Policy Developments - The National Healthcare Security Administration (NHSA) encourages regions with conditions to build global trading platforms for innovative Chinese pharmaceuticals, aiming to facilitate the export of Chinese medical products to Southeast Asia, Central Asia, and other countries [2] Drug and Medical Device Approvals - China Medical (600056.SH) announced that its subsidiary Tianfang Pharmaceutical's ibuprofen tablets have passed the consistency evaluation for generic drugs, which will enhance the product's market competitiveness [4] - Sihuan Pharmaceutical announced that its subsidiary has received approval for six new specifications of its polylactic acid facial filler, further expanding its market presence in the regenerative aesthetic product sector [5] Capital Markets - Qingfeng Biotech (Guangzhou) completed a Pre-A round financing of several tens of millions, led by Baiyun Fund, to accelerate AI and laboratory automation development [7] - Zhongsheng Pharmaceutical (002317.SZ) signed a licensing agreement with Qilu Pharmaceutical for the production and commercialization of RAY1225 injection, with total payments expected to reach RMB 100 million [8] Industry Events - The NHSA signed agreements with 79 hospitals to conduct pilot evaluations of real-world comprehensive value assessments for medical insurance, aiming to enhance the quality and efficiency of the healthcare system [10] - Aipeng Medical and the Shenzhen Institute of Advanced Technology established a "Brain-Computer Interface" innovation consortium to focus on non-invasive brain neuroregulation technology [12] - Novo Nordisk's new CEO emphasized that future business expansions will focus on the core needs of diabetes and obesity patients, indicating a strategic shift towards patient-centered approaches [13] Market Trends - Recent reports indicate significant price reductions for weight loss drugs, with prices for Novo Nordisk's products dropping nearly 50% and some specifications of another drug decreasing by around 80%, leading to substantial savings for patients [16]

Group 1: Institutional Research Activity - A total of 316 listed companies have disclosed institutional investor research records this year [1][2] - Xiangyu Medical received the highest number of institutional inquiries, totaling 208 [2][3] - Multiple prominent institutions have intensively researched SF Holding, with 35 institutions focusing on it this year [4][6] Group 2: Key Companies and Their Focus Areas - The top ten A-share companies by the number of institutional inquiries include Xiangyu Medical, Haitan Ruisheng, and Aipeng Medical, with inquiries ranging from 132 to 208 [3] - SF Holding has been a focal point for several well-known fund companies, including Huaxia Fund and E Fund, indicating strong interest in its strategic partnership with Jitu Express [4][6] Group 3: Strategic Developments - SF Holding and Jitu Express announced a strategic mutual shareholding agreement with an investment amount of HKD 8.3 billion [8] - The collaboration between SF Holding and Jitu Express has expanded across various levels, enhancing service stability and customer satisfaction in both domestic and international markets [7] Group 4: Brain-Computer Interface Focus - The brain-computer interface sector has gained significant market attention, with companies like Xiangyu Medical and Aipeng Medical actively developing products in this area [10][11] - Xiangyu Medical plans to upgrade 27 core products by mid-2026 and launch nearly 100 brain-computer interface products by the end of 2026 [10] - Aipeng Medical is exploring investments in brain-computer interface technologies, focusing on clinical applications for various mental health conditions [11]

2026 年 1 月 18 日 总量研究 市场或转为震荡上行 ——金融工程市场跟踪周报 20260118 要点 本周市场核心观点： 本周（2026.01.12-2026.01.16，下同）市场涨跌分化，成长风格指数震荡收涨， 红利风格指数表现垫后。1 月 14 日中午，经证监会批准，沪深北交易所发布通 知调整融资保证金比例，当日下午市场表现急转直下，指数出现回调。 市场情绪方面，当前主要宽基指数量能仍处高景气区间，量能观点仍积极；主要 宽基指数及宽基指数 ETF 成交量 PCR 震荡回升，衍生品投资者交易情绪小幅降 温。后市或从趋势性上行转向震荡上行，中长线持续看好"红利+科技"配置主 线，短线科技或仍占优。 本周市场各指数涨跌不一，上证综指下跌 0.45%，上证 50 下跌 1.74%，沪深 300 下跌 0.57%，中证 500 上涨 2.18%，中证 1000 上涨 1.27%，创业板指上 涨 1.00%，北证 50 指数上涨 1.58%。 截至 2026 年 1 月 16 日，宽基指数来看，中证 500、中证 1000、创业板指处于 估值分位数"适中"等级，上证指数、上证 50、沪深 300 处于估值 ...

