脑机接口市场发展情况如何？未来的产业发展方向是什么？翔宇医疗如何紧抓市场机遇？带着这些问 题，《证券日报》记者走进翔宇医疗，与公司董事长何永正展开探讨与交流。 脑机接口赋能主动康复 脑机接口作为康复领域的创新技术，正引领着康复行业从"被动康复"转向"主动康复"。该技术通过实时 捕捉脑电信号并解码，驱动外部设备对大脑进行针对性刺激，形成"感知－响应－强化"的神经发育闭 环，让康复训练更高效、更精准。 本报记者 肖艳青 作为连接大脑与外部设备的颠覆性技术，脑机接口正被全球科技界视为重构人机交互范式的核心方向。 在政策支持、技术突破与资本涌入等多重因素驱动下，脑机接口产业发展提速，应用前景已从医疗康复 延伸至消费电子等多元场景，展现出巨大的市场潜力。 河南翔宇医疗设备股份有限公司（以下简称"翔宇医疗"）凭借在康复医疗领域的技术积淀，自2015年起 便开始布局脑机接口及类脑研究。目前该公司率先实现脑机接口技术的临床转化，相关产品已进入国内 超600家三级甲等医院，覆盖神经康复、运动功能重建等核心领域，成为国内脑机接口医疗应用的领军 企业。 "主动康复效果强于被动康复。"何永正表示，"脑机接口技术是一种让大脑持续深度参 ...

Core Viewpoint - In 2025, China's economy is expected to exhibit a clear characteristic of "moving towards new directions," with R&D expenditure intensity reaching 2.8%, surpassing the OECD average for the first time, indicating a shift from "quantitative accumulation" to "qualitative leap" in technological innovation [1][2] Group 1: Economic and Innovation Growth - R&D expenditure intensity increased by 0.11 percentage points from the previous year, reflecting a significant investment in innovation [1] - Major breakthroughs in key technologies and deep integration of technological and industrial innovation are evident, particularly in fields like artificial intelligence, quantum technology, and brain-computer interfaces [1] - China's innovation index ranking has entered the global top ten, highlighting its position as a global innovation leader [1] Group 2: Sector-Specific Developments - The "Artificial Intelligence +" sector is projected to drive significant growth in product output, with storage chips and servers expected to increase by 22.8% and 12.6%, respectively [1] - The robotics sector is also set for rapid development, with production of robot reducers, industrial robots, and service robots expected to grow by 63.9%, 28.0%, and 16.1%, respectively [1] Group 3: Policy Support and Future Directions - Systematic policy support, such as the iterative upgrade of R&D expense deductions, is crucial for fostering innovation [2] - Future efforts will focus on large-scale application demonstrations of new technologies and products in manufacturing, as well as strategic major technology projects [2] - There is an emphasis on maintaining stable growth in R&D investment while improving the quality and efficiency of that investment to achieve breakthroughs in key core technologies [2]

Core Viewpoint - The article discusses the transformative potential of Brain-Computer Interface (BCI) technology, highlighting its rapid market growth and the shift of market focus from the West to the Asia-Pacific region, as detailed in the Barnes Reports' analysis of the BCI market by 2026 [2][3]. Market Overview - BCI technology enables direct communication between the brain and external devices, impacting various sectors from medical rehabilitation to gaming and entertainment [3]. - The global BCI device market is projected to reach $3.468 billion by 2026, with a steep growth trajectory from $1.5 billion in 2020, particularly a 15.4% year-on-year increase from 2025 to 2026 [3]. - By 2032, the market is expected to expand to $8.25 billion, with a compound annual growth rate (CAGR) of 21.2% from 2027 to 2032 [3]. Semiconductor Industry Implications - The BCI market is categorized within the semiconductor industry, indicating a shift in focus towards low-power, high-throughput data processing chips, which are becoming a competitive battleground in the semiconductor sector [4]. Regional Market Dynamics - The Asia-Pacific region is anticipated to dominate the BCI market by 2026, with a projected market size of $1.59 billion, accounting for approximately 52.2% of the global market [5]. - North America is expected to contribute $737 million (24.1%), while Europe will account for $506 million (16.6%) [5]. - China's BCI market is forecasted to reach $1.053 billion (approximately 7.445 billion RMB) by 2026, nearly double that of the U.S. market [6]. Cost Structure Analysis - The BCI industry is characterized by high operational costs, with projected annual salary expenditures of $1.595 billion in 2026, representing nearly 46% of total expenses [8]. - Total operational costs, including R&D, materials, and marketing, are expected to reach $2.6 billion, indicating significant profitability pressures for companies in this sector [8]. Market Drivers and Challenges - Key drivers for BCI market growth include advancements in technology, increased capital investment, and the rising demand for remote healthcare solutions in the post-pandemic era [10]. - Challenges include high development costs, technical limitations in signal acquisition, and ethical concerns regarding data privacy and security [10][11]. Global Economic Insights - The report provides insights into the geopolitical aspects of BCI technology, emphasizing the competitive landscape among major economies [12]. - The methodology used in the report combines historical trends and economic models to ensure data credibility, highlighting the importance of market potential as a reflection of product shipment value [13]. Conclusion - The BCI market is positioned for significant growth, with the potential to reshape the semiconductor industry and healthcare landscape, particularly in the Asia-Pacific region [14].

