Core Viewpoint - The article discusses the comprehensive deployment of China's 15th Five-Year Plan, emphasizing the development of a modern industrial system, a strong domestic market, and coordinated regional development, with a particular focus on emerging industries like brain-computer interfaces (BCIs) as a key driver for economic growth [1][3][6]. Industry Development - The 15th Five-Year Plan highlights the importance of brain-computer interfaces, which are expected to transition from cutting-edge technology to large-scale applications, becoming a crucial pillar for high-quality economic development in China [6][8]. - The BCI industry is projected to create a market scale in the hundreds of billions, generating numerous high-skilled job opportunities and establishing a new competitive advantage for China in global technology [6][7]. Policy Support - The implementation of the "Implementation Opinions" in 2025 marked a significant leap in policy support for the BCI industry, elevating it to a national strategic level with clear goals for technological breakthroughs and international competitiveness by 2030 [4][6]. - The policy framework includes five key tasks, three major projects, and 17 specific measures to create a closed-loop system of research, industry, and application, fostering the integration of BCIs with traditional industries [4][7]. Market Potential - Companies are actively exploring the commercial potential of BCIs, with various business models emerging, including partnerships for medical applications and consumer electronics [7]. - The BCI market is expected to expand significantly during the 15th Five-Year Plan, driven by decreasing costs and standardization, transitioning from niche applications to mainstream adoption [7][8]. Technological Advancements - The BCI system is categorized into non-invasive, partially invasive, and fully invasive devices, with advancements expected in precision, safety, and accessibility during the 15th Five-Year Plan [6][7]. - Collaboration between academia and industry is anticipated to accelerate breakthroughs in critical areas such as electrode materials and signal decoding efficiency, enhancing the overall performance of BCI technologies [6][7].

Group 1: Future Industry Related Convertible Bonds - The report identifies convertible bonds related to future industries such as quantum technology, hydrogen energy, nuclear fusion, brain-computer interfaces, and sixth-generation mobile communication [9][10][12][14]. - Aorite's convertible bond is linked to quantum technology through its investment in Huayi Boao (Beijing) Quantum Technology Co., which focuses on ion trap quantum computing [9]. - Meijin Energy's convertible bond is associated with hydrogen energy, emphasizing its comprehensive layout in the hydrogen fuel cell industry chain, including hydrogen production and refueling stations [10]. - Guoli Electronics' convertible bond is related to nuclear fusion, with its high-power tuning tubes being essential components in particle accelerators and nuclear fusion research [11]. - Zhenhua's convertible bond is also linked to nuclear fusion, as the company specializes in chromium chemicals, which are crucial for high-temperature and radiation-resistant materials used in nuclear reactors [13]. - Lepu Medical's convertible bond is focused on brain-computer interfaces, with developments in both non-invasive and invasive technologies for medical applications [14]. - Bowei Alloy's convertible bond is associated with sixth-generation mobile communication, highlighting collaborations in various high-tech fields [12]. Group 2: Weekly Convertible Bond Strategy - The report notes that the market liquidity remains ample, and investor risk appetite is expected to recover, with a focus on three main areas: accelerated AI industrialization, "anti-involution" trends benefiting sectors like photovoltaics and steel, and future industry-related convertible bonds [15][16]. - The report suggests that if the stock market experiences a V-shaped rebound, there is potential for upward adjustment in convertible bond valuations [16]. - Recommended convertible bonds include those in the semiconductor sector, high-end manufacturing, and industries benefiting from supply-demand optimization due to "anti-involution" trends [16].

Core Insights - The article discusses the competition between Sam Altman, CEO of OpenAI, and Elon Musk in the brain-computer interface (BCI) sector, highlighting the recent developments at Merge Labs, a company co-founded by Altman [1][2][5]. Company Developments - Merge Labs has recruited Mikhail Shapiro, a prominent researcher from Caltech, known for his work in non-invasive brain imaging and gene therapy [1][5][7]. - Altman is expected to serve as the chairman of Merge Labs, while Shapiro is anticipated to play a key leadership role in the company [5]. - Merge Labs is reportedly in discussions for a $250 million funding round led by OpenAI, which would value the company at $850 million [5]. Technology Approach - Merge Labs aims to develop a non-invasive brain-computer interface using "gene therapy + ultrasound" methods, contrasting with Neuralink's invasive techniques [5][11]. - Shapiro's research focuses on using ultrasound to interact with the brain without the need for surgical procedures, which is a significant departure from Neuralink's approach [7][12]. Industry Context - The article outlines the ongoing debate between invasive and non-invasive BCI technologies, with the former posing higher risks and potential complications [12]. - Altman has publicly expressed his preference for non-invasive methods, indicating a strategic direction for Merge Labs that may influence the future of human-AI integration [5][12].

