Group 1 - The core driver of the A-share market's strong performance at the beginning of 2026 is the "excess liquidity" chasing "scarce return assets," rather than significant changes in the macroeconomic fundamentals [2][11] - The A-share market has shown a clear structural preference for sectors like commercial aerospace, non-ferrous metals, and brain-computer interfaces, with small-cap stocks outperforming large-cap stocks [2][3] - The A-share market's gains have primarily been driven by valuation expansion, while traditional consumer stocks have lagged behind due to their closer correlation with domestic demand fundamentals [2][5] Group 2 - The Hong Kong stock market has underperformed due to a lack of attractive structural opportunities and a weaker funding environment, reflecting a deteriorating fundamental backdrop [10][13] - The absence of significant inflows from southbound capital has been noted, with December's average daily inflow dropping to 10.9 million HKD, significantly lower than the 60 million HKD average for the entire year [18][20] - The Hong Kong IPO market remains active, with a total of 2,858 million HKD raised in 2025, but the overall market performance has been muted compared to A-shares [20][21] Group 3 - Historical analysis indicates that the "spring market" effect is more pronounced in A-shares than in Hong Kong stocks, with A-share indices showing an average increase of 4.6% during the period from early December to early March, compared to only 0.5% for Hong Kong stocks [23][24] - The A-share market has consistently outperformed the Hong Kong market in terms of sector performance, particularly in technology, military, and home appliance sectors, which have shown average gains around 10% [23][24] Group 4 - The structural differences between A-shares and Hong Kong stocks lead to varying earnings growth rates, with A-shares expected to see a growth rate of 4%-5% in 2026 compared to 3% for Hong Kong stocks [30] - A-shares benefit from a more favorable micro liquidity environment, while Hong Kong stocks face multiple constraints, including potential declines in southbound capital inflows [33][34] - The unique structural opportunities in Hong Kong, such as high dividend yields and sectors like internet and innovative pharmaceuticals, provide a complementary investment avenue despite the overall market underperformance [35][36]

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的 转发。若您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 一、脑机接口：一种为大脑与外部设备建立直接通信通路的技术 1）市场空间： 脑机接口商业化应用稳步推进，带来广阔市场空间。 2）竞争情况： 目前我国脑机接口企业的 竞争仍处于初期，行业内大部分企业规模较小，尚未进入红海阶段。 3）产品形式： 有创类脑机接口信号质量 具备显著优势，其发展是产业趋势，而无创类脑机接口安全性高且操作简便，可作为有创类脑机接口的补充。 4）应用场景： 当前集中在医疗领域，未来有望向非医疗领域延伸。 5）产业链： 上游技术壁垒高，中下游产 业集聚效应强。 二、他山之石：全球脑机接口先驱Neuralink的产业化之路 1、临床进展不及预期；2、商业化进展不及预期；3、政策支持力度不及预期。 免责声明 具体内容详见华创证券研究所2026年1月11日发布的报告《 华创医疗器械求索系列11：脑机接口行业——政策 ...

最近刷到条挺实在的新闻——脑机接口领域的"独角兽"强脑科技刚完成20亿融资，投资方里有IDG、华登国际这种老牌机构，还有蓝思科技、三七互娱这些 上市公司。其实这行政策一直给劲，十五五规划明确要布局，2024年第一次被列为未来产业，2025年出了专项意见，目标2030年产业实力进世界前列。开源 证券说这行现在是"高增蓄势期"，到2034年全球市场能到124亿美元，每年增速17%。很多人问这会不会影响A股？其实新闻只是个"引子"，真正决定股价 的，是藏在走势背后的资金动作——就像去年2025年那些突然涨起来的股票，背后早有资金在"偷偷干活"。 其实随着大数据技术进步，机构和游资的交易行为早就能被归纳出来。我用的量化系统里，有个"资金全景"数据，能看游资和机构的活跃情况。比如刚才那 只股票的量化图（看图2），图里标了六个位置，都是"游资抢筹"——就是游资和机构资金同时活跃的时刻。前五次抢筹时股价没怎么动，但第六次一出 现，股价直接起飞，半个月涨了900%。 一、那些"突然涨"的股票 藏着没被看见的资金 想起2025年行情里的事——热点换得比翻书还快，很多人追热点追成"接盘侠"。看着钢铁、电网设备、IT这些不搭边的股 ...

