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 ...

Group 1: Robotics and Technology Development - Singapore Prime Minister Lawrence Wong visited the Beijing Humanoid Robot Innovation Center, exploring advancements in embodied intelligent robots and their applications in various sectors [1][3] - Beijing is accelerating the cultivation of the future robotics industry, leveraging the Innovation Center to gather global resources for key technology research [3] Group 2: Economic Forums and Events - The 16th Summer Davos Forum took place in Tianjin, attracting around 1,800 participants, the highest number in recent years, focusing on themes like global economy and new energy [4] - The forum emphasized sustainability, utilizing solar power and promoting green transportation through electric vehicles [5] Group 3: Sci-Fi Industry Growth - Beijing's sci-fi industry has seen the establishment of over 780 companies with total revenue around 48 billion yuan, marking a new phase of high-quality development [6] - The Shougang Park, transformed from an industrial site, features immersive experiences integrating AI and VR technologies [6] Group 4: Healthcare Services - Beijing has 156 medical institutions providing full-process foreign language services, enhancing its international medical service system [7] - The city is promoting high-level openness in healthcare, supporting the establishment of foreign-funded hospitals [7] Group 5: Brain-Computer Interface Breakthrough - Nankai University announced the world's first successful intervention of a brain-computer interface to restore motor function in a paralyzed patient, marking a significant advancement in rehabilitation technology [8] Group 6: Transportation Integration - The Tianjin West Station city terminal began trial operations, facilitating seamless connections between high-speed rail and air travel, enhancing transportation integration in the Beijing-Tianjin-Hebei region [9][10] Group 7: Digital Economy Initiatives - The 2025 Global Digital Economy Conference is set to take place in Beijing, focusing on building digital-friendly cities and promoting international cooperation [11] Group 8: Cultural Industry Collaboration - The establishment of the Tianjin Center for Collaborative Development of Cultural Industries aims to enhance cultural resource integration and promote the inheritance of local culture [12] Group 9: Publishing Education Conference - The third International Conference on Publishing Education was held, leading to the formation of the International Publishing Education Alliance to foster global collaboration in publishing education [13] Group 10: Military Parade Announcement - A military parade will be held on September 3 in Tiananmen Square to commemorate the 80th anniversary of the victory in the War of Resistance Against Japan, showcasing modern military capabilities [14][15]

重要的消息有哪些 1.近日中国人民银行、国家发展改革委、财政部、商务部、金融监管总局、中国证监会等六部门联合印发《关于金融支持提振和扩大消费的指导意见》（以下简称 《意见》）。《意见》指出，要夯实宏观经济金融基础，支持居民就业增收，优化保险保障，积极培育消费需求。强化结构性货币政策工具激励，加大对服务消费 重点领域信贷支持，发展债券、股权等多元化融资渠道。《意见》强调，要聚焦消费重点领域加大金融支持，结合消费场景和特点创新金融产品，持续推动消费领 域金融服务提质增效。优化消费支付服务，健全消费领域信用体系建设，加强金融消费权益保护。 2.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。 3.就美国总统特朗普宣布以色列和伊朗达成停火协议，外交部发言人郭嘉昆6月24日在例行记者会上答问时表示，中方高度关注中东局势发展，不希望紧张局势轮番 升级，希望停火能够尽早实现。"事实证明，军事手段带不来和平，对话谈判才是解决问题的正道。"郭嘉昆说，中方呼吁有关当事方早日重返政治解决的正确轨 道。中方愿同国际社会一道，为维护中 ...

