Core Viewpoint - The company, Innovation Medical, has noted increased market attention on its brain-computer interface business, particularly through its subsidiary, Boling Brain Technology [1] Group 1: Company Overview - Boling Brain Technology was established in early 2021 and is expected to be included in the company's consolidated financial statements by August 2025 [1] - The primary products are designed for rehabilitation training of patients with cerebrovascular diseases, mainly focusing on stroke and hemiplegia [1] Group 2: Product Development and Financial Performance - The product "Cyberling Science AC5" was officially launched in October 2025, generating revenue of 114,000 yuan in that year [1] - The "Cyberling Science AM5" has completed multi-center clinical trials but has not generated revenue in 2025 [1] - The operating losses for Boling Brain Technology were 6.6017 million yuan in 2023 and 8.6641 million yuan in 2024 [1]

证券日报网讯1月12日，上海瀚讯（300762）在互动平台回答投资者提问时表示，公司目前暂未开展脑 机接口相关业务。公司长期聚焦于特种宽带通信及低轨卫星领域，致力于为行业客户提供高可靠通信解 决方案。 ...

Core Viewpoint - The company has noted increased market attention on its brain-computer interface business, particularly through its subsidiary, Boling Brain Technology (Hangzhou) Co., Ltd, which was established in early 2021 and included in the consolidated financial statements in August 2025 [1] Group 1: Company Overview - Boling Brain Technology focuses on rehabilitation training for patients with cerebrovascular diseases, primarily targeting stroke and hemiplegia patients, both in medical institutions and at home [1] - The product "Cyberlink AC5" was officially launched in October 2025, generating revenue of 114,000 yuan in that year [1] - The "Cyberlink AM5" product has completed multi-center clinical trials but has not yet generated revenue as of 2025 [1] Group 2: Financial Performance - The operating losses for Boling Brain Technology were 6.60 million yuan in 2023 and 8.66 million yuan in 2024 [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - The stock index futures market had a significant rise on Monday, with the Shanghai Composite Index reaching a 17 - day consecutive increase and hitting a ten - year high. After the previous sharp rise, the index may experience short - term oscillations and adjustments. If the trading volume can remain above 3 trillion, the market risk is relatively low; otherwise, attention should be paid. It is recommended to focus on the structure rather than the index and pay attention to the possible impact of the annual report performance announcements at the end of January. Industries such as domestic computing power & equipment, autonomous driving & robots, AI applications, and non - bank finance are worth following, as well as themes like controlled nuclear fusion and brain - computer interfaces [4]. - The bond market sentiment improved due to the escalation of geopolitical tensions. The bearish positions in treasury bond futures left the market, driving the market to rebound. Although the equity market is still strong, the allocation demand for bonds by macro funds may increase for hedging purposes under geopolitical risks. It is not advisable to short long - term bonds at present, and it is recommended to try to go long on TL2603 with a light position [8]. - The precious metals sector strengthened in the Asian market today, with silver leading the rise. The criminal investigation of the Fed Chairman may increase the internal divergence of the Fed in subsequent monetary policy decisions, which is bullish for precious metals in the medium term. After a short - term fermentation, the market is expected to return to the fundamentals, maintaining the trend of being easy to rise and hard to fall. It is recommended to hold the positions entered at a low level during the commodity index re - balancing last week, and those with heavy positions can reduce their positions appropriately. It is not advisable to chase high at the current price [10][12][13]. - The container shipping index's main contract EC2604 rose significantly on Monday due to the shipping companies' price increase for February online booking rates and the convergence of inter - month spreads. The adjustment of the photovoltaic tax - refund policy brings the expectation of a shipping rush on the European route in the first quarter. Enterprises with pre - holiday spot shipping contracts can close their long hedging positions in the futures market, and the positive arbitrage between EC2604 and EC2608 contracts can be held [15]. 