国信证券认为，脑机接口已进入"技术突破向商业化跃迁"的关键节点，锚定"政策+技术+场景"三重主 线。当前行业受益于"十五五"规划重点布局、医保赋码与医疗器械标准落地等政策红利，叠加Neuralink 量产预期与国内临床突破的催化，全球市场规模有望迎来爆发式增长。从产品端看，侵入式产品仍在临 床试验，非侵入式产品已有部分上市，包括医疗端的脑机接口运动康复系统，以及消费端的安睡仪等。 随着芯片、电极、算法等技术的发展，法规标准的不断完善，预计未来几年脑机接口产品将迎来密集商 业化。 财信证券认为，脑机接口行业作为融合多学科前沿技术的高成长赛道，在政策强力支持、医保支付落地 与技术持续突破的驱动下，正迈向规模化应用关键阶段。国内企业在部分领域已实现与国际领先水平并 跑，在设备小型化、信号传输速率、安全性能等方面表现突出，中长期相关产业链有较好投资机会。 1月9日，国家药监局就《采用脑机接口技术的医疗器械侵入式设备可靠性验证方法》和《采用脑机接口 技术的医疗器械范式设计与应用规范运动功能重建》两项推荐性医疗器械行业标准制订计划进行公示。 东莞证券认为，近日，马斯克在社交媒体上表示，其脑机接口公司Neuralink将于 ...

Core Viewpoint - The strong performance of A-shares at the beginning of 2026 is primarily driven by "excess liquidity" chasing "scarce return assets," rather than significant changes in the macroeconomic fundamentals [2][3][5]. Group 1: A-share Market Dynamics - The A-share market has seen a 16-day consecutive rise, with small-cap stocks outperforming large-cap stocks, continuing the trend from 2025 [3][5]. - The main contributors to the A-share gains are valuation expansions, with sectors like commercial aerospace and materials leading the charge [5][8]. - A-share trading volumes have reached historical highs, with a single-day turnover exceeding 30 trillion yuan, indicating strong market activity [5][8]. Group 2: Hong Kong Market Performance - The Hong Kong market has lagged behind, primarily due to a lack of attractive structural opportunities and weaker capital flows [9][11]. - Key sectors in Hong Kong, such as dividends, internet, and new consumption, are not currently in the market's focus, leading to underperformance [11][19]. - The Hong Kong IPO market remains active, with significant fundraising, but the overall market sentiment is subdued compared to A-shares [17][19]. Group 3: Capital Flow and Liquidity - Domestic capital flows have favored A-shares, with southbound capital flows slowing down significantly since late 2025 [15][19]. - The liquidity environment for A-shares is more favorable, benefiting from domestic microeconomic conditions, while Hong Kong faces constraints from external factors [28][30]. - The anticipated inflow of southbound capital in 2026 may not match the record levels seen in 2025, as A-shares attract more attention [30][32]. Group 4: Structural Differences and Future Outlook - A-shares are expected to have a higher overall profit growth rate of 4%-5% in 2026, compared to Hong Kong's 3%, driven by stronger sectors like technology and manufacturing [25][26]. - The structural advantages of Hong Kong, including its focus on dividends and innovative drugs, provide unique investment opportunities, even as A-shares outperform overall [30][32]. - The ongoing credit cycle and its impact on market dynamics will guide investment strategies, with a focus on sectors like AI, dividends, and cyclical stocks [33].

