2025年，中国脑机接口（BCI）产业迎来历史性拐点，一场由政策、资本与技术共同奏响的"三重奏"迎来最强音，推动其从前沿探索正式迈入系统性产业培 育的新阶段。 顶层设计空前强化，从部委联合出台首份产业实施意见，到被正式纳入国家"十五五"规划未来产业方向，脑机接口的战略地位获得最高确认。政策暖风迅速 传导至地方，以上海为代表的区域以清晰时间表和量化目标积极响应，为产业注入强大确定性。 2025年，脑机接口产业在中国迎来了前所未有的政策"大年"。这股自上而下的推力，并非孤立事件，而是与底层技术的持续突破和中层资本的活跃涌动形成 了强烈的"共振效应"，共同奏响了产业发展的"最强音"。 回顾2025年的中国脑机接口政策图谱，其力度、密度与高度均属空前。这场政策东风始于今年7月，工业和信息化部等七部门联合发布的《关于推动脑机接 口产业创新发展的实施意见》。这份文件的重要性在于，它首次从部委层面，系统性地为脑机接口产业规划了发展路径、重点任务和保障措施，标志着其管 理主体从单一的科研或卫生部门，扩展至关乎产业生态的宏观管理部门，产业的"正规军"地位得以确立。 真正的战略级信号出现在三个月后。《中共中央关于制定国民经济和社 ...

Group 1 - The U.S. Treasury Department has publicly stated that it will no longer consider imposing a 100% tariff on Chinese goods, marking a significant strategic shift in the U.S.-China trade war [1][3] - The trade conflict has been characterized as a no-win situation, with U.S. inflation reaching critical levels and American households facing increased costs due to tariffs, leading to a reconsideration of aggressive trade policies ahead of the midterm elections [3][4] - Despite the tariffs, China's manufacturing sector has shown remarkable resilience, with exports not collapsing but instead moving up the value chain, indicating that alternative production capacities in Southeast Asia cannot meet global demand [4][6] Group 2 - The strategic pivot by the U.S. reveals inherent contradictions in its approach to China, as the desire to contain China comes with significant costs that the U.S. is unwilling to bear [7][8] - The concept of "decoupling" from China is deemed unrealistic, as U.S. companies recognize the unmatched scale and complete supply chain that China offers, with any forced separation likely leading to inflation and supply chain disruptions [8][9] - The geopolitical landscape, including conflicts in Ukraine and the Middle East, has stretched U.S. resources thin, necessitating a more conciliatory approach towards China [12] Group 3 - The shift in tariff strategy signifies a new phase in U.S.-China relations, transitioning from hard confrontation to a competitive yet cooperative dynamic [12][13] - While competition will continue in high-tech sectors such as advanced chips and biotechnology, there are renewed opportunities for collaboration in areas like climate change and financial stability [13][15] - China's ability to navigate pressures and maintain an open stance demonstrates its capacity to rise as a major power, suggesting that the era of unilateral dominance is waning [15][16]

Report Industry Investment Rating No relevant content provided. Core Views - The main concerns this week include the escalation of Sino-US shipping friction, the weak real estate sales, the downward trend of commodity prices, the decline in most production开工率, the strong mobility in consumption, the downward trend of prices in inflation, and the upward trend of SCFI and downward trend of BDI in exports [2]. - Real estate sales were weak this week, with the new - home transaction area in 20 cities showing a significant decline both month - on - month and year - on - year, and the new - deal effect of the new policy is diminishing. The transaction area of second - hand housing also decreased significantly [2]. - In terms of investment and production, most commodity prices declined, including steel, cement, asphalt, and glass futures. In industrial production, most开工率 decreased, while PTA开工率 increased slightly [2]. - In consumption, mobility was strong, with subway rides and domestic flights above the seasonal level, car consumption in line with the season, and movie box office below the seasonal level [2]. - In terms of inflation, pork, vegetable, and oil prices all declined [2]. - In exports, SCFI increased and BDI decreased significantly due to the escalation of Sino - US shipping friction [2]. Summary by Directory 1. Real Estate Sales: The Effect of New Policies is Diminishing - This week (October 3 - 9), the new - home transaction area in 20 cities decreased by 74.87% month - on - month and 31.63% year - on - year. The new - home transaction area in all tiers of cities turned negative month - on - month, mainly due to the holiday, and remained negative year - on - year, indicating the diminishing effect of new policies [2][7]. - For second - hand housing, the transaction area in each city decreased significantly both month - on - month and year - on - year [2]. 2. Investment: Most Commodity Prices Declined - Investment - related commodity prices mostly declined this week. The price of rebar decreased slightly due to weak demand and anti - seasonal inventory accumulation; the cement price decreased slightly due to weak demand, over - capacity, and insufficient cost support; the asphalt price dropped as supply increased and demand was hindered by rainfall in the South; the glass futures price decreased during the inventory - building period and due to continuous rainy weather affecting enterprise shipments [2]. 3. Production: Most Operating Rates Declined - In industrial production, most operating rates declined. The operating rates of coking enterprises and polyester filament decreased slightly, the operating rate of automobile tires decreased significantly, the operating rate of steel - mill blast furnaces remained basically flat, and the PTA operating rate increased slightly [2]. 4. Consumption: Mobility was Strong - In consumption, mobility was strong. Subway rides and domestic flights were above the seasonal level, car consumption was in line with the season, and movie box office was below the seasonal level [2]. 5. Exports: SCFI Increased, BDI Decreased - This week, the Shanghai Containerized Freight Index (SCFI) increased, while the Baltic Dry Index (BDI) decreased significantly. The escalation of Sino - US shipping friction led to a slight increase in freight rates [2]. 6. Prices: Pork, Vegetable, and Oil Prices Declined - In terms of prices, pork, vegetable, and oil prices all declined. Vegetable prices decreased due to sufficient supply and weakening consumption demand; crude oil prices decreased as geopolitical risks eased [2].