2026年A股第一个交易日，大盘走势平稳，但一个板块的走势让所有投资者瞪大了眼睛：脑机接口。 这个听起来充满科幻色彩的领域，在当天出现了22只概 念股集体涨停或逼近涨停的盛况。 涨幅最高的倍益康，股价直接飙升了30%。 三博脑科、翔宇医疗、美好医疗、熵基科技等公司的股价涨幅都达到了20%。 从康复器械、临床医院，到硬件部件、生物识别，整个脑机接口的产业链条 都被市场资金点燃了。 乐普医疗涨了12%，中科信息涨了11%，连游戏公司三七互娱和汤姆猫也因为涉及交互应用探索，股价大涨了10%。 | 2025-09-30 2025-06-30 | 2025-03-31 | 2024-12-31 | | 2024-09-30 | | | --- | --- | --- | --- | --- | --- | | 前十大流通股东累计持有:1.05亿股,累计占流通股比:25.1%、较上期减少2674.19万股 | | | | | | | 机构或基金名称 | 持有数量(股) | 持股变化(股) | 占流通股比例 | 质押占其直接持股比 | 变动比例 | | 陈夏英 | 7761.70万 | 不少 | 18.64% | 48.5 ...

开源证券近日发布机械设备行业周报：近期，埃隆·马斯克在社交媒体表态，旗下Neuralink将在2026年 启动脑机接口设备大规模生产，并同步推进流程高度精简、几乎完全自动化的手术方案，最关键的突破 在于，设备中的电极丝将直接穿过硬脑膜，而无需将其切除。 投资建议 以下为研究报告摘要： 脑机接口行业正处于技术突破、政策支持、机器人生态协同预期等多重因素驱动下的高增蓄势期，根据 Precedence Research数据，预计到2034年全球脑机接口市场规模将增长到约124亿美元，2025-2034年 CAGR为17%。在近期Neuralink规模化量产预期和技术突破的催化下，A股脑机接口相关标的也有望受 益。 Neuralink计划2026年启动大规模生产，商业化进程提速 近期，埃隆·马斯克在社交媒体表态，旗下Neuralink将在2026年启动脑机接口设备大规模生产，并同步 推进流程高度精简、几乎完全自动化的手术方案，最关键的突破在于，设备中的电极丝将直接穿过硬脑 膜，而无需将其切除。这一方案有望避免传统侵入式设备的创伤性瓶颈，还可以通过自动化手术实现效 率与成本的双向优化。同时OpenAI首席执行官Sam ...

记者丨杨娜娜 编辑丨姜诗蔷 "错失一个时代的风险，远大于过早担忧泡沫的风险"，这是但斌的AI时代宣言。 2 0 2 6年或将成为" A I应用爆发之年" 对AI时代的坚定信仰，是但斌近年所有公开判断的核心底色。 他将当前的AI革命，定义为一 场堪比工业革命的时代机遇。 当现场被问及这场革命的终极目的时，但斌的视野超越了当下的商业图景，投向了遥远的人 类发展课题。 他从星系演化的角度解释，地球终非人类永久的家园，人类若想延续文明，就必须走向太阳 系之外。"在这一漫长的迁徙历程中，人工智能可能是从碳基生命向硅基生命过渡的关键起 点，将引领人类穿越太阳系，开启一个真正的伟大时代。" 而在当下他认为，无论是攻克癌症、延长平均寿命，还是通过"人机融合"逼近某种意义上 的"永生"，乃至无人驾驶等领域的突破，都构成了技术落地的重要图景。 在具体的投资布局上，他坦言自己始终倾向于寻找具备长期确定性的企业，尤其是能定义未 来、拥有宽阔护城河的全球科技龙头。根据美国证券交易委员会（SEC）的13F文件，截至今 年三季度末，东方港湾海外基金的第一大重仓股是英伟达，第二大是谷歌。"我们的布局还是 以确定性为主。"但斌强调。 在12月 ...

