海格通信公告，预计2025年度归属于上市公司股东的净利润亏损7亿元-7.9亿元，上年同期为盈利 5313.58万元。报告期内，业绩亏损的主要原因如下：1.受行业客户调整及周期性波动影响，合同签订延 缓，相应营收规模减少；2.为强化公司持续竞争力，加大布局未来业务发展，公司持续开展在芯片、卫 星互联网、北斗、智能无人系统、低空经济、机器人及具身智能、脑机接口、智能穿戴、6G等新兴领 域的技术研发，全年研发投入约9.3亿元，并积极布局国际市场及大力拓展民用市场，相应投入增加； 3.2025年销售及回款未达预期，根据企业会计准则相关要求，基于谨慎性原则，本报告期内公司拟计提 相关减值损失，其中拟对商誉等计提资产减值损失约2.2亿元，对应收款项等计提信用减值损失约2.5亿 元（上述减值损失金额最终以评估机构评估结果及审计机构审计确认数据为准），进一步影响当期净利 润。 （文章来源：第一财经） ...

格隆汇1月30日｜有投资者在互动平台向祥生医疗提问：贵公司在超声医学影像和人工智能领域深耕多 年，请问公司在超声波脑机接口方向是否有技术布局或先发优势？ 祥生医疗回复称，公司已布局超声 人工智能技术多年，推出的SonoAI软件在多个病种或临床领域，如乳腺、肝脏、心血管、颈动脉、甲 状腺、小器官和妇产科等方面均取得了实质性的进展，核心技术已经广泛搭载于高端推车彩超和便携新 产品线。目前，公司暂不涉及脑机接口相关技术研究。 ...

Core Insights - The article emphasizes the rapid evolution and application of artificial intelligence and cutting-edge technologies across various fields, urging a human-centered approach to technological advancement [3][4][5]. Group 1: Human Life's "Third Transformation" - Extending Healthy Lifespan - Human life expectancy has doubled over the past century, with significant improvements attributed to public health, antibiotics, and vaccines [7]. - Recent research indicates a dramatic slowdown in the growth rate of life expectancy, with the average increase dropping to below 0.25 years per decade in the last 30 years [8]. - A shift is occurring from merely extending lifespan to enhancing healthspan, which is the period of life spent in good health, with potential economic implications of up to $47 trillion in costs from non-communicable diseases by 2030 [9]. Group 2: Programmable Life - Gene Therapy - Gene therapy is moving towards optimizing the "life code," with advancements in CRISPR technology and delivery systems expected to mature by 2030 [11]. - Clinical breakthroughs in preventive gene therapy, such as Verve Therapeutics' treatment for cardiovascular disease, show promising results with significant reductions in LDL-C levels [12]. - The success of personalized CRISPR therapy in curing a fatal metabolic disease in a patient highlights the potential of gene therapy [14]. Group 3: Health Planning - AI Enhancing Medical Efficiency - AI is set to revolutionize drug development, disease screening, and personal health management by 2030, significantly reducing the time and cost associated with traditional drug development [21]. - AI combined with multi-omics technology is facilitating faster and more accurate disease screening, with notable advancements in cancer detection [23]. - Aging clock technology is evolving, enabling precise monitoring of aging processes and identifying underlying causes of aging [25]. Group 4: Enhancing Physical Capability - Exoskeleton Technology - Exoskeleton technology is advancing to enhance human physical capabilities, with applications in medical rehabilitation, industrial safety, and personal use [30]. - In the medical field, exoskeletons are evolving from mere mobility aids to intelligent devices that promote neurological recovery [31]. - Consumer-grade exoskeletons are expected to become popular for outdoor activities, significantly improving mobility for users [32]. Group 5: Flying Technology - eVTOL Development - The eVTOL market is projected to reach $41 billion in China by 2040, with significant advancements in battery technology expected to triple flight ranges [37]. - Noise reduction technologies are being explored to enhance social acceptance of eVTOLs, with strategies like "noise corridors" being implemented [38]. - The evolution of drones into aerial robots is enhancing capabilities in both consumer and industrial applications, with significant advancements in autonomous operations [40]. Group 6: Brain-Machine Interfaces - A New Era of Interaction - Brain-machine interfaces (BCIs) are transitioning from experimental therapies to standard treatment options for conditions like paralysis, with companies like Neuralink leading the way [61]. - Non-invasive BCIs are emerging, allowing for enhanced human-computer interaction, with applications in consumer technology [63]. - The integration of BCIs with AI could redefine human-AI collaboration, raising ethical considerations regarding privacy and data protection [64].