3. Summary by Relevant Catalogs 3.1. Current Affairs News - US President Trump is considering various options to interfere in Iran, including sending a carrier strike group to the Middle East, launching cyberattacks and information warfare. He will meet with senior advisors on the 13th to discuss Iran - related issues [2]. - The Chinese Foreign Ministry Spokesperson Mao Ning responded to Trump's remarks about Venezuela's oil, stating that Latin American countries are sovereign and independent and can choose their cooperation partners independently. China will continue to deepen practical cooperation with Latin American countries [2]. - The US Department of Justice launched a criminal investigation into Fed Chairman Powell, focusing on the $2.5 billion over - budget for the headquarters renovation project and whether he lied to Congress about the project details. Powell responded that the investigation is an excuse for the Fed's independent interest - rate setting [3]. - Four Chinese government departments jointly issued work methods for the layout planning and investment guidance of government - investment funds, marking a shift from extensive management to refined management, which is of great significance for improving the efficiency of fiscal funds, guiding social capital, and serving national strategies [3]. 3.2. Stock Index Futures - On Monday, the Shanghai Composite Index rose 1.09%, and the trading volume of the Shanghai and Shenzhen stock markets was 36,013 billion yuan, expanding compared with the previous trading day. The CSI 300 rose 0.65%, the SSE 50 rose 0.30%, the CSI 500 rose 2.39%, and the CSI 1000 rose 2.80%. Among the Shenwan primary industries, the media, computer, and military sectors led the rise, while only the petroleum & petrochemical, coal, and real - estate sectors closed down [4]. - The index futures contracts also showed different degrees of increase. For example, IF2601 rose 0.67% (basis - 0.52 points), IH2601 rose 0.34% (basis - 1.94 points), IC2601 rose 2.56% (basis 24.67 points), and IM2601 rose 3.23% (basis 38.19 points) [4]. 3.3. Treasury Bond Futures - On Monday, the central bank conducted 86.1 billion yuan of 7 - day reverse repurchase operations, with 50 billion yuan of reverse repurchases maturing, resulting in a net injection of 36.1 billion yuan. The overnight repurchase rate was 1.33%, indicating a loose money market [8]. - Affected by geopolitical tensions, the bond market sentiment improved, and the bearish positions in treasury bond futures left the market, driving the price of TL2603 back above the 5 - day moving average. In recent three trading days, the trend of treasury bonds has gradually become independent of the stock market [8]. 3.4. Precious Metals - In the Asian market today, the precious metals sector strengthened, with the domestic silver, gold, platinum, and palladium rising 14.42%, 2.57%, 4.65%, and 3.59% respectively, and the first two hitting new historical highs [10]. - The criminal investigation of the Fed Chairman may increase the internal divergence of the Fed in subsequent monetary policy decisions, which is bullish for precious metals in the medium term. After a short - term fermentation, the market is expected to return to the fundamentals [12][13]. 3.5. Container Shipping Index - On Monday, the container shipping index's main contract EC2604 rose significantly due to the shipping companies' price increase for February online booking rates and the convergence of inter - month spreads. The adjustment of the photovoltaic tax - refund policy brings the expectation of a shipping rush on the European route in the first quarter [15]. - The Shanghai Shipping Exchange announced that the Shanghai Export Containerized Freight Index for basic ports in Europe in week 2 was 1956.39 points, a week - on - week increase of 8.9%, slightly exceeding expectations, which will support the 02 contract [15]. 3.6. Key Data in the Next 24 Hours - Tonight at 17:30, the Eurozone's January Sentix Investor Confidence Index will be released, with a previous value of - 6.2 and a forecast of - 4.9 [17]. - Tomorrow at 07:00, FOMC permanent voter and New York Fed President Williams will give a speech; at 21:30, the US December CPI annual rate unadjusted and core CPI annual rate unadjusted will be released, with forecasts of 2.7% and 2.7% respectively; at 23:00, the US October seasonally - adjusted annualized total of new home sales will be released, with a forecast of 70.5 million [18].

