这款由脑机海河实验室团队研发的手指穿戴设备，被称为"神工—灵犀指"。据介绍，用意念控制该设备，可以配合人手完成辅助抓握，唤醒患 者的功能障碍中枢与外周神经系统，助力手部运动功能康复。脑机接口通过采集脑部神经信号，转换成特定指令。该技术能够在大脑与外部设 备之间创建连接，实现"脑"与"机"之间的信息交换。 天津大学副校长、脑机海河实验室主任明东说，实验室团队聚焦无创脑机接口领域，持续推动科技创新与产业化落地，在航空航天领域，设计 开发五代空间站在轨脑机交互系统，完成"太空脑机接口实验"。 "现在想象，右手腕长出了一根'第六指'，用它去抓握眼前的小球。"在天津大学脑机交互与人机共融海河实验室（以下称脑机海河实验室） 里，科研人员王壮使用"读心术"，操作机械指稳稳抓住桌子上的小球。 据了解，脑机海河实验室将聚焦基础元件、航空航天、康复医疗等多个领域继续深挖技术潜力，推动相关技术尽快落地应用。 在培养室中，小小的一片人工培育"大脑"不断接收并反馈信号，"指挥"着机械小车在沙盘上躲避障碍物。 作为天津市7家聚焦前沿科技领域的海河实验室之一，由天津大学牵头建设的脑机海河实验室2023年3月27日正式揭牌。"实验室聚焦脑机 ...

当脑瘤与语言中枢"贴面相邻"，切肿瘤还是保功能，曾是神经外科医生面临的艰难抉 择。如今，一项由华中科技大学同济医学院附属同济医院联合科技企业开展的突破性技术， 让这道难题有了全新解法：先短期植入硬膜下电极，把肿瘤边界和语言功能区画出来，再完 成脑肿瘤的精准切除。 1月16日，在同济医院神经外科病房里，长江日报记者看到，52岁的脑肿瘤患者张先生 在术后一周左右，已能够完整说出自己的名字。 8个月前，河南的张先生突发言语含糊、嗅觉减退、记忆力减退等情况，当地医院磁共 振检查提示，左侧额颞叶及岛叶区异常信号影并周围脑组织水肿，考虑肿瘤性病变。因病灶 紧邻语言中枢，传统手术极易造成永久性失语，手术风险极高。他多方辗转，来到同济医院 神经外科，找到舒凯教授。 "过去我们靠经验'绕开'功能区，如今脑机接口让功能地图'可视化'，切除边界一目了 然。"舒凯说，我国每年新增颅内占位性病变患者约40万例，其中20%位于功能区。传统手 术致残率高达15%—30%。此次手术成功验证了侵入式脑机接口在语言区病变中的安全性和 有效性，为脑部更多功能区疾病提供了标准化范式，有望为更多类似患者带来希望和治愈的 可能。 据悉，该技术获评武汉市 ...

Core Viewpoint - The 2026 market is experiencing a "good start" with unexpected activity in the stock and commodity markets, driven by three main factors: industrial momentum, funding dynamics, and emotional factors [1][2] Group 1: Market Drivers - Industrial momentum is supported by the "14th Five-Year Plan," with breakthroughs in cutting-edge technologies such as AI, biopharmaceuticals, and brain-computer interfaces becoming highlights in the capital market [1] - Funding dynamics are influenced by capital market reforms since September 2024, encouraging long-term capital inflow, leading domestic investors to gradually increase their allocation to equity assets [1] - Emotional factors include geopolitical influences prompting global funds to reduce their dollar asset holdings and increase allocations to other markets, resulting in a moderate inflow of foreign capital into China [1] Group 2: Economic Considerations - Despite the market's enthusiasm, it is essential to align with the economic fundamentals, as domestic demand, consumption, and real estate still require improvement [1] - While technological innovation holds great promise, it cannot address the current core economic challenges in the short term [1] - Bridging the gap between the market and economic fundamentals relies on two key actions: stabilizing the real estate market through measures like lowering or subsidizing mortgage rates, and promoting consumption by accelerating social security system reforms to unleash consumer potential [1]

Market Analysis - The A-share market continues to show differentiation with a slight increase in trading volume, as of January 16, 2026, the Shanghai Composite Index fell by 0.26% to 4101.91 points, while the ChiNext Index decreased by 0.2% [4][3] - The overall market saw 2370 stocks rise and 2971 stocks fall, indicating a preference for profit-making opportunities [4] Sector Performance - The technology sector remains relatively strong, particularly in chip stocks, with TSMC expected to increase capital expenditure to between $52 billion and $56 billion in 2026 [7][8] - The market is characterized by a slow bull trend, supported by ample liquidity of 3 trillion, despite some restrictions from margin policy adjustments [8] Bond Market - The bond market showed a general upward trend, with the 10-year treasury futures rising by 0.01% to 108.065 [11] - The People's Bank of China announced a reduction in re-lending and rediscount rates by 0.25 percentage points, which is expected to lower the cost of funds for financial institutions [11][17] Commodity Market - The commodity market experienced a decline, with lithium carbonate prices dropping by 8.99% on January 16, 2026 [11] - The recent fluctuations in lithium prices are attributed to policy changes regarding the recycling of used batteries, which may positively impact the battery recycling industry [11] Investment Opportunities - Key sectors to watch include AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-computer interfaces, and robotics, all of which are supported by government policies and technological advancements [16] - The report suggests that the market's slow bull trend is likely to continue, with a focus on sectors that have seen less trading activity recently [14]