- The report does not contain any quantitative models or factors related to financial engineering or quantitative analysis[1][3][4]

证券日报网讯1月21日，山鹰国际（600567）在互动平台回答投资者提问时表示，公司持续投入于造纸 主业的技术升级、产品结构优化、绿色生产等关键领域，旨在巩固和提升公司在核心业务上的长期竞争 力。对于脑机接口等跨界领域，鉴于其与主业协同性低，公司暂时没有投入计划。未来公司也将持续关 注能强化公司主业竞争力的协同机会。 ...

Core Insights - Suzhou has officially released its "14th Five-Year Plan" proposal, focusing on promoting industries such as embodied intelligence, quantum technology, hydrogen energy, nuclear fusion energy, and brain-computer interfaces as new economic growth points [1] Group 1: Development of New Productive Forces - The proposal emphasizes the importance of the real economy and aims to implement the "Suzhou Intelligent Manufacturing" project, maintaining the manufacturing sector's contribution above 40% [2] - It aims to enhance the competitiveness of emerging industries by advancing innovation infrastructure, technology R&D, and product upgrades, particularly in sectors like electronic information, equipment manufacturing, and new materials [2] - The plan includes fostering world-class advanced manufacturing clusters in biomedicine, high-end medical devices, and semiconductor industries, among others [2] Group 2: Cultivation of Future Industries - The proposal outlines plans to actively develop future industries such as future manufacturing, information, materials, energy, space, and health [3] - It encourages diverse technological routes and application scenarios to accelerate the formation of new economic growth points in areas like embodied intelligence and quantum technology [3] - The plan aims to promote venture capital development to create a multi-faceted investment landscape for future industries [3] Group 3: Building an Innovation Hub - The proposal calls for strengthening the regional innovation system and integrating into the Shanghai (Yangtze River Delta) international technology innovation center [4] - It emphasizes the need for breakthroughs in key core technologies and aims to establish national innovation centers in quantum technology and deep-sea information technology [4] - The plan includes enhancing the role of enterprises in technological innovation and fostering a gradient cultivation system for technology-driven enterprises [4] Group 4: Promoting Large-scale Listed Companies - The proposal highlights the importance of reform in key areas and encourages differentiated reform explorations to enhance systemic coherence [5] - It aims to improve the financial service system, focusing on technology finance, green finance, and digital finance, among others [5] - The plan seeks to support the listing of more large-scale companies and enhance their growth [5] Group 5: High-level Opening Up - The proposal emphasizes deepening international cooperation and implementing high-level opening-up initiatives to attract global high-end resources [7] - It aims to expand institutional openness and engage in innovative trials in various sectors, including biomedicine and smart manufacturing [7] - The plan includes building the Yangtze River Delta ecological and green integration development demonstration zone [7] Group 6: Accelerating Urban Integration - The proposal focuses on enhancing the integration of Suzhou with Shanghai, promoting cooperation in technology innovation and resource sharing [8] - It aims to collaboratively develop world-class high-end industrial clusters in sectors like integrated circuits and artificial intelligence [8] - The plan includes improving transportation infrastructure and public services to facilitate urban integration [8]

2025年，我国经济呈现向优向好发展势头，高质量发展成色更足。国家统计局19日发布数据显示，2025年中国国内生产总值（GDP）1401879 亿元，首次跃上140万亿元新台阶，按不变价格计算，比上年增长5.0%。 1月18日拍摄的江苏省港口集团南京港龙潭集装箱码头（无人机照片）。新华社发（杨素平摄） 人工智能、量子科技、脑机接口等前沿领域捷报频传、一批重大科研成果竞相涌现……2025年，我国工业结构持续向优升级，"新"的动能持 续培育壮大，"进"的步伐更加有力。 编导：鲍佳艺 2026年是"十五五"开局之年，站在新起点，我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有改变。专家表 示，下阶段，更加积极有为的宏观政策将为经济平稳运行继续保驾护航，确保"十五五"开好局、起好步。 1月19日，在天津市滨海新区，海上油气平台建设工人进行气割作业。新华社发（杜鹏辉摄） 1月19日，工人在位于浙江省湖州市德清县乾元镇的浙江沃德新材料科技有限公司车间赶制铝型材产品订单。新华社发（倪立芳摄） 统筹：汪奇文、梁敏 上海证券报 联合出品 【纠错】 【责任编辑:赵阳】 作者：陈芳 新华社音视频部 ...