Core Viewpoint - The article emphasizes the importance of emerging industries such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, and embodied intelligence as new economic growth points in China's future development strategy [3][4]. Quantum Technology - Quantum technology is identified as a core area of the new technological revolution, with Hefei, Beijing, and Shanghai forming the "first tier" in terms of enterprise and patent applications [6][7]. - Hefei leads the domestic quantum industry, ranking second globally after San Francisco, with 93 quantum enterprises and over 2000 related patents [7]. - Beijing focuses on foundational technology breakthroughs, leveraging its dense research resources, and aims to build a trillion-yuan industry cluster by 2030 [7][8]. - Shanghai is concentrating on neutral atom quantum computing and has established key laboratories to drive innovation [8]. Biomanufacturing - Shanghai, Beijing, Shenzhen, and Tianjin are the top four cities in biomanufacturing competitiveness, with Shanghai's industry scale expected to exceed 1 trillion yuan by 2025 [10][11]. - Shenzhen has established a national biomanufacturing innovation center and is a hub for new enterprises in synthetic biology [11]. - Tianjin is leveraging its chemical industry base to develop biomanufacturing projects, attracting multinational companies [11]. Hydrogen and Nuclear Fusion Energy - Hydrogen and nuclear fusion energy are highlighted as clean energy "dual engines," with Beijing and Shanghai leading in technology and infrastructure development [12][13]. - Beijing plans to have 1,200 hydrogen fuel cell buses and 35 hydrogen stations by 2025, while Shanghai aims for its hydrogen industry to reach international leading levels by 2035 [13]. - Hefei is making significant advancements in nuclear fusion technology, participating in key international projects [14]. Brain-Computer Interfaces - The brain-computer interface (BCI) market in China is projected to grow from 3.2 billion yuan in 2024 to 5.58 billion yuan by 2027, with Shanghai, Beijing, and Shenzhen as the leading cities [15][16]. - Shanghai is developing a comprehensive BCI ecosystem and has launched the first BCI industrial cluster [16]. - Beijing is focusing on non-invasive BCI technologies, while Shenzhen is applying BCI in various fields, including education and gaming [17]. Embodied Intelligence - Embodied intelligence, represented by humanoid robots, sees Beijing, Shenzhen, Shanghai, and Hangzhou as the leading cities in technology and industry [18][19]. - Beijing aims to achieve significant technological breakthroughs and establish a robust industrial cluster by 2027 [19]. - Shenzhen is the manufacturing hub for humanoid robots, with a goal to support over 1,200 related enterprises by 2027 [19][20]. - Shanghai is working on a complete ecosystem for robotics, targeting a core industry scale of over 50 billion yuan by 2027 [20]. 6G Technology - 6G technology is being developed with Beijing as a core hub for standard-setting and innovation, aiming to create a testing environment by 2026 [21][22]. - Shenzhen is integrating 6G with AI and plans to establish a low-altitude economy demonstration zone [21][22]. - Nanjing is focusing on terahertz communication breakthroughs and aims for a 300 billion yuan industry value within five years [22][23].

Core Insights - The National Development and Reform Commission emphasizes the development of emerging pillar industries, including quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and 6G technology as new economic growth points [1] Quantum Technology - Hefei, Beijing, and Shanghai form the "first tier" in quantum technology, leading in enterprise and patent applications [2] - Hefei ranks first in China's quantum industry and second globally, with significant achievements in quantum computing [2] - Beijing focuses on foundational technology breakthroughs, while Shanghai specializes in neutral atom quantum computing [3] Biomanufacturing - Shanghai, Beijing, Shenzhen, and Tianjin are the top four cities in biomanufacturing competitiveness [4] - Shanghai's biomanufacturing industry is projected to exceed 1 trillion yuan by 2025, focusing on synthetic biology and cell therapy [5] - Shenzhen has established a national biomanufacturing innovation center, attracting a significant number of new enterprises [6] Hydrogen and Nuclear Fusion Energy - Beijing and Shanghai lead in hydrogen and nuclear fusion energy development, with various cities forming differentiated layouts [7] - Beijing plans to establish a comprehensive hydrogen energy infrastructure and has made breakthroughs in hydrogen fuel cell catalysts [8] - Shanghai aims to develop a leading hydrogen energy industry by 2035, with significant advancements in fuel cell vehicles [8] Brain-Computer Interfaces - Shanghai, Beijing, and Shenzhen are the leaders in the brain-computer interface market, which is expected to grow significantly by 2027 [9] - Shanghai has initiated a comprehensive layout for brain-computer interface technology, while Beijing focuses on non-invasive applications [10] Embodied Intelligence - Beijing, Shenzhen, Shanghai, and Hangzhou are leading in the embodied intelligence sector, particularly in humanoid robotics [12] - Beijing has established a humanoid robot innovation center, while Shenzhen is a manufacturing hub with a significant number of related enterprises [12][13] 6G Technology - Beijing, Shenzhen, Nanjing, and Shanghai are collaborating to establish a future network through 6G technology [14] - Beijing is a core hub for 6G standard formulation, while Shenzhen has a complete communication industry chain [15] - Nanjing has made breakthroughs in 6G terahertz frequency, aiming to become a 6G city with significant industrial output [16]

