Core Insights - Shanghai is at the forefront of brain-computer interface (BCI) technology development in China, having established a comprehensive R&D system covering invasive, semi-invasive, and non-invasive technologies [1][6] - The first prospective clinical trial of an invasive BCI system in China has been successfully conducted, making China the second country globally to enter the clinical trial phase [1][7] - Shanghai aims to build an innovative ecosystem for BCIs by 2027, with a focus on high-quality brain control and clinical applications of BCI products [6][7] Industry Developments - The first non-invasive commercial brain control product is expected to launch by the end of the year, indicating rapid advancements in BCI technology [3] - The research team is focusing on breakthrough innovations in BCI systems, utilizing vast amounts of implanted brain activity data to train brain signal models for applications in brain diseases and human-computer interaction [3][4] - The strategic value of brain data resources is emphasized, as brain signals remain largely unexplored compared to other non-brain data [3][4] Challenges and Solutions - Key challenges for invasive BCIs include safely and efficiently acquiring high-quality signals, understanding neural encoding and decoding mechanisms, and adhering to ethical and legal standards regarding data privacy [5] - The complexity of BCI systems necessitates a holistic approach, addressing the integration of electrodes, chips, algorithms, and power consumption to create functional BCI products [5] - The industry is encouraged to focus on the effectiveness of solutions rather than merely pursuing cutting-edge technologies, advocating for a "BCI+" ecosystem that connects with embodied intelligence and AI [5] Future Vision - The ultimate goal for BCIs is to enable comprehensive decoding of various brain functions and achieve model generalization for different individuals [4] - The vision includes connecting BCIs with various technologies, creating a "brain internet" that facilitates interaction between the brain and intelligent systems [4][5] - By 2030, Shanghai aims to establish itself as a global hub for BCI product innovation, with a fully operational clinical application of BCI products and a self-sufficient industrial chain [7]

6月27日，香港特别行政区政府宣布新一届特首顾问团成员名单，此次委任了34名成员，其中，脑机接口领域专家、强脑科技创始人兼CEO韩璧丞 获委任为"创新与创业"领域顾问，也是此次新增的3名成员之一，另两位分别是国际货币基金组织（IMF）前副总裁朱民，以及宇树科技创始人王 兴兴。 此外，在特首顾问团中，蔡崇信是阿里巴巴传奇人物。1999年放弃70万美元年薪加入团队，用国际视野搭建现代企业框架，助阿里登顶电商巨 头。曾操盘高盛融资、雅虎并购，跨界收购篮网，身家超680亿。 迈克尔·斯宾塞（MichaelSpence）是2001年诺贝尔经济学奖得主，现任纽约大学斯特恩商学院教授。他的核心贡献是提出信息不对称市场中的信号 传递理论，解释了教育如何作为劳动力市场能力的可信信号。 叶玉如教授则是国际知名神经生物学家，现任香港科技大学校长，也是中国科学院院士、美国国家科学院外籍院士等多项荣誉获得者。她长期致 力于神经退行性疾病研究，尤其在阿尔茨海默病诊断和治疗领域取得突破性成果。 新加入的朱民，在国际金融界甚具影响力，随着香港积极发展绿色金融、数字金融等新兴领域，其专业知识与全球人脉不仅有助提升本地金融机 构的现代化管理与风 ...

近日，我国首例侵入式脑机接口的前瞻性临床试验成功开展，标志着中国在侵入式脑机接口技术上，成 为继美国之后全球第二个进入临床试验阶段的国家。 赵郑拓说，他们研发的神经电极横截面积小、柔性大，降低了对脑组织的损伤。该超柔性神经电极具备 高密度、大范围、高通量、长时间稳定在体内采集神经信号的能力。 这项成果也实现了"手术友好"，该中心研制的植入体直径26毫米、厚度不到6毫米。路俊锋说，只需要 在大脑运动皮层上方的颅骨上"打薄"出一块硬币大小的凹槽用以镶嵌设备，再在凹槽中打一个5毫米的 穿刺孔，用钨针将两根像轻薄丝带一样的超柔性神经电极从穿刺孔"埋入"脑组织中，相当于神经外科的 微创手术，整个植入过程耗时20—30分钟。 精准定位和植入是整个手术成功的关键。在为受试者进行手术前，路俊锋团队采用了功能磁共振成像联 合CT影像技术，重构了受试者专属三维模型与人脑运动皮层的详细功能地图，以确保植入位置的精确 性。手术当天，路俊锋团队借助高精度导航系统，在唤醒手术下将超柔性神经电极植入受试者大脑的运 动皮层指定区域，整个手术过程精确到毫米级别，最大限度地保证了安全性和有效性。 该临床试验的受试者是一名因高压电事故导致四肢截肢 ...