Group 1 - The Shanghai Composite Index has shown a continuous upward trend, achieving a 16-day winning streak and surpassing 4100 points, with significant gains in various sectors including defense, media, and non-ferrous metals [1][3] - Equity FOF funds have performed well, with stock-type FOFs showing the highest weekly returns, some exceeding 6%, indicating strong investor demand for asset allocation products [1][3] - The issuance of public funds has increased, with 91 new funds launched in early 2026, reflecting optimistic expectations for equity assets among institutions [2][3] Group 2 - The brain-computer interface sector has gained attention following Elon Musk's announcement regarding Neuralink's plans for large-scale production, with market forecasts predicting the medical application market could reach $40 billion by 2030 [2][3] - The pharmaceutical and biotechnology sectors have been a focus for public fund research, with 89 investigations in the past week, indicating strong interest in this area [3][4] - The Hong Kong pharmaceutical sector has seen significant growth driven by ongoing medical demand and supportive policies, attracting substantial investment and boosting related indices [4]

Core Viewpoint - Aerospace Changfeng's stock price has experienced a significant increase of 65.95% over a 12-day trading period from December 24, 2025, to January 12, 2026, indicating potential risks of a price correction in the near future [1] Business Segments - The company operates in three main business segments: military electronics, public safety, and high-end medical equipment [1] - Currently, the company has not engaged in brain-computer interface technologies or commercial aerospace-related businesses [1]

Core Viewpoint - The company's stock experienced an abnormal fluctuation with a cumulative closing price increase exceeding 20% over three consecutive trading days in January 2026, despite no significant changes in its operations or external environment [1] Group 1: Stock Performance - The stock price deviation occurred on January 8, 9, and 12, 2026, indicating unusual market activity [1] - The company confirmed that there were no corrections or supplementary disclosures to previously released information [1] Group 2: Business Operations - The company noted high market interest in its brain-computer interface business [1] - The subsidiary, Boling, launched the Cyberlink AC5 product in October 2025, generating revenue of 114,000 yuan in 2025 [1] - The Cyberlink AM5 product did not generate any revenue, and Boling is expected to incur operating losses in 2023 and 2024 [1] Group 3: Investor Advisory - The company advised investors to make rational investment decisions in light of the stock's volatility and the current business performance [1]

Core Viewpoint - The A-share market is experiencing a significant surge, with the Shanghai Composite Index rising by 1.09%, marking a 17-day consecutive increase and reaching a new high not seen in over a decade [1]. Market Performance - The single-day trading volume exceeded 3.6 trillion yuan, setting a new historical record, indicating heightened market enthusiasm [2]. - The "AI+" concept has seen a resurgence, with sectors such as AI healthcare, AI marketing, and various AI-related concepts leading in gains. The medical device ETF (562600) rose by 2.27% today and has increased by 11.66% year-to-date [3]. Sector Analysis - The "AI+" concept has concentrated its explosive growth, with sectors like AI applications, commercial aerospace, photovoltaics, retail, and precious metals showing significant gains, while oil and coal sectors faced declines [4]. - Notable stocks in the commercial aerospace sector include Luxin Venture Capital, which has seen 10 trading limits in 12 days, and other companies like Goldwind Technology and Tongyu Communication also performed well [4]. Specific Stock Performance - In the commercial aerospace sector, stocks such as Tianrun Technology (+30.00%), Xingtou Measurement Control (+29.99%), and Liujin Technology (+29.92%) have shown remarkable increases [6]. - The photovoltaic sector has also benefited from advancements in perovskite batteries and space photovoltaic concepts, with companies like Dongfang Risheng and Maiwei Shares leading the gains [7]. AI Applications - The AI application sector has collectively strengthened, with stocks like Yidian Tianxia and Liou Shares hitting the daily limit [9]. - Recent developments in AI applications include Walmart's collaboration with Google to enhance shopping experiences through AI [11]. Future Outlook - The AI industry is shifting focus from "computing power competition" to "application value," with 2026 expected to be a pivotal year for AI applications transitioning from "technology validation" to "commercial promotion" [14]. - The medical device ETF (562600) is highlighted for its significant exposure to the brain-computer interface sector, with a 23.79% concentration in this area, making it a key investment vehicle [20]. Investment Trends - The medical device ETF has seen a net inflow of 1.31 billion yuan over the past five days, indicating strong investor interest [22]. - The Hang Seng Medical ETF (159892) is also noted for capturing the trend of Chinese biopharmaceuticals going global, with significant inflows and a 13.56% increase year-to-date [24]. Conclusion - The integration of technology and healthcare is at a critical juncture, with investment strategies focusing on quality index tools to capitalize on long-term growth opportunities in AI healthcare and brain-computer interfaces [26].

