（文章来源：证券日报） 证券日报网讯 1月20日，三博脑科发布公告称，公司第三届董事会第十六次会议、2026年第一次临时股 东会审议通过了《关于部分募投项目结项并将节余募集资金永久补充流动资金及注销募集资金专户的议 案》。同意将"首都医科大学三博脑科医院建设项目"结项，同意注销募集资金专户，并将截至2025年12 月22日的节余募集资金7，027.72万元（含扣除手续费后的利息收入、现金管理收益等，实际金额以资 金转出当日募集资金专户余额为准）永久补充流动资金，用于公司日常生产经营及业务发展。公司于近 日办理完成了上述相关募集资金专用账户的注销手续，最终实际永久补充流动资金的节余募集资金金额 为7，029.71万元。本次涉及募集资金专户注销后，公司及北京三博脑科医院有限公司与保荐机构、监 管银行签订的募集资金四方监管协议随之终止。 ...

证券代码：301293 证券简称：三博脑科 公告编号：2026-004 三博脑科医院管理集团股份有限公司 关于注销部分募集资金专户的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会证监许可〔2023〕534 号文《关于同意三博脑科 医院管理集团股份有限公司首次公开发行股票注册的批复》同意注册，并经深圳 证券交易所同意，三博脑科医院管理集团股份有限公司（以下简称"公司"）首次 公开发行人民币普通股（A 股）39,612,900 股，每股面值人民币 1.00 元，发行价 格为 29.60 元/股。本次发行募集资金总额 117,254.1840 万元；扣除发行费用（不 含增值税）后，募集资金净额为 106,163.91 万元，募集资金已于 2023 年 4 月 27 日划至公司指定账户，立信会计师事务所（特殊普通合伙）对公司本次公开发行 新股的资金到位情况进行了审验，并于2023年4月27日出具了"信会师报字[2023] 第 ZB10925 号"《验资报告》。公司已对募集资金采取了专户存储，并与专户银 行、保荐机构 ...

Economic Overview - The GDP growth for Q4 2025 is reported at 4.5%, matching expectations but down from 4.8% in the previous quarter. December retail sales growth is at 0.9%, below the expected 1.5% and previous 1.3% [12][12] - Fixed asset investment shows a cumulative year-on-year decline of 3.8%, worse than the expected decline of 2.4% and previous 2.6%. Real estate development investment has a cumulative decline of 17.2% compared to the previous 15.9% [12][12] - Industrial value-added growth for December is reported at 5.2%, exceeding the expected 4.9% and previous 4.8% [12][12] Key Changes in Economic Structure - Three significant changes are identified: improvement in service consumption, easing of the "crowding out effect" from debt reduction, and recovery in new economic sectors [12][12] - The shift in consumption policies from goods to services is noted, with service retail growth increasing while traditional retail indicators decline [12][12] - Investment slowdown is attributed to intensified corporate debt repayment policies, which ultimately benefit cash flow recovery for companies [12][12] Sector Performance - The electric grid equipment sector shows a significant increase of 60.88% over the past six months, with a daily increase of 7.01% [1] - The digital media sector has seen a decline of 4.34% yesterday, with a 21.93% increase over the past month [1] - The hotel and catering industry has increased by 3.87% yesterday and 20.46% over the past six months, indicating resilience in service consumption [1] Investment Opportunities - The report highlights potential investment opportunities in sectors benefiting from service consumption recovery and easing debt repayment pressures [12][12] - Companies in the PCB drilling needle industry are noted for their growth potential, driven by increasing demand in emerging markets [20][20] - The report suggests focusing on companies with strong cash flow recovery and those positioned in high-growth sectors such as healthcare and technology [12][12][20]

Group 1 - The core point of the article is that Sanbo Brain Science (301293.SZ) has confirmed that, apart from a previously completed intervention brain-computer interface surgery at its Fujian branch, there are no other surgeries currently being conducted within the group [1] Group 2 - The company has engaged with investors through an interactive platform to provide updates on its surgical activities [1] - The mention of the completed surgery indicates ongoing developments in the field of brain-computer interface technology [1] - The lack of additional surgeries may suggest a focus on consolidating existing operations before expanding further [1]

