Core Viewpoint - The Shanghai government aims for a GDP growth of around 5% for the year, with a focus on developing future industries and enhancing the modern industrial system [1][2][3] Economic Goals - The expected GDP growth for Shanghai in 2026 is also around 5%, with a target GDP of 5.67 trillion yuan by 2025, reflecting a growth of 5.4% [2] - Local general public budget revenue is projected to reach 850 billion yuan, with a growth of 1.5% [2] - The report sets a goal for R&D expenditure to be approximately 4.6% of the city's GDP, with an urban unemployment rate targeted to remain within 5% [2] Industry Development - The report emphasizes the cultivation of future industries such as brain-computer interfaces and fourth-generation semiconductors [3] - Implementation of the "Artificial Intelligence +" initiative is highlighted, focusing on enhancing computing power infrastructure and promoting the use of new intelligent terminals and models [3] - The construction of high-level innovation communities and the development of specialized industrial parks are prioritized [3] Investment and Infrastructure - A total of 255 billion yuan is planned for major engineering investments this year, including the construction of various metro lines and significant infrastructure projects [4] - The report outlines the initiation of several key transportation projects, including the extension of existing metro lines and the construction of new railways [4] Financial Reforms - The report calls for deepening financial system reforms and enhancing the construction of the Sci-Tech Innovation Board [5] - It aims to improve the connectivity of bond markets and explore the establishment of an offshore financial system [5] - There is a focus on fostering long-term and patient capital, enhancing the integration of finance and industry, and supporting sectors such as technology innovation and green development [5] Social Services - The report includes plans to reform elderly care services, with the addition of 2,000 cognitive care beds and 200 community-based elderly service stations [5] - It emphasizes the need for diverse services in community elderly care, including meal assistance and medical support [5]

Economic Growth and Development - Shanghai's GDP is projected to reach 5.67 trillion yuan with a growth rate of 5.4% by 2025 [2] - The total import and export volume is expected to reach 4.51 trillion yuan, with exports growing by 10.8% [6] Financial and Technological Reforms - The government aims to enhance the construction of the Sci-Tech Innovation Board and promote financial system reforms [2] - A focus on developing offshore financial systems and improving cross-border financial services is highlighted [2] Industry and Innovation - R&D expenditure is expected to account for approximately 4.5% of Shanghai's GDP by 2025 [4] - The output of strategic emerging industries is projected to grow by 6.5%, with integrated circuits, biomedicine, and artificial intelligence expected to exceed 2 trillion yuan [4] Foreign Investment and Projects - Actual foreign investment is anticipated to reach 16.06 billion USD (approximately 114.8 billion yuan) [6] - The government plans to attract foreign investment in advanced manufacturing, modern services, and high-tech industries [6] Consumer Market and Tourism - The government aims to boost consumption and develop Shanghai into an international consumption center [8] - Plans include enhancing service consumption and promoting various tourism initiatives [8] Cultural and Creative Industries - The report emphasizes the importance of cultural industry projects and the development of new cultural formats [9] - The government aims to improve the capabilities of the cultural industry, including film production and creative design [9]

Core Viewpoint - The healthcare sector in A-shares is experiencing a significant rally, driven by AI healthcare and CXO concepts, with notable inflows into medical ETFs [1][8]. Group 1: ETF Performance - The largest medical ETF in A-shares (512170) saw an intraday increase of over 1%, recovering its annual line, with a net subscription of 2.633 billion yuan over the past 10 days as of February 2 [1][8]. - The medical ETF fund size reached 27 billion yuan, making it the largest in the market for medical ETFs [6][13]. Group 2: Individual Stock Movements - The Hong Kong medical ETF (159137) surged by 2%, ending a three-day decline, with Ark Health rising over 20% and BeiGene increasing by more than 4% [10]. - Ark Health raised approximately 144 million HKD through a placement of about 45.181 million shares, with 90% of the funds allocated to accelerate the development of an AI-driven chronic disease management platform [3][10]. Group 3: Industry Developments - Huawei Cloud launched the first section of its industry AI "Dream Factory" focused on smart healthcare, providing a collaborative pathology solution for grassroots hospitals [5][12]. - Institutions predict that by 2026, AI applications will transition from usable to highly effective, becoming a core theme in the AI industry, particularly in healthcare, finance, and education sectors [6][12].

