10月23日，中国共产党第二十届中央委员会第四次全体会议公报发布，其中明确提出培育壮大新兴产业 和未来产业。 此前9月，在第25届中国国际工业博览会上，工业和信息化部党组书记、部长李乐成在展望"十五五"重 点任务时也提到，要建立未来产业投入增长机制，开辟脑机接口等新赛道。 实际上，近年来，随着人工智能和神经科学不断突破，脑机接口技术正加速从实验室走向临床和商业化 应用。 据Precedence Research，2024年全球脑机接口市场规模约为26.2亿美元，预计2025年将达到29.4亿美元， 到2034年有望进一步增长至124亿美元。 据了解，脑机接口行业已经形成了完整的产业链，涵盖上游（材料、芯片、电极等）、中游（信号采集 感知处理等）、下游（医疗健康、生活消费、工业生产等）等多个环节。 脑机接口应用场景范围巨大，从医疗健康、消费娱乐、工业安全到载人航天，都有潜在应用空间。比 如，根据赛迪顾问报告，在医疗健康场景中，中国已完成了意念合成汉语、意念控制光标移动、意念控 制手套外骨骼等临床试验。截至2024年底，中国共开展168项脑机接口相关的临床试验，其中2024年新 增50项 ，较上年有较大增长。 华 ...

Core Insights - The Chinese government aims to optimize and enhance traditional industries, estimating an additional market space of approximately 10 trillion RMB over the next five years [1][2] Group 1: Traditional Industry Enhancement - The strategy emphasizes the importance of building a modern industrial system, with a focus on solidifying and expanding the foundation of the real economy [1] - Key tasks include upgrading traditional industries such as chemicals, machinery, and shipbuilding to improve their global competitiveness [1] - The initiative is expected to accelerate qualitative improvements and reasonable quantitative growth in traditional industries, releasing significant development momentum and benefits for people's livelihoods [1] Group 2: Emerging and Future Industries - The plan includes fostering new pillar industries and accelerating the development of strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy [2] - It aims to lay the groundwork for future industries, promoting advancements in quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communications [2] - These emerging sectors are projected to generate a market scale equivalent to recreating China's high-tech industry over the next decade, injecting continuous new momentum into the economy [2] Group 3: Service Industry and Infrastructure Development - The strategy promotes high-quality and efficient development of the service industry, aiming to enhance the integration of modern services with advanced manufacturing and modern agriculture [2] - It includes actions to expand and improve service capabilities, which will help reshape the economic ecosystem and better meet the needs of the population [2] - The plan also focuses on constructing a modern infrastructure system, emphasizing coordinated planning and the construction of new-type infrastructure to enhance connectivity and safety [2]

Core Insights - The report emphasizes the importance of high-quality development, technological self-reliance, and deepening reforms as key goals for the 14th Five-Year Plan period [3][4][5][6] - It highlights the transition from traditional industries to strategic emerging industries, focusing on innovation-driven growth and intelligent manufacturing [5][6][7] - The future outlook suggests that technological self-reliance will be the main theme for the next five years, with significant growth expected in new strategic industries [7][8] Summary by Sections 12th Five-Year Plan - The core focus was on optimizing industrial structure and enhancing foundational capabilities, with key areas including modern agriculture, manufacturing upgrades, and strategic emerging industries [4] - The report notes that the growth sector's market share was only 14.5% at the beginning of the 12th Five-Year Plan, while traditional industries saw significant value increases due to urbanization and industrialization [4] 13th Five-Year Plan - The emphasis shifted to innovation-driven development and intelligent manufacturing, with a clear directive to implement the "Made in China 2025" initiative [5] - The report indicates that the market share of consumption rose to 25.47%, with a notable 78% increase in the consumption index net value during this period [5] 14th Five-Year Plan - The focus is on modernizing the industrial chain and ensuring technological self-sufficiency, with a push for new generation information technology and green industries [6] - The report highlights that the consumer sector's market share decreased to 23.94%, while the growth sector's share increased to 21.50%, indicating a shift in market dynamics [6] Future Outlook - The report anticipates that by 2024, the contribution of the "three new" economies to GDP will exceed 18%, with emerging industries like new energy and materials expected to drive significant market growth [7][8] - It identifies sectors with strong global competitiveness, such as general computing equipment and electronic chemicals, as key areas for investment during the 15th Five-Year Plan [12]

