行业研究丨行业周报丨软件与服务 [Table_Title] 2025 年第 46 周计算机行业周报： 从 AI 操作系统变革看国内 AI 发展机会 报告要点 [Table_Summary] 上周计算机板块持续回撤，整体下跌 3.13%，在长江一级行业中排名第 30 位，两市成交额占 比为 5.62%，机器人标的活跃。上周 "植入式无线脑机接口系统"进入创新医疗器械特别审查 程序；国家能源局印发《关于促进新能源集成融合发展的指导意见》；操作系统大会 2025 在北 京举办，开源欧拉发布面向超节点的操作系统。本周建议关注：1）AI Infra：AI Infra 有望核心 受益；2）AI Agent 相关厂商；3）中国推理算力产业链；4）CSP 厂商方面关注推理需求带来 的推动。 分析师及联系人 [Table_Author] 丨证券研究报告丨 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 20 ...

Market Overview - The overall market is experiencing a pullback, with a strong atmosphere of profit-taking [2] - The Hang Seng Index fell by 0.71%, the Hang Seng China Enterprises Index dropped by 0.74%, and the Hang Seng Tech Index decreased by 0.96%, indicating rising risk aversion [2] - The total trading volume in the market was approximately 217.6 billion HKD, with short selling amounting to about 44.5 billion HKD, representing 23.22% of the total trading volume [2] Sector Performance - The film and entertainment sector continues to see outflows, while the pharmaceutical sector is under pressure, particularly in areas like brain-machine interfaces and innovative drugs [3] - Commodity-related sectors are also showing weakness, with gold prices dropping approximately 180 USD from their highs, leading to declines in gold and non-ferrous metal stocks [3] - The electric power and new energy sectors are experiencing a downturn, with expectations for policy catalysts cooling off [3] Individual Stock Highlights - Lithium battery and new energy vehicle sectors are showing resilience, with lithium carbonate futures rising over 5%, driving stocks like Ganfeng Lithium (1772.HK) higher [3] - Ganfeng Lithium's chairman predicts a 30% increase in global lithium carbonate demand by 2026, potentially reaching 1.9 million tons, with prices possibly exceeding 150,000 RMB per ton [3] - Consumer-related sectors are performing relatively well, with stocks in baby products, food, and airlines showing gains, indicating a shift of defensive capital towards domestic demand [3] Company Analysis: Tencent Holdings (700.HK) - Tencent's gaming business exceeded expectations, with domestic market revenue reaching 42.8 billion HKD (up 15% YoY) and international market revenue at 20.8 billion HKD (up 43% YoY) [6] - The advertising business generated 36.24 billion HKD, reflecting a 21% YoY increase, driven by AI-enhanced targeting technology [7] - Financial technology and enterprise services recorded a revenue of 58.2 billion HKD in Q3, marking a 10% YoY growth, supported by improved consumer trends and AI-related services [7] Ecosystem and AI Development - Tencent's WeChat and QQ platforms maintain strong user engagement, with WeChat's monthly active users at 1.414 billion (up 2% YoY) and QQ's at 517 million (down 8% YoY) [8] - The company is advancing in AI technology, with its mixed foundation model achieving industry-leading levels in image and 3D generation [8] - The integration of AI in advertising is enhancing marketing ROI, significantly improving efficiency across various sectors [8] Investment Recommendation - Tencent's Q3 2025 performance demonstrates the deep integration of AI across its business lines, showcasing strong growth resilience in gaming, advertising, and enterprise services [9] - The company is projected to maintain growth through AI-driven advertising efficiency, new game launches, and consumer recovery [9] - A target price of 788 HKD is set, corresponding to a 25.7x PE for 2025 and 23.0x for 2026, maintaining a "Buy" rating [9]

