Group 1: EDA Software Market and Regulations - The U.S. Department of Commerce has lifted the requirement for Synopsys, Cadence, and Siemens to apply for government licenses when conducting business in China, following a previous ban imposed on May 23, 2025 [1] - By 2024, the global market shares for these EDA companies are projected to be 31%, 30%, and 13% respectively [1] - The lifting of the ban is linked to a framework established on June 27, 2025, where China agreed to review export applications for controlled items, leading to the U.S. canceling corresponding restrictions [1] Group 2: Rare Earth Elements and Strategic Importance - Rare earth elements consist of 17 metals and are crucial for over 200 commercial, high-tech, and military products, with China dominating the heavy rare earth separation sector [3][5] - China controls approximately 80% of the global rare earth refining capacity and produces 99% of the world's heavy rare earth elements [5] - The strategic value of rare earths has led China to implement export controls on key materials, which are essential for various industries [3][5] Group 3: U.S. Rare Earth Supply Chain Challenges - The U.S. has historically relied on outsourcing for rare earth production, leading to a significant dependency on China [6][7] - Recent U.S. initiatives aim to rebuild the domestic rare earth supply chain, with an estimated cost in the thousands of billions [7] - The U.S. Department of Defense has set a goal to establish a domestic supply chain for rare earths by 2027, covering all critical nodes from mining to magnet manufacturing [7] Group 4: Global Competition and Alternatives - Countries are investing resources to find alternatives to Chinese rare earths, but the transition will take years [9] - The EU has announced new mineral projects to diversify raw material sources, including rare earths, but faces environmental concerns and lengthy approval processes [9] - The trend of nationalizing key mineral resources is emerging in South America and Africa, as governments seek to maintain control over their mineral wealth [9]

Report Summary 1. Investment Rating - No specific industry investment rating is provided in the report. 2. Core View - The market is expected to evolve into a trending upward market due to measures such as anti - involution, capital market reforms, and the improvement of the A - share market's attractiveness [1][2]. 3. Summary by Directory Market Review - On Thursday, the major indexes of the two markets fluctuated slightly upward. The CSI 1000 index closed at 6342 points, up 33 points or 0.53%; the CSI 500 index closed at 5922 points, up 29 points or 0.50%; the SSE 50 index closed at 2724 points, up 2 points or 0.07%; the CSI 300 index closed at 3968 points, up 24 points or 0.62%. The trading volume of the two markets was 1.30 trillion yuan, showing a slight contraction. The top - rising ETFs were 5GETF, Innovation Pharmaceutical ETF Cathay, etc., while the top - falling ones were Energy ETF, Oil and Gas Resources ETF, etc. The top - rising sector indexes were consumer electronics, components, etc., and the top - falling ones were marine economy, coal mining, etc. The margin funds of CSI 1000, CSI 500, and CSI 300 index futures had net inflows of 100 million, 50 million, and 20 million yuan respectively [1]. Important Information - The CSRC meeting proposed to optimize capital market mechanisms and promote a new round of comprehensive in - depth capital market reforms. The 6th meeting of the Central Financial and Economic Commission initiated anti - involution and capacity - reduction actions in industries such as photovoltaic, steel, and cement. In June 2025, the number of new A - share accounts reached 1.65 million, with a cumulative total of 12.6 million in the first half of the year. The Ministry of Industry and Information Technology planned to regulate the photovoltaic industry's low - price competition. The US Department of Commerce revoked the requirement for three major chip design software suppliers to apply for a license for their business in China. The US added 147,000 non - farm jobs in June, with the unemployment rate dropping to 4.1%. In May, the unit price of Japanese automobile exports to the US dropped by about 20% year - on - year. There were different views on the impact of stablecoins on US Treasury bond demand. Some institutions believed that US stocks were the best investment choice, and the US employment data was mixed [1][2]. Market Logic - The anti - involution actions boosted listed companies' performance, and the capital market played a multi - level role in promoting consumption through a closed - loop policy design [2]. Future Outlook - The market is expected to trend upward. Factors include capital market reforms, anti - involution and capacity - reduction actions, the recovery of new account openings in the A - share market, the revocation of restrictions on chip design software suppliers' business in China, the potential inflow of international funds into the A - share market, and the governance of low - price competition in enterprises [2]. Trading Strategy - For stock index futures, go long on the four major stock index futures contracts. For stock index options, buy out - of - the - money long - term call options [2].

