开源证券：游戏或为脑机接口/AI重要应用场景 脑机接口是将人脑与外部设备连接实现信息交互的硬件，其可用于让运动失能患者等过去难以体验游戏 乐趣的群体实现"脑控"游戏，亦可配合游戏用于神经相关疾病的康复训练。12月13日，上海脑虎科技发 布我国首款全植入、全无线脑机接口全功能产品，标志我国在脑机接口核心技术领域实现关键突破，跻 身国际顶尖行列，首位截瘫受试者术后恢复良好，已能通过意念操控电子设备完成刷视频、打游戏等日 常操作。马斯克计划在2026年大规模生产Neuralink脑机接口芯片，且植入芯片过程将转变为"一种更加 精简、几乎完全自动化的手术流程"。硬件的规模量产降本及植入过程的简便化，有望加速游戏、医疗 等各类应用场景的成熟；随技术进一步发展，脑机接口有望带来新的游戏控制交互体验，为游戏行业培 育新增长点。 中信建投：AI医疗产业链投资机遇 2025年国内AI医疗在政策、技术、产品及应用等方面均有持续进展，技术突破从单个产品走向场景全 链条，应用场景从大医院下沉到基层和个体。AI医疗在提升医疗器械功能、检查检验结果解读、辅助 临床医生决策、健康管理等多个领域的应用价值较大，是医疗企业和医院必须重视的创新 ...

Core Viewpoint - The domestic AI healthcare sector is expected to see continuous advancements in policy, technology, products, and applications by 2025, with a shift from individual products to a full-chain scenario and from large hospitals to grassroots and individual applications [1] Group 1: Policy and Technology - Continuous catalysis from national policies and industry technologies is anticipated to accelerate the implementation of AI healthcare applications [1] - Other regions are expected to introduce related policies in the future, indicating a broader trend in the industry [1] Group 2: Application Value - AI healthcare holds significant application value in enhancing medical device functions, interpreting examination results, assisting clinical decision-making, and health management [1] - Medical enterprises and hospitals must prioritize AI healthcare as an innovative direction and competitive trend [1]

过去几个月没发声的知名小说家紫金陈，近日晒出了自己的账户收益，面对2025年超30%的收益，紫金 陈直言，"收益不好，感觉太菜了"。 面对紫金陈的自谦，多位网友表示，"紫老师在凡尔赛"。 如果将紫金陈的2025年收益率和公募基金相比，紫金陈处于中等水平。据统计，衡量公募基金投资能力 的主动偏股型基金，2025年度平均收益率为32%。其中，年度收益率超过50%的基金约为800只，年度 净值翻倍的基金超过70只。 有意思的是，2024年12月27日，紫金陈也曾晒出炒股成绩单，彼时其年内收益率约为30%。虽然与2025 年收益率相仿，但是市场已发生明显变化，紫金陈的心境出现明显不同，对自己的评价从"还行"变 成"太菜了"。 知名投资人反思 除紫金陈外，近期，多位知名投资人也在复盘2025年操作得失，并展望2026年投资机遇。 紫金陈称自己"太菜了" 从紫金陈晒出的账户情况看，2025年收益率为31.17%，超过同期上证指数涨幅12.74个百分点。虽然该 收益击败了81%的股民，但紫金陈坦言，2025年收益不好，感觉太菜了，所以很少说话。 谈及2025年的操作，紫金陈表示："年初重仓港股联通，很高兴地卖掉后半个月又涨 ...

从资金流向上来看，当日AI医疗板块主力资金净流入24.71亿元，游资资金净流出18.2亿元，散户资金 净流出6.51亿元。AI医疗板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，1月5日AI医疗板块较上一交易日上涨4.68%，伟思医疗领涨。当日上证指数报收于 4023.42，上涨1.38%。深证成指报收于13828.63，上涨2.24%。AI医疗板块个股涨跌见下表： ...

华龙证券人民大道总经理牛阳认为，医疗健康为首的大消费再次释放出强悍的做多动能，预计消费板块有 望延续强势。后市或呈现出"指数难作为，消费多作为"的盘面特点。 上游新闻记者 王也 通达信统计数据显示：当天A股股票涨跌比例是4185:1168；涨跌幅超过10%的个股比例是139:6；涨跌幅大 于5%的个股比例是381:57。盘面看，人脑工程、医疗健康、血氧仪、免疫治疗、AI医疗、CXO、减肥药、 辅助生殖等十多个板块涨幅大于3.5%。 "更加看好经典蓝筹的走向。"富鼎资管经济学家李维夏表示，"开门红"是以全线普涨的方式实现的，这在 以往其实并不多见。央国企经典蓝筹和银行板块的弱势，制约了上证指数。不过，深市的中小综指、创业 板综指、深证综指周线级别"MACD连续绿柱+阶段新高"确立了顶背离，且深市三大综指先于成指突破阶 段新高，预示着绝大多数个股不容乐观。这样一来，倒是放量下跌的央国企经典蓝筹和银行板块股，后市 反而更为乐观了。 （文中观点仅供参考，不构成投资建议；股市有风险，入市须谨慎） 周一（1月5日），A股市场迎来"开门红"。截至终盘：上证指数收报4023.42点，上涨54.58点，涨幅 1.38%；深证综 ...