Core Viewpoint - The article discusses the key outcomes of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, particularly focusing on the approval of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" which outlines strategic tasks and major initiatives for the upcoming five years [3][7][9]. Summary by Sections General Overview - The "Suggestions" consist of 15 parts and 61 articles, divided into three main sections: general principles, specific strategies, and concluding remarks [3][9]. - The first section highlights significant achievements during the "14th Five-Year" period and the importance of the upcoming "15th Five-Year" period for economic and social development [9]. Strategic Tasks - The "Suggestions" emphasize building a modern industrial system and strengthening the foundation of the real economy, focusing on intelligent, green, and integrated development [4][20]. - Key tasks include upgrading traditional industries, nurturing emerging industries, and promoting high-quality development in the service sector [4][22]. Economic and Social Development Goals - The main goals for the "15th Five-Year" period include achieving significant results in high-quality development, enhancing self-reliance in technology, and improving social civilization levels [16]. - The plan aims to ensure that by 2035, China will have fundamentally achieved socialist modernization, with the "15th Five-Year" period being crucial for laying the groundwork [17]. Agricultural Modernization - Agricultural modernization is identified as a critical area needing priority attention, with a focus on addressing rural issues and promoting urban-rural integration [18]. Infrastructure Development - The "Suggestions" call for the construction of a modern infrastructure system, enhancing connectivity and efficiency across various sectors [23]. Domestic Market Strengthening - The article highlights the importance of a strong domestic market as a strategic foundation for modernization, with efforts to eliminate market barriers and enhance regulatory frameworks [25][26]. Technological Innovation - Emphasis is placed on strengthening original innovation and tackling key core technologies, with a focus on strategic sectors such as integrated circuits and high-end equipment [29]. Open Economy - The "Suggestions" advocate for expanding autonomous openness, enhancing market access, and fostering international trade relationships [32][33]. Population Development - The plan includes initiatives to promote a family-friendly society, improve elderly care, and enhance the quality of life for the aging population [35][37]. Anti-Corruption Measures - The article concludes with a commitment to maintaining a robust anti-corruption stance, ensuring strict oversight of power and governance [39].

Economic Outlook - China's economic foundation is stable, with multiple advantages, strong resilience, and significant potential, indicating that the long-term positive support conditions and basic trends remain unchanged [2][5] - The "14th Five-Year Plan" has achieved significant development milestones, and the "15th Five-Year Plan" is crucial for solidifying foundations and comprehensive efforts [3][4] Strategic Development - The government aims to cultivate and expand emerging and future industries, focusing on strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy [2][7] - Key areas for technological breakthroughs include integrated circuits, industrial mother machines, and high-end instruments, with a goal of achieving decisive breakthroughs in core technologies [2][9] Domestic Demand Expansion - The plan emphasizes the importance of expanding domestic demand, with initiatives to boost consumption and investment, and to implement major projects that enhance market access and participation [8] - A unified market system is proposed to eliminate local protectionism and market segmentation, thereby maximizing the benefits of China's large-scale market [8] Technological Innovation - The integration of technological innovation and industrial innovation is a priority, with a focus on original innovation and breakthroughs in key technologies [9][10] - The government plans to enhance the role of enterprises in technological innovation and support the development of high-tech enterprises and small and medium-sized technology firms [10] Social Development Goals - The "15th Five-Year Plan" outlines seven main goals, including significant improvements in high-quality development, technological self-reliance, social reform, cultural confidence, and environmental sustainability [6] - The plan aims to enhance the quality of life for citizens, improve public services, and strengthen national security [6] Market Openness - The government is committed to expanding market access and enhancing the business environment, particularly in the service sector, to align with international high-standard trade rules [11] - Efforts will be made to balance imports and exports, ensuring that both industrial transformation and the needs of citizens are met [11] Social Welfare Initiatives - The plan includes measures to create a family-friendly society, optimize childbirth support policies, and improve basic elderly care services [13] - There is a focus on developing integrated services for childcare and elderly care, as well as promoting the economic participation of older adults [13]

Core Viewpoint - The article discusses the key points from the press conference held by the Central Committee of the Communist Party of China, focusing on the spirit of the Fourth Plenary Session of the 20th Central Committee, emphasizing the importance of innovation and the development of emerging industries in China. Group 1: Economic Development - In 2024, the value added of China's "three new" economy is expected to exceed 18% of GDP [1] - The proposal for the 15th Five-Year Plan aims to cultivate emerging pillar industries and accelerate the development of strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy, which could create several trillion-yuan markets [1] - The plan also emphasizes the forward-looking layout of future industries, promoting quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication as new economic growth points [1] Group 2: Future Industry Outlook - The emerging industries are expected to gain momentum and potentially recreate a high-tech industry landscape in China over the next decade [1]

中共中央今天（24日）上午举行新闻发布会，介绍和解读党的二十届四中全会精神。 国家发展改革委党组书记、主任郑栅洁介绍，创新育新，就是要培育壮大新兴产业和未来产 业。2024年，我国"三新"经济增加值占GDP比重超过18%。《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》提出打造新兴支柱产业，加快新能源、新材料、航空航天、 低空经济等战略性新兴产业集群发展，将催生数个万亿元级甚至更大规模的市场；《建议》还 提出前瞻布局未来产业， 推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身智 能、第六代移动通信等成为新的经济增长点。这些产业蓄势发力，未来10年将再造一个中国高 技术产业。 来源丨央视新闻 编辑丨黎雨桐 一文看懂党的二十届四中全会公报，信息量太大 四中全会重要部署，释放关键信号 SFC 21君荐读 视频编辑丨许婷婷 ...

