 12 - ST Xinyan received all restructuring investment funds totaling 2.239 billion yuan, entering the execution phase of its restructuring plan [36] - Dalu Real Estate's subsidiary decided to terminate a planned acquisition of a 60% stake in Beijing Chengzhu Real Estate [38] - Huiyu Pharmaceutical's products received marketing approval in Italy and Norway [39]