发展趋势 存量业务企稳。上半年来看，1）医疗器械收入17.76 亿元，同比+1.3%。 1H25 业绩符合我们预期 公司公布1H25 业绩：收入33.69 亿元，同比-0.4%；归母净利润/扣非归母净利润分别为6.91 亿元/6.62 亿 元，同比-0.9%/+2.3%。2Q25 收入16.33亿元，同比+11.7%；归母净利润和扣非归母净利润分别为3.1 亿 元和3.25亿元，同比+45.0%/+70.3%。上半年和2 季度业绩符合我们的预期。 其中冠脉收入同比+3.6%；结构性心脏病收入同比+32.1%；外科麻醉收入同比-10.29%；体外诊断收入 同比-17.35%。2）药品收入11.17 亿元，同比-1.5%，环比+79.3%。公告称药品零售渠道库存清理基本完 成，收入结构中非阿托伐他汀钙和硫酸氢氯吡格雷的占比逐步提升。其中，制剂（仿制药）收入 9.75 亿元，同比+3.9%，环比+107.6%；原料药实现营业收入1.42 亿元，同比-27.4%，环比-7.3%。3）医疗 服务与健康管理收入4.75 亿元，同比-4.1%。合肥心血管医院收入0.83 亿元，同比+3.51%；乐普云智科 技收入2.84 ...

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The recent issuance of the "Guiding Opinions on Promoting Ear and Hearing Health Work" by multiple government departments is expected to enhance certainty in the related industry [4][14] - The report highlights that approximately 220 million people in China suffer from hearing loss, with a prevalence rate of about 45% among individuals aged 60 and above [5][25] - The medical device sector showed the highest growth this week, increasing by 4.49%, while the overall pharmaceutical sector rose by 1.05%, underperforming the CSI 300 index by 3.13 percentage points [6][27] Summary by Sections Industry Investment Rating - The industry maintains a rating of "Outperform" [2] Recent Developments - The "Guiding Opinions" aim to strengthen ear and hearing health across all age groups, focusing on prevention, early detection, and effective rehabilitation [14][25] - Key targets include increasing the number of ENT practitioners and ensuring that over 95% of county hospitals have ENT departments by 2030 [14][15] Market Performance - The medical device sector experienced the largest increase this week, followed by the vaccine sector at 4.41% and traditional Chinese medicine at 2.86% [6][31] - The pharmaceutical sector has underperformed the CSI 300 index, with a year-to-date increase of 2.71%, lagging behind the index by 2.75 percentage points [27][32] Beneficiary Stocks - Beneficiary stocks include innovative drugs and medical devices, with specific companies such as Innovent Biologics, Kangfang Biotech, and Mindray Medical highlighted for their potential [7][34][40]

Core Viewpoint - The medical sector is experiencing significant activity, with the largest medical ETF in A-shares (512170) showing a 2% increase, nearing last year's peak, indicating strong investor confidence in the medical market [1][3]. Group 1: ETF Performance - The medical ETF (512170) reached a peak increase of 2%, with a trading volume exceeding 700 million yuan on the morning of August 25 [1]. - The latest scale of the ETF is 27.94 billion yuan, maintaining a leading position among similar ETFs [1]. - On the previous trading day, the ETF saw a net subscription of 98.54 million yuan, reflecting positive market sentiment towards the medical sector [1]. Group 2: Market Dynamics - Major stocks within the ETF, such as Meihua Medical and Lepu Medical, surged over 15%, while Wu Electric Physiology and other companies experienced declines [1][3]. - The ETF passively tracks the CSI Medical Index, with top-weighted stocks including Mindray Medical, United Imaging Healthcare, and Aier Eye Hospital [3]. Group 3: Policy and Innovation - The National Medical Products Administration announced support for companies to conduct global clinical trials simultaneously, aiming to shorten the drug approval process [3]. - A recent investment cooperation exchange meeting in Shenzhen focused on supporting the development of pharmaceuticals and medical devices [4]. - The establishment of a domestic medical technology innovation zone at the Medical Expo highlighted breakthroughs in domestic technology, with companies like Mindray and Weigao showcasing advanced diagnostic equipment [5]. Group 4: Industry Outlook - CITIC Securities noted that the performance and valuation of the medical device sector are gradually recovering, with recent procurement policies being optimized [5]. - The medical device industry is expected to benefit from policy easing, procurement clearance, and strategic transformations, with internationalization, technological innovation, and mergers and acquisitions becoming key growth paths [5].

