Core Viewpoint - The article discusses the investment by 37 Interactive Entertainment in Qiangnao Technology, focusing on the commercialization of brain-computer interface (BCI) technology and its applications in entertainment, education, and healthcare sectors [2]. Investment Overview - 37 Interactive Entertainment has invested $20 million in Qiangnao Technology, aiming to explore the commercialization of BCI technology while enhancing user experiences in the entertainment industry [2]. - Qiangnao Technology, established in February 2015, is recognized as China's first unicorn in the BCI field and has over 480 authorized patents, showcasing its technological leadership [2][4]. Technology Pathways - The BCI industry has three main technical routes: invasive, semi-invasive, and non-invasive. Qiangnao Technology specializes in non-invasive technology, which is more suitable for large-scale commercialization [4]. - The company has developed a range of products, including the world's first mass-produced intuitive control bionic hand, which is priced at 1/5 to 1/7 of international competitors and has received FDA and CE certifications [4][5]. Product Applications - In the field of neurological disease intervention, Qiangnao Technology has launched the "KXG Social Communication Training System," which enhances rehabilitation training for children with autism through AI algorithms and EEG signal analysis [5]. - The company also introduced the Revo 2, a lightweight professional dexterous hand that supports precision operations and is integrated into various applications, including robotics and industrial quality inspection [5]. Strategic Focus - 37 Interactive Entertainment recognizes the potential of BCI technology as a core entry point for the next generation of human-computer interaction, aiming to transform user experiences in the entertainment industry [6]. - The company has previously integrated BCI technology into its game "Star Life Paradise," designed for children with autism, providing a new training environment that combines fun and rehabilitation [6]. Broader Investment Strategy - The company is expanding its investment strategy from entertainment to hard technology, focusing on building a complete industrial chain that includes computing infrastructure, large model algorithms, and AI applications [6][7]. - Recent investments include a focus on XR hardware and AI search optimization services, indicating a comprehensive approach to enhancing technological capabilities [7].

Core Viewpoint - The recently released "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" lays the foundation for China's development from 2026 to 2030, highlighting the importance of a modern industrial system and the solidification of the real economy [1][2]. Modern Industrial System Framework - The plan emphasizes building a modern industrial system as a primary strategic task, focusing on the real economy's critical role in development [2]. - Four major tasks are outlined: optimizing traditional industries, nurturing emerging and future industries, promoting high-quality service sector development, and constructing a modern infrastructure system [2]. Key Areas of the 15th Five-Year Plan - Traditional industries such as mining, metallurgy, and chemicals will undergo quality upgrades, with an estimated market space of around 10 trillion yuan [3]. - Emerging industries will be supported through innovation projects and large-scale applications of new technologies [3]. - Future industries like quantum technology, biotechnology, and nuclear fusion are highlighted for their potential to drive economic growth [9]. Four Major Emerging Pillar Industries - The plan identifies four strategic emerging industries: new energy, new materials, aerospace, and low-altitude economy, which are expected to significantly contribute to the economy in the next five years [2][4]. New Energy - China has established the world's largest and fastest-growing renewable energy system, with wind and solar power capacities leading globally [4]. - The new energy sector is projected to maintain rapid growth, becoming a key economic driver under the "dual carbon" goals [4]. New Materials - The new materials industry supports the development of other emerging sectors and has made significant progress in areas like semiconductor materials and carbon fiber [5][6]. - The focus is on achieving breakthroughs in high-end materials to meet advanced manufacturing needs [6]. Aerospace - The plan emphasizes the role of commercial aerospace, with significant achievements in manned spaceflight and satellite technology [7]. - The commercial aerospace sector is expected to enter a rapid growth phase, driven by national support and market demand [7]. Low-Altitude Economy - The low-altitude economy is recognized as a strategic emerging industry, with rapid development in the drone sector [8]. - This sector is anticipated to become a new growth engine, with applications in logistics and urban air transport [8]. Six Major Future Industries - The plan highlights future industries such as quantum technology, biotechnology, hydrogen energy, brain-computer interfaces, embodied intelligence, and 6G technology, which are expected to foster long-term growth [9]. Quantum Technology - Quantum technology is prioritized for its strategic value, with China leading in quantum communication and making strides in quantum computing [10]. - The sector is expected to transition from research to industrial application, forming new high-tech clusters [10]. Biotechnology - The biotechnology sector is experiencing rapid growth, with innovations in biobased materials and pharmaceuticals [11]. - It is projected to significantly expand by 2030, contributing to a green economy [11]. Hydrogen and Nuclear Fusion Energy - Hydrogen energy is recognized as a key clean energy source, with ongoing advancements in fuel cell technology [13]. - The nuclear fusion sector is still in the experimental stage but is expected to achieve breakthroughs during the 15th Five-Year Plan [13]. Brain-Computer Interfaces - Research in brain-computer interfaces is advancing, with applications in medical rehabilitation [14]. - The technology is expected to progress from experimental to clinical use, driving new technological developments [14]. Embodied Intelligence - The embodied intelligence sector is growing, with significant advancements in robotics and autonomous driving [15]. - This industry is expected to see rapid growth, becoming a crucial driver of manufacturing and digital economy development [15]. Sixth Generation Mobile Communication - 6G technology is anticipated to surpass 5G in speed and connectivity, with global competition underway [16]. - The 15th Five-Year Plan period is critical for establishing a competitive edge in 6G technology, which will support future digital economic innovations [16].