脑机接口月谈——产业及公司篇 20260202 摘要 国家及地方政策积极推动脑机接口发展，七部委发布指导意见，多地医 保探索支持，目标是到 2030 年培育 2-3 家全球领军企业和一批专精特 新企业，解决支付端问题，推动商业模式从产品销售向服务转化。 高校和科研院所在脑机接口技术研发中扮演关键角色，清华大学、中科 院、浙江大学等团队在侵入式、非侵入式和介入式脑机接口研究上取得 进展，其临床试验方案对市场具有重要指导意义。 脑机接口产业链关键组件包括电极（价值量最高）、芯片和手术机器人， 微纳加工工艺复杂，技术壁垒高。Neuralink、阶梯医疗和脑虎科技等 公司在手术机器人领域有所布局。 多重因素驱动脑机接口产业发展，包括政策支持、技术研发和临床试验 推进、企业积极布局核心组件及配套设备，预计到 2030 年中国将涌现 一批全球领军企业。 脑接口技术上游环节涉及材料、算法、电极和微纳加工等，汉威科技、 科大讯飞、东威半岛等公司在柔性传感器、算法等领域有布局，值得重 点关注。 Q&A 脑机接口产业目前的发展状况如何？有哪些值得关注的政策和市场动态？ 脑机接口产业目前处于初期发展阶段，但未来空间巨大。自 202 ...

未来产业由前沿技术驱动，具有前瞻性、战略性、颠覆性等特点。"十五五"规划建议提出，推动量子科 技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点，这些 领域正是未来产业的典型代表。 2025年，工业和信息化领域对我国经济增长的贡献已超四成。我国拥有人工智能企业数量超过6000家， 量子科技研发多点开花，生物制造迈向万亿级产业，脑机接口技术进入植入人脑的新阶段……未来产业 蓄势发力，为高质量发展注入源源不断的新动能。 1月30日下午，中共中央政治局就前瞻布局和发展未来产业进行第二十四次集体学习，习近平总书记发 表了重要讲话。"十五五"开局之年，中央政治局首次集体学习聚焦这个课题，传递出新征程上我国将加 快培育和发展未来产业，以现代化产业新优势把握未来发展主动权的鲜明信号。 过去一年，习近平总书记多次就培育未来产业作出部署：去年4月主持中共中央政治局集体学习，聚 焦"加强人工智能发展和监管"；赴上海考察"模速空间"大模型创新生态社区；在山西考察时强调"围绕 发展新质生产力因地制宜布局新兴产业和未来产业"。 瞄准2035年基本实现社会主义现代化，"十五五"时期是夯实基础、全面发力的 ...

新华社国内部制作 新华社第一工作室出品 1月30日下午，中共中央政治局就前瞻布局和发展未来产业进行第二十四次集体学习，习近平总书记发 表了重要讲话。"十五五"开局之年，中央政治局首次集体学习聚焦这个课题，传递出新征程上我国将加 快培育和发展未来产业，以现代化产业新优势把握未来发展主动权的鲜明信号。 未来产业由前沿技术驱动，具有前瞻性、战略性、颠覆性等特点。"十五五"规划建议提出，推动量子科 技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点，这些 领域正是未来产业的典型代表。 过去一年，习近平总书记多次就培育未来产业作出部署：去年4月主持中共中央政治局集体学习，聚 焦"加强人工智能发展和监管"；赴上海考察"模速空间"大模型创新生态社区；在山西考察时强调"围绕 发展新质生产力因地制宜布局新兴产业和未来产业"。 瞄准2035年基本实现社会主义现代化，"十五五"时期是夯实基础、全面发力的关键时期，"建设现代化 产业体系，巩固壮大实体经济根基"是首要战略任务。未来产业将成为现代化产业体系的重要支撑，也 是重塑全球经济版图的关键要素。 此次集体学习，习近平总书记深刻阐述了发展未来产业的 ...