Core Insights - The 20th China International Small and Medium Enterprises Expo (CISME) opened in Guangzhou on June 27, coinciding with the United Nations' established "Micro, Small and Medium Enterprises Day" [1][2] - The expo serves as a significant platform for global SMEs, showcasing their vitality and facilitating international cooperation [2][3] Group 1: Event Overview - The expo attracted nearly 2,000 domestic and international enterprises, featuring approximately 8,000 square meters of exhibition space and over 3,400 booths [2] - Egypt was the guest country of honor, with over 80 enterprises showcasing products across various sectors, including textiles and food processing [3] Group 2: Innovations and Exhibits - The expo highlighted innovative products such as humanoid robots, flying cars, and smart welding robots, reflecting the theme of "new" [4][5] - Specialized exhibition areas focused on digital transformation in manufacturing and other key sectors for SMEs [5] Group 3: Networking and Collaboration - The event included nearly 60 activities aimed at promoting international cooperation and resource integration for SMEs [6] - Financial institutions and industry experts gathered to discuss new financing strategies for SMEs, emphasizing the importance of direct engagement [6]

Market Overview - A-shares experienced a slight pullback after three consecutive gains, with the Shanghai Composite Index down 0.22% to 3448 points, the Shenzhen Component Index down 0.48%, and the ChiNext Index down 0.66% [1][2] - Total trading volume for the day was 1.62 trillion yuan, a decrease of 163 billion yuan from the previous trading day, with over 3600 stocks declining across the market [1] Sector Performance - The military and shipbuilding sectors saw gains, with stocks like Wanlima and Zhongguang Fanglei hitting the daily limit [2] - The digital currency sector surged in the afternoon, with stocks such as Xinan Century and Chutian Long also reaching the daily limit [2] - The banking sector continued its strong performance, with major banks like Industrial and Commercial Bank of China hitting new highs [2][11] Notable Stocks - Brokerage stocks experienced a pullback, with Guotai Junan down over 4% and Dongfang Caifu down over 3% [4][5] - Innovative drug concepts declined, with Rongchang Bio dropping over 18% and Yuekang Pharmaceutical down over 9% [6][7] - The brain-computer interface sector also showed weakness, with stocks like Beiyikang and Rongtai Health falling over 4% [8][9] Upcoming Events - A military parade is scheduled for September 3, showcasing domestically produced main battle equipment, including new-generation traditional weapons and advanced combat forces [10] Future Outlook - China Galaxy Securities anticipates a potential upward trend in the A-share market by the second half of 2025, driven by supply-side reforms and capital market financing reforms [14]

Core Insights - Yan Mountain Technology (002195) and Shanghai Lingang (600848) Sinan Life Technology have signed a strategic cooperation agreement to focus on brain-computer interface and brain disease sectors [1] - The collaboration aims to create a shared platform for EEG data and analysis algorithms, promoting innovation and clinical application in brain-computer interfaces and neural regulation technologies [1] - A joint laboratory, "Yan Si Sinan Brain Science Laboratory," will be established in the Shanghai Hongqiao Brain-Computer Interface Industrial Cluster to develop a comprehensive technology innovation system [1] Company Overview - Yan Mountain Technology operates in the field of artificial intelligence and is expanding its capabilities through strategic partnerships [1] - Shanghai Lingang Sinan is a specialized operational entity in the Shanghai Brain-Computer Interface Industrial Cluster, focusing on brain-computer interfaces, neural regulation, brain imaging technologies, and neuro-rehabilitation [1] Industry Context - The partnership is positioned within the emerging industry of brain-computer interfaces, which is expected to see significant growth and innovation [1] - The establishment of a collaborative laboratory indicates a trend towards integrated technological development across data, algorithms, hardware, and systems in the neuroscience sector [1]