芯片插入大脑18个月后，全球首位Neuralink受试者如今怎样了？最新访谈中，Noland Arbaugh亲述像重生了一样。如今，他不仅能用思想玩游 戏、控制家电，还在重返大学、创业和公开演讲中找回了生活的意义。 Noland Arbaugh是Neuralink第一位接受脑机芯片植入的受试者。 他最近接受了《财富》杂志的专访，深入交流了神秘而科幻十足的Neuralink的幕后故事。 作为最前沿科技的深度参与者，他对人性在赛博时代有怎样的独特体悟？ 会场内的Neuralink员工们爆发出热烈的掌声，Noland Arbaugh，这位在2016年因游泳事故导致两节脊椎骨脱位、从此失去了肩膀以下的感觉和运动能力的 男子，脸上露出了灿烂的笑容，头戴着一顶红色的德克萨斯农工大学帽子。 他笑着开口说道：「你好，人类。」 就在这次大会的前一个月，Noland Arbaugh在凤凰城的Barrow神经学研究所接受了手术，这个地方离他在Yuma的家大约2.5小时车程。 他的脑部植入了Neuralink多年来研发并在动物身上测试的实验芯片。 Noland Arbaugh在手术中被麻醉，手术历时不到两小时，由一台Neuralin ...

8月25日，医疗板块活跃，A股最大医疗ETF（512170）震荡向上，摸高2%，场内价格逼近去 年"924"行情高点！午前成交额已超7亿元。该基金最新规模为279.40亿元，在同类ETF中保持领先地 位。 值得关注的是，上个交易日，医疗ETF（512170）单日获9854万元净申购，反映资金看好医疗后市。 | 分时 多日 ■ | | | | F9 盘前盘后 图加 九转 图线 工具 @ 2 >> | | | | | | | 医疗ETF O | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 033 | | | 512170[医疗ETF] 11:16 价 0.393 涨跌 0.008(2.08%) 均价 | | | 2,0896 | | 1 292 +0.008 +2.08% | | | 512170 ^ | | | | | | | | | | | SSE CNY 11:16:15 文明中 | | | | 通的之原子 | | | | | | | | 1,39% | 净值清设 | | 华富中证医疗 ...

每经AI快讯，有投资者在投资者互动平台提问：请问贵司的产品，无线网络"邀云"网路数据产品理论上 能不能用于脑机接口和人行机器人的大模型训练和网络上的互联互通。贵司和国内哪些车企有合作呢？ 万马科技（300698.SZ）8月25日在投资者互动平台表示，公司暂无脑机接口相关技术，希望可以将在汽 车行业的技术积累迁移至具身智能领域。目前公司已经成功与吉利、理想、上汽、东风、岚图、智己等 10多个知名汽车厂商建立紧密的合作关系。 （文章来源：每日经济新闻） ...

Group 1: Brain-Computer Interface Development - The brain-computer interface (BCI) technology is entering a period of accelerated development, with Xiangyu Medical launching 13 BCI devices and forming strategic partnerships to enhance clinical applications [1] - Favorable policies are emerging, such as the implementation of medical service pricing projects related to BCI in Hohhot, which supports the practical application of this technology [1] - The BCI industry is expected to gradually achieve commercialization, with market size anticipated to continue expanding due to technological advancements in the upstream sector [1] Group 2: A-Share Market Performance - As of August 24, 2025, 978 out of 1688 listed companies in the A-share market reported a year-on-year increase in net profit, with a total proposed cash dividend amounting to 164.7 billion yuan [1] - Notable companies planning significant cash dividends include China Mobile, China Telecom, and Sinopec, indicating strong financial performance [1] Group 3: ETF Market Dynamics - Over 40% of the more than 1000 ETFs in the A-share market have reached new net asset value highs, particularly in the technology sector, including chips and artificial intelligence [6] - The ETF market is acting as a barometer for equity market sentiment, with significant interest in technology-themed ETFs, while some sectors like consumer and new energy are lagging behind [6] Group 4: Insurance Asset Management - Four insurance asset management institutions reported a combined operating income of 6.9 billion yuan and a net profit of 3.5 billion yuan for the first half of 2025, reflecting a year-on-year growth of 15.4% and 29.3% respectively [7] - Bond funds have shown strong performance, with several exceeding their benchmarks, indicating effective management in a volatile market [7] Group 5: Institutional Research and Investment Trends - There has been a surge in institutional research activity among companies listed on the Beijing Stock Exchange, focusing on growth drivers, new product development, and market expansion [4] - Companies are increasing R&D investments in high-potential sectors such as renewable energy and semiconductors, demonstrating a strong commitment to growth [4]