Report Industry Investment Rating No relevant content provided in the report. Core Viewpoints of the Report - In the first week of 2026 (01.05 - 01.09), the A - share market continued its upward trend, with the Shanghai Composite Index achieving 16 consecutive positive days and standing above 4100 points. The market trading remained highly active, with Friday's turnover reaching 3 trillion and the margin trading balance exceeding 2.6 trillion. The market was mainly driven by bottom - up growth themes, with technology - related sectors like AI applications, commercial space, and brain - computer interfaces rotating. The small and medium - cap style was dominant [3][12]. - In the short term, the overseas US employment market has resilience but also structural pressure. Inflation data is not expected to have a strong rebound, and the market has digested the possibility of the Fed not cutting interest rates in January. Overseas markets may experience high - level volatility in the short term, with limited impact on the domestic market. The overall supply - demand of market funds is neutral to optimistic, and with the profit - making effect, off - market funds may continue to flow in, and the market is expected to continue its upward trend [3][14]. - Last week (01.05 - 01.09), the bond market showed a "V - shaped reversal", with long - term yields generally weakening. The short - term sentiment in the bond market has stabilized slightly, but the possibility of interest rate cuts in the medium and short term is still low. The bond market lacks positive catalysts, and it may have a short - term rebound but is likely to remain neutral in the medium term, with a dominant wait - and - see sentiment [4][15]. Summary According to Relevant Catalogs 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Market Performance: In the first week of 2026 (01.05 - 01.09), the A - share market continued to rise, with major broad - based indices generally increasing and reaching new stage highs. The trading volume on Friday returned to the peak of 3 trillion, and the margin trading balance exceeded 2.6 trillion. The market was driven by growth themes such as AI applications, commercial space, and brain - computer interfaces, with the small and medium - cap style being dominant [12]. - Sector Analysis: The brain - computer interface sector was active this week. Expectations of Neuralink's mass production, the establishment of Gestalt Technology in China, and market expectations for the "14th Five - Year Plan" drove the sector's sentiment. The sector may maintain its popularity with the upcoming "2026 Brain - Computer Interface Developers Conference" and other positive news. The aerospace sector had a continuous rally, driven by factors such as the IPO boom in the commercial space field, policy support, and satellite constellation plans. The growth of the growth sector was also related to the CES 2026 exhibition, with the intelligent vehicle and robot sectors being catalyzed by the "physical AI" concept and the focus on the autonomous driving ecosystem and mass production plans at the CES 2026 [12][13]. - Outlook: Overseas markets may experience high - level volatility in the short term with limited impact on the domestic market. The market funds' supply - demand is neutral to optimistic, and off - market funds may continue to flow in. However, the establishment of a fundamental one - sided trend still needs the verification of better - than - expected domestic demand. It is recommended that funds that missed the previous rally wait patiently for policy clues during the "Two Sessions" to seek more certain allocation opportunities [14]. 1.2. Pan - Fixed - Income Market Review and Observation - Bond Market: Last week (01.05 - 01.09), the bond market showed a "V - shaped reversal", with the 1 - year Treasury yield falling 4.35BP to 1.29%, the 10 - year yield rising 3.55BP to 1.88%, and the 30 - year yield rising 4.95BP to 2.30%. The short - term sentiment in the bond market has stabilized slightly, but the possibility of interest rate cuts in the medium and short term is low, and it may have a short - term rebound but remain neutral in the medium term [4][15]. - US Treasury Bonds: The US Treasury yield curve flattened last week, with short - term yields rising and long - term yields falling. The 1 - year yield rose 5BP to 3.52%, the 2 - year yield rose 7BP to 3.54%, and the 10 - year yield fell 1BP to 4.18%. The market believes the probability of the Fed cutting interest rates in the short term is small [15][16]. - REITs: The CSI REITs Total Return Index rose 1.89% last week, closing at 1028.93 points. Four new public REITs made progress in the primary market [16]. 