Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry as of January 11, 2026 [3] Core Insights - 2025 marked a significant year for Chinese innovative drugs going overseas, with total transaction amounts reaching $135.655 billion, including $7 billion in upfront payments and 157 deals, setting historical highs [4] - The innovative drug index saw a 35.31% increase in 2025, outperforming the CSI 300 index by 17.65% [4] - The trend of Chinese innovative drugs going global is expected to strengthen in 2026, with significant deals such as the one between Yilian Biotech and Roche for the YL201 project, which includes a $570 million upfront payment [4] - The small nucleic acid drug sector is experiencing breakthroughs, with GSK's Bepirovirsen showing positive results in Phase III trials for chronic hepatitis B, potentially becoming the first drug to achieve functional cure [5] - The report highlights the importance of oral autoimmune drugs, with Takeda's TYK2 inhibitor showing promising results in treating moderate to severe plaque psoriasis [6] - The brain-computer interface technology is entering a critical industrialization phase, with companies like Neuralink set to produce devices in 2026, supported by favorable policies and clinical trials in China [8] - The ZAP-X radiotherapy device is expected to capture a significant market opportunity in China, with the non-invasive tumor radiotherapy market projected to grow from RMB 27.2 billion in 2018 to RMB 59.4 billion by 2024 [10] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry index underperformed the CSI 300 index by 2.13% over the past week, ranking 25th among 31 industry indices [28] - Over the past month, the pharmaceutical industry index also lagged behind the CSI 300 by 5.42%, ranking 27th [29] 2. Pharmaceutical Sector Trends and Valuation - The current PE (TTM) for the pharmaceutical industry index is 36.95, above the five-year historical average of 31.12 [52] 3. Recent Research Achievements - The report includes various deep-dive studies on topics such as the growth of biological agents and oral drugs, and the impact of policy support on the inhalation drug industry [55] 4. Important Industry Policies and News - Recent policies include the issuance of the fourth batch of encouraged generic drug directories by the National Medical Products Administration [57] - Significant news includes GSK's announcement of positive Phase III results for Bepirovirsen and Yilian Biotech's licensing agreement with Roche [58][59]

（来源：数局） 目 录 | 1、脑机接口行业概述 … | | --- | | 1.1 脑机接口定义与原理 | | 1.2 脑机接口分类 -- 可分为侵入式、半侵入式和非侵入式三类 - | | 1.3 脑机接口发展历程 -- 始于 1857年,2023年后获关键突破 - | | 1.4 市场规模 -- 全球规模 2029年预计达 76.3 亿美元 - | | 1.5 投融资情况 -- 全球融资超 1500 起, 金额近 100 亿美元 . | | 1.6 产业链分析 | | 1.6.1 上游行业技术创新壁垒高 -- 关键技术多,柔性电极、芯片等获突破 . | | 1.6.2 下游应用商业化布局广阔 -- 医疗领域最成熟 . | | 2、政策导向 . | | 2.1 世界主要国家发布脑机接口相关计划 - | | 2.2 国内支持政策加速行业发展 . | | 2.3 监管政策持续完善,行业标准逐步落实。",一切实现"四川"的"四川"的"四川"的"四川"的"四川"。" | | 3、 临床情况 | | 3.1 医疗需求驱动行业发展 . | | 3.1.1 适应人群---在卒中、残障人群有巨大应用空间 . | | 3.1 ...