Group 1: Core Economic and Social Development Strategies - The "15th Five-Year Plan" emphasizes the construction of a modern industrial system, a strong domestic market, and coordinated regional development [1] - The plan aims to cultivate emerging and future industries, with a focus on sectors like quantum technology, bio-manufacturing, hydrogen energy, nuclear fusion, brain-machine interfaces, embodied intelligence, and 6G mobile communication [2][5] Group 2: Brain-Machine Interface (BMI) Industry Development - The BMI technology is recognized for its potential to transform economic structures and improve social welfare, with applications in medical rehabilitation and industrial manufacturing [2] - The "Implementation Opinions" issued in July 2025 will elevate the BMI industry to a national strategic level, aiming for breakthroughs in core technologies by 2027 and positioning the industry among the world's leaders by 2030 [3][5] - The BMI industry is projected to create a market scale in the hundreds of billions, generating numerous high-skilled jobs and enhancing China's competitive edge in global technology [5][6] Group 3: Policy and Market Support - The policy framework for BMI has evolved from local pilot projects to a comprehensive national strategy, fostering a collaborative environment among various government departments [3] - Local governments are responding rapidly, with initiatives like the establishment of specialized action plans and funding to support BMI innovation and development [3][4] - The integration of AI with BMI is expected to enhance the efficiency of brain signal decoding, leading to significant advancements in the industry [5][6] Group 4: Commercialization and Market Applications - Companies are exploring diverse business models in the BMI sector, including partnerships for clinical applications and consumer products, indicating a dual focus on B2B and B2C markets [6] - The BMI technology is anticipated to transition from niche applications to widespread use, aligning with China's goals for health and digital economy [6][7] - The current trajectory of BMI development in China highlights significant advancements in medical applications, particularly in areas like Parkinson's disease and mental health, supported by strong policy and market demand [6][7]

Core Viewpoint - The article discusses the comprehensive deployment of China's 15th Five-Year Plan, emphasizing the development of a modern industrial system, a strong domestic market, and coordinated regional development, with a particular focus on emerging industries like brain-machine interfaces [2][3][4]. Industry Development - The 15th Five-Year Plan aims to cultivate new pillar industries, with a focus on future industries such as quantum technology, bio-manufacturing, hydrogen energy, nuclear fusion, brain-machine interfaces, embodied intelligence, and 6G mobile communication [3][4]. - Brain-machine interface technology is highlighted for its potential to transform economic structures and improve societal welfare, enabling applications in medical rehabilitation, industrial manufacturing, and consumer electronics [3][4]. Policy Support - The brain-machine interface has been officially recognized as a future industry by the Ministry of Industry and Information Technology and other departments, marking its entry into national strategic planning [4][5]. - The "Implementation Opinions" released in July 2025 set clear goals for the brain-machine interface industry, aiming for breakthroughs in core technologies by 2027 and positioning the industry among the world's leaders by 2030 [4][5]. Market Potential - The brain-machine interface industry is projected to create a market scale in the hundreds of billions, generating numerous high-skilled job opportunities and establishing a new competitive advantage for China in global technology [6][7]. - The industry is expected to evolve towards more precise, safer, and more accessible technologies during the 15th Five-Year Plan, with significant advancements in hardware and software capabilities [6][7]. Commercial Applications - Companies are actively engaging in the brain-machine interface space, with various business models targeting both B2B and B2C markets, including medical rehabilitation and consumer electronics [7][8]. - Examples of commercial initiatives include partnerships for developing implantable systems, clinical transformation centers, and innovative products like brain-controlled games and smart mattresses [7][8]. Conclusion - The emphasis on brain-machine interfaces in the 15th Five-Year Plan signifies a shift from following to leading in this technology, aligning with China's development philosophy centered on improving human welfare [8].

