Core Viewpoint - The brain-computer interface (BCI) sector is experiencing significant stock price increases, driven by strong market interest and recent developments in the industry [1] Group 1: Stock Performance - Micron Brain Science (02172) rose by 8.15%, reaching HKD 13.53 [1] - Nanjing Panda Electronics (00553) increased by 7.38%, trading at HKD 6.26 [1] - Lens Technology (06613) saw a rise of 5.07%, priced at HKD 30.26 [1] Group 2: Market Developments - Strong Brain Technology has confidentially submitted an IPO application in Hong Kong after securing approximately CNY 2 billion in funding, marking the second-largest financing record in the BCI field globally, after Neuralink [1] - Elon Musk announced plans to commence large-scale production of BCI devices in 2026, alongside the development of fully automated surgical solutions, expressing confidence in aiding paralysis patients to regain full functionality [1] Group 3: Market Size and Growth Projections - According to Precedence Research, the global BCI market is projected to reach USD 2.62 billion in 2024, increasing to USD 2.94 billion by 2025, and potentially growing to USD 12.4 billion by 2034, with a compound annual growth rate (CAGR) of 17.35% over the next decade [1] - The Chinese BCI market is expected to reach CNY 3.2 billion in 2024, with projections of CNY 6.14 billion by 2028 [1] - The Central Committee of the Communist Party of China emphasizes the development of future industries, including BCI, as new economic growth points, aiming to create a new high-tech industry in China over the next decade [1]

智通财经APP获悉，1月12日，市场消息称，杭州"六小龙"之一强脑科技以保密形式提交港股IPO申请。 据日前媒体报道，强脑科技于近期完成约20亿元的战略融资，本轮融资吸引了多家国际顶级风险投资机 构及消费电子领域的产业资本参与，规模仅次于马斯克旗下Neuralink，为全球脑机接口领域第二大单轮 融资。 据天眼查，强脑科技最早于2016年完成天使轮和Pre-A轮融资，并在2019年完成4亿美元A轮融资。2025 年，公司又先后从道氏技术和三七互娱完成3000万美元Pre-B轮以及2000万美元B轮融资。 公开资料显示，强脑科技自2015年孵化成立以来，始终聚焦非侵入式脑机接口技术，其自主研发的"超 级传感器"可在体表高精度捕捉微弱脑电信号，并转化为控制指令。目前，公司已推出智能仿生手、脑 机安睡仪等产品，其中智能仿生手更是国内首个获美国FDA认证的非侵入式脑机接口设备，实现了 从"能用"到"好用"的跨越。 ...

Group 1 - The A-share market saw a strong performance in brain-computer interface concept stocks, with several companies approaching or hitting their daily limit up [1] - Notable gainers included Entropy Technology, which approached a 20% limit up, and Dao's Technology and Yingkang Life, both rising over 13% [1] - Other significant performers included Tom Cat, which increased by over 10%, and Yanshan Technology, which hit a 10% limit up [1] Group 2 - The table lists various companies with their respective stock codes, percentage increase, total market capitalization, and year-to-date performance [2] - Entropy Technology (301330) had a 19.40% increase, with a market cap of 11.7 billion and a year-to-date increase of 50.11% [2] - Dao's Technology (300409) rose by 13.91%, with a market cap of 25.9 billion and a year-to-date increase of 47.49% [2] - Yingkang Life (300143) increased by 13.01%, with a market cap of 10 billion and a year-to-date increase of 35.43% [2] - Other companies like Tom Cat (300459) and Yanshan Technology (002195) also showed significant gains, with year-to-date increases of 29.63% and 60.65% respectively [2]

证券研究报告|行业深度报告 2026 年 01 月 12 日 脑机接口行业报告 产业发展迎来黄金期，蓝海市场广阔 中游制造/汽车 脑机接口行业作为极具发展潜力的新兴领域，正站在科技变革的风口浪尖。全 球范围内，美国、欧盟、日本等在战略层面积极布局，企业数量不断增长，投 融资活动活跃，看好 2026 年脑机接口板块性投资机会。 推荐（维持） 3、《车企加速跟进 L3 领域，看好智 能驾驶产业链—汽车行业周报》 2025-12-28 | 汪刘胜 S1090511040037 | | --- | | wangls@cmschina.com.cn | | 杨岱东 S1090523040002 | | yangdaidong1@cmschina.com.cn | | 梁镫月 S1090525070007 | | liangdengyue@cmschina.com.cn | 敬请阅读末页的重要说明 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 267 | 5.2 | | 总市值（十亿元） | 4890.3 | 4.4 | | 流通市值（十亿元） | 4246.5 | 4 ...