Core Insights - The event organized by Zhixing Times aims to explore the evolution of China's AI industry, connecting its entrepreneurial roots to industrial intelligence and cutting-edge brain-computer interfaces [1][3] Group 1: Event Overview - The event will take place in Hangzhou and is described as a "research study tour" that combines visits to significant tech sites with discussions on innovation and entrepreneurship [1][4] - Participants will visit Alibaba's lakeside cabin, a symbolic location for China's digital economy, to understand the foundational values that support long-term development [1][2] Group 2: Technological Exploration - The tour will include a visit to Shenhao Technology, showcasing how AI is applied in real-world scenarios such as smart inspection and predictive maintenance in critical infrastructure [2] - At Yushu Technology Experience Center, participants will learn about brain-computer interfaces (BCI) and their applications in medical rehabilitation and intelligent interaction, highlighting the potential of human-machine integration [2] Group 3: Strategic Significance - The event culminates in a closed-door conference at Alibaba Center, focusing on the empowerment of industries through intelligent systems and fostering strategic dialogues within the industry [3] - Zhixing Times aims to position itself as a forward-looking company that actively engages with the industry, emphasizing its commitment to integrating cutting-edge technology with practical applications [3]

在破局重构的时代背景下，AI技术的爆发式发展正重塑产业格局与投资逻辑。 12 月 20 日，在 2025 雪球嘉年华上，资深媒体人周媛与东方港湾董事长、基金经理但斌带来"寻找时代的风向标"的对谈，围绕 AI 革命的本质、投 资方向选择、普通人投资建议等议题展开深度交流，为投资者解析新时代的投资机遇与方向。 01 但斌：站在当前时点展望人工智能的发展，我们认为真正的浪潮正在从技术底层向应用层面传递。 帕兰提尔、蚂蚁阿福等国内外公司的实践已展现 出应用的巨大潜力。因此，我判断明年很可能成为"应用爆发之年"。这一趋势的核心驱动力，在于顶尖科技巨头之间近乎"白热化"的竞争—— OpenAI 与谷歌正相互驱动、全力迭代。 OpenAI 的出现，甚至促使谷歌的创始人重回前线；而 Gemini 的发布，也旋即引发了 OpenAI 的高度警 觉与快速回应。这种顶级对手间全力以赴的"军备竞赛"，恰恰是技术以惊人速度演进的催化剂。可以预见，大模型的迭代将会越来越快。激烈的竞 争终将转化为普世的福祉。到 2026 年，我们很可能将见证一系列真正激动人心的应用落地，深刻改变各行各业，并惠及亿万普通人。这不仅是技 术的进步，更是一个伟 ...

Core Insights - The article highlights the successful implementation of an invasive brain-machine interface (BMI) system that allows high-level paraplegic patients to control devices like electric wheelchairs and robotic dogs using their thoughts, marking a significant advancement in medical technology [1][2]. Group 1: Clinical Trials and Technological Advancements - The second invasive BMI clinical trial was successfully conducted by a team from the Chinese Academy of Sciences and Fudan University, following the first trial in June, which focused on enabling a patient to control electronic devices [1][2]. - The upgraded BMI system, WRS02, has improved data reading rates by four times compared to its predecessor, aiming to facilitate clinical applications and collaborations with various smart devices [2][3]. Group 2: Patient Experience and Control Capabilities - The second patient, who suffered from high-level paraplegia due to a spinal injury, was able to control physical devices after a few weeks of training, expanding his interaction with the physical world beyond electronic screens [3][8]. - The technology team achieved breakthroughs in decoding complex neural signals, enhancing the control experience by reducing latency to under 100 milliseconds, allowing for a more natural interaction with devices [9][10]. Group 3: Future Directions and Ethical Considerations - The research team envisions a future where BMI technology can restore motor and language functions on a large scale within three years, with further advancements in sensory restoration and mental health treatment in the following years [10][11]. - Ethical concerns regarding the use of BMI technology, particularly in enhancing normal human capabilities, are raised, emphasizing the need for clear guidelines on its application [11][12]. Group 4: Industry Collaboration and Talent Development - The success of BMI technology is closely linked to the development of external smart devices, with the team actively collaborating with manufacturers to create a unified control protocol [12][19]. - There is a call for nurturing young talent from the industry to drive innovation in the BMI field, as current research is primarily concentrated in academic institutions [12][19].