Core Insights - The article emphasizes the strategic layout for future industries, focusing on emerging sectors such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication as new economic growth points [1] Industry Developments - The National Development and Reform Commission highlights the importance of fostering new and emerging industries, projecting that by 2024, the value added by the "three new" economies will exceed 18% of GDP [1] - The proposal aims to create new pillar industries and accelerate the development of strategic emerging industry clusters, including new energy, new materials, aerospace, and low-altitude economy, which are expected to generate several trillion-yuan markets [1] Future Outlook - The recommendations suggest a forward-looking approach to future industries, indicating that the aforementioned sectors will gain momentum and potentially recreate a high-tech industry landscape in China over the next decade [1]

Core Insights - The year 2025 is anticipated to be a pivotal year for brain-computer interfaces (BCIs), with rapid advancements and significant capital influx into the sector [1][9] - The integration of AI and BCIs is seen as a potential game-changer, with both technologies expected to converge and enhance each other [9][32] Investment and Development - Brain Tiger Technology, founded by Tao Hu, received early angel investment of 30 million yuan from Chen Tianqiao, who has been a key supporter throughout its development [3][25] - The BCI industry has seen a compound annual growth rate of over 30% in financing events from 2018 to 2024, with 20 new financing events in Q3 2025 alone [9][29] Technological Advancements - Brain Tiger has developed a high-throughput, implantable flexible BCI that can decode both motor and language signals in real-time, making it the only company globally with this dual capability [4][6] - The company has conducted 53 short-term clinical trials and is set to initiate the world's first long-term clinical trial of a fully wireless, fully implanted, and fully functional flexible cortical BCI [9][14] Clinical Applications - BCIs are being utilized in clinical settings to assist disabled patients in controlling prosthetic limbs and enabling communication for those with speech impairments [4][6] - Recent trials have demonstrated the ability of BCIs to decode neural signals into coherent language, allowing patients to communicate thoughts without verbalizing [6][18] Market Landscape - The global BCI market was valued at $1.2 billion in 2019 and is projected to reach $2.48 billion by 2024, primarily driven by medical applications [23] - Major players in the industry, including OpenAI and Meta, are recognizing the potential of BCIs, leading to increased competition and investment [9][32] Future Vision - Tao Hu envisions BCIs evolving from merely restoring normal function to enhancing human capabilities beyond physical limits, aiming for a future where humans can possess AI-like abilities [9][32] - The long-term strategy for Brain Tiger includes three phases: commercializing research applications, obtaining medical device certifications, and building an ecosystem that connects BCIs with AI and other technologies [23][24]

Core Insights - The brain-computer interface (BCI) industry is rapidly developing, allowing direct communication between the brain and external devices, driven by advancements in brain science, artificial intelligence, and related fields [2][3] - China has multiple advantages in developing the BCI industry, including technological leadership in non-invasive interfaces, a growing number of specialized enterprises, and significant market demand driven by aging populations and industrial upgrades [2][3] - The global BCI market is projected to grow from approximately $2.62 billion in 2024 to $2.94 billion in 2025, and is expected to reach $12.4 billion by 2034 [4] Industry Overview - The BCI industry has established a complete industrial chain, covering upstream (materials, chips, electrodes), midstream (signal acquisition and processing), and downstream (medical health, consumer life, industrial production) sectors [4] - The technology development process involves four core steps: neural signal acquisition, signal processing and feature extraction, decoding and machine learning, and feedback and control [3] - BCI technology can be categorized into three implementation paths: invasive (for precise neural signal acquisition), semi-invasive (balancing signal quality and safety), and non-invasive (easier public acceptance) [3] Market Potential - The BCI industry is witnessing a shift from laboratory research to clinical and commercial applications, with significant growth in market size anticipated due to advancements in artificial intelligence, neuroscience, and computer science [4] - The increasing demand for medical rehabilitation and industrial automation presents vast opportunities for BCI technology implementation in China [2] Investment Opportunities - Recommended companies to watch in the BCI sector include: - Yanshan Technology (002195.SZ) - Hanwei Technology (300007.SZ) - Sanbo Brain Science (301293.SZ) - Innovation Medical (002173.SZ) - Dongfang Zhongke (002819.SZ) - Xiangyu Medical (688626.SH) - Entropy Technology (301330.SZ) - Chengyitong (300430.SZ) - Weisi Medical (688580.SH) - Mailande (688273.SH) - Aipeng Medical (300753.SZ) - Beiyikang (920199.BJ) [5]