证券之星消息，2025年11月17日熵基科技（301330）发布公告称公司于2025年11月17日接受机构调研，中 邮证券、建信基金、招商信诺、汐泰投资参与。 具体内容如下： 问：龙之源收购进展情况？ 答：熵基科技于 10 月 17 日公告与龙之源签署《收购意向协议》，目前对方正在变更公司持股比例，预计 会在 11 月底前完成，变更完成后熵基科技将持有龙之源 55%的股权并合并报表。 问：公司脑机接口布局情况？ 答：公司脑机技术聚焦教育、医疗、养老三大核心应用场景，运用 I驱动的多模态数据融合技术，围绕分 析诊断、检测辅助康复、治疗三大方向开展产品研发。在智慧教育领域，公司通过开发脑机接口互动游戏 等趣味化形式，将技术与教育场景深度融合，针对性培养青少年的专注力，推动脑机技术在智慧教育领域 的落地应用。公司脑机业务预计于 2026年 3月推出原型机。此外公司与国际非侵入式脑机接口技术巨头 NeuroSky（神念科技）达成战略合作，双方将成立合资企业，脑机接口与多模态生物识别技术的深度融 合进入新阶段。双方将共同构建"芯片+情绪云+产业生态"的创新架构，加速脑机接口技术的全球战略布 局。 问：公司现金流良好，是 ...

[Table_yemei1] 热点速评 Flash Analysis [Table_Title] 研究报告 Research Report 18 Nov 2025 电子 Technology CHTF 2025 前沿聚焦：科技成果落地激活市场新动能 CHTF Intelligence-Inspired Embodied Ecosystem Forum: Technology Commercialization Unleashes New Market Momentum 姚书桥 Barney Yao [Table_summary] (Please see APPENDIX 1 for English summary) 事件 barney.sq.yao@htisec.com 2025 年 11 月 14 至 16 日，第二十七届中国国际高新技术成果交易会在深圳国际会展中心开展。本届高交会以"科技 自立自强，创新驱动未来"为核心主题，吸引全球 103 个国家和地区的 5200 余家企业、科研院所参展，展示超 2.3 万 项高新技术成果。值得关注的是，当前科技市场已清晰呈现从概念炒作转向实用落地的阶段性特征，客户群体 ...

2026年6月10-12日 上海新国际博览中心 新材料是未来高新技术产业发展的基石和先导，新材料的突破将加速未来产业变革! 2026未来产业新材料博览会（上海） (Future Industries New Materials Expo 2026，简称" FINE 2026 ")，由 「 DT新材料 」 主办的 第十届国际碳材料产业博览 会 (Carbontech 2026)、 第七届热管理产业博览会 (iTherM 2026)和 新材料科技创新博览会 (AMTE 2026)三大展重磅升级而来，旨在打造一个以未来产业终端为 引领、立足国际视野的新材料领域标盛会。 FINE 2026 ， 以 50,000平 展区 与 超过 300场 战 略与前沿科技报告，全景呈现应用于人工智能、智算/数据中心、具身智能、低空经济、航空航天、智能汽车、 AI消费电子、量子科技、6G、脑机接口、新能源、生物制造等产业的热门创新成果， 并重点聚焦 未来产业五大共性需求（先进半导体、先进电池、轻量化、 低碳可持续、热管理） ， 呈现从终端、部件、材料、技术装备到前沿科技的全链条创新，打造一站式交流、合作与采购平台。 展会将推动科技成果 ...

证券代码：301330 证券简称：熵基科技 熵基科技股份有限公司投资者关系活动记录表 编号：2025-11 | 投资者关系活 | 特定对象调研 业绩说明会 新闻发布会 | 分析师会议 | 媒体采访 | | --- | --- | --- | --- | | 动类别 | 路演活动 | 现场参观 | 其他（反路演） | | 参与单位名称 | 中邮证券、建信基金、招商信诺、汐泰投资 | | | | 时间 | 年 月 日 2025 11 17 | 15:30-16:30 | | | 地点 | 熵基科技会议室、线上会议 | | | | | 副总经理、董事会秘书 郭艳波 | | | | 上市公司接待 人员姓名 | 投资总监 陈川 | | | | | 智能创新研究院院长 仲崇亮 | | | | | 公司董事会秘书首先向投资者介绍了公司主要情况，具体如下： | | | | | 熵基科技成立于 2007 年，是一家以 认知为核心驱动的全球领先的智能空间进化 | | AI | | | 服务商。我们运用多模态 BioCV（计算机视觉与生物识别）与 认知空间计算技术， AI | | | | | 构建全要素感知体系，推 ...

