机器之心报道 编辑：Panda Neuralink，一家或许代表着人与机器共生未来的公司，或将迎来一个有力的挑战者。 据《金融时报》报道，OpenAI 及其联合创始人山姆・奥特曼正准备投资一家名为 Merge Labs 的创业公司，该公司的目标与伊隆・马斯克的 Neuralink 一致，都是 连接人脑与计算机。 无疑，此举将加剧这两位亿万富翁企业家之间的竞争。 《金融时报》表示未能从 OpenAI 处获得对此事件的评论，而马斯克对此的评价是： 2017 年，奥特曼曾就此话题撰写了一篇长篇博文，推测这一时刻最早可能在 2025 年到来。 具体来说，该媒体从三位知情人士得到了消息，称 Merge Labs 目前正在以 8.5 亿美元的估值筹集新资金，预计大部分新资金将来自 OpenAI 的风险投资团队。两位 知情人士表示，奥特曼很鼓励这项投资，并将与 Alex Blania 一起帮助启动该项目。Alex Blania 目前负责一个眼球扫描数字身份证项目 World，该项目也得到了奥 特曼的支持。他们补充说，奥特曼也将成为该公司的联合创始人，但不参与新项目的日常工作。 事实上，硅谷现在已经有不少脑机接口方向的年轻创 ...

Market Performance - A-shares saw all three major indices open higher and continue to rise, with the Shanghai Composite Index reaching a new high for the year at 3669.04 points, closing at 3665.92 points, up 0.50% [1] - The Shenzhen Component Index closed at 11351.63 points, up 0.53%, while the ChiNext Index closed at 2409.40 points, up 1.24% [1] - Total trading volume in the Shanghai and Shenzhen markets reached 188.16 billion yuan, an increase of approximately 50 billion yuan from the previous trading day [1] AI Sector Growth - The AI sector experienced a significant uptick, with related industries such as chips, optical modules, and liquid-cooled servers showing strong performance [2] - AI chip manufacturer Cambricon Technologies saw its stock price surge, hitting a 20% limit up, with total trading volume of 15.1 billion yuan, raising its market capitalization to 355.1 billion yuan [2] - Major AI industry leaders like Industrial Fulian, Zhongji Xuchuang, and Xinyisheng all rose over 5% [2] Semiconductor Industry Insights - Semiconductor companies like SMIC and Hua Hong Semiconductor reported strong Q2 earnings, with SMIC's gross profit reaching 450 million USD, a 69.7% year-on-year increase, and Hua Hong's profit at 8 million USD, up 19.2% year-on-year and 112.1% quarter-on-quarter [2] - Hua Hong's production capacity utilization rate reached 108.3%, indicating full production status [2] - Analysts noted that the increase in mature process capacity utilization was a key factor driving better-than-expected performance for SMIC [2] Brain-Computer Interface (BCI) Sector - The BCI sector showed strong performance, with leading companies like Innovation Medical and Qisheng Technology hitting their daily price limits [4] - The Ministry of Industry and Information Technology released guidelines aiming for breakthroughs in BCI technology by 2027 and the establishment of a competitive industry ecosystem by 2030 [4] - The establishment of the Hubei BCI Industry Innovation Development Alliance aims to promote cross-domain technology integration and resource sharing [4] Investment Opportunities - The A-share market is witnessing a strong performance in both traditional cyclical sectors and technology growth sectors, contributing to new highs in stock indices [6] - Analysts suggest that the ongoing "anti-involution" policies are catalyzing resource stock performance, while sectors like AI, robotics, and semiconductors are experiencing significant growth [7] - The proportion of high-growth industries (net profit growth over 30%) has increased from 11.45% at the end of 2024 to 22.14%, indicating a favorable environment for active investment [7]

