Macro Highlights - As of the end of May, the number of fixed internet broadband users with access speeds of 1000Mbps and above reached 223 million, with a net increase of 16.35 million users compared to the end of last year, accounting for 32.7% of total users [1] - The total number of fixed internet broadband users reached 682 million, with a net increase of 12.16 million users compared to the end of last year [1] - In May, national lottery sales reached 57.036 billion yuan, a year-on-year increase of 19.8%, primarily driven by increased sales of sports lottery due to numerous sporting events [1] Company News - BYD signed a cooperation agreement with voestalpine, a European steel manufacturer, for steel supply to its Hungary passenger car factory [6] - SAIC Group and CATL invested in the establishment of a power system company with a registered capital of 50 million yuan, focusing on battery sales and related services [7] - China Mobile's fund and other investors increased their stake in Seres Automotive, raising the registered capital from 10.305 billion yuan to 10.637 billion yuan [8] - DeMa Technology signed a sales contract worth 43.3888 million USD with a subsidiary of MercadoLibre for smart logistics systems [9] - Guangda Special Materials announced that it has achieved mass supply of materials for nuclear fusion superconducting coil armor [10] - ST Huamei's controlling shareholder will change to Jilin State-owned Assets Supervision and Administration Commission, with stock resuming trading on June 26 [11] - Zhongxin Saike received a dividend of 25 million yuan from its wholly-owned subsidiary [13] - Hangxiao Steel Structure signed a cooperation framework agreement for the Hongkan base project, with a planned first phase development of approximately 250 acres [13] - TuoJing Life Sciences' subsidiary obtained two medical device registration certificates [13] - Boshi Co. signed a product sales contract worth 116 million yuan with Rongsheng Petrochemical [14] - Hongjing Technology signed a 149 million yuan contract for computing power integration services [15]

Important Market News - The Federal Reserve proposed reforms to relax key capital rules for major banks, reducing the capital requirement for holding companies from 5% to a range of 3.5% to 4.5%, and for bank subsidiaries from 6% to the same range [1] - The U.S. stock market showed mixed results, with the Nasdaq up 0.31%, the S&P 500 flat, and the Dow down 0.25%. Nvidia's stock rose over 4%, reaching a market cap of $3.77 trillion, making it the highest valued company globally [1] - International gold prices increased, with spot gold rising 0.28% to $3332.10 per ounce, and COMEX gold futures up 0.37% to $3346.40 per ounce [2] Industry Insights - Shenzhen's Commerce Bureau issued measures to promote high-quality service consumption, including easing restrictions on service trade and encouraging the use of digital currency in consumption [3] - The storage market is experiencing a surge, particularly in DDR4 memory prices, driven by reduced production and increased demand from AI devices. Price increases are expected to continue into the second half of 2025 [4] - The National Medical Products Administration is seeking public opinion on standards for non-invasive medical devices using brain-computer interface technology, indicating a growing focus on this innovative field [5][6] Stock Movements - Heatgen Bio announced that a shareholder plans to reduce their stake by up to 180,000 shares, representing 1.94% of the total share capital [7] - Tianyu Co. disclosed that a major shareholder intends to reduce their holdings by up to 10.44 million shares, not exceeding 3% of the total share capital [7] - Yuxing Co. reported a plan by a significant shareholder to reduce their stake by up to 375,000 shares, accounting for 1% of the total share capital [7]

Group 1 - Kevin Kelly, a renowned technology prophet, predicts that by 2049, China will emerge as a leading global power, particularly in technology and culture [1][2] - The concept of "Cool China" envisions a future where Chinese cities are models for urban planning, attracting global talent and showcasing advanced innovations [4][7] - China is expected to excel in electric vehicle manufacturing, potentially producing the best electric cars in the world, surpassing even Tesla [3][6] Group 2 - The integration of AI, brain-computer interfaces, and other technologies is anticipated to disrupt industries such as retail, with giants like Walmart and Amazon facing significant challenges [5][6] - China is recognized for its advancements in robotics and life sciences, moving beyond imitation to develop innovative pharmaceuticals and technologies [7][8] - The cultivation of "Cool Power" requires a diverse ecosystem that supports cultural and technological innovation, emphasizing the importance of high-quality cultural products alongside technological advancements [8]

