Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 2.2% from September 22 to September 26, underperforming compared to the Wind All A index (0.25%) and the CSI 300 index (1.07%) [3][8] - The flu season is becoming active, with monitoring data indicating a slow upward trend in respiratory infectious diseases, particularly in southern provinces [3][12] - The upcoming ESMO conference from October 17 to 21 in Berlin will feature significant research contributions from Chinese scholars, with 23 studies included in the Late-Breaking Abstracts [3][12] Market Weekly Review - The pharmaceutical and biotechnology sector declined by 2.2%, with only the other biological products sector showing a slight increase of 0.05%. The raw materials sector saw a significant drop of 8.22% [8][9] - Notable stock performances included Sunflower (57.9% increase), Aopumai (23.9% increase), and Xinlitai (15.8% increase), while Borui Pharmaceutical (-38.4%) and Zhongsheng Pharmaceutical (-14%) faced significant declines [11][12] Industry News and Key Company Announcements - The National Healthcare Security Administration launched a "100-day action" to address prominent issues in medical insurance fund management, effective until December 31, 2025 [12][13] - Pfizer announced its acquisition of Metsera for approximately $4.9 billion, focusing on developing next-generation obesity and cardiometabolic disease drugs [16][17] - The ESMO conference has highlighted 23 groundbreaking studies from Chinese researchers, marking a significant achievement for the industry [16][17]

Group 1: Tourism and Travel - The total cross-regional population flow during the Mid-Autumn Festival and National Day holiday is expected to exceed 2.36 billion people, with an average daily flow of approximately 295 million, representing a 3.2% increase compared to the same period last year [1][1] - Domestic and international tourism is showing strong momentum, with cities like Shanghai, Chengdu, Beijing, Guangzhou, Xi'an, Hangzhou, Nanjing, and Chongqing expected to surpass last year's tourism levels [1][1] Group 2: Metals Industry - Eight departments have issued a plan to stabilize growth in the non-ferrous metals industry, targeting an average annual increase of 5% in industry value added and a recycling metal output exceeding 20 million tons [1][1] - The plan emphasizes enhancing the application of rare metals and accelerating the application verification of high-end products in emerging industries such as integrated circuits and artificial intelligence [1][1] Group 3: Food Safety Regulations - The State Administration for Market Regulation has released new regulations to strengthen food safety supervision for catering service chain enterprises, which will take effect on December 1, 2025 [1][1] - The regulations require a tiered management approach based on the number of stores and emphasize the responsibilities of headquarters in managing food safety [1][1] Group 4: Economic Indicators - The global trade friction index rose from 92 in June to 110 in July, indicating an increase in trade tensions, with the monetary value of trade friction measures rising by 6.6% year-on-year and 27.6% month-on-month [1][1] - The latest ETF scale has reached 5.5 trillion yuan, marking a historical high, with 115 ETFs exceeding 10 billion yuan in scale [1][1] Group 5: Investment and Strategic Partnerships - Nanjing Pharmaceutical has signed a strategic investment agreement with Baiyunshan and Guangyao Phase II Fund, involving capital cooperation and distribution channel collaboration [1][1] - Shanghai Future Industry Fund has successfully expanded its scale from 10 billion yuan to 15 billion yuan, focusing on advanced fields such as controlled nuclear fusion and quantum computing [1][1]

题图由AI生成 沈岳摄（人民视觉） 从"意念驱动肢体"梦想成真到"模拟大脑运算"智算突破，从"给思维过程拍电影"筛查疾病到"嗅觉 功能障碍预警脑疾"的便捷自测，我国脑认知科学领域的自主创新成果正密集涌现，为破解大脑奥秘、 守护生命健康打开全新空间。近日，"新天工开物——科技成就发布会"脑认知科学专场在北京国家科技 传播中心举行，集中发布了中国认知科学学会推荐的4项突破性创新成果。 "中国脑科学在最近十几年进入了飞速发展的阶段。"中国科学院院士、发展中国家科学院院士段树 民在接受采访时表示，"影像学、细胞分子、人工智能等一些交叉领域技术突破的渗透，对脑科学的发 展起到了很大推动作用。" 1 "北脑一号"智能脑机系统 意念驱动行动，重启患者人生 近期，全球首个神经重症脑机接口多中心临床试验启动。该项目聚焦解决脑积水精准诊疗这一国际性难 题，由天津大学脑机交互与人机共融海河实验室与天津市环湖医院牵头，联合首都医科大学宣武医院、 天坛医院、中国医学科学院北京协和医院、四川大学华西医院、中南大学湘雅医院、河南省人民医院、 中国科学技术大学附属第一医院、天津医科大学总医院等国内顶尖医疗机构。 项目以脑积水精准诊疗为切口， ...

