一名失去四肢的受试者，经过一个多月训练，凭借意念操作电脑，流畅进行赛车、下棋等游戏，光标操 控水平逐渐接近普通人使用触摸板的状态，且仍在持续进步……上海阶梯医疗科技有限公司（以下简 称"阶梯医疗"）日前在一场媒体沟通会上展示了一段视频，受试者正通过脑机接口设备用意念玩"马里 奥赛车"游戏。 专家表示，这次临床试验的成果将加快我国后续正式的注册临床试验的进度，使得产品可以更快地注册 取证，让国产脑机接口向着落地走出一大步。 中国首家 全球第二家 华西医院智能可穿戴健康系统研究室主任江宁表示，通过人工智能的方法，让脑机接口的使用门槛越来 越低，希望能够逐渐地把它的渗透率提高，最后能够进入到每个需要有脑机接口服务的家庭。 今年我国脑机接口市场或突破38亿元 据了解，此次试验的受试者因高压电击事故失去四肢。今年3月，在复旦大学附属华山医院，该受试者 接受了由阶梯医疗开发的脑机接口产品植入手术。这是国内首例侵入式脑机接口系统前瞻性临床试验， 让阶梯医疗成为全球继马斯克的Neuralink之后的第二家进入临床阶段的侵入式脑机接口公司。 据阶梯医疗介绍，手术中，两根头发丝百分之一粗细的柔性电极，经微创手术被埋入其大脑，并连 ...

13年前，一位24岁的受试者在一次意外中失去了四肢，翻天覆地的变化一度让他陷入绝望。而今年，在 一个多小时的手术后，他黯淡的生活照进了一束光。 今年3月25日，这位受试者在复旦大学附属华山医院完成了国内首例侵入式脑机接口系统前瞻性临床试 验。 近日，阶梯医疗的两位90后创始人向包括中国基金报在内的多家媒体，展示了受试者的情况：经过一个 月的术后脑控训练，受试者不仅能熟练地控制光标在网上冲浪，下象棋，玩赛车游戏，还能用手机给朋 友发信息……幸福再次来敲门，受试者期待未来能通过外骨骼，重新能感受到用双脚走路、用双手吃饭 的快乐。 据阶梯医疗创始人、中国科学院脑智卓越中心研究员赵郑拓介绍，下一步可能会尝试让受试者使用机械 臂，使他可以在物理生活中完成抓握、拿杯子等操作。后续还将涉及物理世界的二维控制，例如轮椅、 机器狗等智能代理设备的控制，从而拓展他的生活边界，提高生活质量。 作为国内目前注册进度第一的侵入式脑机接口公司，阶梯医疗有望成为国内最先走入临床应用的侵入式 脑机接口公司。 对标Neuralink 基金报记者 莫琳 中国制造让大脑"无感" 从技术路线看，脑机接口产品分为非侵入式、半侵入式和侵入式三种。相较于 ...

Group 1 - The core achievement of the company is the successful completion of the first long-term implantation clinical trial of an invasive brain-machine interface system in China at Huashan Hospital, Fudan University [1] - The invasive brain-machine interface system utilizes self-developed ultra-flexible neural electrode technology, with a diameter only 1/100 of a human hair, significantly improving biocompatibility compared to traditional rigid electrodes [1] - The clinical trial involved a participant who had been an amputee for many years, and post-surgery rehabilitation allowed the participant to control a computer mouse using brain signals, achieving a level comparable to that of a normal person after three weeks of training [1] Group 2 - The company received significant support, including being selected for the Ministry of Industry and Information Technology's "Future Industry Innovation Task" project and obtaining special funding for brain-machine interfaces from Shanghai for 2024 [2] - The company raised 350 million yuan in its Series B financing round, setting a record in the domestic implanted brain-machine interface sector, and has established the first medical-grade MEMS electrode processing platform in China [2] - The company aims to not only treat diseases but also expand human capabilities, with short-term focuses on motor function reconstruction and language decoding, and long-term plans to explore new forms of human-machine symbiosis by integrating large language models with embodied intelligent robots [2]

