智通财经记者 | 丁欣雨 《俗得可爱 吃得痛快：蔡澜日记随笔精选》 [新加坡] 蔡澜 著 新东方大愚文化·现代出版社 2025-5 蔡澜与金庸、倪匡、黄霑并称"香港四大才子"，时年83岁，有一个至今还活跃，粉丝量超过1000万的微 博账号。隔一两天，他就会开直播与网友聊天、吃潮州菜，其中夹着几次声明自己"未去世"的辟谣。蔡 澜把跟随他多年的网友叫作"护法"，就像武侠小说里的人物一样。互相的友谊和关怀，他在交流中感受 得到。 "时间还是会跑在我们前面，但当回头一望，又有新的收获。"在日记和随笔里，蔡澜继续倾诉他的大半 个人生，如何在吃喝玩乐中快意潇洒、体会道理："妈妈的狡兔三窟教训，是除了正职之外，培养一些 兴趣，有了兴趣，多加研究，成为专家，像吃吃喝喝一样，变成求生本事。这种本事一多，人就不怕 老。" 智通财经编辑 | 姜妍 《俗得可爱 吃得痛快》就是这样随性自由的写作，其中收录蔡澜的62篇随笔和23篇跨度从2022年到 2024年之间的日记，既谈日本咖喱、自制宵夜，也于生活乐事中见真理，不时有"人生在世，还不是有 时笑笑人家，有时给人家笑笑""当人生进入另一阶段，温和是一个很好的选择"的感悟。 《黑夜的狂欢 ...

Core Insights - The rapid development of AI in the medical field is creating a new industry segment, but it does not equate to AI directly diagnosing patients [2] - The integration of AI with human brain functions aims to address issues like sleep disorders and mental health through real-time monitoring and intervention [2][8] - The research team led by Professor Li Yuanqing is pioneering non-invasive brain-computer interface (BCI) technology in China [2][5] Group 1: Technology and Products - The key innovation is the "multi-modal brain-computer AI headband," which collects and analyzes brainwave signals to provide feedback [3][5] - The system can monitor and intervene in mental health issues such as depression and anxiety, as well as assist in focus training for children [8][10] - The BCI technology allows for control of external devices through brain signals, enhancing the functionality of smart medical equipment [12][14] Group 2: Market and Applications - The BCI products have gained traction in both domestic and international markets, with positive reception in the U.S. and plans to expand into the UK, Germany, and Japan [10][11] - Institutions such as psychological counseling centers and schools show higher enthusiasm for these products compared to individual consumers [11] - Clinical trials for BCI applications are underway in various hospitals, targeting patients with physical disabilities and neurological conditions [16] Group 3: Research and Development - The research team has made significant breakthroughs in BCI technology over the past 20 years, focusing on the collection and processing of brainwave signals [18][19] - The integration of AI and deep learning has enhanced the performance and accuracy of BCI systems [22] - The team is also exploring the potential of semi-invasive and invasive BCI technologies, which could offer higher signal quality for medical applications [23] Group 4: Challenges and Future Directions - The transition from research to commercialization faces hurdles such as market development and regulatory approval for medical devices [24] - Achieving seamless brain-machine integration remains a long-term goal, with ongoing advancements expected to bring the technology closer to this vision [25]

盘前要闻 1、伊以冲突持续！特朗普称美国"有可能"介入，国际油价早盘巨震 类型：宏观 情绪影响：负面 上周五晚间国常会提出，构建房地产发展新模式，对于促进房地产市场平稳、健康、高质量发展具有重 要意义；要扎实有力推进"好房子"建设，纳入城市更新机制加强工作统筹，在规划、土地、财政、金融 等方面予以政策支持，更大力度推动房地产市场止跌回稳。 3、5月金融数据出炉："活钱"增多M1增速明显上升，企业提款意愿明显增加 类型：宏观 情绪影响：正面 央行数据显示，5月末广义货币(M2)余额325.78万亿元，同比增长7.9%。狭义货币(M1)余额108.91万亿 元，同比增长2.3%。融资规模存量为426.16万亿元，同比增长8.7%。专家表示，社融规模增长较快，主 要受政府债券和企业债券等直接融资拉动。 4、A股多个重要指数调整今日实施，蓝色光标、长盈精密等股纳入创业板指 类型：公司 伊以冲突已持续三天，紧张局势仍未得到缓和。以总理表示，如伊朗放弃核计划，以色列愿停止行动； 特朗普表示，美国没有参与以色列对伊朗的军事打击，但以后"有可能"会介入。WTI原油周一开盘涨超 6%，随后涨幅有所收窄。 2、国常会：构建房地产 ...