2025 年 11 月 17 日 证券研究报告 行业周报 行业评级： weiyuqi@gwgsc.com 执业证书编号：S0200525060001 联系电话：010-68099389 公司地址：北京市丰台区凤凰嘴街 2 号院 1 号楼中国长城资产大厦 16 层 医药生物行业双周报 2025 年第 23 期总第 146 期 | 报告期：2025.11.3-2025.11.16 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 分析师： huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 创新为源，临床为鉴，效率为盾 聚焦三大投资方向 行业回顾 本报告期医药生物行业指数涨幅为 0.81%，在申万 31 个一级行业中 位居第 21，跑赢沪深 300 指数（-0.27%）。从子行业来看，医药流 通、体外诊断涨幅居前，涨幅分别为 7.61%、5.32%；医疗研发外包、 医疗设备跌幅居前，跌幅分别为 3.49%、1.76%。 行业走势： 估值方面，截至 2025 年 11 月 14 日，医药生物行业 PE（T ...

Core Insights - Entropy Technology (301330) has announced a strategic partnership with NeuroSky to establish a joint venture focused on integrating "chip + emotion cloud + industrial ecosystem" in the field of brain-computer interfaces and multimodal biometric recognition [1][2] - The collaboration aims to leverage both companies' technological strengths in multimodal BioCV, AI cognition, and brain-computer interface technologies, creating a complete innovation chain from core chips to algorithm platforms and application scenarios [1][2] Company Overview - NeuroSky is a leading player in the non-invasive brain-computer interface chip market, holding a significant market share and achieving breakthroughs in consumer-grade brainwave monitoring [1] - The company has developed the TGAM series dry electrode brainwave chips, which facilitate "plug-and-play" brainwave detection, lowering the barriers to brain-computer interface technology [1] - NeuroSky's innovations include the world's smallest electrocardiogram sensor, enabling widespread applications in emotion, fatigue, and sleep monitoring [1] Product Development - Entropy Technology has been focusing on multimodal BioCV and AIoT, creating an integrated ecosystem of "hardware + software + services" through its subsidiary, Entropy Brain Technology [2] - Recent product launches include brain rings, brain-controlled drones, brainwave safety helmets, and attention enhancement systems, providing mature hardware and service capabilities for technology implementation [2] Innovation Focus - The partnership will concentrate on two main areas: developing next-generation edge brain-computer interface algorithm chips that integrate various emotional and behavioral algorithms, and advancing mixed biometric recognition and brain signal collaborative analysis [2] - The emotional recognition capabilities will cover three core dimensions: optimistic emotions, negative emotions, and behavioral emotions, enabling detailed identification of fatigue, anxiety, stress, relaxation, happiness, alertness, and empathy [2] Vision and Goals - The chairman of Entropy Technology emphasized the company's commitment to a harmonious coexistence of technology and humanity, aiming to create a new era of emotional perception intelligence through the collaboration with NeuroSky [2] - NeuroSky's CEO highlighted the alignment of both companies' missions to promote the widespread application of brain-computer interface technology, aiming to enhance user experiences in safety management, health, and productivity [2]

2025年以来，全球范围脑机接口领域投融资动态更为活跃和强劲，仅国内脑机接口产业吸引投资已近10亿元。如同一个强大的磁场，投融资热潮涌动，叠加 政策催化，脑机接口关键技术持续完善，应用场景不断拓展，市场接受度稳步提升，长期增长潜力充沛。 作为变革性的人机交互方式，相比短期风口，脑机接口堪称沃伦·巴菲特青睐有加的"长坡厚雪"赛道，更长的企业生命周期、易于形成壁垒的商业模式，让 创业者有足够的时间和空间调整、成长，并通过技术专利、品牌效应等因素，在厚厚的"雪"中建立起竞争优势。 鹏脑科技总经理马帅 硬科技赛道脑机接口（BCI）或将迎来产业爆发的关键拐点。 从北京、上海到深圳，中国脑机接口的创业版图和发展轴线持续纵深。酷开科技旗下深圳鹏脑科技近日宣布完成数千万元天使轮融资，无疑给这个赛道及市 场信心又添了一把火，同时也让酷开在AI生态的布局更加完善。研发立身、产品已获市场认可的鹏脑科技，如今即将开启新征程。透过鹏脑科技的技术发 展路径和商业化探索，或许我们能窥见一种打破常规、与众不同的创新法则及生长历程。 "撒网开花"战场的背后王牌 对脑机接口行业而言，医疗健康是目前最大的应用领域。顺势而为，鹏脑科技将"科技赋能脑 ...

格隆汇11月17日丨南京高科(600064.SH)在互动平台表示，目前，公司直接或间接投资的企业未涉及脑 机接口相关业务。 ...