Core Viewpoint - The Ministry of Civil Affairs has issued the "Guiding Opinions on Further Promoting Technological Innovation in Civil Affairs," which aims to leverage new technological and industrial transformation opportunities to innovate civil affairs work and enhance the technological innovation system in the sector [1] Group 1: Overall Requirements and Measures - The "Opinions" is the first comprehensive policy document on civil affairs technological innovation issued for the 14th Five-Year Plan, proposing 14 specific measures across five areas: overall requirements, strengthening key core technology breakthroughs, promoting the transformation and application of technological achievements, enhancing technological support capabilities, and strengthening organizational guarantees [1] Group 2: Technological Integration and Innovation - The document emphasizes the need to widely apply cutting-edge technologies such as humanoid robots, brain-computer interfaces, and artificial intelligence in areas like disability prevention, elderly care, rehabilitation, mental comfort, safety monitoring, and the construction of age-friendly environments [2] - It highlights the importance of deeply integrating technological products with typical service scenarios in home, community, and institutional settings to create comprehensive care solutions for the elderly [2] Group 3: Industry Development and Standards - The "Opinions" supports the establishment of regional clusters for the elderly and elderly care service industries, focusing on intelligent elderly care service robots and smart elderly products [2] - It proposes measures for building national-level technological innovation platforms and international cooperation platforms in the elderly and elderly care service sectors, as well as establishing a technical standards system [3] - The Ministry encourages collaboration among universities, research institutions, leading technology enterprises, and elderly care service organizations to drive technological innovation in the sector [3]

强脑科技仿生手现场展示，脑机接口赋能残障群体 1月29日，"为中国经济点赞——企业家之夜"在北京举行。浙江强脑科技有限公司创始人兼CEO韩璧丞出席接受致敬。 活动现场，强脑科技仿生手受益人、假肢售后负责人古月与韩璧丞共同展示了前沿脑机接口技术如何深刻改变残障人士的 生活。古月展示了其佩戴的智能仿生手。他介绍，这只手无需手术植入，可通过直观的意念进行操控，感觉"仿佛我的左手 重新回来了"。随后，他先后完成了抓举10公斤及5公斤哑铃、弹钢琴、远程操控仿生手抓橘子的展示。 【机构观点】 截至2026年1月30日 13:25，医疗设备ETF(159873)换手6.47%，成交1616.21万元。跟踪的中证全指医疗保健设备与服务指数 (H30178)下跌1.22%。成分股方面涨跌互现，澳华内镜领涨10.79%，振德医疗上涨2.65%，华强科技上涨1.83% 截至1月29日，医疗设备ETF(159873)最新规模创近1年新高。医疗设备ETF(159873)近1周份额增长3000.00万份，实现显著 增长。 资金流入方面，医疗设备ETF(159873)近20个交易日内有16日资金净流入，合计"吸金"超1.4亿元。 【产品亮 ...

成长性，得益于消费升级新需求。 时下，车厘子大量上市。不少消费者有这种感受：进口水果的价格更亲民了，实现"水果自由"的内涵更 丰富了。从欧洲的红酒、巧克力，到南美洲的肉类、鱼虾，再到大洋洲的乳品，全球好物纷至沓来，不 断满足人民美好生活需要。 政策引领，促需求释放。去年，消费品以旧换新政策惠及超3.6亿人次，带动相关商品销售额超2.6万亿 元。2025年，内需对经济增长的贡献率超67%，其中消费贡献率达52%，比上年提高5个百分点。英国 《金融时报》刊文："不要低估中国消费者。" 市场成长性越强，对全球资源越具有吸引力。中国市场正是凭借极强的成长性，吸引外资布局中国 近期发布的两则新闻，很值得关注。 一则是，2025年，中国货物进口规模再创新高，达18.5万亿元。另一则是中国美国商会发布的调查报告 显示，对中国市场增长持乐观态度的受访在华美企比例显著上升，七成以上企业不考虑转移在华业务， 近六成企业计划加大在华投资。在世界开放指数下滑、部分大宗商品国际市场价格下行的大背景下，中 国大市场的魅力凸显。 市场是当今世界最稀缺的资源。市场成长性越强，对全球资源越具有吸引力。中国市场正是凭借极强的 成长性，吸引外资布 ...

近期发布的两则新闻，很值得关注。 一则是，2025年，中国货物进口规模再创新高，达18.5万亿元。另一则是中国美国商会发布的调查报告 显示，对中国市场增长持乐观态度的受访在华美企比例显著上升，七成以上企业不考虑转移在华业务， 近六成企业计划加大在华投资。在世界开放指数下滑、部分大宗商品国际市场价格下行的大背景下，中 国大市场的魅力凸显。 市场是当今世界最稀缺的资源。市场成长性越强，对全球资源越具有吸引力。中国市场正是凭借极强的 成长性，吸引外资布局中国。 成长性，得益于消费升级新需求。 时下，车厘子大量上市。不少消费者有这种感受：进口水果的价格更亲民了，实现"水果自由"的内涵更 丰富了。从欧洲的红酒、巧克力，到南美洲的肉类、鱼虾，再到大洋洲的乳品，全球好物纷至沓来，不 断满足人民美好生活需要。 经济体量大，向前发展需更强推动力。平均每天几千个发明专利诞生、4.5万辆新能源汽车下线、逾5亿 件快递包裹寄送……科技与产业深度融合，新旧动能有序转换，现代化产业体系向阳生长。因地制宜发 展新质生产力，持续为中国经济培育新优势。 成长性，得益于经营主体敢拼敢闯。 经营主体是推动经济高质量发展的活力源泉。外贸数据中，民营 ...