1. Report Industry Investment Rating - The investment rating for the global economy in the macro and financial sector is (Bullish) [1] 2. Core Viewpoints - The global economy maintains an upward trend. The US labor market is strong, with better - than - expected non - farm payrolls in June, and the market expects the Fed to cut interest rates in September. China's economic indicators such as the PMI production index and new order index are expanding, and the comprehensive rectification of involution - style competition boosts listed company performance. The European Central Bank has cut interest rates 8 times, and Germany's military expansion promotes the recovery of European manufacturing. China may take the lead in the "robot race" [1] 3. Summaries by Related Catalogs Important Information - The US has reached a trade agreement with Vietnam, and all Vietnamese goods exported to the US will face at least a 20% tariff and "fully open the market" to the US [1] - In June, the US non - farm payrolls increased by 147,000, far exceeding the expected 106,000, and the non - farm payrolls in April and May were revised up by a total of 16,000. The unemployment rate dropped to 4.1% [1] - BlackRock believes that due to the strong profit growth driven by AI, US stocks are still the best investment choice and are expected to outperform European stocks again. In the context of inflation concerns and increasing debt burdens, US Treasuries will perform worse than US stocks [1] - The US Department of Commerce has revoked the requirement for three major global chip design software suppliers to apply for government licenses for their business in China [1] - The London copper price has climbed close to this year's highest level, and the overnight spread of copper prices jumped to a premium of nearly $100 per ton last week, the largest gap since 2021. Analysts warn of a possible "short squeeze" [1] - The European Commission has proposed a revision to the European Climate Law, aiming to reduce net greenhouse gas emissions by 90% compared to 1990 levels by 2040 [1] - In May, the unit price of Japanese automobile exports to the US dropped by about 20% year - on - year, while the export volume only decreased by 3.9%, indicating that Japan maintained shipments and market share through significant price cuts but suffered a heavy blow to profits [1] - Citi believes that whether stablecoins substantially drive the demand for US Treasuries depends on the source of funds. If newly issued stablecoins come from the transfer of existing bank deposits or money market funds, there will be no net new demand for US Treasuries [1] Global Economic Logic - The strong US non - farm payroll data in June shows a robust labor market. The market anticipates a Fed rate cut in September. The US Markit manufacturing PMI in June was 52.0, continuing to expand. China's PMI production index and new order index are expanding, and the rectification of involution - style competition boosts corporate performance. The European Central Bank's 8 interest - rate cuts and Germany's 30% military expansion drive the recovery of European manufacturing. China may lead in the "robot race" [1]

Group 1: US Employment Data - US non-farm payrolls increased by 147,000 in June, exceeding expectations of 106,000 and the previous value of 139,000, marking the fourth consecutive month of better-than-expected results [1] - The unemployment rate unexpectedly dropped to 4.1%, lower than the expected 4.3% and the previous 4.2%, indicating a resilient labor market despite hiring uncertainties [1] - Following the non-farm payroll report, market expectations for a July Federal Reserve rate cut diminished significantly, with the probability dropping from 98% to approximately 80% [1] Group 2: Japan Wage Negotiations - Japan's average wage increase for the fiscal year 2025 reached 5.25%, the highest in 34 years, with small enterprises seeing a growth of 4.65% [2] - The wage growth reflects a tight labor market, potentially supporting the Bank of Japan's interest rate hike, although persistent inflation pressures may limit consumer spending and corporate profit margins [2] - Global investors are reducing long positions in the yen due to various short-term challenges, including slow progress on US-Japan trade agreements and uncertainties surrounding Japan's elections [2] Group 3: US Banking Sector - All 22 banks passed the Federal Reserve's stress