央视网消息：第十六届夏季达沃斯论坛正在天津举行。论坛期间，多位跨国企业负责人表示，中国庞大的市场和新产业新技术快速发展， 将为跨国企业在中国的发展提供源源不断的动能。 "投资中国·2025天津夏季达沃斯跨国企业领袖交流会"24日在天津举办，来自世界500强企业以及商会、贸易协会等机构的300多名参会嘉 宾，围绕探寻世界经济发展新方向、解锁创新增长新动能等主题进行深入交流。 与会嘉宾表示，中国拥有广阔的市场和强大的科研能力，这些将坚定跨国企业在中国投资的信心。 赛威传动（中国）投资公司执行董事长张胜利称："基于过去30年的发展经验，我们对加大在中国的投资，特别是加大新产品新技术的研 发力度充满信心。在佛山，目前20万平方米的建筑厂房已经开始封顶，到年底可以试生产。" 此外，脑机接口、合成生物等未来产业在中国的快速布局也让跨国企业期待在相关领域能有更多合作。 美国脑机接口Synchron公司创始人托马斯·奥克斯利称："我专攻的领域是脑机接口。现在中国有非常多的公司都在从事脑机接口研究，所 以我来到世界经济论坛了解中国的发展动态。这个领域取得的进展让我深感震撼，因此我希望能与一些公司建立联系，了解和学习它们，甚至 ...

2025年夏季达沃斯论坛6月24日到26日在天津举行。论坛期间，多位跨国企业负责人表示，中国庞大的 市场和新产业新技术的快速发展，将为跨国企业在中国的发展提供源源不断的动能。与会嘉宾表示，中 国拥有广阔的市场和强大的科研能力，这些将坚定跨国企业在中国投资的信心。随着中国在人工智能、 人形机器人等领域的快速发展，跨国企业也找到了与中国企业合作的新方向。此外，脑机接口、合成生 物等未来产业在中国的快速布局，也让跨国企业期待在相关领域能有更多合作。（央视新闻） ...

目前脑机接口技术还是主要集中应用于解决临床问题为导向，对于更前沿的消费级脑机接口技术应用而言，近期很难出现重大突破。 2025年被视为国内脑机接口行业的"元年"。近两个月来，国内多个科研团队宣布脑机接口正式进入或即将临床阶段；与此同时，多个团队 宣称完成脑机接口"全球首例"临床治疗，帮助患者重建肢体运动功能。 在资本市场上，脑机接口也正在成为全球投资人追捧的项目。本月，科技富豪马斯克的脑机接口公司Neuralink宣布再融资6.5亿美元，估 值达到90亿美元；在国内市场上，今年早些时候，阶梯医疗也宣布完成国内介入式脑机接口最大规模一轮高达3.5亿元人民币的融资。 第一财经记者近日通过走访相关脑机接口企业了解到，随着越来越多脑机接口公司计划步入临床，对于资本的需求也更为迫切。 脑机接口"多点开花" 上海一家国资背景的投资公司医疗行业投资人吕明对第一财经记者表示，脑机接口是他近期比较关注的赛道，但他坦言："第一梯队的头 部公司估值都太高了，但第二梯队的技术价值不大，对投资人来说又没有足够的吸引力。" 另一家医疗投资机构相关投资人方然告诉第一财经记者："脑机接口项目前景好，虽然落地还早。目前这也是我们主攻的投资方向 ...

证券研究报告 科幻照进现实，产业落地加速 行业投资评级：强于大市｜维持 孙业亮/丁子惠/常雨婷 中邮证券研究所 计算机团队 中邮证券 1 1 发布时间：2025-06-24 投资要点 请参阅附注免责声明 2 Ø 多学科融合，技术迎来爆发期：根据技术路径差异，脑机接口可分为三大类别：侵入式、半侵入式和非侵入式，其 中非侵入式虽受限于头皮干扰导致信号分辨率较低，却以零创伤、低成本的特点成为医疗康复、教育训练等场景的主流 选择。中国在半侵入式以及非侵入式脑机接口技术方面处于全球领先地位，侵入式技术也在多个场景获得应用。近日， 上海阶梯医疗科技有限公司对外宣布，其自主研发的侵入式脑机接口系统，已于今年一季度在复旦大学附属华山医院成 功完成国内首例侵入式脑机接口系统人体长期埋植前瞻性（FIM）临床试验。 Ø 各国加速布局，商业应用广泛落地：2024 年，据Precedence research统计数据，全球脑机接口市场规模为 26.2 亿美元，预计到 2034 年将增加到约 124 亿美元，复合年增长率达 17.35%，在医疗、娱乐、智能家居、军事等多领域 具有巨大的市场潜力和发展前景。目前世界各国纷纷加大战略布局，我 ...