芭蕾舞艺术对人工智能的发展也提供了独特的应用场景与审美引领。芭蕾严谨的动作体系与精准的身体 控制要求，使AI技术在人体姿态识别、动作预测等领域不断优化，推动实时动作捕捉的精度从厘米级 向毫米级突破。更重要的是，芭蕾舞蕴含的情感表达与艺术审美，为AI注入人文温度——舞蹈艺术追 求的"韵味""呼吸感"等抽象特质，有助于人工智能从技术工具向情感感知、审美理解方向发展，避免技 术陷入冰冷的逻辑运算。 芭蕾舞与人工智能共舞，本质上是经典艺术在数字时代的自我革新。当AI技术与芭蕾艺术相遇，既不 是艺术的终结，也不是技术的替代，而是新生态的相互成就。唯有坚守艺术内核、善用科技赋能，才能 让芭蕾这门艺术焕发出更持久的魅力，实现经典传承与创新发展的良性循环。 芭蕾舞与人工智能的融合早已突破概念层面，在全球范围内形成多点实践、深度创新的探索格局。 在国际舞台上，德国莱比锡芭蕾舞团2023年推出了人工智能芭蕾舞剧《融合》，借助AI进行编舞以及 布景、服装、声音设计，且根据数十名国际芭蕾舞者的肖像创作了一系列虚拟芭蕾舞演员，既保留芭蕾 的审美内核，又呈现新颖的动作逻辑。在国际数字艺术领域"流明奖"获奖的芭蕾舞剧《半人马》，尝试 了一 ...

Core Viewpoint - The article discusses the emerging potential of brain-computer interfaces (BCIs) in consumer healthcare over the next five to ten years, highlighting significant advancements and investments in the field, particularly in the context of medical applications and the integration of AI technologies [5][10]. Group 1: Industry Developments - In mid-2025, notable advancements in BCIs include Neuralink's $650 million funding round, raising its valuation to $9 billion, and expanding its applications to include speech and vision restoration for patients [5]. - Synchron secured $200 million in Series D funding, while Paradromics received FDA approval for clinical trials focused on speech function restoration [6]. - Chinese companies like JieTi Medical are progressing steadily in clinical trials and product optimization under strict regulatory frameworks, with their invasive BCI systems entering the "green channel" for innovation review by the National Medical Products Administration [6][7]. Group 2: Applications and Future Prospects - BCIs are categorized into three main application areas: brain-controlled output (e.g., decoding movement intentions), neural modulation (e.g., deep brain stimulation for Parkinson's), and sensory reconstruction (e.g., restoring hearing and vision) [9]. - The clinical value of BCIs in treating diseases is expected to be validated within the next three to five years, improving patients' quality of life and work capabilities [10]. - The consumer healthcare aspect of BCIs is anticipated to emerge in the next five to ten years, transforming human-machine interaction and enhancing efficiency through direct brain control of devices [10]. Group 3: Technological Innovations - The second-generation high-throughput wireless BCI system developed by JieTi Medical features 256 electrode channels, expanding its application from motor control to language reconstruction [7]. - The implantation process involves minimally invasive techniques, allowing for stable signal collection from the brain with low latency, comparable to natural brain function [13]. - Accumulating single-cell data from BCIs is crucial for advancing neuroscience and enhancing product design, with the potential for significant breakthroughs in understanding brain functions [14][15]. Group 4: AI Integration and Future Implications - AI and algorithms are expected to play a vital role in processing complex brain data, with the potential to create foundational models that improve the performance of BCIs for new patients [17][18]. - The relationship between BCIs and AI is seen as a dynamic interplay, where human intentions can guide AI actions, leading to more sophisticated control of devices [18]. - The integration of BCIs could enable humans to exceed current physical capabilities, with examples showing that BCI users can achieve faster control speeds than average individuals [19][20]. Group 5: Ethical Considerations and Human-Machine Fusion - The development of BCIs is viewed as a necessary step towards deep human-machine integration, serving as a bridge for communication between humans and AI [20][21]. - Concerns about AI potentially evolving beyond human control highlight the importance of maintaining human agency in the development of these technologies [21].