2．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。 重要的消息有哪些 1．近日，中国人民银行、国家发展改革委、财政部、商务部、金融监管总局、中国证监会等六部门联 合印发《关于金融支持提振和扩大消费的指导意见》（以下简称《意见》）。《意见》指出，要夯实宏 观经济金融基础，支持居民就业增收，优化保险保障，积极培育消费需求。强化结构性货币政策工具激 励，加大对服务消费重点领域信贷支持，发展债券、股权等多元化融资渠道。《意见》强调，要聚焦消 费重点领域加大金融支持，结合消费场景和特点创新金融产品，持续推动消费领域金融服务提质增效。 优化消费支付服务，健全消费领域信用体系建设，加强金融消费权益保护。 3．就美国总统特朗普宣布以色列和伊朗达成停火协议，外交部发言人郭嘉昆24日在例行记者会上答问 时表示，中方高度关注中东局势发展，不希望紧张局势轮番升级，希望停火能够尽早实现。"事实证 明，军事手段带不来和平，对话谈判才是解决问题的正道。"郭嘉昆说，中方呼吁有关当事方早日重返 政治解决的正确轨道。中方愿同国际社会一道，为 ...

1、六部门联合印发《关于金融支持提振和扩大消费的指导意见》，提出19项重点举措，旨在完善扩大 消费长效机制，满足消费领域金融服务需求。2、央行公告，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。3、广东印发《广东省促 进经济持续向好服务做强国内大循环工作方案》，加快推动汽车、 家电、家装、电动自行车、手机数 码等以旧换新。4、以防长称停火后伊朗再射导弹，将"猛烈"空袭德黑兰，伊朗否认在停火后对以色列 发射导弹；此前特朗普宣布以伊停火生效。5、 高盛维持对A股和港股的超配建议，预计沪深300目标点 位为4600点，MSCI China目标点位为84点，隐含约10%的上行空间。6、6天5板 浙江东日：目前日常经 营不涉及"脑机接口"业务。2连板 金龙羽：固态电池及其关键材料业务虽然已有订单 但暂未形成长期稳 定收入。5天4板 中京电子：公司不存在违反信息公平披露的情形。 ...

Mergers and Acquisitions - Unimed Pharmaceutical announced that its wholly-owned subsidiary, Shanghai Unimed, plans to increase its capital by 45 million yuan to acquire a 51% stake in Sichuan Gokang Pharmaceutical Co., Ltd. After the completion of this transaction, Gokang Pharmaceutical will become a controlled subsidiary of Shanghai Unimed. This transaction does not constitute a related party transaction or a major asset restructuring [1] - BOE Technology Group announced that it has signed a share transfer agreement with Rainbow Co., Ltd. to acquire a 30% stake in Xianyang Rainbow Optoelectronics Technology Co., Ltd. for 4.849 billion yuan [2] - Jianlong Micro-Nano announced that it is planning to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment for equity transfer. Upon completion of this transaction, Jianlong Micro-Nano will become the controlling shareholder of the target company [3] Shareholding Changes - Lishang Guochao announced that its shareholder, Honglou Group Co., Ltd., plans to reduce its holdings by no more than 2.11% of the company's shares, equivalent to a maximum of 16.0764 million shares [4] - Tenglong Co., Ltd. announced that a concerted party of its actual controller, Jiang Yilin, intends to reduce its holdings by no more than 3% of the company's shares, with a maximum of 4.908 million shares through centralized bidding and 9.816 million shares through block trading [5] - Galaxy Microelectronics announced that its major shareholder's concerted parties, Yinjian Investment and Yingu Investment, plan to reduce their holdings by no more than 1.46% of the company's shares, totaling up to 1.8823 million shares. Additionally, director Meng Lang plans to reduce his holdings by no more than 2,250 shares [6] Risk Matters - Zhaofeng Co., Ltd. stated that its current operating conditions are normal and there are no undisclosed significant matters. The company's stock price has experienced an abnormal fluctuation, with a cumulative increase of over 30% in the closing price over three consecutive trading days [7] - Zhejiang Dongri issued a risk warning, clarifying that its daily operations do not involve "brain-computer interface" business. The company has a 40% stake in Peianmei (Zhejiang) Technology Co., Ltd., which has had discussions with Capital Medical University but has not formed a written cooperation agreement [8] - Zhongjing Electronics confirmed that it does not violate information disclosure regulations. The company has experienced an abnormal fluctuation in stock price, with a cumulative increase of over 20% over three consecutive trading days, but its recent operating conditions remain normal [9][10]