Group 1 - The State Council emphasized the need to effectively promote the construction of "good houses" and integrate it into urban renewal mechanisms, providing policy support in planning, land, finance, and other areas to stabilize the real estate market [4] - The People's Bank of China announced a 400 billion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 6 months [4] - The central government allocated 80 billion yuan for urban renewal projects, benefiting approximately 17 million people and improving living conditions [5] Group 2 - A series of adjustments to A-share indices, including major indices like the Shanghai Composite and Shenzhen Component, will take effect on June 16 [5] - The China Securities Regulatory Commission released new regulations for algorithmic trading in the futures market to enhance monitoring and risk management [4] - The successful clinical trial of an invasive brain-computer interface marks China as the second country globally to enter this phase, following the United States [5] Group 3 - GAC Group committed to ensuring the completion of dealer rebate payments within two months [10] - Kweichow Moutai adjusted its 2024 profit distribution plan, increasing the dividend to 27.673 yuan per share [10] - Shenzhen Guangdao Digital Technology Co., Ltd. faces potential forced delisting due to financial fraud, with trading suspended for one day [10] Group 4 - Huatai Securities reported that the escalation of the Israel-Iran conflict has led to high volatility in oil prices, with significant price rebounds expected [14] - CITIC Securities noted that the new model of real estate development will more effectively address structural supply-demand mismatches, with economic growth projected to exceed 5% in the second quarter [15] - GF Securities maintained a positive outlook on the computer industry, emphasizing the importance of external risk preferences and identifying key areas for mid-term opportunities [16]

Core Insights - The article discusses a groundbreaking brain-computer interface (BCI) technology that enables real-time conversion of brain signals into speech, offering new hope for individuals with speech impairments due to neurological conditions [1][14]. Group 1: Technology Overview - BCI technology is seen as a promising method for restoring language abilities by decoding brain activity and bypassing damaged parts of the nervous system [2]. - Most current BCI systems focus on converting brain signals into text displayed on screens, which, while accurate, still face challenges such as conversation delays and inability to replicate vocal nuances [3]. Group 2: Research Findings - A new study published in *Nature* showcases a novel BCI system that was implanted in a patient with severe speech impairment due to amyotrophic lateral sclerosis (ALS), utilizing four arrays of microelectrodes to record neural activity [4][6]. - The system decodes the patient's intended sounds rather than specific words or phonemes, aiming to directly reproduce speech [8]. - The research allows for a broader range of vocal expressions, including non-standard words and pitch variations, enabling the patient to express emotions and nuances in speech [9]. Group 3: Performance Metrics - The system achieves a speech output delay of 1/40 seconds, closely matching the natural delay experienced when humans hear their own voice [10]. - In tests, listeners could correctly identify nearly 60% of the words produced by the system, a significant improvement from a mere 4% recognition rate when the patient spoke without the BCI [10]. Group 4: Future Implications - The study indicates a paradigm shift in communication tools for individuals unable to speak, paving the way for practical language assistance technologies [14]. - The research team emphasizes that the "neural voice prosthesis" is still in its early stages, with future efforts needed to replicate results in a broader patient population, including those with speech loss from strokes [15].