上海韶脑传感技术有限公司则展示了"脑电采集+脑控交互"的全场景解决方案，可通过脑电采集、信号 处理和意图解码，驱动执行设备完成康复训练。目前，该公司脑电采集康复训练设备已取得上海市脑机 接口医疗器械注册证。 政策层面也为这一新兴产业注入了动力。2025年7月份，工业和信息化部等七部门印发的《关于推动脑 机接口产业创新发展的实施意见》提出，到2027年，脑机接口关键技术取得突破，初步建立先进的技术 体系、产业体系和标准体系。电极、芯片和整机产品性能达到国际先进水平，脑机接口产品在工业制 造、医疗健康、生活消费等领域加快应用。产业规模不断壮大，打造2个至3个产业发展集聚区，开拓一 批新场景、新模式、新业态。 9月26日至29日，第92届中国国际医疗器械博览会（CMEF）在广州广交会展馆举办。本届展会展览面 积近16万平方米，吸引了来自近20个国家和地区的近3000家企业参展，预计将迎来超12万名专业观众。 作为全球医疗产业的"风向标"，本届CMEF不仅汇聚了我国广东、江苏、浙江等地的产业集群，也吸引 了德国、美国、日本等20个国家和地区的展团，集中展示医疗器械领域的最新成果与发展趋势。 脑机接口备受关注 近年来， ...

Summary of Brain-Computer Interface (BCI) Industry Research Report Industry Overview - The brain-computer interface (BCI) industry in China is benefiting from multi-faceted support, including technological innovations from various enterprises and research institutions, as well as policy support from government bodies such as the Ministry of Industry and Information Technology, the National Healthcare Security Administration, and the National Medical Products Administration, which is expected to accelerate clinical trials and approval processes [1][2][11]. Key Points and Arguments - **Classification of BCI Technologies**: BCI technologies are categorized into four types based on hardware access methods: invasive, semi-invasive, non-invasive, and interventional, each suitable for different levels of neurological disorders and rehabilitation [1][4]. - **Market Growth**: The domestic BCI market is projected to have a compound annual growth rate (CAGR) of 13.5% over the next five years, although challenges such as unclear product forms, clinical risks, and ethical issues may hinder market scaling [1][6]. - **Medical Applications**: BCI technology is primarily applied in healthcare, focusing on the rehabilitation of motor, language, visual, and cognitive impairments, with motor function rehabilitation being the most clinically advanced area [1][8]. - **Technological Innovations**: Key advancements include the shift from rigid to flexible electrodes, which enhance biocompatibility and reduce trauma to brain tissue, as well as breakthroughs in chip throughput and decoding algorithms [9][10]. Company Insights - **Meihua Medical Company**: The company has rapidly expanded its business from supplying home respiratory device components to entering the implanted BCI device market, leveraging its expertise in cochlear implants and CGM insulin pens. It is expected to see accelerated revenue growth in the upcoming quarters [5][19]. - **Notable Companies in the BCI Industry**: Key players include JieTi Medical, Tiger Technology, New Intelligence, and BoRuiKang, each involved in various aspects of the BCI supply chain, from electrode chip production to clinical trials [12]. Challenges and Risks - **Market Penetration Issues**: The penetration rate of BCI products is affected by high costs and the risks associated with surgical procedures, leading to cautious attitudes among patients and families [7]. - **Regulatory and Ethical Concerns**: The approval timeline for invasive and semi-invasive products may be delayed due to clinical risks and ethical considerations, impacting market growth [6]. Policy Environment - **Government Support**: A series of policies have been introduced to support the BCI industry, including healthcare reimbursement for innovative medical consumables and the establishment of industry standards, which are expected to catalyze market growth [11][18]. Future Outlook - The BCI industry is poised for significant growth, driven by technological advancements, supportive policies, and increasing applications in both medical and non-medical fields, including gaming and robotics [2][3].

Core Viewpoint - The article discusses the performance of the A-share market around the National Day holiday, highlighting historical trends and sector performance, suggesting a generally positive outlook for the market post-holiday [1][5]. Market Performance Statistics - Over the past decade, the Shanghai Composite Index and Shenzhen Component Index have shown a 70% probability of rising on the first trading day after the National Day holiday, with 60% and 70% probabilities of rising over the next five trading days respectively [1]. - The historical data indicates that the Shanghai Composite Index recorded five years of gains and five years of losses in October, while the Shenzhen Component Index had seven years of gains and three years of losses [2][3]. Sector Performance Analysis - The sectors with the highest probability of gains post-National Day include Computer, Communication, and Electronics, with Banking, Non-bank Financials, and Automotive also showing strong performance in the weeks following the holiday [4]. - The average returns for key sectors during the week before and after the holiday indicate that sectors like Computer and Communication have consistently performed well, with average returns of 2.7% and 1.8% respectively in the first trading day after the holiday [4]. Future Market Outlook - Multiple brokerages have a positive outlook for the A-share market post-holiday, recommending investors to maintain positions and consider sector allocations in Electronics, Communication, and Machinery [5][6]. - The current market environment shows active trading and a recovery in investor participation, suggesting a continuation of the upward trend in A-shares [6].

