前言 然而，随着脑机接口技术的不断成熟，我们正在经历一场关于"生命终点"的叙事重构。当数字信号开始接管受损的生物信号，科技不仅在为老年人延长生 命的长度，更是在修补他们的尊严。 宣布量产，脑机接口迎来"奇点时刻" 2026年开年第一天，"钢铁侠"马斯克便抛出了一个重磅消息。 1月1日，马斯克宣布其旗下的神经科技和脑机接口公司Neuralink将在2026年进行"大规模生产"，并转向"更加精简和几乎完全自动化的外科手术流程"。这 一消息迅速引发全球关注，因为它标志着脑机接口进入"商业化跃迁"的关键节点。 脑机接口（Brain-Computer Interface）是一种直接在大脑与外部设备之间建立通信路径的技术，广泛用于运动/言语重建、感觉恢复、神经调控与人机交互 等场景。科幻电影《黑客帝国》中，男主角尼奥的"脑后插管"，或许就是脑机接口最初的想象。 图源：X 图源：电影《黑客帝国》剧照 如果站在更久远的未来回望，2026年或许是科幻加速踏进现实的开始。 衰老——曾被视为不可逆的命运，伴随着肌肉的萎缩，人类的意识仿佛只能在渐深的黑暗中走向消亡。 然而，现实中的脑机接口技术发展，早已超越了科幻作品。如今，这项技术 ...

华商韬略 . 聚焦标杆与热点、解构趋势与韬略 再度出现。 以下文章来源于华商韬略 ，作者华商韬略 作者 / 杨彼得 来源 / 华商韬略 （ID：hslt8888） 2 0 2 5年1 0月底，美国旧金山，正是秋季里最宜人的天气。曾经的中国首富、互联网时 代的标志性人物、盛大集团创始人陈天桥，罕见地公开现身。 他站在讲台前，上身是一件深色休闲西装外套，下身是卡其色长裤。头发略显灰白，却 梳理得一丝不乱，神情克制而专注。 台下，包括三位诺贝尔奖得主、斯坦福大学荣誉校长在内的2 0多位全球顶尖学者与产业 领袖齐聚一堂，他们讨论的主题是：AI如何驱动科学发现。 会议现场，如今更强调其天桥脑科学研究院创始人身份的陈天桥宣布，将投入1 0亿美元 算力， 支持全球科学家的创新人工智能研究。 这是陈天桥淡出公众视野多年之后，第一次如此清晰、直接地站回聚光灯中央。然而这 次现身，却和过往偶尔闪现一下不同。 这 次 演 讲 后 不 久 ， 陈 天 桥 一 边 发 表 文 章 ， 讨 论 AI 时 代 的 组 织 与 管 理 ， 一 边 亲 自 下 场 ， 打 造 AI 原 生 公 司 Ta n k a 。 2 0 2 6 年 开 ...

证券研究报告 | 产业经济周报 2026 年 01 月 14 日 产业经济周报 证券分析师 程强 请务必阅读正文之后的信息披露和法律声明 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 陈梦洁 资格编号：S0120524030002 邮箱：chenmj3＠tebon.com.cn 周天昊 资格编号： S0120525040002 邮箱：zhouth＠tebon.com.cn 徐梓煜 资格编号：S0120524080004 邮箱：xuzy＠tebon.com.cn 研究助理 相关研究 国产脑机接口有望跃升发展，挖 掘机行业温和复苏 [Table_Summary] 投资要点： [Table_Main] 大健康观点：政策端持续支持脑机接口。2025 年以来，政府部门也陆续出台多项 重磅政策，积极推动脑机接口等新兴技术在医疗领域的应用和发展。国内脑机接口 市场规模保持双位数增长。脑机接口领域开始逐渐进入临床阶段，部分进入商业化 阶段，国内外市场规模均保持增长。根据中商产业研究院发布的《2025-2050 年全 球及中国脑机接口行业深度分析及发展前景研究预测报告》的数据，2 ...

资讯日报：美国 12 月核心 CPI 升幅低于预期 股票市场概览 港股市场表现 美股市场表现 2026 年 1 月 14 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日常跌 | 間微跌 | 年初至今 STATE | | --- | --- | --- | --- | --- | | | | (%) | (%) | | | | | | | (%) | | 恒生指数 | 26.848 | ---- 0.90 | 2.35 | 4.75 | | 恒生科技 | 5.870 | 0.11 | 3.21 | 6.41 | | 恒生国企 | 9.285 | ... 0.71 | 2.62 | 4.17 | | 上证指数 | 4.139 | (0.64) | 0.44 | 4.28 | | 日经225 | 53,549 | 3.10 | 3.10 | 6.38 | | 新加坡海峡 | 4.807 | 0.85 | 1.32 | 0.00 | | 标普500 | 6.964 | (0.19) | (0.04) | 1.73 | | 纳斯达克 | 23,710 | (0.10) | 0.16 | 2.01 ...

