丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 侵入式脑机接口临床试验成功，我国脑机接口进 入新阶段 报告要点 [Table_Summary] 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，与相关企业合 作，成功开展了我国首例侵入式脑机接口的前瞻性临床试验。该成果标志着我国在侵入式脑机 接口技术上成为全球第二个进入临床试验阶段的国家。另一方面，美股脑机接口概念股脑再生 科技(RGC)股价在 6 月 16 日大幅上涨，接连触发多次熔断，最后报收 60 美元，涨幅高达 283.12%。建议关注三条主线：1、侵入式脑机接口海外先进产业链的国内映射标的；2、非侵 入式脑机接口在消费场景的产品落地相关标的；3、脑机接口下游应用端相关标的。 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，与相关企业合 作，成功开展了我国首例侵入式脑机接口的前瞻性临床试验。该成果标志着我国在侵入式脑机 接口技术上成为全球第二个进入临床试验阶段的国家。另一方面，美股脑机接口概念股脑再生 科技(RGC)股价在 6 月 16 日大幅上涨，接连触发多次熔断，最后报收 60 ...

亮点1 特斯拉（Te sla Bot）机器人 技术深度揭秘 特斯拉（Tesla）携人形机器人 （Tesla Bot） 惊艳亮相！现场将揭秘 Tesla Bot 关节模组核心技术，观众可 近距离感受 Tesla Bot 的科技魅力。 亮点2 头部企业矩阵，引领技术革命 本届展不仅吸引了 以特斯拉、宇树为代表的行业顶尖企业参展，还吸引了云深处、强脑、群核等杭州六小龙 企业亮相 ，以及阿里云、卓益得、清宝、卧龙集团、海创人形机器人创新中心等近300家知名企业携前沿技 术与创新产品，集中展示了仿生驱动、具身智能、脑机接口等先进技术与机器人上下游产业链等，预计将吸引 6万人次 专业观众亲临现场参观。 为促进人形机器人学术界与产业界的深度交流与合作，推动人形机器人技术的突破与产业化进程，经商务部批 准 ， 由浙江省机器人产业发展协会主办，高登会展集团承办，机器人大讲堂协办 的 2025杭州国际人形机器 人与机器人技术展览会 将于 6月20日-22日在杭州大会 展中心8 号馆举办 。 本次展会打造"论坛+展览+体验+比赛"为一体的一站式交流互动平台，汇聚200余家全球顶尖机器人企业，规 划了近1.5万㎡展览空间，预计吸引2 ...

Market Overview - On June 19, A-shares opened lower and continued to decline, with the Shanghai Composite Index falling by 0.79% to 3362 points, the Shenzhen Component Index down by 1.21%, and the ChiNext Index down by 1.36%, with over 4600 stocks declining across the market [1] - Market focus shifted towards the oil, natural gas, and digital reading sectors [1] High-Performing Stocks - In the oil and gas sector, Zhuan Oil Co. and Shandong Molong achieved five consecutive trading limits, while military stock Beifang Changlong saw a 20% increase over three days [3] - Notable stocks with significant gains include: - Shandong Quanlong: +10.00%, five consecutive limits [4] - Zhuan Oil Co.: +9.96%, five consecutive limits [4] - Beifang Changlong: +20.01%, three limits in five days [4] - Innovation Medical: +10.04%, two limits in three days [4] Trading Activity - The top three net purchases on the Dragon and Tiger list were: - Innovation Medical: net purchase of 207 million [5] - Electric Science Cybersecurity: net purchase of 153 million [5] - Anni Co.: net purchase of 135 million [5] - The top three net sales were: - Limin Co.: net sale of 230 million [7] - Xiexin Energy: net sale of 218 million [7] - Changshan Pharmaceutical: net sale of 178 million [7] Sector Highlights - Innovation Medical focuses on brain-machine interfaces and AI medical models, achieving a trading limit with a turnover of 1.745 billion and a turnover rate of 31.78% [10] - Baida Qiancheng, involved in short drama games and major contract signings, also reached a trading limit with a turnover of 1.077 billion [14] - Electric Science Cybersecurity, which focuses on digital currency and satellite navigation, achieved a trading limit with a turnover of 694 million [18] Institutional Activity - Institutions showed significant interest in several stocks, with net purchases in: - Electric Science Cybersecurity: 35 million [22] - Innovation Medical: 26 million [22] - Shandong Molong: 20 million [22] - Conversely, institutions sold off stocks like Limin Co. and Xiexin Energy, with net sales of 64 million and 71 million respectively [19][22] Conclusion - The market experienced a downward trend with specific sectors like oil and gas showing resilience through notable stock performances. Institutional trading patterns indicate selective interest in high-growth potential stocks, particularly in the technology and healthcare sectors.