恒指涨0.86%，恒生科技指数涨2.08%。AI应用概念股大幅上涨，大模型"双雄"智谱、MiniMax强势领 涨；重型机械股、半导体股、手游股、苹果概念股活跃。另外，内房股、保险股、脑机接口概念股走 低。 ...

在走进中央音乐学院"央音一号"实验室之前，记者对脑机接口实验的印象，还停留在受试者需要当 场洗头的阶段——为了确保实验设备与头皮之间有良好的电接触，提高信号采集的质量。 而在"央音一号"实验室工作人员的引导下，记者仅需要戴上一个非侵入式脑机接口设备，佩戴好头 环后，脑电数据会实时传递到工作人员的电脑上，耳机里传来人工智能互动的声音，一场与AI音乐治 疗师的对话由此开始。 2025年11月，国内首款音乐脑机接口"央音一号"正式发布。中央音乐学院音乐人工智能与音乐信息 科技系主任李小兵介绍，"央音一号"由该系自主研发，融合先进脑机接口技术、多通道神经信号采集、 情绪识别算法音乐大模型及人工智能音乐治疗系统等先进技术。 这是国内首次在音乐与神经技术交叉领域推出的前沿脑机接口产品。设备需接触头皮采集脑电和心 率血氧等生理信号，能同步监测佩戴者的放松指数、专注度指数、情感指数等，再结合主观评分，为后 续音乐治疗提供精准依据。 体验开始。 人工智能语音询问记者近期引发负面情绪的事情，要求细致具体地描述出事件的画面、具体场景和 细节感受。结合主观描述和脑电等生理数据，系统对记者的情绪进行评分（0-10分，评分越高，负面情 ...

Core Insights - The commercialization of brain-computer interfaces (BCIs) is steadily advancing, presenting vast market opportunities in China, where competition is still in its early stages with most companies being small and not yet in a saturated market [1] - Invasive BCIs have significant advantages in signal quality, while non-invasive BCIs offer high safety and ease of use, serving as a complement to invasive types [1] - The current focus of the industry is on the medical field, with potential future expansion into non-medical areas [1] Group 1: Global Developments - Neuralink, a global leader in BCIs, is expected to enter the commercialization phase by 2026, with 12 patients having successfully implanted devices as of September 2025 [2] - Neuralink plans to increase the number of electrodes in its devices to over 30,000 by 2028, aiming for comprehensive brain connectivity [2] - The company has outlined three core product lines: Telepathy for motor disabilities, Blindsight for visual impairments, and Deep for neurological disorders [2] Group 2: Competitive Barriers - Key competitive advantages for Neuralink include flexible electrode arrays, precise implantation robots, and low-power intracranial signal processing systems [3] - The development of a closed-loop technical system through interdisciplinary research and clinical collaboration is essential for domestic companies [3] Group 3: Industry Trends in China - National strategies are guiding the BCI industry, with policies expected to be released in 2025 to support development [4] - Clinical advancements are accelerating, with significant breakthroughs in invasive and semi-invasive BCI systems reported in 2025 [4] - The financing market for BCIs is thriving, with 24 financing events recorded in 2025, marking a 30% increase year-on-year [4] - The supporting industrial chain for BCIs is rapidly forming, with pilot implementations in medical and everyday scenarios [4]