国泰君安期货·君研海外 境外权益（港美股）周度策略报告 国泰君安期货研究所· 海外研究 戴璐 Z0021475 联系人 杨藤 F03151619 日期：2026年1月11日 Guotai Junan Futures all rights reserved, please do not reprint 美股：本周顺周期板块领涨，科技板块延续缩圈结构 本周美股消费和材料行业领涨，科技内部缩圈结构延续 u 本周美股顺周期板块领涨，科技板块延续缩圈结构。我们此前持续提示 2026年美股风格有望更均衡，科技和非科技板块的K型分化有望收敛，而科 技板块将呈现"缩圈"结构，以上观点近两周基本得到验证。年初至今，原材 料/消费/工业等顺周期板块均跑赢科技，科技板块内部硬件明显跑赢软件， 同时伴随商业航天/机器人等主题概念板块活跃。下周，美股将迎来财报季 和通胀等重磅数据（下周MS/GS/BOA等金融机构集中披露财报），对于美 股维持乐观判断，延续科技+周期的配置思路。 资料来源：彭博，国泰君安期货研究 u 2026年美股配置思路：市场风格更均衡，结构把握"科技缩圈"，AI叙事下半 场关注"实物AI"的主题投资机会。Mag7和 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：策略李立峰与行业配置笔记 投资要点 市场回顾：2026年A股实现"开门红"，沪指16连阳刷新历史连续阳线记录，主要宽基指数普涨，市场风 险偏好持续回升，成长和小盘风格占优。资金层面，本周A股日成交额再度突破3万亿元，融资交易活 跃，融资余额突破2.6万亿元创历史新高；结构上，商业航天、卫星导航、脑机接口、核聚变等热点持 续涌现，涨价相关的有色金属也录得较佳收益。大宗商品价格多数上涨，本周贵金属、工业金属再度上 行，焦煤期货大涨7.2%。外汇方面，本周美元指数上行，离岸人民币对美元汇率在6.9附近震荡。 市场展望：把握做多窗口，牛市行情或将继续推进。伴随市场成交额突破3万亿元，A股震荡中枢再度 向上突破，A股春季做多窗口期有望延续：一是12月PMI和通胀数据好于预期，为春季行情提供基本面 支撑；二是场外资金入市意愿显著回升。年初至今融资资金、外资等增量资金加速流入，后续保险资 金、居民资金等多路场外增量资金入市值得期待；三是春节前后，科技产业事件催化预期有利于市场风 险偏好的维持。 以下几个方面是近期市场关注的重点： 一、市场量能放 ...

Group 1 - The core viewpoint emphasizes the need to actively seize the spring market, with AI applications expected to enter a main upward trend [1][2] - The spring market is showing continuous development, with rising risk appetite and significant potential in the computer sector due to low institutional holdings and substantial industry changes [1] - Recommendations include increasing positions in core leaders in AI applications and domestic computing power, as well as focusing on key targets in cutting-edge technology fields such as commercial aerospace, brain-computer interfaces, and digital currencies [1] Group 2 - AI applications are anticipated to experience a major upward trend, driven by positive industry developments and the entry of domestic large model manufacturers like Zhiyu and MiniMax into the Hong Kong stock market [2] - The market is closely watching the annual report expectations, with the potential for AI investments to shift from hardware to software, enhancing the upward potential of AI applications [2] - The outlook for the year suggests that AI applications will achieve more comprehensive and in-depth implementation, supported by continuous iterations in algorithms and computing power [2] Group 3 - The second chapter of the report focuses on the brain-computer interface industry, highlighting the imminent mass production of Neuralink and supportive domestic policies [3]

本周商业航天概念股持续活跃，其中邵阳液压周涨84.91%，银河电子涨60.96%。消息方面，1月9日印 发的《上海市支持先进制造业转型升级三年行动方案（2026—2028年）》把商业航天列为重点赛道，提 出加速"商业火箭、电动垂直起降飞行器（eVTOL）"等产品突破规模化瓶颈，并给出新增百家10亿元级 制造业企业的量化目标，直接打开地方订单和补贴空间。 本周主力资金净流入方面，华胜天成、大位科技、先导智能、中国联通、云南锗业、京东方A、长川科 技主力资金净流入超10亿元。主力资金净流出方面，本周中际旭创、新易盛、中国平安主力资金净流出 超40亿元。 （智通财经） 智通财经1月11日讯，本周A股三大指数震荡拉升，其中上证指数周涨3.82%，深成指周涨4.40%，创业 板指周涨3.89%，市场交易量放量较为明显。本周医疗服务、军工电子、小金属、半导体板块涨幅居 前，脑机接口、商业航天概念股表现活跃。 本周脑机接口概念涨幅居前，创新医疗周涨61.04%，三博脑科周涨56.15%，美好医疗周涨56.13%。消 息方面，马斯克旗下Neuralink宣布2026年启动脑机接口设备量产，并同步推出几乎全自动手术流程，单 台 ...