Core Insights - The University of California, San Diego's Sanford Consortium for Regenerative Medicine has developed a new technology called graphene-mediated optical stimulation (GraMOS) that accelerates the development and maturation of brain organoids [1][2] - GraMOS is a safe, non-genetic, biocompatible, and non-destructive technique that can effectively regulate neural activity within days to weeks, providing new perspectives on neurodegenerative diseases like Alzheimer's [1][2] Group 1 - GraMOS utilizes the unique optoelectronic properties of graphene to convert light signals into gentle electrical stimulation, promoting connections and information exchange between neurons [2] - Regular application of GraMOS leads to stronger neural connections, more organized neural networks, and improved communication capabilities in brain organoid models derived from Alzheimer's patients [2] - The technology has the potential to shorten drug screening and testing timelines while being crucial for uncovering the mysteries of neurodegenerative diseases [2] Group 2 - In a proof-of-concept experiment, brain organoids connected to graphene were integrated into a robotic system equipped with environmental sensors, demonstrating real-time interaction [2] - The robotic system can send light signals to stimulate the organoids, which then generate specific neural activity patterns to alter the robot's path, completing the perception-response cycle in just 50 milliseconds [2] - This research signifies a major breakthrough in the application of graphene in neuroscience, nanotechnology, and neuroengineering, with potential expansions into tissue engineering [2]

Group 1 - The 2025 Henan Brain-Computer Interface Technology Innovation Development Forum was held in Anyang, focusing on the integration of brain-computer interface technology and rehabilitation medicine, attracting experts from various fields [1] - The forum was co-hosted by Henan Provincial People's Hospital and Xi'an Jiaotong University, featuring one main forum and five thematic sub-forums under the theme "Inheriting the Spirit of the Red Flag Canal, Intelligent Rehabilitation for a New Future" [1] - A joint innovation consortium for brain-computer interface rehabilitation technology was established, led by Xiangyu Medical, involving 12 universities and research institutions, aiming to bridge the gap between research, clinical practice, and industry [1] Group 2 - Xiangyu Medical's brain-computer interface laboratory has built an ecosystem covering "collection - algorithm - control - scenario," with its non-invasive EEG collection device receiving national medical device certification [2] - The company plans to complete the development of over 20 related devices this year, leveraging clinical experience from the Provincial People's Hospital and its own R&D capabilities to address issues like signal recognition accuracy [2] - A strategic cooperation agreement was signed between Xiangyu Medical and the Provincial People's Hospital, alongside the global launch of 13 new products in various fields, including lower limb rehabilitation training and cognitive impairment assessment [1][2]

Core Viewpoint - The brain-computer interface (BCI) industry is entering a period of accelerated development, with significant advancements in technology and increasing market opportunities driven by aging populations and supportive policies [1][6]. Product Development Acceleration - BCI technology facilitates information exchange between the brain and external devices, with applications in healthcare, rehabilitation, education, and entertainment [1]. - The medical sector is the most advanced in terms of commercialization, with a projected market size of approximately 71.46 billion yuan for rehabilitation medical devices in 2024 [2]. - Xiangyu Medical has launched five series of BCI products, including solutions for physical therapy, occupational therapy, swallowing and cognition, neuro-rehabilitation, and intelligent rehabilitation care [1][2]. Collaborative Development - Significant progress in underlying technologies such as microelectronics, materials science, and neuroscience has laid the foundation for breakthroughs in BCI [3]. - Xiangyu Medical aims to integrate BCI technology into various rehabilitation equipment, enhancing the application scenarios of their technology [3][4]. Continuous Innovation in Technology - The "Beinao No. 1" intelligent BCI system, developed in collaboration with the Beijing Brain Science and Brain-like Research Institute, is currently in clinical validation, helping patients with movement and speech disabilities [4]. - The integration of industry, academia, and research is accelerating the transformation of technological achievements into clinical rehabilitation products [4][5]. Favorable Policy Environment - Recent government policies, including the establishment of independent billing items for BCI, are providing institutional support for clinical applications [6]. - The BCI investment landscape is active, with over 800 million yuan expected in financing for the first half of 2025 across various subfields [6]. Market Growth Potential - The BCI market in China is projected to reach approximately 2.3 billion yuan in 2024, with expectations to exceed 10 billion yuan by 2029, reflecting a compound annual growth rate of over 35% [6][7]. - The industry is characterized by a high concentration of research and development in non-invasive BCI, which constitutes 86% of the market [6]. Future Trends - The BCI industry is expected to see increased collaboration across sectors, with companies evolving into open ecosystem platforms and more mergers and acquisitions occurring [7]. - Investment in the healthcare sector is anticipated to grow, supported by government funds and private capital, providing ample financial resources for industry development [7].