Core Insights - Brain science is reshaping the understanding of emotional issues, indicating that anxiety and depression are not merely psychological problems but are linked to pathological changes in brain neural circuits [2][3] - The concept of "pain emotion" is introduced, suggesting that chronic psychological discomfort can activate specific neural circuits, leading to persistent anxiety or depression [3][4] - The need for precise identification and intervention in emotional issues is emphasized, distinguishing between short-term and chronic anxiety [5] Group 1: Understanding Emotional Issues - The development of brain science clarifies the neural mechanisms behind emotional problems, focusing on learned changes in brain circuits rather than just psychological states [3] - Chronic anxiety is linked to molecular mechanisms that become reinforced in the brain, making it difficult to resolve simply through cognitive understanding [4] - Modern lifestyle factors, such as constant exposure to information via smartphones and social media, contribute to heightened sensitivity in neural circuits, increasing the prevalence of emotional issues [4] Group 2: Identification and Intervention Strategies - Accurate identification of emotional problems is crucial for effective intervention, with a focus on differentiating between short-term and chronic anxiety [5] - A layered judgment approach is proposed for assessing chronic anxiety, involving self-awareness, professional evaluation, and AI-assisted monitoring tools [5] - Multi-dimensional intervention strategies are recommended, including environmental changes, psychological counseling, and memory restructuring techniques [5][6] Group 3: Future of the Emotional Health Industry - Emotional issues represent a global public health challenge, creating significant demand for industry solutions, but the translation of brain science findings into practical applications requires collaboration among academia, industry, and research [7] - Innovative drug development is identified as a key area for translating brain science into marketable solutions, with a focus on creating targeted therapies that selectively inhibit overactive neural circuits [7] - The research team is optimistic about the potential for precision-targeted medications to be clinically available within the next 5 to 10 years, aiming for effective treatments for anxiety and depression similar to those for other common diseases [7]

Core Insights - The article highlights the advancements in artificial intelligence and brain science being developed in Hangzhou, showcasing significant innovations in brain-machine interface technology and advanced microscopy systems [2][4]. Group 1: Innovations in Technology - Zhejiang Hehu Technology has developed a lightweight, head-mounted smart microscope that captures real-time brain activity in small animals, breaking the long-standing foreign monopoly in high-end microscopy [5]. - The technology features three core products: scanning light field microscopy, live mesoscopic microscopy, and a large-field head-mounted micro-microscope, which significantly enhance imaging capabilities while minimizing light toxicity [5]. - The company won a gold medal at the National Postdoctoral Innovation and Entrepreneurship Competition, emphasizing its potential applications beyond neuroscience, including drug development [5][6]. Group 2: Brain-Machine Interface Development - West Lake Lingxi Technology has created an implantable brain-machine interface chip that translates brain waves of individuals who have lost their ability to speak into Chinese sentences, effectively allowing silent thoughts to be expressed [4][8]. - The technology has filled a gap in the international market for decoding Chinese brain waves, showcasing the potential of artificial intelligence in treating brain diseases and enhancing communication [7][8]. - The company has established a complete technical system from high-throughput neural signal acquisition chips to intelligent decoding algorithms, indicating a robust foundation for future growth and commercialization [8].

（央视财经《第一时间》）第二批获得中国人民银行科技创新债券风险分担工具支持的四家民营股权投资机 构发行的债券，将于明天到28日在银行间市场发行，预计将为科技创新企业注入更多长期发展资金。四家民 营股权投资机构拟发行科创债合计9.3亿元。 中国银行间市场交易商协会表示，下一步还将提高注册发行效率，用好风险分担工具，大力发展债券市场"科 技板"，引导更多金融资源投早、投小、投长期、投硬科技，助力我国实现高水平科技自立自强。 转载请注明央视财经 编辑：王一帆 基石资本执行总裁兼合伙人 王启文：这期投资方向都是科技方向，特别是半导体、人工智能、机器人、合成 生物、脑科学这些方向。给我们管的创投基金、股权投资基金带来了稳定、长期、低成本的资金。 股权投资机构是投早、投小、投硬科技的重要力量，此前他们很少进行债券融资。为支持这些机构发债，中 国人民银行专门创设了科创债风险分担工具，提供低成本再贷款资金，与地方政府等一起为股权融资机构发 债提供担保等支持。今年6月，首批获得央行分担工具增信的科创债发行。目前，13.5亿元的募集资金已有将 近50%投入实际使用，并撬动上百亿元资金支持科技创新。 盛景嘉成总裁 联合创始人 刘昊 ...