在全球经济高速震荡、技术迭代不断加速的大背景下，市场研究行业正在经历一场深层重构。客户不再满足于简单的数据罗列，而是需要更快、更 精准、更前瞻、更具可验证性的洞察；与此同时，行业自身也面临着数据来源碎片化、赛道更替节奏变快、新技术层出不穷等多维挑战。作为全球 市场研究的头部机构之一， QYResearch 正是在这样的时代背景下，重塑了内部创新机制，构建出一套以"跨部门头脑风暴"为核心的组织 模式 ， 使团队能够在高度复杂的产业环境中持续创造洞察价值。 这套机制不是传统意义上的跨部门会议，而是一种贯穿全流程的创新体系：目录部负责前沿趋势扫描、营销部洞察客户需求、节选部将需求结构 化、项目部进行数据验证与模型构建，四大部门构成一个稳定而高效的循环系统，从行业趋势获取、到需求拆解、到研究落地，形成高度协同的 "知识流动链"。也正是凭借这套机制，QYResearch 在 AI 技术、绿色能源、先进制造、消费电子、供应链迁移等多个快速变化的市场中，能够比 行业平均速度更早识别变化、更快生成模型、更准判断趋势，从而持续保持全球竞争力。 一、 跨部门协同新模式 ——从"信息孤岛"到"智慧联动" 目录部在 QYResear ...

Core Insights - The 2025 Influence Entrepreneur Annual Conference, hosted by China Entrepreneur Magazine, focused on the intersection of AI and the future, featuring discussions among industry leaders and experts [3][34]. Group 1: AI and Human Interaction - The ideal interaction with machines is envisioned as "non-perceptual interaction," where machines can anticipate human judgments rather than merely responding to commands [4][35]. - The acceptance and effective use of AI can alleviate identity anxiety, allowing individuals to better understand themselves [4][35]. - There is a call for regulatory measures to manage AI's potential for addiction, as human appreciation systems are vulnerable to manipulation [4][35][30]. Group 2: Future Predictions - By 2030, the world is expected to enter the era of AGI (Artificial General Intelligence), leading to exponential technological advancements and a deep integration of human and machine capabilities [7][38]. - The future may see the emergence of brain-machine interfaces that allow for direct communication of thoughts to machines, fundamentally changing human interaction [9][41]. - The potential for AI to translate animal languages raises intriguing possibilities for interspecies communication by 2040 [9][41]. Group 3: Education and Adaptation - Current educational approaches must evolve to address the integration of AI in creative processes, focusing on how to use AI to enhance rather than replace human creativity [12][43]. - The historical context of technological advancements shows that humans have a strong capacity for adaptation, even in the face of significant changes like the advent of AGI [13][44]. - The need for individuals to manage multiple AI agents may lead to new psychological challenges, highlighting the urgency for educational reform [12][43]. Group 4: Philosophical and Ethical Considerations - The relationship between humans and machines is evolving, with future generations likely to view machines as integral parts of their existence, reducing identity anxiety [11][42]. - Concerns about AI's integration into military applications emphasize the need for safeguards to prevent potential threats to humanity [30][28]. - The discussion includes the importance of enhancing human cognitive abilities through advanced technologies, rather than solely focusing on making machines smarter [52][53]. Group 5: Legacy and Future Vision - Participants expressed a desire to leave behind artifacts for future generations, such as technological milestones that signify the beginning of the AI era [57][58]. - The concept of creating a "time capsule" of current knowledge and data aims to provide future societies with a reference point for rebuilding or understanding their past [58][58].