Group 1: Key Directions of the 15th Five-Year Plan - The 15th Five-Year Plan is positioned as a critical period for achieving socialist modernization by 2035, focusing on high-quality development and economic stability[1] - The plan emphasizes the importance of the real economy, with advanced manufacturing as the backbone, and aims to create a unified, open, competitive, and orderly market system[1] - The plan aims to enhance domestic circulation and promote consumption upgrades, with a focus on expanding the middle-income group[1] Group 2: Main Goals During the 15th Five-Year Plan - The primary goals include maintaining reasonable economic growth, steadily improving total factor productivity (TFP), and increasing the resident consumption rate[2] - The plan highlights the importance of common prosperity, technological self-reliance, and national security as key objectives[2] - The plan aims to achieve high-quality development by integrating digitalization, greening, and industrial innovation[2] Group 3: Focus on Domestic and International Circulation - Strengthening domestic circulation is crucial, with an emphasis on consumption upgrades and investment expansion[3] - The plan aims to eliminate barriers to the construction of a unified national market, facilitating smooth circulation of goods and factors across the country[3] - The plan emphasizes the need for effective investment, focusing on quality and efficiency rather than merely increasing investment volume[3] Group 4: Enhancing People's Livelihood and Common Prosperity - The plan aims to promote common prosperity by focusing on employment, income distribution, education, social security, and housing[4] - It emphasizes the need for equitable public services and improving the welfare of the population to enhance growth resilience[4] - The plan includes specific measures to support rural revitalization and agricultural modernization, ensuring food security and increasing farmers' income[4]

Group 1 - The core message of the article emphasizes the importance of the 20th Central Committee's Fourth Plenary Session in shaping China's modernization strategy and the role of local governance in implementing these plans [1][2] - Shanghai aims to enhance its international science and technology innovation center, focusing on strengthening basic research and accelerating breakthroughs in key technologies [2][4] - The city will prioritize improving public services and addressing residents' concerns, particularly in areas like elderly care and property management, to enhance living standards [2][3] Group 2 - The article highlights the significance of party leadership in advancing social governance and the need for grassroots organizations to strengthen their roles in community management [3][4] - Shanghai is committed to expanding its high-level opening-up policies, creating a favorable business environment for both domestic and foreign enterprises [4][5] - The focus on scientific research and its integration with industries, particularly in biomedicine, is seen as crucial for achieving high-quality development and innovation [5]