Core Viewpoint - The current market is characterized by a structural bull market, where indices are reaching new highs, but a significant number of stocks are experiencing declines. This indicates a selective and steady growth pattern rather than a blind surge, allowing patient investors to benefit [1]. Group 1: Market Dynamics - The three major indices have reached new highs, with the Shanghai Composite Index rising by 0.5%, the Shenzhen Component by 0.53%, and the ChiNext by 1.24% [9]. - Despite the overall index gains, over 3,100 stocks have declined, highlighting the selective nature of the current market rally [1][9]. - Retail investors have been the main source of incremental capital in the recent bull market, with 1.96 million new accounts opened in July, representing a significant increase in market participation [4][5]. Group 2: Sector Performance - The domestic chip sector saw significant gains, with 12 companies hitting the daily limit up, particularly highlighted by the performance of Cambrian [9]. - The computing hardware sector continues to rise, driven by advancements in AI capabilities, as noted by OpenAI's CEO [9]. - The brain-computer interface sector also experienced a surge following new government policies aimed at promoting industry innovation [9]. Group 3: Fund Flows and Investment Trends - Retail investors are withdrawing funds from other safe-haven assets, with a notable decrease in fixed-income products and gold ETFs, indicating a shift in sentiment towards equities [5]. - Active equity fund positions in A-shares have decreased to 71.4%, the lowest in 20 quarters, suggesting limited motivation for public funds to increase their holdings [5]. - The net outflow of main funds reached 12.607 billion yuan, with the defense and military industry experiencing the largest outflow [17]. Group 4: Policy and Regulatory Environment - Recent government policies, including the implementation of personal consumption loan subsidies, aim to stimulate consumer spending [12]. - Regulatory pressures are being applied to limit the use of low-end AI chips from Nvidia and AMD in sensitive areas, promoting domestic alternatives [8]. Group 5: Industry Insights - The coal industry is facing production cuts in Shandong, which are expected to impact coke production by approximately 41,000 tons [14]. - The stablecoin sector is seeing developments with Fosun applying for a license in Hong Kong, aiming to establish a real-world asset ecosystem [15]. - The lithium battery industry is focusing on healthy competition and capacity management, with key players discussing production and sales strategies for 2024 and 2025 [16].

证券研究报告|行业专题研究 2025 08 12 年 月 日 技 术 进 步 与 政 策 支 持 双 重 共 振 ， 脑 机 接 口 产 业 未 来 可 期 分析师 张金洋 分析师 杨芳 分析师 王震 邮箱：zhangjinyang@gszq.com 邮箱：yangfang@gszq.com 邮箱：wangzhen1@gszq.com 打造极致专业与效率 执业证书编号：S0680519010001 执业证书编号：S0680522030002 执业证书编号：S0680525040002 投资要点 技术进步与政策支持共振，脑机接口迎来商业化曙光。 Neuralink掀起全球脑机接口研发热潮，海外脑机接口快速发展。海外脑机接口重要催化不断， Neuralink： 2024年1月，马斯克宣布其脑机接口公 司Neuralink完成了首例脑机接口手术植入，引爆了全球对脑机接口的研究热情。截至2025年6月，共7名患者接受了Neuralink的脑机接口设备植入。 苹果： 2025年8月，苹果联合Synchron首次公开"意念控 iPad"技术，渐冻症患者可通过意念操作iPad。 其他： 海外脑机接口行业快速发展，各 公司均 ...

Market Overview - The A-share market continues to rise, with the Shanghai Composite Index recording a seven-day winning streak and reaching a new high for the year, closing up 0.5% [2] - A total of 2,084 stocks rose, while 3,167 stocks fell, indicating a broad market movement [2][3] Sector Performance - Brain-computer interface concept stocks surged, with Innovative Medical hitting the daily limit up, following the release of implementation opinions from multiple government departments aimed at promoting the brain-computer interface industry [3] - Semiconductor stocks collectively strengthened, with Cambricon Technologies hitting a new high, driven by positive rumors surrounding multiple companies [6][7] Notable Stocks - Cambricon Technologies (688526) and other related stocks saw significant gains, with Cambricon rising by 20% to a price of 848.88 [4][7] - Other notable gainers included Shanghai Heyuan (688584) and Shengke Communication (688702), both experiencing substantial increases [7] Policy Impact - The U.S. administration has extended the tariff suspension on China for an additional 90 days, which is expected to alleviate market concerns regarding technology competition and supply chain disruptions [8] - The extension of the tariff truce is seen as a positive development, reducing uncertainty ahead of U.S. inflation data releases [8] Investment Trends - Analysts suggest that the current market rally is supported by various sources of incremental capital, including institutional funds and individual investors, indicating a shift towards equity assets [9] - The recent surge in margin trading balances to a ten-year high reflects a rising risk appetite among individual investors [9] Company Developments - Fosun International experienced a sharp increase of approximately 20% in its stock price, following reports of its application for a stablecoin license in Hong Kong [9][10]