Group 1 - The National Medical Device Standardization Technical Committee is seeking public opinion on the project for the national standard titled "General Technical Conditions for Non-invasive Medical Devices Using Brain-Computer Interface Technology" [1] - The document outlines performance indicators and testing methods for non-invasive medical devices that utilize brain-computer interface technology, including data collection, decoding, external control devices, and user interaction [1] - The establishment of internationally aligned standards is expected to enhance international cooperation and improve regulatory efficiency, reducing difficulties and costs associated with inconsistent standards [1] Group 2 - The rapid development of the non-invasive neuromodulation field is attracting more companies to invest in the research and production of related products, necessitating standardized testing methods to regulate the industry and promote healthy market competition [1] - Brain-computer interface technology is recognized as a key technology for human-machine interaction and hybrid intelligence, with applications expanding across various fields such as bionics, medical diagnosis and intervention, and consumer electronics [1] - Innovation Medical has a stake in Boling Brain Machine (Hangzhou) Technology Co., Ltd., which focuses on the research and clinical application of brain-computer interface technology [1] - Cheng Yi Tong has developed a transcranial magnetic navigation system and a magnetic stimulation device for the brain, collaborating with well-known universities to establish a smart rehabilitation joint laboratory [2]

AI Glasses - The AI glasses concept continues to gain traction, with companies like Zhili Fang and Haoshanghao hitting the daily limit up, while Xiechuang Data, Zhongke Lanyun, and Ruixinwei saw daily increases of 5.30%, 5.93%, and 4.97% respectively [1] - Xiaomi announced the launch of its AI glasses on June 26, which follows the mass production of the world's first consumer-grade AI+AR glasses, Rokid Glasses, that received 250,000 global pre-orders [1] - The market is expected to see rapid adoption of AI glasses due to their lightweight design, affordable pricing, and the maturity of required technologies [2] Stablecoins - Stablecoin-related stocks in both AH markets showed strong performance, with OSL Group rising over 16.07% in the H-share market and several A-share companies like Hengsheng Electronics and Xinguodu seeing increases of 7.34% and 14.42% respectively [3] - Guotai Junan International received approval from the Hong Kong Securities and Futures Commission to upgrade its license to provide virtual asset trading services, allowing direct trading of cryptocurrencies and stablecoins [3] - The introduction of stablecoins is seen as a bridge between traditional finance and the crypto asset system, enhancing transaction stability and cross-border payment capabilities [4] Brain-Computer Interfaces - A new national standard for non-invasive medical devices using brain-computer interface technology is being proposed, focusing on performance indicators and testing methods [5] - The technology is expected to revolutionize human-machine interaction, initially focusing on medical rehabilitation and later expanding into education, entertainment, and military applications [5] Drones - Following the implementation of stricter export controls in 2024, prices for drone components exported from China to the U.S. have reportedly tripled in some cases [6] - China's drone industry is recognized for its mature supply chain and competitive advantages, with expectations to transition from a "component supplier" to a "technology standard setter" within 3-5 years [6] Solid-State Batteries - Vivo launched the X Fold5 smartphone featuring the industry's first fourth-generation silicon anode technology, achieving an energy density of 866Wh/L, a 13% increase compared to the previous generation [7] - The new battery technology is expected to penetrate various markets, including consumer electronics and high-end vehicles, as it matures and costs decrease [7]

证券代码：301330 证券简称：熵基科技 熵基科技股份有限公司投资者关系活动记录表 编号：2025-06 | 投资者关 系活动类别 | 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 | | --- | --- | | | 其他（反路演） 路演活动 现场参观  | | 参与单位 | 国泰海通证券、德邦基金、富国基金、鹏华基金、银河基金、交银基金、上银基金、 | | 名称 | 长江养老、信达澳亚基金 | | 时间 | 2025 年 6 月 23 日—2025 年 6 月 25 日 | | 地点 | 熵基科技会议室、线上会议 董事会秘书、副总经理：郭艳波 | | | 智能创新研究院院长：仲崇亮 | | 上市公司 接待人员姓名 | 生物识别及脑机事业部负责人：叶峰 全球管理服务共享中心总经理：崔少伟 | | | AI 技术解决方案总监：郑志雄 | | | 云应用产品线负责人：文元彪 | | | 公司工作人员首先对公司发展历程、主营业务、主要产品等基本情况做了介绍，对公 | | | 司当前研发方向进行了讲解。 | | | 随后与投资者进行交流，就投资者所关心的问题进行解答，主要交流内容如 ...

【重点关注】 ·央行开展3000亿元MLF操作 6月中期流动性净投放总额已达3180亿元 ·《采用脑机接口技术的医疗器械非侵入式设备通用技术条件》国家标准立项申请公开征求意见 ·国泰君安国际正式获批提供加密货币等虚拟资产交易服务 【国内要闻】 ·6月25日上午，国务院总理李强在天津出席2025年夏季达沃斯论坛开幕式并致辞。李强表示，当前国际 经贸格局正在发生深刻变化。经贸体系更趋多元，全球南方力量快速崛起；传统贸易增速放缓，新兴贸 易逆势增长；全球性机制受到冲击，区域协作日渐增多；跨境投资波动下行，产供链碎片化风险上升。 我们应当顺应正道和大势，拿出智慧和担当，采取积极的态度和建设性的行动，坚定不移拥抱普惠包容 的经济全球化，维护自由贸易和多边主义，促进世界经济稳定发展。 ·中共中央政治局委员、国务院副总理何立峰23日至24日在河北调研时指出，要加快构建全国统一大市 场，积极扩大内需提振消费，加快构建房地产发展新模式，因地制宜发展新质生产力，更好推动经济高 质量发展。今年以来，我国经济顶住压力保持向好态势，社会信心持续提振。要持续推动大宗耐用消费 品以旧换新政策落地见效，有力有效稳定市场预期。各相关城市可从实 ...