Market Performance - The North Exchange 50 Index increased by 5.82% compared to the previous week, while the Shanghai and Shenzhen 300 Index rose by 2.79% and the ChiNext Index by 3.89%[30] - The average market capitalization of North Exchange A-shares reached 3.197 billion yuan, with a daily average trading volume of approximately 26.13 billion yuan, up 34.57% from the previous week[5] Investment Recommendations - Focus on sectors with high industry prosperity and scarcity, particularly commercial aerospace, robotics, low-altitude economy, energy storage, solid-state batteries, and liquid cooling[40] - The PE ratios for North Exchange A-shares, ChiNext, Shanghai Main Board, Shenzhen Main Board, and Sci-Tech Innovation Board are 48.40, 45.54, 12.69, 24.07, and 78.26 respectively as of January 9, 2026[40] Economic Indicators - The Consumer Price Index (CPI) rose by 0.8% year-on-year in December 2025, marking the highest increase since March 2023[22] - The Producer Price Index (PPI) increased by 0.2% month-on-month in December 2025, but decreased by 1.9% year-on-year[22] Regulatory Developments - The People's Bank of China is expected to implement a prudent monetary policy, emphasizing the need for financial support for economic stability and growth in 2026[11] - The China Securities Regulatory Commission is intensifying efforts to combat financial fraud in the capital market, with 159 cases of financial fraud handled in 2024[18] Industry News - China applied for frequency resources for over 200,000 satellites in December 2025, indicating a significant expansion in the commercial aerospace sector[29] - The United Nations projects global economic growth at 2.7% for 2026, slightly lower than the 2.8% estimated for 2025, amid ongoing macroeconomic uncertainties[26]

最新动向。 上周（1月5日至9日），共有116家上市公司披露接待机构调研。随着大盘连日上涨，机构调研股也水涨船高，近九成机构调研公司实现正收益。其中，普 利特涨幅42.59%，成都先导、博瑞传播等涨幅超过30%，恒坤新材、熵基科技、罗博特科、联化科技等涨超20%。 热门调研方向方面，上周行情火爆的脑机接口、商业航天、AI应用获得高度关注，央行新发布的《关于进一步加强数字人民币管理服务体系和相关金融 基础设施建设的行动方案》也引发机构集中寻找新的投资机会。 脑机接口走向应用 "经过多年的探索研究与技术的不断演进，脑电波交互技术已从实验室的理论研究转化为产业实践和市场应用的前沿技术，并不断加速在多个领域的深入 应用与发展，未来将成为推动科技进步和产业革新的重要力量。"狄耐克在接待调研时表示。 脑机接口概念是当下市场最大热点，Wind脑机接口指数周内涨幅约20%。在2025年最后一天，特斯拉CEO埃隆·马斯克称将在2026年开始对脑机接口设备 进行"大规模生产"。狄耐克所提及的"脑电波交互技术"是通过采集、处理脑电信号实现人与设备信息交换的技术，而脑机接口是其核心实现路径。 在狄耐克看来，脑电波技术将持续渗透，其应 ...

以下文章来源于e公司 ，作者证券时报 张一帆 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 最新动向。 上周（1月5日至9日），共有116家上市公司披露接待机构调研。随着大盘连日上涨，机构调研股也水涨船高，近九成机构调研公司实现正收益。其中，普利 特涨幅42.59%，成都先导、博瑞传播等涨幅超过30%，恒坤新材、熵基科技、罗博特科、联化科技等涨超20%。 热门调研方向方面，上周行情火爆的脑机接口、商业航天、AI应用获得高度关注，央行新发布的《关于进一步加强数字人民币管理服务体系和相关金融基 础设施建设的行动方案》也引发机构集中寻找新的投资机会。 脑机接口走向应用 "经过多年的探索研究与技术的不断演进，脑电波交互技术已从实验室的理论研究转化为产业实践和市场应用的前沿技术，并不断加速在多个领域的深入应 用与发展，未来将成为推动科技进步和产业革新的重要力量。"狄耐克在接待调研时表示。 脑机接口概念是当下市场最大热点，Win ...

格隆汇1月11日丨华金证券发布研报称，当前来看，今年春季行情主升阶段科技成长和部分周期行业可 能持续占优，短期建议继续聚焦科技成长和周期成长主线。该行认为，商业航天和脑机接口可能成为春 季行情主题投资的主线：一是商业航天受政策和海内外产业趋势共振，发展空间巨大，至2035年太空经 济规模有望达到1.8万亿美元。二是脑机接口也受强政策扶持，市场规模可能不断扩张。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...