Market Overview - On August 12, the market experienced a steady rise, with the Shanghai Composite Index recording a seven-day winning streak and all three major indices reaching new highs for the year. The A-share market had a total trading volume of 1.91 trillion yuan, an increase of 554.26 billion yuan compared to the previous trading day. The Shanghai Composite Index rose by 0.5%, the Shenzhen Component Index by 0.53%, and the ChiNext Index by 1.24% [1]. Sector Performance - Chip stocks surged in the afternoon, with Cambrian Technology hitting the daily limit and reaching a historical high. AI hardware stocks also showed strength, with several stocks, including Shenghong Technology, setting new historical highs. Local stocks from Xinjiang maintained strong performance, with companies like Xinjiang Communications Construction achieving three consecutive gains. Conversely, military stocks underwent adjustments, with companies like Jieqiang Equipment dropping over 5%. The semiconductor, port, CPO, and Xinjiang sectors led the gains, while PEEK materials, rare earth permanent magnets, military, and lithium mining sectors saw declines [5]. Cambrian Technology Insights - Cambrian Technology's stock price reached 848.88 yuan per share, marking a historical high with a market capitalization of approximately 335.13 billion yuan. The company adjusted its fundraising plan, reducing the total amount from no more than 4.98 billion yuan to no more than 3.99 billion yuan. Analysts believe this reduction in fundraising will decrease equity dilution and enhance the probability of successful completion. The company is expected to improve its competitiveness with new product directions, and the AI chip industry is anticipated to see a significant increase in market potential [7][8]. AI Technology Developments - Huawei officially launched its AI inference innovation technology, UCM, which focuses on KV Cache management to enhance inference acceleration. This technology has been applied in various business scenarios, achieving positive results. The brain-computer interface concept is gaining traction, with companies like Mylande and Xiangyu Medical seeing significant stock price increases. The Ministry of Industry and Information Technology has issued guidelines to promote the brain-computer interface industry, aiming for breakthroughs in key technologies by 2027 and establishing a competitive industry ecosystem by 2030 [9][10]. Financing Trends - As of August 11, the A-share market's financing balance reached 2.0122 trillion yuan, the highest since July 2, 2015. This year, the financing balance has increased by 158.06 billion yuan, with the pharmaceutical and biotechnology sectors seeing significant inflows. The net buying amount for BYD was the highest, while Dongfang Wealth saw the largest net selling. The current financing balance relative to the market's free float market value remains low compared to 2015, indicating potential for market sentiment improvement with increased policy support [12].

Market Overview - A-shares continue to rise, with the Shanghai Composite Index recording a seven-day winning streak and reaching a new high for the year, closing up 0.5% [2] - A total of 2,084 stocks rose, with 60 hitting the daily limit, while 3,167 stocks declined [3] Stock Performance - The total trading volume reached 19,052.10 billion, with a total of 12,551,627 shares traded [4] - Notable stocks include: - Cambrian (688526) and Xiangyu Medical (688626) both rose by 20% [6] - Innovative Medical (002173) increased by 9.99% [6] - Major gains were also seen in liquid cooling server stocks, with Dayuan Pump Industry (603757) rising by 10% [8] - Semiconductor stocks collectively strengthened, with Cambrian hitting a new high [11] Policy Impact - The Ministry of Industry and Information Technology and six other departments released guidelines to promote the brain-computer interface industry, aiming for breakthroughs in key technologies by 2027 [5] - The U.S. administration's decision to extend the tariff suspension on China for 90 days is seen as a positive factor for the market [13] - The willingness of the U.S. to allow some chip sales to China has alleviated concerns about escalating tech competition and supply chain disruptions [14] Investment Trends - There is a notable increase in institutional and retail investor participation, with significant inflows from insurance, pension funds, and public offerings [14] - The M1-M2 growth rate gap is narrowing, indicating increased liquidity and a recovery in consumer and investment sentiment [14] - The current market trend is expected to continue, with a focus on technology growth as a key policy direction [14] Company News - Fosun International experienced a sharp rise of approximately 20% after reports of its application for a stablecoin license in Hong Kong [16][18]