Core Viewpoint - Xishan Technology (688576) has experienced a slight decline in stock price, with a current market capitalization of 2.952 billion yuan, ranking 110th in the medical device sector and 4486th in the A-share market [1] Shareholder Changes - As of September 19, 2025, the number of shareholders decreased by 3.33% to 5284, with the average shareholding increasing from 8324 shares to 8611 shares, and the average shareholding value reaching 566,200 yuan [2][4] Institutional Research Highlights - The company has established a clear plan for overseas market expansion, with products currently covering 46 countries and regions, focusing on Southeast Asia, Latin America, and countries along the Belt and Road Initiative [3][4] - The company is seeking partnerships with international medical device giants as part of its strategy for overseas market expansion, enhancing market access and distribution networks [3] - The company is considering expanding into the surgical robot field and will continue to monitor the feasibility of brain-computer interface technology [3][4] - In the first half of 2025, the company achieved revenue of 155.0358 million yuan, reflecting a year-on-year growth of 2.40%, with ongoing efforts to promote disposable consumables and expand endoscope products [3][4]

9月28日，国家药监局正式发布YY/T1996—2025《采用脑机接口技术的医疗器械具备闭环功能的植入式 神经刺激器感知与响应性能测试方法》医疗器械行业标准，被业内人士视为脑机接口技术产业化加速的 又一利好。 21财经·南财快讯记者梳理发现，截至9月26日，脑机接口概念指数（8841700.WI）年内涨幅超55%，汉 威科技（300007）、赛诺医疗、创新医疗（002173）、赛微微电等4股年内股价翻倍，翔宇医疗、光电 股份（600184）、爱朋医疗（300753）等多只股涨幅超50%，迈瑞医疗（300760）、美好医疗 （301363）、科大讯飞（002230）、开立医疗（300633）和三七互娱（002555）均获10家以上机构评级 为买入，部分成份股被预测年内净利润增长率翻倍。 将有100万至200万中国患者受益 脑机接口（Brain Computer Interface，BCI）是在大脑与外部设备之间创建信息通道，是生命科学和信息 科学融合发展的前沿技术和科技创新及产业创新深度融合的重要领域。 可关注两方面机会 医疗是目前脑机产业下游商业应用最成熟、产业规模最大的行业。 2024年，国内脑机相关临床试 ...

见习记者丨林健民 9月28日，国家药监局正式发布YY/T1996—2025《采用脑机接口技术的医疗器械具备闭环功 能的植入式神经刺激器感知与响应性能测试方法》医疗器械行业标准， 被业内人士视为脑机 接口技术产业化加速的又一利好。 可关注两方面机会 21财经·南财快讯记者梳理发现，截至9月26日，脑机接口概念指数（8841700.WI）年内涨幅 超55%，汉威科技、赛诺医疗、创新医疗、赛微微电等4股年内股价翻倍，翔宇医疗、光电股 份、爱朋医疗等多只股涨幅超50%，迈瑞医疗、美好医疗、科大讯飞、开立医疗和三七互娱 均获10家以上机构评级为买入，部分成份股被预测年内净利润增长率翻倍。 编辑丨叶映橙 | | | 脑机接口概念指数成份股 | | | | --- | --- | --- | --- | --- | | 代码 | 名称 | 年内涨跌幅 | 评级买入家数 | 预测2025年 | | | | | | 净利润增长率 | | 300007.SZ | 汉威科技 | 200.18% | O | 47.37% | | 688108.SH | 赛诺医疗 | 172.03% | 8 | 1313.58% | | 002173 ...

9月28日，国家药监局正式发布YY/T1996—2025《采用脑机接口技术的医疗器械具备闭环功能的植入式 神经刺激器感知与响应性能测试方法》医疗器械行业标准，被业内人士视为脑机接口技术产业化加速的 又一利好。 21财经·南财快讯记者梳理发现，截至9月26日，脑机接口概念指数（8841700.WI）年内涨幅超55%，汉 威科技、赛诺医疗、创新医疗、赛微微电等4股年内股价翻倍，翔宇医疗、光电股份、爱朋医疗等多只 股涨幅超50%，迈瑞医疗、美好医疗、科大讯飞、开立医疗和三七互娱均获10家以上机构评级为买入， 部分成份股被预测年内净利润增长率翻倍。 | | | 脑机接口概念指数成份股 | | | | --- | --- | --- | --- | --- | | 代码 | 名称 | 年内涨跌幅 | 评级买入家数 | 预测2025年 | | | | | | 净利润增长率 | | 300007.SZ | 汉威科技 | 200.18% | 0 | 47.37% | | 688108.SH | 赛诺医疗 | 172.03% | 8 | 1313.58% | | 002173.SZ | 创新医疗 | 152.26% | - | ...