市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 06 月 23 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 上周五 A 股三大股指全线收跌，上证指数下跌 0.07%，报 3359.90 点； 深证成指下跌 0.47%，报 10,005.03 点；创业板指下跌 0.83%，报 2009.89 点。A 股两市全天成交额 1.07 万亿元人民币，南向资金净买 入 15.51 亿港元。A 股两市个股普遍下跌，超 3400 只个股下跌。申 万行业方面，交通运输、食品饮料及银行行业领涨，传媒及计算机行 业跌幅居前；概念板块方面，PET 铜箔、光刻胶概念指数涨幅居前， 可燃冰、脑机接口概念指数跌幅居前。恒生指数上涨 1.26%，恒生科 技指数上涨 0.88%；美国三大股指涨跌不一，道指上涨 0.08%，报 42,206.82 点，标普 500 指数下跌 0.22%，报 5967.84 点，纳指下跌 0.51%，报 19,447.41 点。欧洲股市主要股指普遍收涨、亚太主要股 指普遍下跌。 【重要新闻】 【中国证监会就《证券公司分 ...

【头条要闻】 美军公布空袭伊朗核设施行动细节 美军参谋长联席会议主席丹·凯恩22日说，美军在打击伊朗核设施的行动中动用7架B-2轰炸机，完成了 摧毁伊朗关键核项目的行动。此次行动创下美军史上最大规模B-2轰炸机出战纪录。 凯恩在五角大楼就美国打击伊朗核设施举行的新闻发布会上说，此次行动名为"午夜之锤"，华盛顿"仅 有极少数人知晓"行动的具体时间与方案细节。B-2轰炸机于美国东部时间20日半夜从美国起飞，部分轰 炸机向西飞越太平洋实施佯动，7架B-2轰炸机作为主力打击机群向东经18小时进入伊朗领空，其间保持 无线电静默，并完成多次空中加油。 伊朗议会赞成关闭霍尔木兹海峡！机构：原油最高恐飙升至130美元/桶！ 央视新闻消息，当地时间22日，伊朗议会国家安全委员会委员库萨里表示，伊朗议会已得出结论，认为 应关闭霍尔木兹海峡，但最终决定权在伊朗最高国家安全委员会手中。 霍尔木兹海峡位于阿曼和伊朗之间，连接了东部的阿曼湾和西部的波斯湾，是海湾地区石油输往世界各 地的唯一海上通道，全球约三分之一的海运原油贸易都要途经霍尔木兹海峡。 据《每日经济新闻》6月22日报道，本轮以伊冲突爆发后，原油市场波动剧烈。布伦特原油期货自 ...

智通财经APP获悉，中信建投发布研报称，中国医药产业具备人口与内需优势、制造与供应链优势，同 时创新能力快速提升，中国资产出海数量也持续提升。在复杂的外部挑战下，中国医药行业需"立足于 内，开拓于外"，对内坚持供应链自主可控，拥抱创新和整合；对外加速国际化布局，捕捉全球医药产 业链变革机遇。展望2025年下半年，继续看好新增量（创新、出海、边际变化）和行业整合机会。 中信建投主要观点如下： 全球视角：外部挑战加剧，中国医药产业竞争力持续提升 从国际比较优势看，中国具备人口与内需优势、制造与供应链优势，同时创新能力快速提升，中国资产 出海数量也持续提升。美国在创新与早期研发方面优势明显，同时具有高定价的内需市场。虽然外部挑 战加大，但海外市场仍有很大机会，建议同时关注国内份额提升及出海的机会。 立足于内：稳住国内根基，拥抱创新与整合 ①政策展望：改革进入深水区，高质量增长成为常态。2025年下半年该行重点关注的是药品和耗材集采 政策优化、多元化支付及医疗服务价格改革。②制药产业链：集采优化、积极创新转型，关注供应链安 全。③器械：看好进口替代和并购整合机会，积极关注AI和脑机接口等新技术方向。④关注中药、药 店 ...