tests, with an average Tier 1 capital ratio of 11.6%, significantly above the 4.5% regulatory requirement [3] - Major banks announced increased dividends and stock buyback plans, with Goldman Sachs raising its dividend by 33% to $4 per share, reflecting its strong capital position [3][4] - The banking sector's performance has led to record highs in bank stock prices, with Goldman Sachs' market capitalization surpassing $220 billion [4] Group 4: EDA Software Market - The US government lifted export restrictions on three major chip design software suppliers: Synopsys, Cadence, and Siemens, allowing them to fully resume services to Chinese clients [5] - These three companies dominate the EDA market, holding a combined market share of 82% in China, with Synopsys at 32%, Cadence at 30%, and Siemens at 13% [5] - Following the announcement, Cadence and Synopsys saw stock price increases of 5.1% and 4.9%, respectively, with their combined market capitalization exceeding $170 billion [5] Group 5: Oracle and OpenAI Partnership - OpenAI has agreed to lease significant computing power from Oracle, totaling approximately 4.5 gigawatts, which is enough to power millions of American homes [6] - Oracle's stock price rose over 3%, reaching a new high of $237.03, as the company continues to expand its cloud computing business, particularly targeting AI clients [6][7] - The partnership is part of a larger $500 billion "Star Gate" initiative involving SoftBank, Oracle, and OpenAI, aimed at enhancing cloud computing capabilities [6]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The overall market sentiment remains high, with the ChiNext Index strongly rebounding due to the US - Vietnam trade agreement. The US labor market shows resilience, affecting the Fed's interest - rate decision and the performance of various financial and commodity markets [2][22]. - Different commodities have different supply - demand situations and price trends. For example, some metals like lead may see an upward shift in the price oscillation center, while some agricultural products like corn have a strong spot market due to decreasing visible inventory [6][7]. 3. Summary According to Relevant Catalogs 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - The US 6 - month employment report exceeded expectations, with the unemployment rate dropping to 4.1%. The market dispelled the expectation of a July interest - rate cut, and gold is under short - term pressure. It is recommended to pay attention to the risk of decline [15]. 3.1.2 Macro Strategy (Stock Index Futures) - The US has revoked restrictions on China's EDA. The ChiNext Index rebounded strongly due to the US - Vietnam trade agreement. It is recommended to evenly allocate various stock indices to cope with sector rotation [17][18]. 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The latest non - farm data in June exceeded expectations, with the unemployment rate decreasing and new employment exceeding expectations. The US dollar index rebounded significantly. It is expected to continue to rebound in the short term [22]. 3.1.4 Macro Strategy (US Stock Index Futures) - US economic data shows resilience, but there are signs of structural deterioration. The US stock market is oscillating strongly, but attention should be paid to the risks of tariff negotiations and weakening economic data. It is necessary to be vigilant about the risk of a pullback [27]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted a 572 - billion - yuan 7 - day reverse repurchase operation. The Treasury bond futures are expected to be in an oscillating trend, with a higher probability of strengthening in the future. It is recommended to hold long positions and consider buying on dips [28]. 3.2 Commodity News and Comments 3.2.1 Black Metal (Steam Coal) - The price of steam coal is stabilizing. With the resumption of production in Inner Mongolia, supply has increased slightly. High - temperature weather supports coal prices, making it difficult for them to decline during the peak season [30]. 3.2.2 Black Metal (Iron Ore) - Iron ore prices have rebounded, with improved spot trading. Although the molten iron output decreased this period, it is expected to remain stable in July, and port inventory will slightly accumulate. The overall trend is difficult to reverse, but it is expected to remain strong in the short term [33]. 