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [6][13]. Core Insights - Merge Labs has successfully completed a seed round financing of approximately $250 million, achieving a valuation of $850 million. This financing was led by OpenAI, with its CEO Sam Altman participating as a co-founder and investor. Unlike mainstream brain-machine interface technologies, Merge Labs focuses on a non-invasive or minimally invasive approach centered on ultrasound, bypassing the traditional "electrode-neuron" paradigm [3][4]. - The brain-machine interface market is projected to grow rapidly, with the global market size expected to reach approximately $2.62 billion in 2024 and $2.94 billion in 2025, potentially growing to $12.4 billion by 2034, reflecting a compound annual growth rate (CAGR) of 17.35% over the next decade. In China, the market size is anticipated to be 3.2 billion yuan in 2024, increasing to 6.14 billion yuan by 2028 [5]. Summary by Sections Investment Highlights - Merge Labs' ultrasound-based technology aims to balance between non-invasive (safe but limited resolution) and invasive (clear signals but with surgical risks and ethical concerns) methods. The unique potential of ultrasound's deep penetration and "soft interface" concept is highlighted, although the technology is still in the laboratory research phase and faces multiple unresolved challenges [4]. Market Outlook - The report emphasizes the strategic importance of brain-machine interfaces as a key sector in the "14th Five-Year Plan," aiming to drive new economic growth points. The industry is expected to gain momentum over the next decade, potentially creating a new high-tech industry in China [5]. Recommended Companies - The report suggests monitoring companies such as Rock Mountain Technology, Hanwei Technology, Sanbo Brain Science, Innovation Medical, Dongfang Zhongke, Xiangyu Medical, Entropy Technology, Chengyitong, Weisi Medical, Meilan De, Aipeng Medical, and Beiyikang for potential investment opportunities [5].

Investment Rating - The industry investment rating for the medical biology sector is "Hold" [2]. Core Insights - The report highlights significant advancements in the brain-computer interface (BCI) industry, emphasizing the acceleration of industrial development and the establishment of a robust innovation ecosystem [3][4]. - The Shanghai Municipal Government has released a plan to cultivate the BCI industry, aiming for clinical applications of semi-invasive and invasive BCI products by 2027, with a comprehensive application by 2030 [4]. - The report suggests that the BCI field is entering a rapid development phase, driven by the release of industry standards and supportive government policies [7]. Summary by Sections Industry Overview - The BCI industry is experiencing accelerated industrialization, with recent breakthroughs in invasive devices and the establishment of new treatment paradigms for conditions like epilepsy [4][6]. - The report notes the importance of integrating BCI technology with artificial intelligence and virtual reality to enhance product offerings and market reach [4]. Government Initiatives - The Shanghai action plan outlines key milestones, including the development of over five invasive and semi-invasive BCI products for clinical trials and the establishment of a national-level BCI industry development zone [4]. - The plan also emphasizes the need for collaboration between innovative entities and medical institutions to foster product development in various applications, including rehabilitation and education [4]. Investment Recommendations - The report recommends focusing on companies such as Innovation Medical, Aipeng Medical, and Sanbo Brain Science, which are positioned to benefit from the growing BCI market [7].

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].