Core Insights - China's invasive brain-machine interface (BMI) technology has entered the clinical trial phase, making it the second country globally to do so after the United States [2][3] - The technology involves a flexible electrode that is 1% the thickness of a human hair, designed to integrate seamlessly with brain tissue [3][4] - The successful implantation and operation of the system mark a significant advancement in the field, with the potential for widespread clinical applications [10][12] Group 1: Technology and Innovation - The electrode developed by the research team is five to seven times smaller in cross-sectional area than those used by Neuralink, showcasing a significant advancement in flexibility and integration with neural tissue [3][4] - The implantation procedure requires only a 5mm puncture in the skull, reducing surgical risks and recovery time compared to traditional methods [3][4] - The system processes neural signals in milliseconds, utilizing an online learning framework to enhance real-time decoding capabilities [3][4] Group 2: Clinical Applications and Future Prospects - The project aims to extend its applications to patients with complete spinal cord injuries, amputations, and conditions like amyotrophic lateral sclerosis, potentially restoring lost functions [12] - The Shanghai Brain-Machine Interface Clinical Trial and Transformation Key Laboratory has been established to facilitate the transition from research to clinical application [4][10] - The system is designed for long-term use, with plans for future upgrades to ensure patients can access the latest technology without frequent replacements [12] Group 3: Collaboration and Research - The collaboration between Fudan University and the Chinese Academy of Sciences exemplifies a synergistic approach to advancing brain-machine interface technology [8][10] - The research team has conducted over 20 simulation implantations prior to the actual procedure, ensuring precision and safety during the operation [8][10] - The system's design includes privacy protection mechanisms to safeguard the neural data collected from patients [11]

Group 1 - The State Council emphasized the need to promote the construction of "good houses" and integrate it into urban renewal mechanisms, providing policy support in planning, land, finance, and other areas to stabilize the real estate market [4][5] - The People's Bank of China announced a 400 billion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 182 days [4] - The CSRC released new regulations for algorithmic trading in the futures market to enhance monitoring and risk management [4] Group 2 - The National Development and Reform Commission allocated 80 billion yuan for urban renewal projects, benefiting approximately 1.7 million people [5] - A series of adjustments to A-share indices took effect on June 16, including major indices like the Shanghai Composite and Shenzhen Component [5][6] - Shenzhen is expected to pilot a secondary listing for red-chip stocks, providing a more efficient listing channel for tech companies [6] Group 3 - Global markets experienced significant volatility on June 13 due to escalating geopolitical tensions in the Middle East, with major indices in the US and Europe declining [7] - The Israeli airstrikes have resulted in significant casualties in Iran, further heightening regional tensions [7] Group 4 - GAC Group committed to ensuring the completion of dealer rebates within two months [10] - Kweichow Moutai adjusted its 2024 profit distribution plan, increasing the dividend to 27.673 yuan per share [10] - *ST Guandao faces potential delisting due to financial fraud, with trading suspended for one day [10] Group 5 - Huatai Securities reported that the conflict between Israel and Iran has led to increased oil price volatility [14] - CITIC Securities noted that new models of real estate development will more effectively address structural supply-demand mismatches [15] - The computer industry is expected to maintain a positive trend, with a focus on AI applications and smart vehicles [17]

Group 1 - The core viewpoint of the articles highlights the rapid advancements and regulatory support for brain-computer interface (BCI) technology in China, indicating a significant shift towards clinical applications [1][4][6] - The National Medical Insurance Administration has established pricing guidelines for BCI services, which is seen as a crucial step for the technology's clinical implementation [4][5][6] - Various institutions and companies are actively conducting clinical trials and developing BCI systems, with notable achievements such as the successful implantation of the "North Brain No. 1" system [1][10] Group 2 - BCI technology is categorized into non-invasive, semi-invasive, and invasive methods, each with distinct mechanisms for capturing brain signals [2][3] - The invasive BCI methods have shown to achieve higher precision in signal capture but come with increased risks, while non-invasive methods are more suitable for broader applications [3][8] - The cost of invasive BCI procedures is significantly high, estimated between 300,000 to 500,000 yuan per case, which includes various associated expenses [7] Group 3 - The establishment of pricing standards is expected to facilitate the integration of new technologies into clinical settings, providing a framework for hospitals to conduct large-scale trials [5][6] - The current clinical trials in China are primarily focused on safety and efficacy, with a need for further research on long-term implantation challenges [8][9] - The industry is experiencing a surge in clinical trials and patent applications, positioning China among the leaders in BCI research and development [8][9] Group 4 - The timeline for BCI technology to reach widespread clinical use is projected to be around 2026, with ongoing efforts to establish regulatory standards for clinical trials [10][11][12] - Collaboration among research teams, enterprises, clinical experts, and government bodies is essential for developing approval standards for BCI technologies [12] - The industry is encouraged to pursue innovative research while ensuring that only qualified institutions conduct clinical trials to maintain safety and efficacy [12]