据公开报道，强脑科技（BrainCo）已秘密向港交所递交了上市申请。这个由哈佛博士休学创办、被誉 为"杭州六小龙"之一的公司，将成为全球脑机接口赛道首家冲击公开资本市场的企业。 与马斯克的Neuralink选择了不同的技术路线——非侵入式脑机接口，这家中国公司已实现高精度脑机接 口产品单品10万台量产，其智能假肢已帮助全球成千上万的截肢患者。 技术抉择 2015年，韩璧丞在哈佛大学脑科学中心攻读神经科学博士学位时，创立了强脑科技。同年，这家公司成 为哈佛大学创新实验室历史上首个以中国人为主的孵化项目。 当时全球脑机接口领域的焦点正集中在埃隆·马斯克刚成立的Neuralink上。这家公司选择了侵入式技术 路线：通过开颅手术植入电极阵列直接获取神经元信号。 在哈佛附近的地下室里，韩璧丞和团队面临关键抉择：追随马斯克的侵入式路线，还是走一条更少人探 索的道路？ 韩璧丞在旁观20多起开颅手术后，最终选择了非侵入式脑机接口技术路线。这种技术通过超级传感器采 集脑电信号和神经信号，无需手术植入设备。 两种技术路径体现了完全不同的商业逻辑。Neuralink追求技术极限，是高风险高回报的"未来实验"；强 脑科技则强调实用性 ...

Core Viewpoint - The AI healthcare sector is experiencing significant growth, with both A-shares and Hong Kong stocks showing strong performance, particularly in AI medical ETFs and related stocks [1][2][3] Group 1: A-share Market Performance - The largest medical ETF in the A-share market (512170) surged by 3%, reaching a near three-month high, with active trading exceeding 1 billion CNY within the first hour of trading [1] - Key stocks such as Meiyuan Health and Weining Health saw substantial gains, with Meiyuan Health achieving a four-day consecutive rise and Weining Health spiking by 14% at one point [1] Group 2: Hong Kong Market Performance - The Hong Kong medical sector continues to strengthen, with the Hong Kong Stock Connect medical theme index rising consistently since the beginning of the year, led by Alibaba Health, which increased by nearly 10% [2] - The newly listed Hong Kong Stock Connect medical ETF (159137) has seen significant gains, with a trading volume exceeding 110 million CNY and a peak increase of nearly 3% within three days of its launch [2] Group 3: AI Healthcare Developments - Recent collaborations in the AI healthcare field include a partnership between NVIDIA and Eli Lilly to invest 1 billion USD over five years in an AI drug development lab in Silicon Valley [3] - In China, Tsinghua University's team has developed an AI-driven high-throughput drug virtual screening platform, DrugCLIP, with research results published in the journal Science [3] - The penetration rate of AI healthcare applications is rapidly increasing, with Ant Group's AI assistant, Antifufu, surpassing 30 million monthly active users, and OpenAI's ChatGPT Health reaching over 40 million daily users globally [3] Group 4: Brain-Computer Interface Developments - Elon Musk announced that Neuralink's brain-computer interface products are set to enter mass production by 2026, with nearly automated surgical procedures [3] - Strong Brain Technology, a leading domestic company in the brain-computer interface sector, has submitted an IPO application to the Hong Kong Stock Exchange [3] - The Ministry of Industry and Information Technology in China has indicated a focus on quantum technology and brain-computer interfaces during the 14th Five-Year Plan, emphasizing technological breakthroughs and enterprise cultivation [3]

Group 1 - The A-share and Hong Kong stock markets are experiencing a surge in AI healthcare stocks, with the largest medical ETF (512170) reaching a 3% increase, marking a three-month high [1][7] - Major AI healthcare stocks such as Meinian Health have achieved four consecutive trading limits, while Weining Health saw a spike of 14% [1][7] - The trading volume for the medical ETF (512170) exceeded 1 billion CNY within the first hour of trading [1][7] Group 2 - The Hong Kong medical sector continues to strengthen, with the Hong Kong Stock Connect medical theme index rising consistently since the beginning of the year, led by Alibaba Health with nearly a 10% increase [1][9] - The newly listed Hong Kong Stock Connect medical ETF (159137) has seen significant gains, with a trading volume surpassing 110 million CNY within three days of its launch [1][9] Group 3 - Recent developments in AI healthcare include a partnership between NVIDIA and Eli Lilly to invest 1 billion USD over five years in an AI drug research lab in Silicon Valley [2][10] - Tsinghua University has developed an AI-driven high-throughput drug virtual screening platform, DrugCLIP, with results published in the journal Science [2][10] - The penetration rate of AI healthcare in the consumer sector is rapidly increasing, with Ant Group's AI assistant user base exceeding 30 million monthly active users [2][10] Group 4 - In the brain-computer interface sector, Elon Musk announced that Neuralink's products will enter mass production by 2026, with nearly automated surgical operations [3][10] - Strong Brain Technology, a leading domestic company in brain-computer interfaces, has reportedly submitted an IPO application to the Hong Kong Stock Exchange [3][10] - The Ministry of Industry and Information Technology has indicated a focus on quantum technology and brain-computer interfaces during the 14th Five-Year Plan, emphasizing technological advancements and enterprise cultivation [3][10]