Core Insights - The Chinese government aims to recreate a high-tech industry over the next decade, which is expected to inject new momentum into the economy and support high-quality development [1][4] - The initiative addresses the current economic challenges of weakening traditional growth drivers and the slow emergence of new ones, aiming for a dual growth model that combines traditional industry upgrades with high-tech industry expansion [1][2] Industry Transformation - The move to recreate a high-tech industry is crucial for enhancing industrial competitiveness, as China has been a manufacturing giant but lacks strength in core components and high-end materials [2] - High-tech manufacturing currently accounts for less than 20% of the industrial value added, indicating a significant gap compared to developed countries [2] - The strategy aims to solidify China's leading position in advantageous sectors while seizing opportunities in future industries, ultimately transitioning from a manufacturing powerhouse to a manufacturing stronghold [2] Technological Advancement - The initiative is a strategic choice to capitalize on the ongoing technological revolution, particularly in areas like artificial intelligence, which is reshaping production processes and industry models [2][3] - The rapid emergence of new technologies presents both opportunities and uncertainties, making it essential to build a robust high-tech industry to mitigate risks and ensure sustainable economic growth [2][3] Economic Foundation - China's industrial foundation is strong, with the "three new" economies projected to contribute 24.29 trillion yuan to GDP in 2024, representing over 18% of the total [3] - The country has the largest and most comprehensive industrial system globally, with leading positions in sectors like new energy vehicles, photovoltaics, and 5G [3] - Continuous increases in R&D investment, with China ranking second globally in total R&D expenditure, support the potential for breakthroughs in cutting-edge fields [3] Future Industry Development - The focus will be on nurturing emerging and future industries, with strategic clusters in new energy, new materials, aerospace, and low-altitude economy expected to create significant market opportunities [3] - Future industries such as quantum technology, biomanufacturing, and sixth-generation mobile communications are targeted for development, transitioning from technological reserves to market applications [3] - The synergistic development of both emerging and future industries is anticipated to strengthen current economic foundations while expanding future growth avenues [3][4]

Core Insights - The Chinese government aims to cultivate and expand emerging and future industries, with the goal of creating a new high-tech industry equivalent to the size of China's existing high-tech sector over the next decade, injecting continuous new momentum into the economy and high-quality development [1][3] Economic Context - China's economic growth faces challenges due to the weakening of traditional growth drivers and the slow replacement by new drivers, necessitating the reconstruction of a high-tech industry to stabilize growth [1][2] - The current contribution of high-tech manufacturing to industrial value added is less than 20%, indicating a significant gap compared to developed countries, which positions the reconstruction of a high-tech industry as a strategic move to enhance competitiveness [2] Strategic Importance - The reconstruction of a high-tech industry is seen as a critical step in reshaping industrial advantages, allowing China to consolidate its leading position in advantageous sectors and seize opportunities in future markets [2][4] - The ongoing technological revolution, particularly in areas like artificial intelligence, presents both opportunities and uncertainties, making the establishment of a high-tech industry essential for capturing new technological advancements and mitigating risks [2][3] Industrial Foundation - China's "three new" economy is projected to contribute 24.29 trillion yuan to GDP in 2024, exceeding 18%, supported by a robust industrial system and leadership in sectors like new energy vehicles and 5G [3] - The country ranks second globally in R&D expenditure, with significant breakthroughs in quantum computing and artificial intelligence, indicating a strong foundation for the development of a new high-tech industry [3] Future Industry Development - The focus will be on nurturing emerging pillar industries such as new energy, new materials, and aerospace, which are expected to create substantial market opportunities and drive the expansion of the high-tech sector [3][4] - Future industries will be strategically developed in areas like quantum technology and brain-computer interfaces, transitioning from technological reserves to market applications, thus becoming new growth points for the economy [3] Transformation of Manufacturing - The initiative to rebuild a high-tech industry represents a qualitative transformation of Chinese manufacturing, moving away from being "big but not strong" to a more resilient and innovative position in global competition [4]

Group 1: Economic and Social Development - The "15th Five-Year Plan" emphasizes the importance of technology and innovation, mentioning "technology" 46 times and "innovation" 61 times, highlighting the need for original and disruptive innovations [1] - The plan includes measures to improve people's livelihoods, such as expanding free education and exploring the extension of compulsory education [1][16] - It proposes to enhance public service spending to boost consumer capacity, indicating a shift towards improving the consumption environment [7][10] Group 2: Future Industries and Technological Innovation - The plan aims to promote emerging industries like quantum technology, biotechnology, hydrogen energy, and artificial intelligence as new economic growth points [2][3] - It suggests establishing a risk-sharing mechanism for future industry investments to address uncertainties in technology and market [4][5] - The plan calls for a comprehensive implementation of "Artificial Intelligence+" to drive research and development across various sectors [6][7] Group 3: Consumption and Housing - The plan proposes to eliminate unreasonable restrictions on consumption in sectors like automobiles and housing, signaling a new phase in consumer development [8][19] - It aims to optimize the supply of affordable housing to meet the basic needs of urban wage earners and disadvantaged families, marking a shift from a "safety net" to a "universal" approach [19] Group 4: Energy and Environmental Goals - The plan sets a target for peak coal and oil consumption, aligning with the broader goal of achieving carbon neutrality by 2030 [9] - It emphasizes the need for a new energy system and the development of clean energy sources to support this transition [9] Group 5: Fiscal and Monetary Policy - The plan advocates for a more proactive fiscal policy to enhance sustainability and stimulate effective investment [10] - It suggests a stable and continuous approach to fiscal and monetary policies during the "15th Five-Year Plan" period [10] Group 6: Trade and International Cooperation - The plan focuses on expanding market access and opening up service sectors, indicating a shift towards enhancing service trade competitiveness [11][12] - It highlights the importance of developing green trade and intermediate goods trade to stabilize foreign trade [12][13]