Investment Rating - The industry investment rating for the medical biology sector is "Hold" [2]. Core Insights - The report highlights significant advancements in the brain-computer interface (BCI) industry, emphasizing the acceleration of industrial development and the establishment of a robust innovation ecosystem [3][4]. - The Shanghai Municipal Government has released a plan to cultivate the BCI industry, aiming for clinical applications of semi-invasive and invasive BCI products by 2027, with a comprehensive application by 2030 [4]. - The report suggests that the BCI field is entering a rapid development phase, driven by the release of industry standards and supportive government policies [7]. Summary by Sections Industry Overview - The BCI industry is experiencing accelerated industrialization, with recent breakthroughs in invasive devices and the establishment of new treatment paradigms for conditions like epilepsy [4][6]. - The report notes the importance of integrating BCI technology with artificial intelligence and virtual reality to enhance product offerings and market reach [4]. Government Initiatives - The Shanghai action plan outlines key milestones, including the development of over five invasive and semi-invasive BCI products for clinical trials and the establishment of a national-level BCI industry development zone [4]. - The plan also emphasizes the need for collaboration between innovative entities and medical institutions to foster product development in various applications, including rehabilitation and education [4]. Investment Recommendations - The report recommends focusing on companies such as Innovation Medical, Aipeng Medical, and Sanbo Brain Science, which are positioned to benefit from the growing BCI market [7].

新华社天津1月16日电 题：一间实验室，何以攀登"脑机接口"高峰？ 新华社记者郭方达、梁姊、杨文 "现在想象，右手腕长出了一根'第六指'，用它去抓握眼前的小球。"在天津大学脑机交互与人机共融海河实验室（以下称脑机海河实验室）里， 科研人员王壮使用"读心术"，操作机械指稳稳抓住桌子上的小球。 这款由脑机海河实验室团队研发的手指穿戴设备，被称为"神工—灵犀指"。据介绍，用意念控制该设备，可以配合人手完成辅助抓握，唤醒患者 的功能障碍中枢与外周神经系统，助力手部运动功能康复。脑机接口通过采集脑部神经信号，转换成特定指令。该技术能够在大脑与外部设备之 间创建连接，实现"脑"与"机"之间的信息交换。 天津大学副校长、脑机海河实验室主任明东说，实验室团队聚焦无创脑机接口领域，持续推动科技创新与产业化落地，在航空航天领域，设计开 发五代空间站在轨脑机交互系统，完成"太空脑机接口实验"。 在培养室中，小小的一片人工培育"大脑"不断接收并反馈信号，"指挥"着机械小车在沙盘上躲避障碍物。 有别于过去使用生物脑作为研究对象，这项名为片上脑机接口的技术，作为脑机接口领域的又一新兴技术分支，在脑机海河实验室走出了关键一 步。 作为片上 ...

Group 1 - Xibei's Vice President has resigned, and 102 stores will close nationwide, affecting approximately 4,000 employees, due to previous losses exceeding 500 million [2][7] - Central University of Finance and Economics' He Qiang warns of excessive speculation in the stock market, suggesting regulatory measures to prevent a "crazy bull" market [2][7] - Muyuan Foods expects a net profit of 15.1 to 16.1 billion yuan for 2025, with a significant reduction in production costs and plans for international expansion [2][7] Group 2 - Some brokerage firms face a shortage of margin trading quotas, leading to a potential slowdown in leveraged investments as the financing balance exceeds 2.6 trillion yuan [3][8] - Nvidia has lowered its copper demand forecast from 500,000 tons to 200 tons, causing a nearly 3% drop in copper prices, indicating a shift in market expectations [3][8] - A-shares show three signals indicating a cooling market, with a focus on maintaining a "slow bull" market through regulatory actions [3][8] Group 3 - Brain-computer interface company NaoHu Technology has begun construction of a "super factory," indicating a move towards large-scale production in the sector, with related stocks seeing increased investment [4][9] - The China Securities Regulatory Commission has outlined tasks for 2026, focusing on market stability, regulatory enforcement, and promoting company development [4][10] - CITIC Securities predicts an influx of 1.5 trillion yuan in new capital for A-shares in 2026, supporting a slow bull market [4][10] Group 4 - Multiple A-share companies have reported positive earnings forecasts for 2025, with SAIC Motor expected to see a profit increase of 438% to 558%, reflecting a recovery in industry conditions [5][10]