板块热度飙升 Wind数据显示，上周，万得脑机接口概念指数（8841700）大涨18.95%。相关概念股中，创新医疗收获 涨停五连板，南京熊猫、普利特分别录得涨停四连板，美好医疗、三博脑科等也连续4个交易日大涨。 脑机接口板块大涨的背后，是政策、技术、产业与资本的多重利好叠加释放。 2026年开年，脑机接口一跃成为全球科技与资本市场的焦点之一。 近日，特斯拉CEO马斯克宣布，旗下Neuralink公司将于2026年启动脑机接口设备的"大规模生产"，并将 转向"更加精简和几乎完全自动化的外科手术流程"，这一表态也迅速点燃了市场热情。几乎前后脚，国 内脑机接口独角兽企业强脑科技宣布完成了约20亿元融资，规模位居全球第二。 在海外量产预期、国内政策支持与临床突破的多重共振下，A股脑机接口板块掀起了涨停潮。在板块大 涨的这波行情中，提前埋伏其中的基金也明显受益，净值大幅攀升。 脑机接口，这个一度只存在于科幻作品中的概念，正加速走进现实。 政策、技术与资本共振 1月5日，华银健康生活主题灵活配置单日涨幅达11.8%，领跑全市场基金；长城消费增值混合、国泰创 新医疗混合等单日涨幅也超过10%，位居市场前十。根据2025年 ...

Group 1: Market Performance - A-shares have successfully broken through 4100 points, while H-shares show relative weakness[1] - The Shanghai Composite Index rose by 2.79% from January 3 to January 10, while the Hang Seng Index fell by 0.41% during the same period[13] - The AH premium index remains in the range of 115-120 points, indicating a preference for high-quality H-shares over A-shares[12] Group 2: Market Structure and Liquidity - A-shares are driven by "new economy" sectors such as semiconductor equipment and aerospace, benefiting from policy support and improved liquidity[1] - H-shares are still dominated by traditional sectors, leading to concerns over excessive competition among internet companies like Alibaba and Meituan[1] - Increased leverage by individual investors and concentrated allocation by long-term funds in A-shares have supported trading volumes, especially amid the appreciation of the RMB[1] Group 3: Economic Indicators - Fixed asset investment has decreased by 2.60% year-on-year, while retail sales increased by 1.30% year-on-year[5] - The M2 money supply grew by 8.02%, and exports rose by 5.90% year-on-year[5] Group 4: Inventory and Fund Behavior - Recent oil inventory stands at 44,355 million tons, up by 2.78 million tons from the previous week[3] - The latest gold ETF scale is 3,422 million ounces, a decrease of 20,000 ounces from the previous week[28]

Core Insights - The ETF market has shown significant performance in technology growth styles, particularly in sectors like brain-computer interfaces, AI applications, commercial aerospace, and semiconductors, with notable market profitability [1][2]. Group 1: Commercial Aerospace ETFs - The commercial aerospace theme ETF, specifically the Yongying National Satellite Communication Industry ETF (159206.SZ), saw a net inflow of 35.89 billion yuan, leading the market in ETF fund inflows [2]. - The Zhaoshang Zhongzheng Satellite Industry ETF (159218.SZ) recorded a net inflow of 13.79 billion yuan, tracking the satellite industry index with major components including China Satellite and Aerospace Electronics [2]. - The funding logic is driven by policy catalysts, technological breakthroughs, and order placements, indicating a high prosperity cycle for the sector [2]. Group 2: Brain-Computer Interface ETFs - The Yongying Zhongzheng All-Index Medical Device ETF (159883.SZ) experienced a net inflow of 14.41 billion yuan, with over 23% of its components related to brain-computer interfaces [2]. - The funding logic is supported by announcements from Neuralink regarding large-scale production of brain-computer interface devices and the inclusion of brain-computer interfaces in China's 14th Five-Year Plan [2]. Group 3: AI Application ETFs - The GF Zhongzheng Media ETF (512980.SH) saw a net inflow of 8.73 billion yuan, focusing on gaming applications related to brain-computer interfaces [3]. - The Huaxia Zhongzheng Animation Game ETF (159869.SZ) also reported a net inflow of 8.23 billion yuan, benefiting from AI cost reduction and efficiency improvements [3]. Group 4: Semiconductor ETFs - The Guotai Zhongzheng Semiconductor Material Equipment Theme ETF (159516.SZ) had a net inflow of 23.18 billion yuan, focusing on AI computing power upstream core targets [4]. - There is a structural differentiation within the semiconductor theme ETFs, with inflows into material equipment and outflows from chip sectors [3]. Group 5: Overall ETF Market Trends - The industry theme ETFs had a net inflow of 138.27 billion yuan over the past week, while broad-based index ETFs experienced a significant net outflow of 129.01 billion yuan, indicating a preference for sector-specific investments [5][9]. - The market is witnessing a divergence in valuations, with major broad-based indices at historical highs while certain sectors, like Hong Kong stocks, are attracting inflows due to lower valuations [7][9].