Group 1 - The article discusses the challenges and opportunities presented by the era of artificial intelligence, particularly focusing on the relationship between humans and AI [2][3] - Historical context includes significant events of the 20th century, such as the two World Wars and the establishment of international systems, which have shaped current global inequalities and geopolitical tensions [22][23] - The concept of "co-evolution" is introduced, emphasizing the mutual influence between organic and synthetic entities, and the need for strategic principles to guide future decisions [5][24] Group 2 - The article explores bioengineering attempts, such as brain-computer interfaces (BCI), aimed at enhancing communication between humans and machines, potentially leading to true symbiosis [6][7][25][26] - Ethical, physiological, and psychological risks associated with self-modification and the integration of AI into human life are highlighted, raising concerns about the loss of human identity [8][30][31] - The challenges posed by humanoid AI, which may develop self-awareness and self-interest, necessitate strategies for coexistence and the establishment of integrated control frameworks [10][11][34] Group 3 - The article emphasizes the importance of moral coding and consensus in AI systems, advocating for rule-based systems and reinforcement learning to ensure AI behavior aligns with human values [12][13][37][38] - The definition of human dignity is discussed, suggesting that a clear understanding of human attributes is essential for guiding AI's comprehension of humanity [15][50][51] - Future directions include the development of humanized AI that adheres to ethical standards, and the potential role of engineered humans to match AI capabilities [17][18][19] Group 4 - The article concludes that the mutual empowerment of human intelligence and machine intelligence requires ongoing definition and development of human concepts, ensuring that AI systems are aligned with human values [20][21][49] - The necessity for a comprehensive understanding of both AI and human nature is emphasized, as well as the importance of instilling human values into AI systems to maintain human independence [32][40][42]

2025.6.18 市场逻辑精选 特别提示：下文涉及的题材或公司，内容罗列和篇幅长短，与后续涨跌无关，亦均非进行推荐，仅作- 研究辅助。投资者应自主决策,注意风险。 市场热点 , 脑机接口:美股脑再生科技今年涨超460倍,国内行业进展加速 。 驱动: 。中游算法/设备核心公司: 。下游应用核心公司: 二、机会前瞻 新质战斗力:地缘冲突频发,军贸出口受益 份额有望持续提升。 期货:陆家嘴论坛召开在即 三、大涨分析 赢合科技:固态电池交付头部客户 恒基达鑫:原油价格波动带动油运仓储价格上涨 石化仓储：公司核心业务为散装液体仓储，利用自建的储罐、管道、码头及槽罐车装卸台，为客户提- 供汽油、柴油、液化气等综合仓储服务，在珠三角、长三角和华中地区拥有先进的仓储及码头设施,- 是华南及华东地区石化产品仓储的知名企业。 科力远:布局硫化物固态电解质,参编RWA上链技术规范 英派斯:投资李未可,深耕智能运动装备领域 三夫户外:国内户外装备零售龙头 主营户外品牌：公司打造"自有品牌+独家代理品牌"的品牌矩阵，拥有XBIONIC、X-SOCKS等自有品- 牌,独家代理CRISPI、HOUDINI、DANNER等国际户外品牌,经 ...

[美] 亨利·基辛格 [美] 克雷格·蒙迪 [美] 埃里克·施密特 作者 本文节选自《人工智能时代与人类价值》 【 AI速读 】 这篇文章探讨了人工智能时代的挑战和机遇，特别是人类与人工智能的关系。以下是文章的主要内容： 1. 历史背景与当前挑战 2. 战略原则与共同进化 3. 生物工程与脑机接口 4. 人工智能的伦理与风险 5. 类人人工智能与共存 6. 道德规范与人工智能 20世纪的重大事件：两次世界大战、国际体系的建立、帝国的衰落、商业和技术的扩张等。 当前的复杂挑战：全球不平等、地缘政治对抗、人工智能带来的新挑战等。 战略基本要素：确定战略原则以指导当前和未来的选择。 共同进化：讨论有机物和合成物的"共同进化"，以及人类与人工智能的相互关系。 生物工程尝试：通过人脑芯片实现物理互联，增强人类与机器的交流。 脑机接口（BCI）：促进人类与机器的融合，可能迈向真正的共生。 伦理、生理和心理风险：自我改造可能导致人类失去立身之本。 集体无知：人类可能意识不到与人工智能的融合。 类人人工智能的挑战：人工智能可能拥有自我意识和自我利益，难以与人类价值观一致。 共存策略：通过早期社会化和公众互动降低风险，建立集成 ...