Core Insights - The medical device ETF (159873) has shown strong trading activity with a turnover of 26.84% and a transaction volume of 36.34 million yuan, while the underlying index, the CSI All Share Healthcare Equipment and Services Index (H30178), increased by 1.09% [1] - The innovative drug ETF Tianhong (517380) also performed well, with a turnover of 5.36% and a transaction volume of 95.97 million yuan, tracking the Hang Seng Shanghai-Shenzhen-Hong Kong Innovative Drug Select 50 Index (HSSSHID), which rose by 2.21% [1] - Both ETFs reached new highs in terms of scale and shares as of January 13, 2026, with the medical device ETF achieving a record scale and share, while the innovative drug ETF reached a scale of 1.807 billion yuan and 2.162 billion shares [2][3] Fund Flows - The medical device ETF (159873) has seen a net inflow of 26.50 million yuan over the past four days [1] - The innovative drug ETF Tianhong (517380) experienced a net inflow of 264 million yuan over the last six days [3] Product Highlights - The medical device ETF (159873) has a high concentration in brain-computer interface technology, accounting for over 19%, with nearly 80% of its components from the Sci-Tech Innovation Board and the Growth Enterprise Market [4] - The innovative drug ETF Tianhong (517380) targets opportunities in the innovative drug sector, benefiting from the concentration of top component stocks like WuXi AppTec and Hengrui Medicine, alongside the growth in BD transactions and breakthroughs in AI drug development [4] Industry Events - Qiangnao Technology, a brain-computer interface company, has submitted a confidential IPO application for listing on the Hong Kong Stock Exchange, potentially becoming the first listed company in China's brain-computer interface sector [4] - The company has completed approximately 2 billion yuan in financing, marking the second-largest financing event globally in the brain-computer interface field, excluding Neuralink [4][5] Institutional Perspectives - Analysts from Changcheng Guorui Securities view brain-computer interfaces as a forward-looking direction under the 14th Five-Year Plan, with several recommended industry standards being established to promote technological standardization and clinical registration processes [5]

1月8日，据工业和信息化部官网，工业和信息化部、中央网信办、国家发展改革委、教育部、商务部、 国务院国资委、市场监管总局、国家数据局等八部门联合印发《"人工智能+制造"专项行动实施意 见》，加快脑机接口的产业化、商业化进程。 万联证券发布研报称，政策意见指出加快脑机接口的产业化、商业化进程。目前脑机接口行业全球竞争 格局呈"美国主导侵入式、中国领跑非侵入式"的发展格局，竞争要素聚焦"电极、芯片、算法"三大核 心。短期内脑机接口商业化更多聚焦在非侵入式，中长期核心在(半)侵入/侵入式"柔性电极+高通量低功 耗芯片"等上游技术、多中心临床、合规标准等综合系统能力。行业政策支持和医保支付、注册临床节 点突破、核心技术突破和国产替代等均为未来行业发展催化剂。 脑机接口相关概念港股： 心玮医疗-B(06609)、南京熊猫（600775）电子股份(00553)、蓝思科技（300433）(06613)、脑动极光- B(06681)、微创脑科学(02172)、 《意见》提出加速智能终端升级。支持端侧模型、开发应用工具链等技术突破，培育智能手机、电脑、 平板、智能家居等人工智能终端。 聚焦工业巡检、远程医疗等重点场景，加快增强 ...

1月8日，据工业和信息化部官网，工业和信息化部、中央网信办、国家发展改革委、教育部、商务部、 国务院国资委、市场监管总局、国家数据局等八部门联合印发《"人工智能+制造"专项行动实施意 见》，加快脑机接口的产业化、商业化进程。 智通财经APP获悉，近期，马斯克旗下公司Neuralink宣布，计划在2026年启动脑机接口设备的大规模量 产，并推进全自动化外科手术流程。全球脑机接口产业正迎来快速发展，其技术路径主要分为侵入式和 非侵入式两种，产业链覆盖材料、芯片、手术及医疗康复等多个领域。近年来，我国从国家到地方层面 密集出台的系列政策以及医保定价、优先审批等支持措施，明确了脑机接口产业发展方向，并为中国脑 机接口产业的商业化落地和创新追赶提供了强力保障。 万联证券发布研报称，政策意见指出加快脑机接口的产业化、商业化进程。目前脑机接口行业全球竞争 格局呈"美国主导侵入式、中国领跑非侵入式"的发展格局，竞争要素聚焦"电极、芯片、算法"三大核 心。短期内脑机接口商业化更多聚焦在非侵入式，中长期核心在(半)侵入/侵入式"柔性电极+高通量低功 耗芯片"等上游技术、多中心临床、合规标准等综合系统能力。行业政策支持和医保支付、 ...