【卫星互联网】 国家级战略：我国向国际电联申请超20万颗卫星频轨资源，专家解读此举标志卫星资源申请上升至国家 战略层面。 国内外进展：美FCC批准SpaceX部署7500颗二代星；上海、海南等地推进商业火箭及回收技术；国内多 款新火箭计划近期首飞。 应用与畅想：SpaceX在伊朗开通星链；NASA载人绕月任务计划2月发射；《人民日报》文章提及"南天 门计划"概念。 相关ETF： 卫星产业ETF(场内：159218) 【人工智能】 模型进展：DeepSeek V4或于春节发布，聚焦编程能力；行业领袖热议AI范式演进与模型"品味"竞争。 相关ETF： 云计算ETF(场内：159890，场外：021716)、软件龙头ETF(场内：159899，场外：018385)、 半导体设备ETF(场内：561980，场外：020464)、TMT50ETF(场内：159909，场外：004409) 产业生态：马斯克宣布一周内开源X平台推荐算法；沃尔玛将商品购物集成至Gemini；Meta成为全球最 大核能买家。 硬件与供应：闪迪要求客户预付全款锁定未来1-3年存储芯片配额；卖方提示部分光模块上游物料面临 硅光替代带来的过剩压力。 ...

脑机接口产业专题解读 20260109 摘要 医保政策支持脑机接口应用，非侵入式治疗定价约 980 元，侵入式植入 /取出费用数千元，推动医院增加相关设备投入，并要求人员培训及资质 考取，促进新技术临床应用。 脑机接口系统与医院 HIS 系统融合深度影响改造需求，深度融合需扩容 数据中心和物联网平台，通常采用中间件或前置机方案标准化数据，降 低核心系统升级影响。 医院采购脑机接口设备主要考虑预算和成本效益，专项收费条码的出现 使得医院可以通过预算报告合理填补项目退费，从而避免成本倒挂，并 满足科室学科建设的需求，预计未来 3-5 年采购量将显著增长。 AI 技术在脑机接口数据处理层面取得进展，通过 AI 降噪算法提高信号质 量，模式识别有望挖掘神经退行性疾病相关生物标志物，为大健康领域 提供早期预警工具。 侵入式脑机接口主要解决听力、疼痛等问题，单价几万元，推广较快； 非侵入式主要用于康复，市场接受度取决于疗效是否优于传统方法。 2026 年医院设备采购资本开支总体呈下降趋势，但 AI 辅助诊疗系统投 入增加带来小幅度增长，基础设施投入通常一次性，后续追加投入较少。 Q&A 目前脑机接口在医疗领域的落地进展如 ...

Market Sentiment - The current market sentiment score is 90, indicating an "overheated" market condition, which suggests a high level of investor optimism [5][7][18]. Hot Themes Tracking - **Robotics Theme**: The establishment of a national standard organization for humanoid robots and embodied intelligence marks a transition from "technical exploration" to "industrial collaboration" and "scale deployment," which is expected to accelerate technology implementation and ecosystem formation. Related stocks include Sanhua Intelligent Control (002050) and Wolong Electric Drive (600580) [5]. - **Banking Theme**: Bank stocks exhibit high dividend characteristics, with the CSI Bank Index yielding 6.02%, significantly higher than the 10-year government bond yield. In a slowing economy with increased market volatility, bank stocks are seen as important investment targets for long-term funds such as insurance and social security. Related stocks include Agricultural Bank of China (601288) and Ningbo Bank (002142) [5]. - **Brain-Computer Interface Theme**: Neuralink plans to begin large-scale production of brain-computer interface devices in 2026, with a projected global market size of $12.4 billion by 2034 and a CAGR of 17% from 2025 to 2034. Related stocks include Aipeng Medical (300753) and Maipu Medical (301033) [5]. Capital Flow Analysis - The top ten stocks with the highest net inflow include Leo Group (002131) with a net inflow of 178.99 million, Kunlun Wanwei (300418) with 138.48 million, and Sanhua Intelligent Control (002050) with 124.27 million [8]. - The top ten stocks with the highest net outflow include Yanshan Technology (002195) with a net outflow of -349.89 million and Zhongji Xuchuang (300308) with -203.89 million [10]. Industry Insights - The banking sector is highlighted for its stability and high dividend yield, making it a favorable choice for long-term investors during economic slowdowns [5]. - The robotics industry is poised for growth due to new standards that will facilitate collaboration and reduce development costs, indicating a shift towards more scalable applications [5]. - The brain-computer interface market is expected to grow significantly, driven by advancements in technology and increasing demand for innovative medical solutions [5].