格隆汇1月19日丨三博脑科(301293.SZ)在投资者互动平台表示，公司是以神经专科为特色的医疗服务集 团，下属院区主要为患者提供以高精尖神经外科为主的综合医疗服务。公司目前不涉及脑机接口产品的 研发、生产及销售。前期投资认购的北脑一期基金的投资领域将主要投资于新一代用于脑科疾病检查诊 断、治疗等领域的医疗器材、耗材及药物等。 ...

智通财经APP获悉，华福证券发布研报称，近期，超声脑机接口公司MergeLabs完成约2.5亿美元种子轮 融资，此次融资由OpenAI领投。不同于主流脑机接口技术，MergeLabs聚焦超声为核心的非侵入或极 低侵入式路线。MergeLabs的超声路线试图在非侵入式(安全但分辨率有限)与植入式(信号清晰但有外科 风险、伦理监管问题)之间寻找平衡，其超声的深部穿透能力与"软接口"设想具备独特潜力。但该技术 目前仍处于实验室研究阶段。 当前脑机接口主要分为非侵入式、植入式及低侵入式三类路径，MergeLabs的超声路线试图在非侵入式 (安全但分辨率有限)与植入式(信号清晰但有外科风险、伦理监管问题)之间寻找平衡，其超声的深部穿 透能力与"软接口"设想具备独特潜力。但该技术目前仍处于实验室研究阶段，面临分子信号稳定性、超 声空间分辨率与安全窗口、低信噪比下神经状态反推等多重未解决的难题，复杂性不亚于植入式系统。 "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为26.2亿美元，预计2025年将达到29.4亿美 元，到2034年有望增长至1 ...

Core Viewpoint - The brain-computer interface (BCI) technology is advancing rapidly, with significant support from government policies, clinical trials, and capital investment, positioning it as a key growth sector with potential applications across various industries [2][5][17]. Policy Support - The Chinese government has included BCI in its key development list for future industries, with concentrated policy support expected to accelerate clinical trials and market activity by 2025 [2][5]. - Local governments are establishing special funds and action plans to facilitate the development of the BCI industry, particularly in major cities like Beijing and Shanghai [5]. Clinical Advancements - By 2025, the number of clinical trials for BCI in China is projected to increase significantly, with breakthroughs in invasive, semi-invasive, and interventional technologies [5]. - The first global interventional BCI human trial has been completed, and advanced devices featuring "fully implanted, fully wireless" capabilities are being developed [5][10]. Capital Investment - In the first 11 months of 2025, there were 24 financing events in the BCI sector in China, marking a 30% year-on-year increase, supported by government funds and market capital [5][6]. - Notable financing rounds include several companies raising millions to billions in funding, indicating strong investor interest [6]. Industry Growth - The BCI sector is evolving into a trillion-yuan market, with major players like Neuralink preparing for large-scale production of devices, while domestic companies are making significant technological advancements [4][5]. - The industry is witnessing a robust influx of capital, with a strong willingness among investors to lock in shares, indicating confidence in the sector's stability and growth potential [4]. Technological Breakthroughs - BCI technology is categorized into invasive, semi-invasive, and non-invasive types, with invasive methods providing the best signal quality for capturing neural activity [7][10]. - Domestic advancements include breakthroughs in electrode arrays and decoding algorithms, achieving over 90% accuracy in Chinese character writing recognition [10]. Application Scenarios - BCI technology is being applied in various fields, including medical rehabilitation for paralysis and neurological disorders, as well as in industrial safety, aerospace, and entertainment [12][10]. - Specific applications include fatigue monitoring in industrial settings, cognitive health assessments in aerospace, and training aids in sports and education [12]. Industry Chain Opportunities - The BCI industry's growth is supported by a comprehensive supply chain, with opportunities in upstream components like electrodes and chips, midstream systems and algorithms, and downstream applications in healthcare and consumer products [13][16]. - Companies focusing on core components, clinical applications, and those with established market channels are well-positioned to benefit from the industry's expansion [16]. Investment Recommendations - Investors are advised to focus on three key areas: technology-leading companies, clinical application firms, and those with strong industry chain collaborations, as the BCI sector transitions from clinical validation to large-scale implementation [17].