Core Insights - Shanghai Ladder Medical Technology Co., Ltd. has achieved a significant breakthrough in brain-machine interface (BMI) technology, demonstrating the feasibility of "thought control" in real-world scenarios through a video of a quadriplegic subject playing a video game using an implanted flexible BMI device [1] Group 1: Technological Breakthrough - The company developed flexible electrodes made from biocompatible polyimide, only 4 micrometers thick, which significantly reduces immune rejection risks [2] - The wireless transmission module allows real-time brain signal transmission at 10MB per second with a latency of 50 milliseconds, enabling subjects to move freely within a 10-meter radius [2] - A nano-scale conductive coating was developed in collaboration with the Shanghai Institute of Ceramics, reducing electrode impedance to 1/50 of traditional products while maintaining over 3 years of signal stability [2] Group 2: Clinical Application - A case study of a subject named Zhang Wei, who lost all four limbs due to an accident, showed that after receiving the BMI implant, he achieved a 89% accuracy in controlling the game after 37 days of training [3] - The team developed a reinforcement learning-based adaptive algorithm to dynamically adjust the decoding model based on real-time brain signals [3] - Neuroimaging revealed significant functional reorganization in the motor cortex of the subject's brain, indicating a new theoretical basis for brain injury rehabilitation [3] Group 3: Global Competition - Ladder Medical is the second company globally to enter the clinical stage of invasive BMIs, having completed 23 primate experiments and 5 human implants, while competitors like Neuralink have not yet received approval for human trials [4] - The company has established a complete self-sufficient technology chain in the neuroengineering field, from materials to clinical trial systems [4] - The low-power chip used in the wireless transmission module reduces power consumption by 60% compared to similar products [4] Group 4: Ethical Considerations - The company has implemented three safety mechanisms in clinical trials to address ethical concerns, including encrypted signal transmission and a "panic button" for subjects [5] - Ethical discussions are emerging regarding the potential blurring of lines between natural abilities and technological enhancements, raising questions about the future of human identity [5] - The company's principle is to prioritize restoration over enhancement, focusing on severe motor impairment patients [5] Group 5: Future Outlook - Ladder Medical plans to launch a second-generation product in 2024, increasing the number of electrode channels from 128 to 1024 for finer control [6] - The long-term goal includes creating a "neural-digital" bidirectional interface to allow patients to receive sensory feedback [6] - The potential for a "brain-cloud collaboration" system could redefine human-machine relationships and create new job roles in the future [6]

Core Insights - Recent breakthroughs in brain-computer interface (BCI) technology have triggered a strong market response in related sectors in A-shares [2] - The global BCI market is projected to grow from $2.35 billion in 2023 to $10.89 billion by 2033, with a compound annual growth rate (CAGR) of 16.55% [2] - Domestic BCI market is expected to exceed 120 billion yuan by 2040, with a CAGR exceeding 26% [2] Technological Developments - The CyberSense robot developed by the Chinese Academy of Sciences can implant flexible microelectrodes into animal brains with precision, supporting BCI and neurophysiology research [2] - Neuralink's BCI device Link has received "breakthrough device" certification from the FDA, marking a significant step towards clinical applications for patients with speech impairments due to various diseases [2][3] - The core technologies of BCI include high-precision brain signal acquisition, efficient neural signal decoding algorithms, biocompatible materials, microelectronics, and complex operating systems [3] Policy and Market Support - Continuous policy support in China is driving the development of BCI technology and applications, with multiple regulations introduced by 2025 [3] - The State Council has prioritized the review and approval of high-end implantable medical devices related to BCI [3] - New pricing projects for BCI services have been established, providing a regulatory framework for medical charges related to invasive and non-invasive BCI procedures [3] Market Performance - BCI-related stocks have shown strong performance, with companies like Qisheng Technology seeing a stock price increase of 46.45% as of May 9 [5] - The "Manufacturing Outbound" index rose nearly 5% this week, with significant contributions from communication equipment and marine equipment sectors [6] - Other indices such as "Electric New Outbound" and "TMT Outbound" also experienced gains of approximately 4% [6]

脑机接口概念股午后持续走低，爱朋医疗（300753）跌近10%，均普智能跌超7%，荣泰健康 （603579）跌超6%，诚益通（300430）、三博脑科（301293）、翔宇医疗跟跌。 ...