目前脑机接口技术还是主要集中应用于解决临床问题为导向，对于更前沿的消费级脑机接口技术应用而言，近期很难出现重大突破。 2025年被视为国内脑机接口行业的"元年"。近两个月来，国内多个科研团队宣布脑机接口正式进入或即将临床阶段；与此同时，多个团队 宣称完成脑机接口"全球首例"临床治疗，帮助患者重建肢体运动功能。 在资本市场上，脑机接口也正在成为全球投资人追捧的项目。本月，科技富豪马斯克的脑机接口公司Neuralink宣布再融资6.5亿美元，估 值达到90亿美元；在国内市场上，今年早些时候，阶梯医疗也宣布完成国内介入式脑机接口最大规模一轮高达3.5亿元人民币的融资。 第一财经记者近日通过走访相关脑机接口企业了解到，随着越来越多脑机接口公司计划步入临床，对于资本的需求也更为迫切。 脑机接口"多点开花" 上海一家国资背景的投资公司医疗行业投资人吕明对第一财经记者表示，脑机接口是他近期比较关注的赛道，但他坦言："第一梯队的头 部公司估值都太高了，但第二梯队的技术价值不大，对投资人来说又没有足够的吸引力。" 另一家医疗投资机构相关投资人方然告诉第一财经记者："脑机接口项目前景好，虽然落地还早。目前这也是我们主攻的投资方向 ...

更多精彩内容，敬请关注6月25日晚22：30在 东方卫视 、6月28日晚22:00在 第一财经 频道播出的 《两说》节目。 两说 Business Insights 近年来，人工智能领域每隔一段时间就会出现一个突破性进展。技术层面，通用人工智能（AGI）、 量子计算与脑机接口等领域已无现成经验可循，人类正在踏入一个个科技领域的"无人区"。产业层面，人 工智能在不同场景下，与不同技术的结合，正在为人类的未来带来无穷想象。技术狂飙下，我们应该如何 思考人类与人工智能的关系？在2025年世界人工智能大会即将在上海举行之际，《两说》推出一组系列对 谈，以"探索AI'无人区'"为题，邀请代表性嘉宾，就人工智能发展过程中的热点问题进行深入探讨。 本期节目，由第一财经主持人张媛对话2013年诺贝尔化学奖获得者、斯坦福大学结构生物学系终身教 授、复旦大学复杂体系多尺度研究院荣誉院长迈克尔·莱维特。迈克尔·莱维特教授是当前计算生物学领域 的权威学者，他的研究成果包括DNA和蛋白质的分子动力学模拟，研究领域横跨生物学、物理学、化学、 计算科学等多个学科；他开创性地为复杂的化学系统发展了多尺度模型，因此获得2013年诺贝尔化学奖。 ...

重要新闻 3. 商务部：组织开展2025年千县万镇新能源汽车消费季活动 1. 央行今天将开展3000亿元MLF操作 中国人民银行：为保持银行体系流动性充裕，2025年6月25日（周三），中国人民银行将以固定数量、 利率招标、多重价位中标方式开展3000亿元MLF操作，期限为1年期。 2. 六部门推19项举措明确金融促消费的"路线图"，强化商品消费和服务消费金融供给 6月24日，中国人民银行等6部门联合对外发布《关于金融支持提振和扩大消费的指导意见》，推出19条 重点举措，从支持增强消费能力、扩大消费领域金融供给、挖掘释放居民消费潜力、促进提升消费供给 效能、优化消费环境和政策支撑保障等六个方面，明确了当前金融支持消费增长的方向和重点。意见提 出，创新优化信贷产品，加大对符合条件的消费行业经营主体首贷、续贷、信用贷、中长期贷款支持力 度。意见明确了金融支持消费的重点领域——商品消费、服务消费和新型消费，并给出了相应引导。意 见强调要夯实宏观经济基础，强化金融与财政、产业等政策协同联动，将支持增强居民消费能力作为金 融发力的重要方向。 商务部办公厅发布组织开展2025年千县万镇新能源汽车消费季活动的通知，活动时间 ...