Group 1 - The 2025 Hangzhou International Humanoid Robot and Robotics Technology Exhibition showcased over 200 global companies, highlighting advancements in the entire industry chain from components to application services [1][3][5] - Six major projects were successfully signed during the exhibition, including the establishment of two specialized pilot test bases and production lines capable of producing 1.6 million key components and 50,000 complete machines annually, indicating an acceleration in the development of upstream and downstream industries [1][3] - The humanoid robot industry is experiencing rapid growth, acting as a catalyst for many companies to transform and enter this emerging market, particularly in the Yangtze River Delta region [3][5] Group 2 - Companies are increasingly focusing on the development of new materials for robotic applications, with significant advancements in the field of dexterous hands, driven by the growing market demand [5] - A report by Morgan Stanley predicts that by 2050, the market size for humanoid robots in China will reach 6 trillion yuan, with a total of 59 million humanoid robots expected to be in circulation [5]

受试者是一位因高压电事故导致四肢截肢的男性。今年3月，两根仅有头发丝百分之一粗细的柔性电极 通过微创手术埋入了他的大脑皮层，连接到一枚硬币大小、镶嵌于颅骨的植入体上。通过这个系统，采 集到的大脑信号会以无线的方式传输给外部设备，并解码成计算机能够理解的操作意图。 脑机接口这一曾经出现在科幻电影中的"意念控制术"，如今正从梦想照进现实。记者从中国科学院获 悉：近日，中国科学院脑科学与智能技术卓越创新中心联合复旦大学附属华山医院及相关企业，成功开 展了我国首例侵入式脑机接口的前瞻性临床试验。该成果标志着我国成为继美国之后，全球第二个将侵 入式脑机接口技术推进到临床试验阶段的国家。 不仅仅是"傻大粗"的问题，以往硬质材料的电极植入后，还可能对脑组织造成损伤。赵郑拓介绍，瞄准 这些痛点，团队研制及生产的神经电极，让脑细胞几乎"意识"不到旁边有异物，可有效降低对脑组织的 损伤。而且，它还具备高密度、大范围、高通量、长时间的信号采集能力。目前，该超柔性神经电极已 相继完成在啮齿类、非人灵长类和人脑中长期植入与稳定记录验证，这为植入式脑机接口前端电极组织 相容性差和信道带宽窄等问题提供了更好的解决方案。 精准定位和植入也是 ...

Core Insights - The world's first interventional brain-computer interface (BCI) trial for restoring motor function in patients has been successfully completed in China, marking a significant advancement in the field of neurorehabilitation [1][2] - The trial involved a 67-year-old male patient who suffered from left-side paralysis due to a stroke, demonstrating substantial improvement in daily motor functions such as grasping and medication retrieval [1] - The research team utilized a minimally invasive procedure to implant stent electrodes into the patient's intracranial blood vessels, enabling wireless communication and precise brain signal acquisition [1] Group 1 - The clinical trial represents a major milestone for interventional BCI technology, paving the way for clinical applications in treating motor function disorders such as stroke, paraplegia, and amyotrophic lateral sclerosis [1] - The success of this trial validates the safety and effectiveness of interventional BCI technology, laying the groundwork for future large-scale applications [2] - The research team plans to recruit more clinical trial participants to explore new rehabilitation pathways for patients with motor function impairments [2]

在临床试验过程中，团队通过介入式脑机接口技术与功能性电刺激技术的结合，实时计算并调节刺激输 出，形成"中枢-外周-中枢"闭环反馈，在进行辅助运动训练的同时增加神经可塑性，从而帮助患者实现 更加稳定、自然的肢体运动。目前患者左侧上肢已经实现自由抓握、取药等日常动作，整体运动功能得 到极大改善。 段峰表示，与需要开颅植入电极的侵入式脑机接口技术不同的是，介入式脑机接口通过从血管介入安放 电极的方式避免开颅手术，从而降低手术风险，这种方式和临床医学进行了很好的结合，神经外科介入 技术的坚实基础使得介入式脑机接口具有创伤小、信号采集精度高、恢复期短等优点。 据悉，自受试者大脑血管内导入介入式脑机接口设备以来，术后未出现感染、血栓形成等情况，系统运 行稳定，实现了脑电信号的精准采集与交互控制。 新华社天津6月21日电（记者张建新、栗雅婷）近日，介入式脑机接口辅助人体患肢运动功能修复试验 在我国完成，成功帮助一名偏瘫患者实现运动功能修复。 该研究由南开大学段峰教授团队牵头，联合福建三博脑科医院教授林志雄、福建省第二人民医院教授吴 成翰，在三博脑科医院福建院区完成试验。 研究团队介绍，该临床试验的受试者是一位因脑梗死导致的 ...