1. Report Industry Investment Rating No relevant information provided in the text. 2. Core View of the Report - In the current market context, increasing the allocation of convertible bonds related to popular themes may be the key action for the portfolio to achieve excess returns. Although overseas tariff factors disrupt the domestic economic recovery process and the profit side of listed companies may not recover rapidly in the short term, after the end of the intensive performance disclosure period in May, the previous negative factors have been gradually priced in. The government has released liquidity to support the economy and the securities market. It is expected that the market will likely show characteristics of increasing risk appetite, and the valuation side will be the main support for the strengthening of the market [2][6]. - To benefit from the increase in the market valuation level, it is advisable to appropriately increase the allocation of convertible bonds related to themes. Although the profit side of some theme - related convertible bonds has not yet reached an inflection point, stock pricing often leans towards future long - term growth. The negative factors on the profit side of some targets have been fully priced in by the market in the early stage, and investors tend to give a higher valuation premium to stocks related to new productive forces. Therefore, under the current background, convertible bonds related to popular themes are more cost - effective in creating excess returns [2][9]. - By analyzing the excess return performance of the CSI 2000 and the Wind AA - rated and below index from 2020 to the present, it is found that when the market trading volume exceeds 1.5 trillion yuan, the CSI 2000 shows relatively obvious excess returns compared to the Wind All - A Index in the stock dimension, and the trend is more obvious in the convertible bond dimension. Convertible bonds related to popular themes are more characteristic of small - cap stocks and low - rated convertible bonds, and are more likely to create excess returns when the trading volume recovers [2][9]. - Relevant convertible bonds can be mined by combining annual reports and public research records. The real economy has been gradually transforming towards new productive forces in recent years. Listed companies will disclose new investment and transformation directions in their annual reports and conduct communication and research activities with the capital market after the disclosure of regular reports. Therefore, the 2024 annual reports and public research records since 2025 are important for mining relevant theme - related convertible bonds [2][13]. 3. Summary by Directory 3.1 Wind Risk Preference Recovery, Theme - Related Convertible Bonds May Be the Key to Winning Excess Returns in the Future Market - The current market trading volume has gradually recovered since early April. After the end of the performance disclosure period, the previous negative factors have been priced in, and the government's liquidity release is expected to drive the market risk preference upwards, with the valuation side supporting the market [6][9]. - It is recommended to increase the allocation of theme - related convertible bonds. Some theme - related convertible bonds are more likely to create excess returns due to factors such as future growth expectations and market pricing [2][9]. - Popular themes such as robotics, computing power, Huawei Ascend, HarmonyOS, brain - computer interfaces, and controllable nuclear fusion are analyzed, and relevant convertible bonds are recommended [13]. 3.2 Humanoid Robots - Multiple companies are involved in the humanoid robot field. For example, Keli Convertible Bond (Kedali) focuses on the R & D and production of harmonic reducers and joint modules; Haoneng Convertible Bond (Haoneng Co., Ltd.) is developing high - precision reducers; Lingyi Convertible Bond (Lingyizao) is expanding its business from component supply to assembly and aims to become a robot body assembly manufacturer [18][19][20]. 3.3 Computing Power - Many companies are actively involved in the computing power business. Zhongbei Convertible Bond (Zhongbei Communication) has completed the national business layout of intelligent computing clusters, with an operating computing power scale of over 15,000P and significant revenue growth [32]. 3.4 Huawei Ascend - Haohan Convertible Bond (Haohan Shendu) is exploring AI and large - model applications, and has completed the v1.1 version of the Haohan Morning Star large model, enhancing its capabilities and achieving API interface docking [35]. 3.5 HarmonyOS - CoreHi Convertible Bond (CoreHi Technology) has consolidated its leading position in the HarmonyOS ecosystem, with over 300 business opportunities for HarmonyOS - connected projects and 115 SKUs of products connected [38]. 3.6 Brain - Computer Interfaces - Rongtai Convertible Bond (Rongtai Health) has established a "Brain - Computer Interaction Joint Laboratory" with Shanghai Aoyi Information Technology Co., Ltd. to promote the application of brain - computer fusion technology and bionic manipulators in the intelligent health field [39]. 3.7 Controllable Nuclear Fusion - Guangda Convertible Bond (Guangda Special Materials) is developing and supplying materials related to controllable nuclear fusion, with batch - supply of relevant materials and significant orders [40].