Group 1 - The core message emphasizes the importance of enhancing urban capabilities and core competitiveness through the implementation of the spirit of the 20th National Congress of the Communist Party of China [1][2] - Shanghai aims to lead with technological innovation, focusing on strengthening basic research, accelerating breakthroughs in key technologies, and creating a first-class innovation and industrial ecosystem [2][4] - The city will prioritize improving public services and addressing the urgent needs of the population, particularly in areas concerning the elderly and children, to enhance living standards [2][3] Group 2 - The 14th Five-Year Plan highlights the need to improve the social governance system and strengthen grassroots party organization construction [3] - Shanghai will continue to deepen institutional openness and create a market-oriented, law-based, and international business environment to support both domestic and foreign enterprises [4] - There is a strong emphasis on high-level technological self-reliance and the integration of scientific research with the biomedicine industry during the 14th Five-Year Plan period [5]

（原标题：用"意念"打游戏？科幻图景成风口产业，上海已率先布局） 用意念，就可以实现说中文、打游戏、操作软件……这一幅科幻片里的场景已逐渐成为现实，脑机接口 产业在快速崛起。 脑机接口是通过神经工程手段实现大脑与外部设备信息交互的交叉前沿技术。《中共中央关于制定国民 经济和社会发展第十五个五年规划的建议》提到，前瞻布局未来产业，推动脑机接口等成为新的经济增 长点。在行业"起势"前，上海已率先落子布局，建立了全国首个脑机接口未来产业集聚区。 证券时报记者近日实探位于上海虹桥的全国首个脑机接口未来产业集聚区发现，目前已有超 10 家脑机 接口企业在此扎根。企业、平台、医院等资源紧密相邻，研发、临床、商业化三大环节同频共振，脑机 接口创新生态正加快构建。 业内专家对证券时报记者表示，上海脑机接口产业正处于从技术突破到商业化落地的关键阶段，政策支 持、产业基础、临床资源等形成了独特优势；同时，技术壁垒、专利质量、临床转化率等仍构成了发展 的主要瓶颈。 力争2030年建成脑机接口国际高地 走进位于上海新虹桥国际医学园区的上海脑机接口未来产业集聚区"脑智天地"，几排鳞次栉比的办公楼 已正式启用，附近的工地传出接连不断的施 ...

Core Viewpoint - The brain-computer interface (BCI) industry is rapidly emerging, with significant government support and a focus on commercialization and innovation in Shanghai, which aims to become a global hub for BCI technology by 2030 [1][2][3]. Industry Development - The Shanghai BCI Future Industry Cluster Zone, established with government support, aims to create a comprehensive innovation ecosystem by 2025, integrating clinical trials, research, and commercialization [2][3]. - Over 10 BCI companies have already settled in the cluster, covering various fields such as chips, electronics, algorithms, and industrial engineering design, forming an organic collaborative system [4][5]. Policy and Strategic Goals - The "Shanghai BCI Future Industry Cultivation Action Plan (2025-2030)" outlines goals to achieve high-quality brain control and full clinical application of BCI products by 2030, establishing a national-level BCI development cluster [3][5]. - The plan emphasizes a full lifecycle management mechanism to facilitate the transformation of research results into clinical applications, driven by demand and scenario-based innovation [3][6]. Investment and Capital Ecosystem - The BCI sector in Shanghai has seen a surge in investment, with financing in the first half of 2025 surpassing the total for 2024, including a record 350 million RMB investment in a leading implantable BCI company [6][7]. - The establishment of specialized investment teams in 15 institutions reflects a shift from speculative to more informed investment strategies in the BCI field [6][7]. Challenges and Future Directions - Despite the capital influx, the BCI industry faces challenges such as high research and development costs, long commercialization cycles, and ethical concerns [6][7]. - Future efforts should focus on enhancing technological innovation, improving industry chain construction, and fostering talent development to maintain a competitive edge in the BCI sector [7].