Market Performance - The A-share market showed mixed performance from June 9 to June 13, with the Shanghai Composite Index declining by 0.25% to 3377.00 points, the Shenzhen Component Index falling by 0.60% to 10122.11 points, and the ChiNext Index increasing by 0.22% to 20343.82 points [2][3] - Approximately 34% of stocks experienced gains during the week, with 114 stocks rising over 15% and 16 stocks declining over 15% [2] International Market Trends - The US stock market indices fell on June 13, with the Dow Jones Industrial Average dropping by 769.83 points (1.79%) to 42197.79 points, the S&P 500 decreasing by 68.29 points (1.13%) to 5976.97 points, and the Nasdaq Composite falling by 255.66 points (1.30%) to 19406.83 points [3][5] - European stock indices also declined, with the FTSE 100 down by 34.29 points (0.39%) to 8850.63 points, the CAC 40 down by 80.43 points (1.04%) to 7684.68 points, and the DAX down by 255.22 points (1.07%) to 23516.23 points [4] Commodity Prices - International oil prices saw a significant increase on June 13, with light crude oil futures for July rising by $4.94 (7.26%) to $72.98 per barrel, and Brent crude oil futures for August increasing by $4.87 (7.02%) to $74.23 per barrel [4] Industry Developments - Shenzhen is expected to pilot a secondary listing for red-chip stocks, with relevant listing rules being formulated to provide a more efficient listing channel for innovative enterprises [6] - The oil price adjustment window will open on June 17, with expectations of a price increase due to rising international oil prices and domestic price adjustments [7] - China's invasive brain-computer interface technology has entered the clinical trial phase, marking the country as the second globally to reach this stage after the United States, indicating potential growth in the brain-computer interface market [8] Institutional Insights - Citic Securities noted a significant recovery in consumption, stable growth in manufacturing and infrastructure investment, and resilient exports, projecting a second-quarter economic growth rate of over 5% [10] - The rare earth industry is experiencing positive signals, with domestic prices rising and supply-demand dynamics improving, driven by increased demand from sectors like new energy and robotics [10]

今日导读 1. 央行公告，为保持银行体系流动性充裕，2025年6月16日，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4000亿元买断式逆回购操作，期限为6个月（182 天）。 宏观消息 1、国务院新闻办公室定于2025年6月16日（星期一）上午10时举行新闻发布会，国家统计局新闻发言 人、国民经济综合统计司司长付凌晖介绍2025年5月份国民经济运行情况，并答记者问。 2、据新华社报道，市场监管总局6月14日对外发布《个体工商户登记管理规定》，将于7月15日起正 式施行。这将进一步规范个体工商户登记管理，保护个体工商户合法权益，促进个体工商户高质量发 展。 3、 北京证券交易所13日发布的消息显示，为进一步激发市场活力，持续降低市场成本，提升服务实 体经济质效，北交所决定继续暂免收取债券交易相关费用。北交所表示，本所《关于发布<北京证券交 易所债券交易规则>的公告》有关暂免收取债券现券（不含可转换公司债券）交易经手费的措施有效期 延长至2026年12月31日。其他债券交易相关费用暂免措施继续按照公告执行。根据北交所此前发布的 公告，暂免收取债券现券（不含可转换公司债券）交易经手费至2025年6月 ...