5月8日，A股主要指数低开高走，沪指涨0.28%报3352点，深证成指涨0.93%，创业板指涨1.65%。沪深两市全天成交额1.29万亿，较上 个交易日缩量1749亿。 | 代码 | 名称 | 现价 | 涨跌 | 涨幅 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3352.00 | +9.33 | +0.28% | | 399001 | 深证成指 | 10197.66 | +93.53 | +0.93% | | 399006 | 创业板指 | 2029.45 | +32.94 | +1.65% | 盘面上，军工股集体走强，成飞概念、军工电子、军工装备等方向领涨，中航成飞20%涨停；特朗普政府拟取消对先进AI芯片出口的 限制，CPO概念活跃；脑机接口板块走高，爱朋医疗涨超13%；光伏设备板块强势，高测股份20CM涨停；华为概念爆发涨停潮，金龙 机电20CM涨停。此外，轨交设备、通信设备、白色家电、低空经济等板块走强。 另外，贵金属板块走低，晓程科技领跌；PEEK材料板块下挫，新瀚新材跌超11%；转基因、粮食概念、港口航运、美容护理等板块跌 幅居前。 具 ...

各位老铁中午好！这里是帮主郑重的午评时间。今儿这盘面像极了老北京的铜锅涮肉——汤底滚沸时各色食材浮沉，咱们得夹准那口真材实料。来，直接上 干货。 午后行情咱们得盯紧三件事：一是创指量能能不能补上早盘的虚，就像和面得水粉比例刚好；二是军工板块涨停股会不会炸板，龙头要是封单量持续十万手 以上，这波行情才算坐实；三是看看消费电子有没有资金回流，毕竟果链巨头下月发布会，聪明钱最爱打提前量。 操作策略上，帮主送您三颗定心丸：军工冲高别追涨，等回踩五日线再上车，就像等涮肉浮沫撇净再下筷；脑机接口看戏为主，真要布局就挑那些手握医疗 器械牌照的跨界玩家；被错杀的新材料标的，倒是可以拿筛子筛筛，毛利率超30%、现金流为正的，保不齐就是下一只黑马。 我是帮主郑重，二十年练就的火眼金睛，专挑能穿周期的真龙头。下午收盘咱们接着拆解资金动向，点关注不迷路，投资路上咱们抱团闯关！ 早盘创指这1.74%的涨幅，看着像小年轻百米冲刺，实则量能还欠点火候。您瞅分时图那几波冲高回落，活脱脱像新手司机踩油门——劲儿使大了还得收着 点。不过军工板块倒是真硬气，华伍股份20cm大长腿，豪能股份这些老伙计封板稳如泰山。要我说这行情，既有某型号无人机订单 ...

【环球网财经综合报道】脑机接口技术，作为"十四五"规划纲要中重点发展的"脑科学与类脑研究"领域的关键技术之一，被誉为大脑与外部设 备之间的"信息高速公路"。随着人工智能、神经生物学、传感器等技术的提升，脑机接口技术正逐步走进我们的生活。 脑机接口技术实现商用，应用场景广泛。在山东济南的实验室，实验人员通过脑机接口操控无人机，实现人与机器的交互。脑机接口的工作原 理是通过识别脑电波特征，直接读取大脑意图，将其转化为计算机指令。 推动我国脑机接口产业健康发展，应当坚持以应用为导向，特别是当前应以医疗场景为重点领域推进技术创新，从而解决实际临床需求，形成 可持续的发展模式。同时，建立完善的脑机接口技术标准、产品质量标准以及科学伦理规范也至关重要，将为产业发展持续提供规范引领，形 成有序创新环境。(文馨) 医疗领域是脑机接口技术最受关注的领域之一。在山东济南的实验室，实验人员穿戴脑控下肢外骨骼系统，依靠"意念"控制外骨骼，带动下肢 完成行走、抬腿等动作，为瘫痪患者带来了全新希望。 脑机接口技术主要分为非侵入式和侵入式两类。非侵入式脑机接口具有易操作、安全性高等特点，而侵入式脑机接口则可实现更高精度、更复 杂的神经控制 ...