2. Fund Index Performance Tracking 2.1. Equity Strategy Theme - Based Index - **Active Stock Fund Selection Index**: The index selects 15 funds in each period, with equal - weight allocation. It selects active equity funds based on performance competitiveness and style stability in value, balanced, and growth styles, and matches the style distribution of the CSI Equity - Oriented Fund Index. The performance benchmark is the CSI Equity - Oriented Fund Index (930950.CSI) [20]. 2.2. Investment Style - Based Index - **Value Stock Fund Selection Index**: It includes both deep - value and quality - value styles. It selects 10 funds of deep - value, quality - value, and balanced - value styles based on multi - period style classification. The performance benchmark is the CSI 800 Value Index (H30356.CSI) [20]. - **Balanced Stock Fund Selection Index**: Balanced - style fund managers balance stock valuation and growth. The index selects 10 relatively balanced, value - growth style funds based on multi - period style classification. The performance benchmark is the CSI 800 (000906.SH) [22]. - **Growth Stock Fund Selection Index**: The growth style aims to capture the double - click opportunities of performance and valuation. It selects 10 funds of active - growth, quality - growth, and balanced - growth styles based on multi - period style classification. The performance benchmark is the 800 Growth Index (H30355.CSI) [24][26]. 2.3. Industry Theme - Based Index - **Pharmaceutical Stock Fund Selection Index**: It selects funds based on the intersection market value of fund equity holdings and the constituent stocks of the representative index (CITIC Pharmaceutical). The average purity in the past 3 years/inception should be no less than 60%. It constructs an evaluation system and selects 15 funds. The performance benchmark is the pharmaceutical theme fund index (fitted by Huabao Securities) [28]. - **Consumer Stock Fund Selection Index**: It selects funds based on the intersection market value of fund equity holdings and the constituent stocks of representative indices (CITIC Automobile, Home Appliances, etc.). The average purity in the past 3 years/inception should be no less than 50%. It constructs an evaluation system and selects 10 funds. The performance benchmark is the consumer theme fund index (fitted by Huabao Securities) [31]. - **Technology Stock Fund Selection Index**: It selects funds based on the intersection market value of fund equity holdings and the constituent stocks of representative indices (CITIC Electronics, etc.). The average purity in the past 3 years/inception should be no less than 60%. It constructs an evaluation system and selects 10 funds. The performance benchmark is the technology theme fund index (fitted by Huabao Securities) [34]. - **High - end Manufacturing Stock Fund Selection Index**: It selects funds based on the intersection market value of fund equity holdings and the constituent stocks of representative indices (CITIC Construction, etc.). The average purity in the past 3 years/inception should be no less than 50%. It constructs an evaluation system and selects 10 funds. The performance benchmark is the high - end manufacturing theme fund index (fitted by Huabao Securities) [37]. - **Cyclical Stock Fund Selection Index**: It selects funds based on the intersection market value of fund equity holdings and the constituent stocks of representative indices (CITIC Petroleum & Chemicals, etc.). The average purity in the past 3 years/inception should be no less than 50%. It constructs an evaluation system and selects 5 funds. The performance benchmark is the cyclical theme fund index (fitted by Huabao Securities) [41]. 2.4. Money - Market Enhancement Index - **Money - Market Enhancement Strategy Index**: It aims at liquidity management, pursuing a curve that exceeds money - market funds and is smooth and upward. It mainly allocates money - market funds with relatively good performance and inter - bank certificate of deposit index funds in passive index - bond funds. The performance benchmark is the CSI Money - Market Fund Index (H11025.CSI) [44]. 