Core Insights - The article discusses a recent event at Tsinghua University where a team utilized non-invasive brain-computer interface technology in aesthetic and artistic research, marking a significant advancement in the field of neuroaesthetics [4][6]. Group 1: Neuroaesthetics Research - The Tsinghua University Neuroengineering Laboratory's research team aims to decode audience aesthetic experiences by synchronously capturing neural activity during live performances [4][6]. - Neuroaesthetics is an emerging interdisciplinary field that combines neuroscience with art and humanities, focusing on how humans perceive and evaluate beauty at a neural level [5]. - The research utilizes non-invasive brainwave caps to collect data from multiple participants simultaneously, enhancing the understanding of audience engagement in real-time artistic experiences [6][8]. Group 2: Technological Advancements - China's research in non-invasive brain-computer interface technology has been ongoing since the 1990s, with the country now being on par with international counterparts and even leading in certain aspects [6]. - The application of non-invasive brain-computer interfaces in rehabilitation has shown significant results, with recovery times reduced by one-third and effectiveness improved by one-third compared to traditional methods [6]. - The current experiment represents the first systematic application of non-invasive brain-computer interface technology in neuroaesthetics research, providing high temporal resolution and the ability to operate in natural settings [6][8]. Group 3: Future Directions - Future plans include exploring the mechanisms behind core aesthetic experiences such as "immersion" and "empathy," and applying findings to support artistic creation, emotional regulation, and rehabilitation [13].

Core Insights - The report highlights the cautious sentiment in the Hong Kong stock market, with the Hang Seng Index declining by 1.12% and significant trading volumes indicating a risk-averse environment [2][3] - The report discusses the performance of various sectors, noting that property stocks and Chinese brokerage firms experienced notable declines, while some consumer stocks showed resilience [4][5] Company Overview - The specific company under review is Xiangjiang Electric (2619.HK), a manufacturer of home electrical appliances, focusing on both electrical and non-electrical home products, primarily operating through ODM/OEM models [10] - The company’s revenue for 2022, 2023, and 2024 is projected to be 1.1 billion, 1.19 billion, and 1.5 billion CNY respectively, with year-on-year growth rates of 8.3% and 26.4% [11] Industry Status and Outlook - The global small appliance market is expected to grow from USD 156.4 billion in 2020 to USD 183.5 billion in 2024, with a CAGR of 4.1%, driven by increased demand during the pandemic [12] - China's small appliance exports are projected to rise from USD 58.4 billion in 2025 to USD 65.6 billion in 2029, with a CAGR of 2.9% [12] Competitive Landscape - The top ten companies in the Chinese kitchen small appliance market hold a combined market share of 36.9%, indicating a relatively low industry concentration, with the company ranked tenth at 0.8% market share [12] Challenges and Risks - The small appliance industry faces uncertainties due to fluctuating prices of key raw materials such as copper and aluminum, which have seen significant price increases from 2020 to 2024 [13] - The company relies heavily on a few major clients, with the top five clients accounting for 77.9% of revenue, indicating a high concentration risk [15] Strategic Advantages - The company has established stable partnerships with well-known global brands for over nine years, ensuring strong customer loyalty and stable order flow [14] IPO Details - The IPO subscription period is from June 17 to June 20, 2025, with trading expected to commence on June 25, 2025 [16] - The company aims to raise approximately HKD 172 million to HKD 202 million, with funds allocated for establishing a factory in Thailand and upgrading automation and digital capabilities [18] Investment Considerations - The expected IPO price range is HKD 2.86 to HKD 3.35, with a projected market capitalization of HKD 780 million to HKD 914 million post-IPO [19] - The company is in a net cash position with a projected net cash of 151 million CNY in 2024, although it faces uncertainties related to tariffs as an export-oriented business [19]

聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 以下文章来源于东四十条资本 ，作者刘燕秋 东四十条资本 . 将投中网设为"星标⭐"，第一时间收获最新推送 0营收的中药公司，搭上"脑机接口"起飞。 作者丨 刘燕秋 来源丨 东四十条资本 这家神奇的公司还得从创始人说起。根据公司官网信息，区逸基，Regencell创始人兼首席执行官，毕业于加州大学伯克利分 校哈斯商学院。获得学士学位后，他投身投资银行领域，先后就职于德意志银行和巴林银行。 在职业生涯中，区逸基成果斐然，完成超 40 亿美元交易，荣获多项重要并购奖项。他的代表交易包括代表第一太平有限公 司，以7.5亿美元收购菲律宾长途电话公司、6.5亿美元收购Indofood，以及完成 Hagemeyer 40% 股权18亿美元的增发 。 此外，他还是房地产、科技和生物科技领域的活跃投资者。 然而这位青年才俊的成长之路并非一帆风顺。童年时期，区逸基因患有注意力缺陷多动障碍（ADHD）和自闭症（ASD）。受 病症影响，他脾气暴躁，在学校备受孤立，成绩也不理想，高中时成绩甚至排倒数。为完成学业，他每天都需花费远超常人的 时 ...

脑机接口概念股震荡反弹 创新医疗涨停 智通财经6月19日电，创新医疗涨停，爱朋医疗涨超5%，南京熊猫、汉威科技、荣泰健康、倍益康、国 际医学等跟涨。消息面上，中国科学院脑科学与智能技术卓越创新中心近日联合复旦大学附属华山医 院，与相关企业合作，成功开展了我国首例侵入式脑机接口的前瞻性临床试验。 ...