Summary of Aipeng Medical Conference Call Company Overview - Aipeng Medical focuses on the commercialization of non-invasive brain-computer interfaces, particularly in intraoperative anesthesia monitoring, achieving over 10 million yuan in revenue. However, progress has been hindered by medical cost control measures, prompting the company to actively explore new applications [2][6]. Key Points and Arguments Revenue Projections - The company anticipates that new applications targeting treatment systems for refractory insomnia and multimodal ADHD could generate tens of millions of yuan in revenue by 2026, with 2027 potentially marking a turning point in performance, contingent on a solid commercialization foundation in hospitals [2][6]. Product Offerings and Market Penetration - Aipeng Medical's perioperative brain state monitoring product is available in approximately 20 provinces, charging around 300 yuan per session, and is not covered by medical insurance. Similar models are used for the refractory insomnia and pediatric ADHD treatment systems [2][7]. - The intraoperative anesthesia monitoring product has been adopted in over 100 hospitals, with a target of exceeding 200 by 2026. The refractory insomnia treatment system has partnered with two hospitals, while the pediatric ADHD treatment aims to cover the top 100 pediatric clinics in China [2][8]. Research and Development - A semi-invasive epilepsy warning product is in the prototype research phase, expected to have a prototype by the end of 2026 and enter animal clinical trials in 2027, collaborating with research institutions [2][9]. Strategic Partnerships - Aipeng Medical holds a stake in Ruishen An, a company focused on implantable neurostimulation devices, which has received 15 product certifications and is projected to exceed 100 million yuan in revenue by 2025, ranking among the top three to four in the domestic neurostimulation field [4][11]. Competitive Landscape - The company differentiates its strategy by focusing on pain, anesthesia, sleep, and attention disorders, contrasting with competitors that emphasize rehabilitation or motor imagery. Aipeng Medical plans to accumulate clinical validation through hospital channels before gradually promoting products to the consumer market [5][13]. - Non-invasive and semi-invasive brain-computer interface technologies each have their advantages. Non-invasive products are expected to commercialize rapidly within 2-3 years, while semi-invasive and fully implanted devices will become significant as technology advances and costs decrease [5][14]. Future Outlook - Aipeng Medical aims to enhance its stake in Ruishen An through share transfers, with expectations of results in the first half of the year, despite lengthy processes for state-owned capital exits [4][12]. - The company expects gradual recovery and stable growth in its pain management business by 2026, despite initial impacts from centralized procurement policies. The nasal care business faces challenges but is anticipated to rebound as the economy improves [15]. Additional Important Information - The company’s non-invasive products are currently not covered by medical insurance, which affects their market penetration and pricing strategy [7]. - Aipeng Medical's approach emphasizes building strong clinical data and partnerships with hospitals to establish a competitive edge in the medical field [14].

Group 1 - In the past five trading days, a total of 165 companies were investigated by institutions, with significant interest in Xiangyu Medical, Haitan Ruisheng, and Aipeng Medical [1][2] - Among the companies investigated, 35 received attention from more than 20 institutions, with Xiangyu Medical being the most popular, attracting 208 institutions [1][2] - The types of institutions involved in the investigations included 143 from securities companies, 123 from fund companies, and 59 from private equity firms [1] Group 2 - In terms of investigation frequency, two companies, Binglun Environment and Taihe New Materials, were investigated four times, indicating high interest [2] - Out of the stocks investigated by more than 20 institutions, 11 saw net capital inflows, with Liou Co. receiving the highest net inflow of 1.176 billion yuan [2] - Among the stocks investigated, 28 experienced price increases, with Liou Co., Aipeng Medical, and Hehe Information showing significant gains of 53.39%, 33.24%, and 32.40% respectively [2] Group 3 - Three companies among those investigated released performance forecasts, with two expecting profit increases; Changlan Technology projected a net profit of 145 million yuan, representing a year-on-year increase of 94.16% [2]

Core Insights - The A-share market has seen increased activity and emerging themes following the "opening red" in 2026, with a shift in broker research focus towards AI applications and brain-computer interfaces (BCI) [1][2] Group 1: Broker Research Trends - Broker research is increasingly focusing on high-growth industries, performance certainty, and valuation attractiveness, reflecting three major trends: a balanced investment style, a shift from speculative trading to performance realization, and a focus on domestic self-sufficiency and global competitiveness [2][7] - From January 1 to January 14, 2026, over 260 A-share companies were researched by institutions, with more than 230 receiving broker attention, highlighting a strong interest in companies like 壹网壹创, 成都先导, and 翔宇医疗 [3][4] Group 2: Key Companies and Their Focus - 壹网壹创, a leading company in the GEO concept, received attention from 27 brokers, focusing on its R&D investments and partnerships with platforms like Alibaba [4][5] - Other notable companies include 凯盛科技 and 海天瑞声, which received 22 and 21 broker inquiries respectively, with a focus on technological innovation in their respective fields [4] - Companies like 爱朋医疗, 中集集团, and 振江股份 also garnered significant broker interest, indicating a diverse range of sectors being explored [4] Group 3: Market Performance and Investment Opportunities - The AI application index and GEO index saw increases of 18.30% and 44.14% respectively from January 5 to January 15, 2026, indicating strong market interest in these sectors [8] - The global GEO market is projected to reach $24 billion by 2026 and $100 billion by 2030, with domestic expectations of reaching 11.1 billion yuan in 2026 [10] - Investment opportunities are emerging in the AI marketing sector, with a focus on companies that can leverage marketing technology and content creation [10][11] Group 4: Brain-Computer Interface (BCI) Insights - The BCI sector is expected to see significant growth, with applications in various fields such as healthcare and consumer products, driven by technological advancements and diverse application scenarios [12][13] - The global BCI market is projected to reach $7.63 billion by 2029, highlighting the potential for substantial investment opportunities in this emerging field [13]