Core Viewpoint - The article highlights the significant growth and investment potential of Hangzhou-based robotics company Yun Shen Chu, which is preparing for an IPO and has shown impressive revenue growth in the quadruped robot market, positioning itself as a key player in the industry after Yushu Technology [3][4][8]. Company Overview - Yun Shen Chu was founded in 2017 by Dr. Zhu Qiuguo and Dr. Li Chao, focusing on high-dynamic balance robotic products, including quadruped, humanoid, and wheeled robots [7]. - The company has launched several products, including the "Jueying" series of quadruped robots, which have applications in various industries such as energy, emergency response, and education [8]. Financial Performance - Yun Shen Chu has completed seven rounds of financing, with the latest round in July 2023 raising nearly 500 million yuan, indicating strong investor interest [3][4]. - The company’s annual revenue is reported to be in the range of several hundred million yuan, with expectations of over 100% growth in 2024 compared to 2023 [4][8]. Market Dynamics - The domestic quadruped robot market has seen explosive growth, with sales increasing from less than 2000 units in 2019 to 18,000 units in 2023, reflecting a compound annual growth rate of 94.4% [8]. - The market size is projected to grow from under 1 billion yuan to 7.55 billion yuan by 2024, with expectations to exceed 5 billion yuan by 2030 [8]. Investment Landscape - The article notes that several companies, including Yun Shen Chu, Yushu Technology, and Qiangnao Technology, are part of a group referred to as the "Hangzhou Six Dragons," all of which are preparing for IPOs and have received significant backing from state-owned and insurance capital [10][12]. - The involvement of at least 38 insurance institutions in the funding of these companies indicates a shift in investment strategies towards early-stage technology firms [14][15].

Group 1: Alzheimer's Disease Treatment Innovations - A new nano-drug strategy has been proposed by a research team from Sichuan University and the Catalonia Institute for Bioengineering, which cleared nearly 50% of amyloid-beta (Aβ) in Alzheimer's model mice within 2 hours and sustained cognitive recovery for up to 6 months [5][11]. - The traditional approach focused on directly removing Aβ, but the real issue is the failure of the brain's waste clearance system, particularly the low-density lipoprotein receptor-related protein 1 (LRP1) [6][7]. - The new strategy aims to repair the waste clearance system rather than just removing the waste, utilizing a designed nano-carrier (A₄₀-POs) that enhances LRP1's function [8][10]. Group 2: Brain-Machine Interface Breakthroughs - A new type of flexible, stretchable neural electrode called "NeuroWorm" has been developed, which can move within the brain or muscle tissue, allowing for dynamic monitoring of physiological signals [12][15]. - This innovation represents a paradigm shift from static electrodes to dynamic, controllable devices that can provide long-term monitoring of neural activity [15]. Group 3: Chronic Pain Mechanisms - Research has identified a specific type of neuron (Y1R neurons) in the parabrachial nucleus of the brain that remains active during chronic pain, providing insights into potential new therapies for chronic pain management [16][18]. - The study reveals that the brain has an intrinsic pain modulation mechanism, where survival needs can suppress chronic pain signals, suggesting that behavioral interventions may also influence pain perception [20][21].

Group 1 - The core idea of the news is the launch of the "Silver Age Wisdom Workshop" project by the China Science and Technology Museum, aimed at helping the elderly delay cognitive decline through innovative cultural and scientific content [1] - The project features four main thematic areas: Cultural Imprint, Silver Age Wisdom Zone, Smart Living, and Peach Blossom Source Exploration, allowing elderly visitors to engage in hands-on experiences with traditional crafts and interactive brain-training activities [1] - Specific interactive exhibits include the "Silver Age Wisdom Zone," which transforms classic literary scenes into activities that train hand-eye coordination and logical thinking, enhancing cognitive engagement through familiar cultural memories [1] Group 2 - The project will expand into communities to promote regular and replicable science popularization services [2] - The China Science and Technology Museum is collaborating with institutions like the Chinese Academy of Sciences and Harvard University to plan a brain science exhibition focusing on challenges posed by Alzheimer's disease and other brain disorders in an aging society [2] - The exhibition is expected to open to the public in September 2026, showcasing applications of cutting-edge technologies such as brain-machine interfaces and artificial intelligence in the elderly care sector [2]

Market Overview - The market has entered a wedge-shaped fluctuation since September, accumulating risks due to uncertainties in US-China relations, the release of Q3 earnings, and increasing valuation bubble risks[1] - The "Innovation Bull" market is currently in a consolidation phase, with a high probability of narrow index fluctuations and wide fluctuations in the technology sector from October to November[1] Industry Rotation - Leading sectors have shown signs of adjustment, with insufficient momentum for growth styles to digest valuations; defensive sectors are currently favored[2] - Within growth sectors, electronics remain strong but show weakening trends, while communication is experiencing a weak rebound; cyclical sectors like coal and petrochemicals are improving[2] Thematic and Industrial Opportunities - The marine economy is highlighted as a key area for development, with policies emphasizing "strengthening marine development and protection," which may lead to thematic market opportunities in October-November[3] - Emerging industries related to marine economy, such as offshore wind power and marine biomedicine, are expected to gain traction due to policy support[3] Long-term Trends of the "Innovation Bull" - Market liquidity and valuations have improved, with a significant portion of public fund net values exceeding 1, indicating potential for accelerated fund issuance[4] - The proportion of public funds with net values above 1 has surpassed 80%, suggesting that public funds will be a major source of incremental capital in the next phase[4] Risk Factors - Potential risks include Q3 earnings falling short of expectations, unexpected changes in US-China relations, and extreme structural market conditions[4]