Core Insights - The "Brain-Computer Interface Technology Seminar" held in Beijing focused on the innovative applications and future development of brain-computer interface (BCI) technology in clinical medicine and rehabilitation [1][5] - The event gathered top experts and representatives from various fields, emphasizing the importance of collaboration to accelerate the clinical translation and application of BCI technology [1][5] Group 1: Expert Contributions - Experts, including Gao Xiaorong, discussed the foundational research, technological bottlenecks, and future trends of BCI technology, providing cutting-edge academic perspectives [2] - Clinical experts shared valuable practical experiences regarding the use of BCI technology in treating neurological disorders such as consciousness disorders and Parkinson's disease, highlighting its significant clinical potential [2] Group 2: Clinical Applications - Professor He Jianghong emphasized that consciousness disorders represent a key clinical application for BCI technology, which can assist patients with motor function loss in expressing intentions and accelerating rehabilitation through intelligent technology [2] - The use of brain signal detection devices in conjunction with exoskeleton machines has shown superior results compared to passive rehabilitation methods [2] Group 3: Industry and Innovation - Zhang Cheng from Beijing Dako Brain Link Technology Co., Ltd. presented advancements in neuro-regulation and human-computer interaction devices aimed at severely disabled and dementia patients, addressing significant unmet clinical needs [4] - The seminar facilitated in-depth discussions on the pathways for the commercialization and industrialization of BCI technology, with a consensus on the necessity of breaking down barriers and creating an efficient collaborative innovation ecosystem [5] Group 4: Future Directions - The event served as a high-end platform for collaboration in the BCI field, outlining the application prospects and development directions of this technology in the future healthcare industry [5] - Participants expressed intentions to strengthen cross-disciplinary cooperation to promote innovation and development in neuro-regulation and human-computer interaction technologies for the benefit of patients [5]

Group 1 - The "14th Five-Year Plan" emphasizes the development of strategic emerging industries such as new energy, new materials, aerospace, and low-altitude economy, which are expected to create trillion-level markets [3] - The advanced manufacturing sector is projected to see a market expansion of approximately 10 trillion yuan over the next five years, with opportunities across the supply chain from components to maintenance and testing services [4] - The service industry is expected to undergo transformation, integrating with manufacturing and agriculture, creating new opportunities for traditional service providers [6] Group 2 - The health and welfare sector is highlighted as a significant growth area, with an anticipated increase in life expectancy to 80 years, leading to a burgeoning market for elderly care services and community support teams [8] - There is a strong demand for childcare services, with government support for establishing regulated childcare facilities, presenting opportunities for entrepreneurs [8] - The overall economic landscape is described as a vast ocean, with various sectors such as advanced manufacturing, emerging industries, and essential services providing fertile ground for ordinary individuals to establish themselves [8]

Group 1: Economic Development Strategy - The core outcome of the 20th Central Committee's Fourth Plenary Session is the approval of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" [1] - The "15th Five-Year" period is crucial for achieving socialist modernization, with a focus on solidifying foundations and breaking through bottlenecks [1][2] - The emphasis is on relying on the real economy for future growth, with a significant contribution from the "three new" economies, which accounted for over 18% of GDP in 2024 [2] Group 2: Industrial and Agricultural Modernization - The plan outlines 12 strategic tasks, with the first being the construction of a modern industrial system to strengthen the real economy [2][3] - Traditional industries, which account for about 80% of manufacturing value, will undergo quality upgrades, with an estimated market space increase of around 10 trillion yuan over the next five years [3] - Agricultural modernization is prioritized, with specific measures to enhance agricultural productivity and ensure rural revitalization [4][5] Group 3: Technological Innovation - Technological innovation is highlighted as a key driver for economic and social development, with R&D investment expected to exceed 3.6 trillion yuan in 2024, a 48% increase from 2020 [7][8] - The focus will be on integrating technology with industry to enhance productivity and foster new economic growth points, particularly in artificial intelligence and high-tech sectors [8] Group 4: Open Economy and Global Integration - The strategy aims to shift from a "follower" to a "leader" in global trade, with initiatives to expand autonomous openness and enhance trade innovation [10][11] - China aims to leverage its large market potential, with over 800 million people expected to join the middle-income group in the next decade, to boost consumption and attract foreign investment [11]