Core Viewpoint - The brain-computer interface (BCI) industry is entering a critical phase of industrialization, driven by strong policy support, clinical advancements, financing growth, and the formation of a complete industrial chain [6][9]. Policy Support - The Chinese government has consistently prioritized BCI in its development plans, with significant policy support expected in 2025, including the establishment of special funds by local governments [9]. - The "China Brain Project" and the "14th Five-Year Plan" highlight the importance of BCI, indicating a robust commitment to its development [9]. Clinical Advancements - The number of clinical trials in China is projected to increase significantly by 2025, with breakthroughs in invasive, semi-invasive, and interventional technologies [9]. - Notable achievements include the completion of the world's first interventional BCI human trial and the development of advanced devices that are fully implanted and wireless [9]. Financing Growth - In the first 11 months of 2025, there were 24 financing events in the BCI sector, marking a 30% year-on-year increase, supported by government funds and market capital [9]. - Various companies have secured significant funding, indicating strong investor interest in the sector [11]. Industrial Development - The BCI industry is evolving into a trillion-yuan market, with over 40 clinical research wards established nationwide, enhancing the ecosystem from core components to complete systems [7][9]. - The industry is witnessing a shift from experimental concepts to practical applications across medical, industrial, and transportation sectors [7]. Technological Breakthroughs - BCI technology is categorized into invasive, semi-invasive, and non-invasive types, with invasive methods offering superior signal quality [12]. - Domestic advancements include breakthroughs in electrode arrays and decoding algorithms, achieving over 90% accuracy in Chinese character writing recognition [14]. Application Scenarios - BCI applications are expanding into various fields, including medical rehabilitation, industrial safety, aerospace, and entertainment, with specific use cases such as fatigue monitoring and cognitive health assessments [15][12]. - The technology is being utilized to assist patients with spinal injuries and other conditions, while also being tested in industrial settings for safety monitoring [14][15]. Investment Opportunities - The BCI sector presents significant investment opportunities, particularly in three areas: technology-leading companies, clinical implementation firms, and industry-collaborative enterprises [18][20]. - Companies with advanced technologies in invasive and interventional methods, as well as those with established clinical partnerships, are expected to yield substantial returns [20][21].

脑机接口是一项让大脑直接与外部设备建立通信通路的黑科技，既能帮助瘫痪患者重拾行动能力、视障患者恢复视觉感知，还在医疗、工业、交通等多个 领域逐步落地。 2025年，国家将脑机接口列入未来产业重点发展清单，政策支持密集加码，临床试验加速推进，资本市场持续火热。 （来源：东方财富） 元旦后首个交易日，资本市场便对该板块展开积极抢筹，板块指数当日大幅拉升13.24%，后续几日延续强势上涨态势，充分印证了资金持续流入的旺盛 动能。而近几日的缩量回调，更凸显出资金锁仓意愿强烈，筹码稳定性十足，进一步夯实了板块上涨的基础。 再者，全球巨头Neuralink即将启动设备规模化生产，国内企业也在技术研发上频频突破，脑机接口早已脱离实验室概念，成长为千亿级规模的黄金赛道， 新一轮投资机遇已然来临。 01 四重利好共振，脑机接口进入爆发前夜 脑机接口的崛起绝非偶然，政策、临床、融资、产业四大核心力量齐发力，推动行业迈入产业化关键阶段。 政策层面，国家从"中国脑计划"到"十五五"规划，持续将脑机接口列为重点发展方向，2025年更是密集出台支持政策，地方也纷纷设立专项资金，北京、 上海等城市还出台专项行动方案，为产业发展铺路。 临床 ...

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].