Core Insights - Nanjing Biomedicine Valley has introduced over 50 innovative products and technologies that are first in the world or country, highlighting its role as a key player in the biomedicine industry [1] - The region is focusing on precision medicine and niche areas such as brain science and gene therapy, aiming to establish a comprehensive innovation ecosystem [2][3] - Two new class 1 drugs have been approved this year, marking a significant achievement for the Nanjing Biomedicine Valley [3][4] Industry Overview - The global biomedicine industry is accelerating towards precision diagnosis and treatment, with Nanjing Biomedicine Valley positioning itself in niche markets [2] - The region has established a full industrial chain in gene and cell therapy, including gene testing, diagnostics, and CAR-T cell therapy [3] - The Nanjing Biomedicine Valley has attracted over 1,300 companies, with 7 companies successfully listed and 6 class 1 drugs approved [5] Innovation and Development - The Nanjing Biomedicine Valley is enhancing its innovation capabilities by collaborating with universities and establishing technology transfer centers [6] - A total of 84 billion yuan fund support plan has been launched to facilitate the transformation of scientific achievements from universities [6] - The region is focusing on building a robust innovation ecosystem that integrates innovation chains, industry chains, capital chains, and talent chains [7] Recent Achievements - The approval of two class 1 drugs, Enze Shou and Ji Ke Shu, represents a milestone for the biomedicine valley, with the former being the first targeted drug for platinum-resistant ovarian cancer in China [3][4] - The establishment of the Jiangsu Brain Intelligence Technology Innovation Center aims to make breakthroughs in brain science over the next five years [2] - The Nanjing Biomedicine Valley has successfully facilitated the listing of companies and the approval of innovative drugs, showcasing its supportive environment for biomedicine enterprises [5][6]

Group 1 - The core achievement of Zhejiang University is the development of a brain-like computer "Wukong" based on specialized neuromorphic chips, with over 2 billion neurons, nearing the scale of a macaque brain, indicating that China has reached an internationally advanced level in the field of neuromorphic brain-like computing [1] - The "Innovation 2030 Plan" initiated by Zhejiang University aims to build a high ground for innovation by focusing on national strategic needs and global scientific frontiers, with 11 interdisciplinary research plans being implemented [1] - The "Brain Science and Artificial Intelligence Convergence Research Plan" has led to the establishment of the National Key Laboratory of Brain-Machine Intelligence and the first "Brain Science and Brain Medicine College" in the country, becoming a strategic base for national scientific and technological strength in brain science and artificial intelligence [1] Group 2 - In April 2024, Zhejiang University established the Basic Interdisciplinary Research Institute to reconstruct innovation models and serve high-level technological self-reliance and talent cultivation, creating a "comprehensive reform special zone" for education, technology, and talent [2] - The university launched the Electrical and Electronic Engineering Experimental Class (EE Class) to break traditional disciplinary barriers, integrating two major colleges to cultivate interdisciplinary talents in areas such as smart grids and quantum information [2] - Zhejiang University has 21 disciplines listed in the first-class discipline construction list, with most disciplines showing significant progress in the fifth round of discipline evaluation [2] Group 3 - Zhejiang University is actively recruiting global talent through various initiatives such as the "Talent Special Zone" and "Academic Master Gathering Plan," aiming to attract top-tier talent and their teams to foster high-level innovation [3] - The university plans to accelerate the layout of convergent disciplines and interdisciplinary frontiers, aiming to build a robust academic ecosystem and advance towards becoming a world-class university [3]

Core Insights - The rapid development of brain science in China over the past decade has been significantly driven by breakthroughs in interdisciplinary technologies such as imaging, molecular biology, and artificial intelligence [1] Group 1: Innovations in Brain Science - The "North Brain No. 1" intelligent brain-machine system is the first international semi-invasive brain-machine interface product that achieves over 100 channels of high-throughput, wireless implantation, aimed at helping patients with motor and speech disabilities due to spinal cord injuries, strokes, and ALS [1][3] - The "Wukong" ultra-large-scale neuromorphic brain computer, developed by Zhejiang University, features a neuron scale close to that of a monkey brain and can complete simulation tasks in one minute that traditional computers take a day to perform [4] - A wearable atomic magnetometer brain magnetometry system has been developed to overcome the high cost and low flexibility of traditional brain magnetometry, making it applicable in various fields such as brain science research and brain-machine interface [4][6] Group 2: Clinical Applications and Benefits - The "North Brain No. 1" has been implanted in five patients, primarily benefiting those with motor disabilities from spinal cord injuries and strokes, demonstrating not only functional replacement but also rehabilitation effects [3] - The system has shown a signal quality stability of over 98% six months post-implantation, indicating its effectiveness in clinical applications [1] - A localized olfactory function assessment and training system has been developed to provide early warning solutions for neurodegenerative diseases such as Alzheimer's and Parkinson's, achieving international leading levels in reliability and validity [6]