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]

浙江东日（600113）发布股票交易风险提示公告，公司关注到市场较为关注"脑机接口"的相关信息。公 司目前日常经营不涉及"脑机接口"业务；培安美(浙江)科技股份有限公司为我司参股公司，注册资本 1000万元，我司持股比例为40%，经了解，前期培安美公司有相关人员拜访首都医科大学，与该校校长 进行交流，没有形成书面合作协议。 ...

Group 1 - The Hong Kong stock market is experiencing a collective rise, with the Hong Kong Stock Connect Innovative Drug ETF (159570) surging over 2% and achieving a trading volume exceeding 1.4 billion yuan [1] - As of 10:25, most constituent stocks of the Hong Kong Stock Connect Innovative Drug ETF (159570) are performing well, with Rongchang Bio rising over 6% and several other companies like CSPC Pharmaceutical, WuXi Biologics, and BeiGene increasing by over 2% [3] - Recent policies have provided support for innovative drugs and medical devices, including discussions on the adjustment of the national medical insurance drug list and optimization of clinical trial approvals [4] Group 2 - The pharmaceutical and biotechnology sector experienced significant declines last week, but the innovative drug sector has shown strong performance year-to-date, indicating a potential for medium to long-term investment opportunities despite short-term adjustments [5] - The China Securities Regulatory Commission has proposed measures to expedite the review and approval process for innovative drug clinical trials, aiming to encourage the development and market entry of innovative drugs [5] - The 2025 mid-term investment strategy emphasizes the importance of both domestic stability and international expansion, highlighting China's competitive advantages in population, manufacturing, and innovation capabilities [6][8] Group 3 - The Hong Kong Stock Connect Innovative Drug ETF (159570) has a strong focus on the innovative drug industry, with nearly 72% of its top ten holdings in leading companies [8] - The ETF is characterized by a high concentration in innovative drugs, with an 85% weight in this category, and is currently undervalued compared to historical price-to-sales ratios [8] - The ETF allows for T+0 trading and is positioned as a medium-risk investment suitable for balanced investors [8]

Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Insights - The computer sector experienced a decline of 2.11% last week, ranking 19th among primary industries in the Yangtze River region, with a trading volume share of 10.53% [2][5]. - The successful clinical trial of China's first invasive brain-computer interface marks a significant advancement in the technology, positioning China as the second country globally to enter this phase [18][22]. - The Huawei Developer Conference (HDC 2025) showcased the release of HarmonyOS 6, indicating ongoing evolution in the ecosystem [25][29]. Summary by Sections Market Performance - The computer sector faced a downturn, with the Shanghai Composite Index closing at 3359.90 points, down 0.51% [5][13]. - The sector's trading volume share was noted at 10.53%, with stablecoin concepts gaining traction [2][5]. Key Developments - The launch of MiniMax Agent and related AI products is expected to accelerate the commercialization of AI agents in various sectors such as education, healthcare, and enterprise services [7][44]. - The report emphasizes the importance of AI agent-related companies and the domestic AI chip leader, Cambricon, within the inference computing industry chain [7][44]. Notable Events - The successful clinical trial of an invasive brain-computer interface in China is a landmark achievement, with the market for such technology projected to grow significantly, reaching over 5.5 billion yuan by 2027 [22][24]. - The Huawei Developer Conference highlighted advancements in the HarmonyOS ecosystem, with over 30,000 applications in development, indicating a robust growth trajectory [29][30]. Recommendations - The report suggests focusing on AI agent-related manufacturers, the inference computing industry chain, cloud service providers, and IDC collaborations with major companies like Tencent, Alibaba, and ByteDance [7][44].

今年是中国人民抗日战争暨世界反法西斯战争胜利80周年，也是台湾光复80周年。在海峡论坛大会现 场，台湾雾峰林家第九代、台湾抗日志士亲属协进会理事长林铭聪深情分享家族先辈的爱国忠义故事， 现场不时报以热烈掌声。"林家先祖一代代前赴后继，抵御外敌，都是爱祖国爱民族的表现。"林铭聪 说，这些年，他和自己的两个女儿多次到大陆寻根问祖，就是为了让她们不要忘记自己的根在哪里。 海峡两岸同根同源、同文同种，是两岸同胞不可割舍的羁绊。本届论坛上，许多台胞都通过亲身经历表 达了自己和家族成员身上浓厚的家国情怀。 台青张钧凯是福建晋江鉴湖张氏三十五世孙，在海峡论坛子活动——海峡青年论坛的现场，他分享了自 己的寻亲故事。2024年，首次回到位于晋江的"鉴湖"堂号起源地时，张钧凯戴上"主祭"的披肩，与宗亲 们一同拜祖。"那天的场景让我无比光荣，更永难忘怀。所有张姓族亲相聚一堂，虽素未谋面，却因历 史与血缘的纽带，彼此热络不已。国与家，我的家族见证了两者的密不可分。" 近年来，《黑神话：悟空》《哪吒2》等大陆文娱IP在台湾持续走红，以中华文化为内核的创意表达跨 越海峡引发深度共鸣。与会的台湾艺术创生文化基金会会长李永萍呼吁，希望岛内年 ...