Core Viewpoint - The stock price of Brain Regeneration Technology has experienced a significant drop of 40% after a previous surge, raising concerns about the company's financial health and operational capabilities [4][5]. Company Overview - Brain Regeneration Technology is an early-stage biotechnology company focused on researching, developing, and commercializing traditional Chinese medicine for treating neurocognitive disorders, particularly ADHD and ASD [7]. - The company was founded in 2014 in Hong Kong and currently has only 12 employees [8]. Recent Developments - On June 20, 2025, the stock price fell to $38.01 per share, resulting in a total market capitalization of $18.8 billion (approximately 134.98 billion RMB) [4]. - Prior to the drop, the company announced that its next-generation neuro-regulation chip received FDA clinical trial approval and will collaborate with the Mayo Clinic to conduct research on Parkinson's disease, targeting a market of approximately 10 million patients [4][5]. Stock Performance - The stock price had previously surged over 4 times, with a closing increase of over 283% on June 16, 2025, and a year-to-date increase of nearly 500 times [4][5]. - The stock's volatility is highlighted by a maximum drawdown of 69.57% [5]. Financial Performance - Brain Regeneration Technology has not generated any revenue from product sales and has reported continuous losses in its financial statements [10]. - For the fiscal year ending June 30, 2024, the company reported total expenses of 473.67 million, resulting in a net loss of 430.18 million, which represents a 26.73% increase in losses compared to the previous year [11]. Ownership Structure - As of the first quarter of 2025, the largest shareholder is Yat-Gai Au, who holds an 86.24% stake in the company [12].

【导读】 脑再生科技大跌 40% 中国基金报记者 李智 此前狂飙的脑再生科技股价突然大跌。 脑再生科技大跌 40% 美东时间 6 月 20 日，脑再生科技盘中大幅下探。截至收盘，该股跌 40% ，股价报 38.01 美元 / 股，总市值为 188 亿美元（约合 1349.82 亿元人民币）。 | < W | | 脑再生 | | | | --- | --- | --- | --- | --- | | | RGC.O | | | | | 38.010 | 量 221.9万 | 股本 4.94亿 | 市盈 -4369 万得 | | | | | | 盘口 | | | -25.340 -40.00% 换 0.45% | | 市值1 188亿 | 市净 2287 | | | 盘后 35.250 -2.760 -7.26% | | | 美东 19:59 √ | | | 盘中 ▼ 五日 | | 周Ｋ | 草名 6 月K | | | 量加 | | | 均价:40.030 | | | 94.460 | | | 49.11% 卖一 35.250 | 2 | | | | | 或一 34.680 | 1 | | | | | 15:59 ...

Group 1 - As of June 20, 2025, there have been 32 new listings in the Hong Kong stock market, raising a total net amount of HKD 77.969 billion, significantly higher than the total of HKD 13.464 billion raised in the first half of 2024 [1] - The number of A-share companies listing in Hong Kong has increased, with 6 A+H share companies successfully listing this year, reflecting strong demand from investors for quality A-share listings [1] - The 6 A+H share companies had a strong debut in the Hong Kong market, with most experiencing double-digit percentage increases, and Chifeng Jilong Gold Mining Co. seeing a cumulative increase of 117.20% [1] Group 2 - The A-share company Sanhua Intelligent Controls is set to list in Hong Kong on June 23, 2025, with an issue price of HKD 22.53, aiming to raise HKD 0.811 billion for product development and global expansion [2] Group 3 - Traditional consumer stocks have underperformed, while new consumption stocks have thrived, with companies like Haitian Flavoring and Food Co. and Shubao International seeing significant stock price increases [3] - New consumption stocks such as milk tea brands have shown remarkable performance, with shares of Misha Group and Hu Shang Ayi increasing by 153.83% and 20.67% respectively since their listings [3] Group 4 - The trend of collectible toy stocks has also emerged, with Pop Mart International seeing a cumulative stock price increase of over 100% [4] - The toy company Blok has attracted significant interest, with its Hong Kong public offering being oversubscribed by 6,000 times [4] Group 5 - Five unprofitable biotech companies have listed in Hong Kong this year, with Mirxes and Brainstorm Aurora showing strong stock performance since their listings, with increases of 48.71% and 113.66% respectively [5][6] - The focus on "hard tech + medical" sectors has led to high valuations for these unprofitable biotech firms, despite their current losses [6] Group 6 - At least 10 more companies are expected to list in the remaining days of June, including traditional consumer stocks and unprofitable biotech firms, with their performance yet to be determined [7][8]