Core Viewpoint - The brain-computer interface (BCI) sector in the A-share market has shown significant activity at the beginning of 2026, with a cumulative increase of 18.04% in the BCI theme index as of January 16, 2026, indicating a strong interest and potential for commercialization in this emerging industry [2][4]. Industry Overview - The BCI industry is projected to reach a market size of trillions, transitioning from laboratory research to commercial applications, driven by advancements in technology and supportive government policies [3]. - The Ministry of Industry and Information Technology and other departments have emphasized the importance of BCI in their strategic plans, including its inclusion in the "14th Five-Year Plan" for future industrial development [3]. Market Performance - As of January 16, 2026, the total market capitalization of 26 listed companies in the BCI sector has increased by approximately 108.7 billion yuan over ten trading days [8]. - Notable companies like Innovation Medical and Meihua Medical have experienced significant stock price fluctuations, reflecting the volatile nature of the market and investor sentiment towards BCI technologies [5][7]. Company Developments - Innovation Medical's subsidiary, Boling Brain Machine Technology, has launched products aimed at rehabilitation for stroke patients, although it reported operating losses of 6.6 million yuan and 8.66 million yuan in 2023 and 2024, respectively [6]. - Meihua Medical, a leader in cochlear implants, is actively collaborating with BCI clients to facilitate the transition from laboratory research to commercial production, highlighting the interconnectedness of BCI and existing medical technologies [7]. Strategic Collaborations - Companies like Yahui Long and Shenzhen Brain Machine Star Chain Technology have entered strategic partnerships to develop BCI-related products, aiming to enhance diagnostic and treatment capabilities in central nervous system diseases [9]. - Aipeng Medical is also expanding its business into BCI applications, focusing on pain management and sleep disorders, indicating a broader trend of diversification within the medical device sector [9]. Technical Insights - The core technological barriers in the BCI industry are concentrated in the upstream supply chain, including hardware components and surgical techniques, with significant potential for growth in domestic market penetration and localization [10].

Core Viewpoint - The Hong Kong stock market continues to adjust, with the pharmaceutical sector declining alongside the market, particularly affected by a short-term cooling of AI medical concepts [1][12]. Group 1: Market Performance - The Hong Kong Medical ETF Huabao (159137) fell by 0.93%, marking two consecutive days of decline, while the Hong Kong Innovation Drug ETF (520880) dropped by 1.08% [1][12]. - The medical sector saw 13 stocks rise and 37 fall, with Ark Health, a hot stock in AI medical concepts, leading the decline at 6.98%, and Alibaba Health also falling by 5.16% [2][13]. - The Hong Kong Medical Theme Index achieved a record nine consecutive days of gains before experiencing a pullback, with the Medical ETF Huabao having a cumulative increase of 6.9% in its first week, outperforming the Hang Seng Index [3][14]. Group 2: Sector Analysis - The Hong Kong Medical ETF Huabao covers 50 leading stocks across various medical fields, including CXO, AI medical, medical devices, and innovative drugs, indicating a comprehensive approach to capturing market trends [5][16]. - The medical sector has shown significant recovery since 2026, driven by hot themes like brain-computer interfaces and AI medical, with increasing investment value [6][17]. - The CXO sector is expected to see a "Davis Double Play" with both profit and valuation improvements, as demand gradually recovers and supply has been cleared over the past three years [18]. Group 3: Future Outlook - Analysts predict that by 2026, key areas of growth will include innovative overseas expansion and hard technology sectors such as AI medical and brain-computer interfaces, with a focus on monitoring the expansion of medical insurance and essential drug directories [18]. - The Medical ETF Huabao is positioned as a high-elasticity tool for capturing new opportunities in the medical field, particularly in AI medical, brain-computer interfaces, and innovative drug supply chains [18]. - The total scale of the medical ETF fund reached 27 billion yuan, making it the largest in the market for medical-related ETFs [19].

新华社天津1月16日电 题：一间实验室，何以攀登"脑机接口"高峰？ 新华社记者郭方达、梁姊、杨文 "现在想象，右手腕长出了一根'第六指'，用它去抓握眼前的小球。"在天津大学脑机交互与人机共融海 河实验室（以下称脑机海河实验室）里，科研人员王壮使用"读心术"，操作机械指稳稳抓住桌子上的小 球。 作为片上脑机接口技术团队负责人，天津大学教授李晓红说，多领域的跨界交叉正不断催生片上脑机接 口技术等前沿成果。如今，李晓红团队正将精力转向技术优化和落地应用。她表示，未来片上脑机接口 技术有望推动混合智能、类脑计算等前沿科技领域的发展。 始于创新，不止于创新，更多产业化领域的实践正在稳步推进。脑机海河实验室推动成立目标规模百亿 元的脑机接口产业发展专项基金，实验室孵化的天开燧世（天津）智能科技有限公司目前已通过国家高 新技术企业认定，并获国家科技型中小企业称号。 "'十五五'规划建议中明确提出'推动科技创新和产业创新深度融合'，我们也将科技成果转化落地作为实 验室工作的重要一环。"倪广健认为，未来实验室将继续发挥新型研发机构的黏合剂作用，以创新策源 带动产业"蝶变"。（完） 为推动技术创新成果落地转化，脑机海河实验室在建 ...