2025.08. 12 本文字数：989，阅读时长大约2分钟 作者 | 一财资讯 8月12日，截至收盘，沪指涨0.50%日线七连阳，深成指涨0.53%，创业板指涨1.24%。科创50指数涨1.91%。 | 代码 | 现价 | | --- | --- | | 000001 上证指数 | 3665.92c | | 399001 深证成指 >> | 11351.63c 60.21 0.53% | | 899050 北证50 | 1449.63c | | 881001 万得全A | 5743.06c 19.48 0.34% | | 000688 科创50 -- | 1069.81c 20.08 1.91% | | 399006 创业板指 | 2409.40c 29.58 1.24% | | 000300 沪深300 | 4143.83c 21.31 0.52% | 沪深两市全天成交额1.88万亿元。 盘面上看，半导体、港口航运、脑机接口、CPO、新疆等板块涨幅居前，PEEK材料、稀土永磁、军工、锂矿等板块跌幅居前。 具体来看，半导体板块强势拉升，上海合晶、寒武纪20%涨停，盛科通信逼近涨停，源杰科技涨超10%。其中， ...

Market Overview - A-shares experienced a strong opening and closing, with all three major indices reaching new highs for the year. The Shanghai Composite Index rose by 0.50% to 3665 points, the Shenzhen Component increased by 0.53%, and the ChiNext Index surged by 1.24% [1][2] - The total trading volume for the day was 1.91 trillion yuan, an increase of 553 billion yuan compared to the previous trading day, with over 3100 stocks declining [1] Sector Performance - The brain-computer interface sector led the gains, with stocks like Mailland and Xiangyu Medical hitting the daily limit, while the multi-financial sector also saw significant increases, with Jiuding Investment reaching the daily limit [2][4] - Semiconductor and AI chip sectors experienced a midday surge, with Cambrian Technology hitting a 20% limit up [2][4] - The gas sector showed strong performance, with stocks like Dongfang Huanyu and Xinjiang Huojun reaching the daily limit [2][8] - The real estate sector saw widespread gains, with stocks such as Shahe Co. and Electronic City hitting the daily limit [2][11] Notable Stocks - In the brain-computer interface sector, Mailland rose by 18.06% to 52.83 yuan, while Xiangyu Medical increased by 11.02% to 64.40 yuan [5] - In the semiconductor sector, Shanghai Hejing and Cambrian Technology both hit the daily limit, with Cambrian Technology priced at 848.88 yuan, up 20% [9] - Jiuding Investment in the multi-financial sector rose by 10.01% to 19.67 yuan [7] - The gas sector saw Dongfang Huanyu and Xinjiang Huojun both increase by 10% [8] Market Outlook - Citic Securities indicated that the A-share market may face some resistance in the short term due to weaker-than-expected PPI and the expiration of tariff agreements, but it remains in a bull market continuation phase. The recent industry rotation suggests opportunities in new low-segment varieties, particularly in defense, AI computing, semiconductors, and innovative pharmaceuticals [1][2][15]

Group 1 - The company has established a dual-track strategy focusing on both "invasive and non-invasive" approaches in the brain-computer interface (BCI) sector [1] - In the non-invasive serious medical field, the company is integrating existing rehabilitation equipment with brain-computer interfaces to enhance product functionality and is actively promoting commercialization [1] - Beyond the medical field, the company is exploring applications in "non-medical" scenarios, including education, elderly care, and health, having launched a BCI biofeedback system aimed at attention detection and training in the education sector [1] Group 2 - In the invasive field, the company is constructing a BCI technology research verification center and an animal testing center, which are crucial for its strategic layout in the BCI domain [1] - These two centers will create a complete innovation chain from "basic research - technology verification - achievement transformation" [1]