Group 1 - The core focus of the article is on the advancements in brain-computer interface (BCI) technology, particularly its application in rehabilitation for patients with paralysis, showcasing the integration of human brain signals with precision instruments [3][4]. - The company, Xiangyu Medical, is a leading player in the rehabilitation medical industry in China, holding the largest market share for its core product series [5]. - Xiangyu Medical has independently developed key components in BCI technology, including hardware, chips, electrodes, algorithms, and rehabilitation devices, making it a pioneer in the practical application of BCI technology in the country [5]. Group 2 - The article highlights the rapid development of BCI technology in China, emphasizing its transition from laboratory research to clinical applications, supported by government initiatives to foster future industries [4]. - A significant project mentioned is the collaboration between Xiangyu Medical and Nankai University, aiming to develop a modular rehabilitation robot system by the end of 2027, which will enhance comprehensive rehabilitation training and brain function coordination [4]. - The company is also involved in a national key research and development project that aims to improve the precision of remote operations in aerospace by establishing a neural response model, expected to be completed by the end of next year [4].

每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收购、业绩、解禁、 高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前寻找到投资热点， 防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 前言 ...

该研究于 2025 年 6 月 12 日发表于 国际顶尖学术期刊 Nature ，论文题为： An instantaneous voice-synthesis neuroprosthesis ，论文作者来自加州大学戴 维斯分校。 该研究利用植入式 脑机接口 （BCI） ，结合 低延迟处理和 AI 驱动的解码模型，将一位已瘫痪的 渐冻症 （ALS） 患者大脑中的神经活动转化为语言，并通过扬 声器实时合成并输出 （仅延迟 8.5 毫秒） ，从而帮助他实现流畅、且有感情地" 说话甚至唱歌 "。 研究团队将 脑机接口 （BCI） 植入到一名已经几乎完全失去发音能力的 渐冻症 （ALS） 患者的大脑，通过 256 个微电极记录负责语言运动功能的 腹侧中央前 回 的神经活动，并实时合成语音，通过 闭环音频反馈进行调整 ，克服了训练神经解码器时缺乏真实语音的难题，成功准确合成了他的声音。除了语音内容，研 究团队还从大脑神经活动中解码出了副语言特征，使患者能够实时调节其脑机接口合成的声音，从而改变语调并哼唱简短的旋律。这项临床研究 表明， 通过脑机 接口让瘫痪者清晰且富有感情地说话是可行的 。 撰文丨王聪 编辑丨王多鱼 排版 ...

关注半导体，脑机接口，深海科技 20250622 摘要 中伊冲突升级、陆家嘴论坛政策兑现以及沪指技术阻力位等多重因素叠 加，导致 A 股市场风险偏好下降，沪指承压。 宏观经济基本面复苏乏力，5 月社零数据虽超预期但持续性存疑，装备 制造业表现相对较好，地产等其他分项依然面临压力，制约市场上行空 间。 市场内生结构问题显现，小微盘超额收益持续走高导致拥挤度提升，量 化策略调整加剧小微盘下跌，拖累大盘表现，市场脆弱性增加。 季末及中报期前夕，资金从 Q1 的 TMT 方向转向 Q2 的新消费和创新药 方向，短期性价比不高导致部分资金离场，影响大盘走势和成交量。 港股流动性驱动特征明显，港元贬值引发市场对金管局收紧流动性的担 忧，新消费和创新药板块拥挤度较高，新股破发，港股整体调整对 A 股 产生联动效应。 A 股市场本周整体疲弱，仅红利或蓝筹价值板块相对抗跌，资金避险情 绪升温，流向银行和保险板块，地缘事件驱动油气、油运板块走强。 芯片半导体行业表现较强，科创板分层政策支持未盈利硬科技企业上市， 中美博弈加速芯片制造材料设备国产化，存储领域国产化预期提升。 Q&A 本周 A 股市场表现如何？有哪些主要影响因素？ ...

金融工程 证 券 研 究 报 告 市场情绪监控周报（20250616-20250620） 本周热度变化最大行业为石油石化、有色金属 本周市场热度跟踪 本周宽基热度变化方面：热度变化率最大的为中证 1000，相比上周提高 5.04%， 最小的为中证 500，相比上周降低 2.93%。 本周申万行业热度变化方面，一级行业中热度变化率正向变化前 5 的一级行 业分别为石油石化、有色金属、传媒、国防军工、煤炭，负向变化前 5 的一级 行业分别为综合、纺织服饰、环保、建筑装饰、美容护理；申万二级行业中， 热度正向变化率最大的 5 个行业是油服工程、地面兵装Ⅱ、造纸、燃气Ⅱ、焦 炭Ⅱ。 申万一级行业中，从 2015 年开始回溯，当前估值处于历史分位数 80%以上的 一级行业有：计算机、电力设备、银行、国防军工；位于估值历史 20%以下的 有农林牧渔、交通运输、公用事业、家用电器、综合、非银金融、食品饮料、 钢铁； 申万二级行业中，从 2015 年开始回溯，目前处于历史分位数 80%以上的二级 行业有化学制药、动物保健、国有大型银行、冶钢原料、汽车服务、航天装备、 风电设备、旅游及景区、乘用车、服装家纺、商用车、房地产服务 ...