2.5. Pure - Bond Index - **Short - Term Bond Fund Selection Index**: It aims at liquidity management, pursuing a smooth and upward curve while ensuring drawdown control. It mainly allocates 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return ability. The performance benchmark is 50% * Short - Term Pure - Bond Fund Index + 50% * Ordinary Money - Market Fund Index [46]. - **Medium - and Long - Term Bond Fund Selection Index**: It invests in medium - and long - term pure - bond funds, pursuing stable returns while controlling drawdowns. It selects 5 funds with both return and drawdown control, and adjusts the duration and the ratio of credit - bond funds and interest - rate - bond funds according to market conditions. [48] 2.6. Fixed - Income + Index - **Low - Volatility Fixed - Income + Selection Index**: The equity center is 10%. It selects 10 funds with an equity center (considering convertible bond and stock holdings) within 15% in the past three years and recently. The performance benchmark is 10% CSI 800 Index+90% ChinaBond New Composite Full - Price Index (CBA00303.CS) [49][52]. - **Medium - Volatility Fixed - Income + Selection Index**: The equity center is 20%. It selects 5 funds with an equity center between 15% - 25% in the past three years and recently. The performance benchmark is 20% CSI 800 Index+80% ChinaBond New Composite Full - Price Index (CBA00303.CS) [52]. - **High - Volatility Fixed - Income + Selection Index**: The equity center is 30%. It selects 5 funds with an equity center between 25% - 35% in the past three years and recently. The performance benchmark is 30% CSI 800 Index+70% ChinaBond New Composite Full - Price Index (CBA00303.CS) [56]. 2.7. Other Pan - Fixed - Income Index - **Convertible Bond Fund Selection Index**: It selects bond - type funds with the average proportion of convertible bond investment in bond market value no less than 60% in the latest period and no less than 80% in the past four quarters as the sample space. It constructs an evaluation system and selects 5 funds [59]. - **QDII Bond Fund Selection Index**: It selects 6 funds with stable returns and good risk control based on credit and duration conditions, with underlying assets being overseas bonds [61]. - **REITs Fund Selection Index**: It selects 10 funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset type [62].

Market Overview - A-shares experienced a significant surge, reminiscent of a bull market, with major sectors like AI applications, aerospace, and finance seeing substantial gains [3] - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose by 1.09%, 1.75%, and 1.82% respectively, with over 4,100 stocks advancing and more than 1,100 declining [3] - The total trading volume exceeded 3.6 trillion yuan, setting a new historical record for A-shares [3][15] AI Applications - AI application stocks saw a rare and violent surge, with multiple companies hitting the daily limit up [4] - Notable stocks included博瑞传播, 恒为科技, and 利欧股份, which all experienced consecutive limit-up days [4] - The AI marketing sector rose over 14%, alongside significant gains in AI programming and various AI application concepts [7] Aerospace Sector - The aerospace sector continued its strong performance, with stocks like 银河电子 and 金风科技 achieving consecutive limit-up days [12] - The sector saw a daily increase of 7.38%, driven by ongoing policy support and media coverage [13] Trading Volume and Financial Sector - The trading volume surpassed 1 trillion yuan within the first 20 minutes of trading, indicating a likely record-breaking day [15] - Financial and brokerage stocks responded positively, with 太平洋 and 大智慧 hitting the limit up, and other financial technology stocks rising over 10% [15] Company Specifics - 科蓝软件 attempted to leverage the GEO concept in its communications, but initially struggled to maintain momentum in its stock price [17] - The company has a history of aligning its messaging with trending concepts, including aerospace and brain-computer interfaces, but its effectiveness in capitalizing on these trends has been questioned [18][19]