Group 1 - The brokerage sector led a significant rally in the A-share market on June 24, with Guosheng Jin控 reaching the daily limit and other stocks like Xiangcai Co. showing strong performance, driven by multiple factors including overseas market recovery and expectations of interest rate cuts from the Federal Reserve [2][3] - The macroeconomic landscape included the release of the "Internet Platform Enterprises Tax Information Reporting Regulations" and a call from the Ministry of Foreign Affairs to de-escalate the Israel-Iran conflict, contributing to a heightened market risk appetite [2] - Investment opportunities were identified in sectors such as brain-computer interfaces, cross-border payments, and carbon fiber, reflecting a diverse range of interests among investors [2] Group 2 - On June 24, Trump announced a complete ceasefire agreement between Israel and Iran, which led to a significant drop in international oil prices and a rise in U.S. stock markets, as investor sentiment improved regarding the Middle East situation [3][5] - Citic Securities highlighted the increasing global military expenditure driven by geopolitical tensions, suggesting a focus on military metal sectors such as titanium and high-temperature alloys, which are expected to see demand growth [3] - The People's Bank of China and six other departments issued guidelines to support and expand consumption, proposing 19 key measures aimed at enhancing consumer capacity and optimizing the consumption environment [3] Group 3 - Highfields Capital and other investment institutions expressed interest in acquiring Starbucks' China operations, with the transaction estimated at $5 to $6 billion, potentially leading to cost optimization amid local brand competition [4] - A concentration of shares in several stocks was noted, with 22 stocks experiencing a decline in shareholder numbers by over 10%, indicating potential for greater price appreciation as institutional investors show interest [4] - The significant drop in oil prices may open a window for interest rate cuts, with the Federal Reserve's July meeting being closely monitored for potential policy shifts [4][5]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The integration of multiple disciplines is leading to a technological explosion in brain-computer interface (BCI) systems, with China being a global leader in semi-invasive and non-invasive technologies [2][20] - The global BCI market is projected to grow from $2.62 billion in 2024 to approximately $12.4 billion by 2034, with a compound annual growth rate (CAGR) of 17.35% [2][45] - Various countries are accelerating their strategic layouts for BCI technology, with significant government support and policies in place to promote its development [2][40] Summary by Sections 1. Brain-Computer Interface: Multi-Disciplinary Integration and Technological Explosion - BCI systems involve a complex integration of neuroscience, signal processing, computer science, artificial intelligence, and electronic engineering [11] - BCI can be categorized into three types based on signal acquisition methods: invasive, semi-invasive, and non-invasive, with non-invasive methods being the mainstream choice due to their zero trauma and low cost [12][17] - The technology is in a rapid development phase, with significant advancements made since the concept was first introduced in the 1970s [18][20] 2. Accelerated Global Layout and Broad Commercial Applications - Countries like the US, EU, Japan, and South Korea are heavily investing in BCI technology, with the US committing $4.5 billion to its "Brain Initiative" [39][40] - China has also prioritized BCI in its national strategy, with various local governments implementing supportive policies to foster industry growth [41][42] - The BCI market is expected to see diverse applications, primarily in healthcare, but also in entertainment, smart homes, and military sectors [46][50] 3. Stock Selection and Industry Analysis - Key companies in the hardware sector include Hanwei Technology, Jiahe Intelligent, and Gaode Infrared, while application-focused companies include Zhongke Information, iFlytek, and Yingqu Technology [2] - The medical sector represents the largest share of BCI applications, with nearly 200 companies involved, of which 25% focus on invasive methods and 75% on non-invasive methods [50]