何 霆 ： 我是艺妙生物CEO何霆。艺妙生物是一家专注于基因细胞药物技术的生物技术公司。目前我 们主要开发针对肿瘤的新药产品。其中，首个淋巴瘤产品即将上市；同时，我们在肠癌、肝癌等实体 瘤的晚期治疗领域也有布局。此外，我们在自身免疫疾病，如红斑狼疮方向的研发也取得进展，已有 项目进入一期临床。期望持续推动基因细胞药物技术的发展，用更好的产品为更多重大疾病患者带来 治愈的希望。 连佳 ： 我是帕母医疗董事、首席执行官连佳。帕母医疗成立于2013年，至今已走过十余年。我们专 注于肺高压及心衰治疗领域，是一家基于临床价值的创新医疗器械公司。 2023年底，公司第一款产品获得中国医疗器械注册证。该产品在全球尚未有同类产品的情况下，率 先获得上市许可，成为肺高压治疗领域的首款中国原创医疗器械。目前，这款产品已在中国和欧洲取 得注册证，并即将在美国启动大型临床试验。其他几款产品也已在国内获得绿色通道资质。我们已在 中国和欧洲开展初步的商业化推广。未来，我们计划在海外推进FDA的IDE临床试验，加速全球化进 程。 刘波 ： 我是微元合成创始人刘波。我们同样专注于生物技术，但应用领域不在医药，而是面向各类 产品的生产制造。我 ...

Core Insights - Since 2026, technology stocks have become highly sought after by insurance capital institutions due to the rotation trend in sectors like commercial aerospace, AI applications, and brain-computer interfaces [1] Group 1: Investment Trends - In January of this year, approximately 97 insurance capital institutions conducted research on around 170 listed companies, with the number of participating institutions increasing by over 20% year-on-year [1] - More than half of the companies being researched are in the technology sector, with companies such as Haitai Ruisheng, Entropy Technology, Zhongji Xuchuang, Nengke Technology, and Fudan Microelectronics receiving significant attention, each being researched by more than five insurance institutions [1] Group 2: Institutional Participation - The top four insurance institutions participating in research this year are all pension insurance companies: Taiping Pension, Yangtze Pension, Ping An Pension, and China Life Pension, each participating in over 10 research sessions [1]

Group 1 - The "Brain-Computer Interface Developers Conference" in Tianjin is a key event to watch for the day [1] - The Reserve Bank of Australia will announce its policy interest rate at 11:30 AM [1] - RBA Governor Philip Lowe will hold a monetary policy press conference at 12:30 PM [1] Group 2 - The preliminary Consumer Price Index (CPI) for January in France will be released at 3:45 PM [1] - Major U.S. companies including Merck, Pfizer, and PayPal are set to report their earnings before the market opens [1] - Richmond Fed President Barkin will discuss the U.S. economy at 9:00 PM [1] Group 3 - The Wall Street Journal's Invest Live event will feature Federal Reserve officials, timing to be determined [1] - Federal Reserve Governor Bowman is scheduled to speak at 10:40 PM [1] - After market close, AMD and other companies like Advanced Micro Devices, Chipotle Mexican Grill, Electronic Arts, and Take-Two Interactive Software will release their earnings reports [1]

Core Viewpoint - The joint measures issued by multiple government departments aim to cultivate the elderly care service industry and promote the silver economy, ensuring fair competition and market vitality in the sector [1][3]. Group 1: Brand Development - Support for the establishment of distinctive branding for chain elderly care service providers to enhance brand recognition [4]. - Encouragement for elderly care service providers to implement trademark strategies and protect their brands [4]. - Promotion of quality elderly care brands through various initiatives to create leading enterprises in the sector [4]. Group 2: Market Supply and Demand - Optimization of elderly care services and products to meet community needs, including home care services and specialized medical assistance [6]. - Development of platforms for supply and demand matching in the elderly care market, enhancing resource utilization and facilitating connections among stakeholders [6]. Group 3: Technological Empowerment - Encouragement for technological advancements in elderly care, including the use of AI, big data, and robotics to enhance service delivery [7]. - Support for the application and testing of smart elderly care products within service institutions to improve user experience [7]. Group 4: Development Environment Optimization - Creation of a fair competitive environment by prohibiting restrictive clauses in government procurement processes for elderly care services [8]. - Establishment of standards and certification systems for elderly care products and services to ensure quality and safety [8]. Group 5: Support Measures - Improvement of government services for elderly care providers, including streamlined licensing processes and access to information on policies and resources [11]. - Provision of land and operational support for elderly care facilities, prioritizing areas based on local aging population needs [11].