Group 1: Investment Opportunities in Various Sectors - The core investment logic in the non-ferrous metals industry has shifted from simple cyclical fluctuations to structural opportunities driven by "strategic value reassessment" and "emerging demand growth" [2] - The AI sector is currently in a "usable" phase, with expectations that it will enter a monetization phase by 2026, particularly in the semiconductor field [2] - The pharmaceutical sector is showing signs of improvement, with cash flow and gross margins on the rise, indicating it is at the beginning of a favorable market phase [3][4] Group 2: Specific Sector Insights - The non-ferrous metals sector is expected to benefit from three main factors: the onset of the Federal Reserve's interest rate cuts, re-industrialization amid de-globalization, and AI industry drivers [5] - The copper supply is limited, with significant production impacts expected from major mines, while gold continues to be supported by central bank purchases [5] - The lithium market is transitioning from surplus to balance, driven by high-cost capacity exit and new growth points in energy storage and electric heavy trucks [6] Group 3: Emerging Trends and Technologies - The "space photovoltaic" sector is gaining attention, with overseas commercial space models proving profitable and creating demand for Chinese photovoltaic supply chains [6] - The AI application in the media sector is anticipated to explode in 2026, driven by advancements in large model capabilities and major internet companies entering the market [8] - The media industry is expected to leverage its content advantages in the AI wave, with significant market potential in AI-driven marketing and content generation [8]

Core Viewpoint - The new policy from the National Healthcare Security Administration (NHSA) is expected to significantly boost the medical device industry, particularly benefiting high-end surgical assistance technologies, robotic surgeries, and telemedicine [1][3]. Group 1: Market Reaction - A-share medical ETFs, particularly the largest medical ETF (512170), saw a rise of 1.36% during intraday trading, indicating strong buying interest with over 270 million yuan invested the previous day [1]. - The Hong Kong medical ETF (159137) also experienced a rebound, reaching a peak increase of 1.78% before closing up 1.06%, ending a four-day decline [1]. - Notable stock performances included a 17.3% surge in the leading domestic surgical robot company, MicroPort Scientific Corporation-B, and over 5% increases in MicroPort Medical and Xianjian Technology [1]. Group 2: Policy Impact - The NHSA's new guideline establishes a market mechanism for high-end surgical assistance technologies, which is expected to enhance innovation and profitability in the industry [3]. - The unified pricing framework is anticipated to highlight the cost-performance advantages of domestic surgical robots and related consumables, accelerating the trend of domestic substitution [3]. - The NHSA's commitment to expanding the guideline in the future will create more opportunities for innovative medical device products, benefiting the overall innovation ecosystem in the industry [3]. Group 3: Investment Opportunities - The medical device sector is poised for significant investment opportunities due to the new NHSA policy, with a focus on high-end medical equipment, robotic surgeries, and compliant consumables [3]. - The CXO industry is experiencing improved conditions due to recovering overseas orders and domestic capacity clearance, contributing to sustained growth [3]. - The largest medical ETF (512170) and its associated funds focus on medical devices and services, with over 36% of its index weight in AI medical and brain-computer interface concept stocks [4].

Market Analysis - The A-share market exhibited a mixed performance with a slight increase in the Shanghai Composite Index, closing at 4116.94 points, up 0.08%, while the Shenzhen Component Index rose by 0.70% to 14255.13 points [2] - The overall market turnover was 2.62 trillion yuan, a decrease of approximately 6.4% from the previous trading day, indicating a reduction in trading activity but still within a historically high range [2] Sector Performance - The non-ferrous metals sector led the market with a gain of 2.91%, driven by rising international gold prices and geopolitical tensions [5] - The technology sector also performed strongly, with significant increases in GPU, advanced packaging, and circuit board indices, reflecting a robust market sentiment [5] - Conversely, financial and consumer sectors faced downward pressure, with declines in banking, coal, food and beverage, and consumer services stocks [5] Bond Market - The government bond futures market showed a mixed performance, with long-term contracts experiencing significant gains, particularly the 30-year contract which rose by 0.75% [11] - The central bank's net injection of 122.7 billion yuan through reverse repos indicates a continued effort to maintain liquidity in the market [11] Commodity Market - The commodity index increased by 0.40%, with strong performance in new energy metals and precious metals, while real estate-related commodities faced pressure [11] - International gold prices reached a new high, peaking at 4888.43 USD/ounce, reflecting a threefold increase since September 2022 [11] Investment Opportunities - The report highlights several key investment themes, including AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-computer interfaces, and robotics, all supported by government policies and technological advancements [14] - The precious metals sector is expected to benefit from central bank purchases and anticipated interest rate cuts by the Federal Reserve, while the non-ferrous metals sector remains strong due to supply constraints and a weaker dollar [14][17]