2026 年 01 月 11 日 核聚变技术资本共振，脑机与量子 进阶突破，氢能普及提速 ——未来产业周报第 5 期（2026/1/4-2026/1/10） 相关研究 《脑机接口产业化提速，机器人场 景创新，氢能向电网"调节者"转 变——未来产业周报第 4 期 （2025/12/28-2026/1/3）》 2026/01/05 《国家创投引导基金启动，全球多 国加速布局竞逐未来产业——未来 产业周报第 3 期（2025/12/21- 2025/12/27）》 2025/12/28 证券分析师 王雪蓉 A0230523070003 wangxr@swsresearch.com 陆灏川 A0230520080001 luhc@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 陈晴华 A0230525100001 chenqh@swsresearch.com 王璐 A0230516080007 wanglu@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 牟瑾瑾 A0230524100 ...

Group 1: Market Observation - The three major indices experienced a strong upward trend, with the Shanghai Composite Index surpassing 4100 points and total trading volume exceeding 30 trillion, indicating a robust market structure [1] - The Vice Chairman of the China Securities Regulatory Commission, Chen Huaping, emphasized the need to improve the institutional environment for long-term investments and to enhance the effectiveness of regulatory enforcement [1] - As of the end of last year, various long-term funds held approximately 23 trillion yuan in A-share market value, a 36% increase from the beginning of the year, while equity fund sizes grew from 8.4 trillion yuan to around 11 trillion yuan [1] Group 2: SpaceX and Satellite Deployment - The FCC approved SpaceX's application to deploy an additional 7,500 second-generation Starlink satellites, increasing the total number of operational second-generation satellites to 15,000 [4] - SpaceX is required to launch at least 50% of the approved second-generation satellites by December 1, 2028, and complete the deployment of the remaining satellites by December 31, 2031 [4] Group 3: Chinese Satellite Industry - The Radio Innovation Institute was established in Xiong'an New Area, involving seven organizations, including China Electronics Technology Group and China Satellite Network Group, to support the development of China's satellite internet [5] - China Electronics Technology Group is deeply involved in the construction of low-orbit satellite internet constellations, covering the entire industry chain from satellite manufacturing to application services [6] - Key companies in the industry include GuoBo Electronics, which is a leading supplier of T/R components for phased array radars, and Chengchang Technology, which focuses on T/R chip design and production [11][8] Group 4: Neuralink and Market Impact - Neuralink announced plans to start large-scale production of brain-machine interface devices in 2026, which is expected to significantly reduce surgical risks and accelerate technology adoption [18] - Following this announcement, A-shares saw widespread price increases, with several stocks hitting their daily limit [18][19] Group 5: Competitive Market Dynamics - The market for brain-machine interface technology is characterized by strong news-driven volatility, with initial surges followed by differentiation among stocks [17][26] - Companies like Pulite and Sanbo Brain Science have seen significant stock performance due to their involvement in both brain-machine interface and commercial space sectors [21][28]