港股晨报 2026 年 1 月 5 日 国投证券（香港）有限公司 • 研究部 1. 国投证券国际视点：美国对委内瑞拉动武 上周五，2026 年首个交易日，港股市场气势如虹，迎来「开门红」。恒生指数 大涨 2.76%，国企指数上扬 2.86%，恒生科指涨幅高达 4%。市场情绪高昂， 板块呈现普涨态势。受假日行情影响，大市成交金额 1,409 亿元，维持在相对 较低水平。主板总卖空金额约 204 亿元，占可卖空股票总成交金额约 17.46%。 由于 A 股于上周五休市，南向港股通亦同步关闭，不提供服务。 板块方面，电力与新能源板块表现较佳，风电及绿电概念股集体走强，金风科 技 2208.HK 领涨。芯片与机器人概念股亦有所做好，受华虹半导体拟收购华 力微股权的消息刺激，华虹半导体 1347.HK 及中芯国际 981.HK 等半导体龙 头股价大幅拉升。科技股方面，云计算、AI 及手游板块全线飘红。百度集团 9888.HK 因拟分拆昆仑芯独立上市而备受资金追捧，带动阿里 9988.HK、腾讯 700.HK 等权重科技股集体上攻，支撑恒生科技指数强劲表现。 消费板块中，家电股受政策利好驱动表现活跃。商务部再发文支持家电 ...

Group 1 - The core viewpoint of the news highlights a significant increase in the biopharmaceutical sector within the Hong Kong stock market, with the innovative drug ETF (159567) rising by 5.21% and achieving a trading volume exceeding 1.3 billion HKD [1] - The NextPharma database indicates that by December 31, 2025, the total transaction amount for China's innovative drug business development (BD) overseas authorization is projected to reach 135.655 billion USD (approximately 948.3 billion RMB), with an upfront payment of 7 billion USD and a total of 157 transactions, marking a historical high compared to 51.9 billion USD and 94 transactions in 2024 [1] - Southwest Securities predicts that the innovative drug sector will experience a surge starting in May 2025, driven by the 1.25 billion USD upfront payment for PD1/VEGR dual antibodies, leading to a bullish market for innovative drugs [1] Group 2 - The Hong Kong innovative drug ETF (159567) closely tracks the National Index for Hong Kong Stock Connect Innovative Drugs, featuring leading stocks such as BeiGene, Innovent Biologics, and 3SBio, with a notable inclusion of several AI-driven pharmaceutical leaders, indicating a high proportion of innovative drug companies [2] - The ETF is expected to exhibit high elasticity as the market for AI-enabled innovative drugs gains momentum [2]

Group 1 - The innovative drug ETF Guotai (517110) rose over 2.6%, with a focus on innovative therapies and internationalization progress [1] - The chemical pharmaceutical sector performed moderately, while the innovative drug field saw multiple advancements, including Heng Rui Medicine's cMET ADC new drug SHE-1826 being proposed for breakthrough therapy designation [1] - Innovent Biologics' CTLA-4 biosimilar Daborhizumab is priced at 13,100 yuan per unit, and Zai Lab's DLL3/DLL3/CD3 tri-antibody received a $1.235 billion licensing deal with AbbVie, including an upfront payment of $100 million and up to $1.075 billion in milestone payments [1] Group 2 - Technological advancements in ADC, IO dual antibodies, GLP-1 weight loss, and small nucleic acid drugs are progressing, enhancing China's innovative drug internationalization capabilities [1] - The policy environment shows stabilization in medical insurance negotiations, with the introduction of a "commercial insurance innovative drug catalog" in 2025 to expand market opportunities, and the optimization of rules in the 11th batch of centralized procurement to alleviate fierce competition [1] - The CXO sector is experiencing growth in overseas orders and a recovery in domestic demand, with rapid increases in demand for ADC and peptide drugs [1] Group 3 - The medical device sector is focusing on performance recovery and overseas opportunities, with Hong Kong stocks highlighting the profit release of leading companies in niche segments, and new technologies like brain-computer interfaces and AI medical applications gaining investment interest due to policy support [1] - The traditional Chinese medicine sector is influenced by respiratory diseases and progress in the basic drug catalog, while the biopharmaceutical field is paying attention to the expectations of innovative pipeline authorizations and sales improvements for vaccine companies [1]

Group 1 - The core viewpoint of the articles highlights a significant surge in the Chinese innovative drug sector, with license-out transactions exceeding $130 billion, marking a year-on-year increase of over 150% and surpassing 50% of the global total for the first time [1] - The cash flow generated from business development (BD) and the IPO boom is providing ample funding for research and development, which is crucial for the industry's future growth [1] - Three main driving forces for the industry in 2026 are identified: commercialization realization, clinical data validation, and improvement of payment systems, which are expected to usher in a new era of "value realization" [1] Group 2 - The Hang Seng Medical ETF (159892) focuses on innovative drugs, CXO, and related industries, benefiting from the advantages of the Hong Kong Stock Exchange's 18A system, which covers numerous innovative targets [2] - The ETF is expected to continue its valuation recovery trend under the catalysts of innovative drug exports and commercial insurance directories [2]

该合作将英矽智能人工智能驱动的药物研发平台Pharma.AI与施维雅在抗肿瘤药物研发领域的全球专业 优势相结合，聚焦抗肿瘤领域具有挑战性的靶点，识别并开发全新的治疗药物。 1月5日，英矽智能宣布与施维雅达成了一项总金额达8.88亿美元的多年期研发合作。据协议条款，英矽 智能将有资格获得最高3200万美元的首付款及近期研发里程碑付款。 港股通医疗ETF（520510）跟踪港股通医疗主题指数，持仓CXO权重超30%，AI医疗权重超20%，为市 场投资CXO及AI医疗概念提供了便捷工具，有望受益于"反内卷"及AI技术革命。 每日经济新闻 华福证券表示，AI医疗行业在战略与市场需求的共振下已迈入商业化落地的关键阶段，政策、院端、 产品三方面催化兼具，当下时点是新一轮AI医疗应用布局的黄金时机。 ...