宏观层面，美国联邦储备委员会28日宣布维持联邦基金利率目标区间在3.5%至3.75%不变，但未来宽松 预期持续支撑市场情绪。叠加美元汇率持续走低，一度跌破96关口创四年新低，市场对贵金属及铜等优 质金属资产的需求不减，推动铜估值继续上探。美国劳工部周四公布数据显示，截至1月24日当周初请 失业金人数为20.9万人，虽高于预期的20.5万人，但低于前值修正后的21万人，显示裁员规模仍较低， 不过疲软的招聘态势加剧了家庭对劳动力市场的担忧。此外，美国总统特朗普称将于周五上午（北京时 间周五晚间）宣布美联储主席人选，市场高度关注，投机客做多情绪浓厚，继续主导铜价走势。 长江铜价copper.ccmn.cn短评：美指下跌、油价大涨引资金疯狂涌入做市，隔夜伦铜暴涨4.46%；多头获 利了结致沪期铜涨势收窄，但嘉能可铜产量骤降11%，预今现铜大涨。 【铜期货市场】美指下跌、油价大涨引资金疯狂涌入做市，隔夜伦铜偏强震荡，最新收盘报价13705美 元/吨，收涨585美元，涨幅4.46%，成交量75210手增加46339手，持仓量331270手增加1322手；晚间沪 铜高开跳涨突破新历史高度后回落，随后进入横盘区间震荡，主力月 ...

Core Viewpoint - The medical sector is showing signs of recovery in 2026, driven by policy clarity and the realization of innovative outcomes, leading to increased investment interest in medical ETFs [1][19]. Group 1: Current Core Logic and Positive Factors in the Medical Sector - The transition from "selling expectations" to "performance realization" is evident, with domestic medical device innovations gaining global recognition, thus becoming a new growth engine for the industry [3][21]. - The medical sector is experiencing a high proportion of companies meeting or exceeding their 2025 performance forecasts, indicating a favorable industry outlook [3][21]. - The recent surge in AI medical technologies is not just speculative but demonstrates clear cost-reduction and efficiency-enhancing capabilities in hospital operations and drug development [4][23]. Group 2: Policy Environment Changes - The policy environment has shifted from a "speed over quality" approach to one of "value co-creation," with recent signals indicating a more favorable stance on centralized procurement and medical insurance negotiations [6][24]. - Optimizations in the approval process for innovative medical devices and continuous improvements in procurement rules are expected to enhance the competitive landscape and restore profitability for companies [8][26]. - The introduction of a market exclusivity period in the revised Drug Administration Law is expected to boost long-term investment confidence in pharmaceutical R&D [9][27]. Group 3: Financial Support for Medical Equipment Updates - The national "two new" policy, focusing on large-scale equipment updates and consumer goods replacement, has allocated 62.5 billion yuan in special bonds to support medical equipment upgrades, benefiting listed companies in the medical device sector [10][28]. - There is a significant demand for replacing outdated medical equipment in domestic healthcare institutions, coupled with policies favoring domestic alternatives, leading to increased orders and market share for leading companies in imaging, surgical robots, and in-vitro diagnostics [10][28]. Group 4: Reasons for Recent Fund Inflows into Medical ETF (512170) - The medical ETF (512170) has seen substantial inflows, with a single-day capital increase of 499 million yuan on January 28, 2026, and a total of 1.8 billion yuan over nine consecutive trading days, reflecting a shift in market sentiment towards value recovery [1][19][14]. - The medical ETF is currently one of the largest medical-themed ETFs in A-shares, with a market size exceeding 26 billion yuan, driven by high cost-effectiveness and a consensus on bottom valuations [14][32]. - The ETF closely tracks the CSI Medical Index, with significant allocations in medical devices (53.17%) and medical services, making it an attractive option for both institutional and retail investors [14][32][34].

消息面上，民政部印发《关于进一步推进民政科技创新的指导意见》，其中提到，广泛应用人形机器 人、脑机接口、人工智能等前沿技术，开展失能失智预防和抗衰老、生活照料和康复护理、精神慰藉和 社会参与促进、安全风险监测和紧急救援、老年宜居环境建设和适老化改造等方面关键技术装备研发。 截至2026年1月30日 10:05，中证医药及医疗器械创新指数(931484)成分股方面涨跌互现，海思科领涨 2.62%，新产业上涨1.67%，华润三九上涨0.96%；片仔癀领跌。医疗创新ETF(516820)最新报价0.36元。 规模方面，医疗创新ETF最新规模达18.67亿元，创近1年新高。从资金净流入方面来看，医疗创新ETF 近10天获得连续资金净流入，最高单日获得4182.65万元净流入，合计"吸金"1.86亿元，日均净流入达 1857.56万元。（数据来源：Wind） 招商证券指出，脑机接口技术已从长期学术探索阶段进入产业拐点，在政策与需求双重驱动下，医疗成 为其核心主战场，占全球应用场景的56%；中国脑机接口产业在系统集成与应用落地方面进展显著， 2025年被正式纳入"十五五"规划中的"六大未来产业"，顶层设计与地方支持同步加 ...