3.2.3 Agricultural Products (Soybean Meal) - The USDA weekly export sales report met expectations. There are rumors about a China - US agreement, but China's purchases of US soybeans remain stagnant. The domestic import cost of soybeans has increased, and the futures price is expected to oscillate within a range [35]. 3.2.4 Black Metal (Rebar/Hot - Rolled Coil) - The inventory of five major steel products is basically flat compared with last week. The demand decline due to high - temperature weather is not obvious. Although the current expectation and fundamentals are strong, the external demand risk remains. It is recommended to use a hedging strategy on rallies for the spot [40]. 3.2.5 Agricultural Products (Pigs) - The main hog futures contract LH2509 has risen rapidly. The fundamental sentiment is strong, driving the spot price to stabilize and rebound. However, the supply in July - August is still relatively large, and the long - short game intensifies. It is recommended to wait for the signal of pressure from hog sales and then short on rallies [43]. 3.2.6 Agricultural Products (Corn Starch) - The demand for starch sugar fails to meet expectations. The consumption of corn decreases, while that of corn starch increases slightly. The starch is expected to continue to reduce production to reduce inventory. The factors affecting the CS - C spread are complex, and the future is uncertain [45]. 3.2.7 Agricultural Products (Corn) - The visible inventory of corn continues to decline, and the first batch of imported corn auctions had high premiums, supporting the strong spot market. It is recommended to wait and see for old - crop contracts and consider shorting new - crop contracts 11 and 01 on rallies [47]. 3.2.8 Agricultural Products (Cotton) - The global cotton supply is stable, while the demand is uncertain. The trade policy is a major variable. The domestic cotton market is supported by a tight supply of old - crop commercial inventory but is dragged down by the weak downstream industry. It is expected to oscillate in the short term [54]. 3.2.9 Non - ferrous Metals (Lead) - The social inventory of lead ingots has increased. The short - term supply - demand is weak, but there is an expectation of strong supply - demand in the long term. The price oscillation center may shift upward. It is recommended to buy on dips [55]. 3.2.10 Non - ferrous Metals (Zinc) - The spread between Shanghai and Guangdong has widened, and the domestic inventory has increased. The macro - situation affects the price, and fundamentally, there is an expectation of oversupply in the medium term. It is recommended to wait and see in the short term and consider positive - spread arbitrage opportunities [57]. 3.2.11 Non - ferrous Metals (Polysilicon) - Policy rumors drive the polysilicon futures price up, but the fundamentals are not optimistic. The price still has downward pressure. It is recommended to stop profiting from the PS2508 - 2509 positive spread due to high policy - related risks [61]. 3.2.12 Non - ferrous Metals (Industrial Silicon) - The social inventory of industrial silicon has increased. The supply side has new changes, and the demand side may be affected by polysilicon production cuts. It is recommended to pay attention to short - selling opportunities on rallies [63]. 3.2.13 Non - ferrous Metals (Copper) - Copper prices are affected by factors such as AI, renewable energy, and tariffs. The US non - farm data affects the dollar index and copper prices. The domestic inventory shows a weak accumulation trend. It is recommended to maintain a long - biased strategy for the short - term high - level oscillation [66]. 3.2.14 Non - ferrous Metals (Lithium Carbonate) - The cooperation between Fulin Seiko and Chuanfa Longmang is expected to enhance the former's layout in the lithium - battery material industry. The demand in July is better than expected, driving the price up. It is recommended to avoid short - selling in the short term and consider positive - spread arbitrage opportunities [70]. 3.2.15 Non - ferrous Metals (Nickel) - The inventory of LME and SHFE has decreased. The raw - material cost support is weakening, and the supply of nickel is expected to be in surplus. It is recommended to pay attention to short - selling opportunities on rallies [73]. 3.2.16 Energy and Chemical Industry (Liquefied Petroleum Gas) - The weekly production of domestic LPG has decreased, and the inventory has also decreased. The fundamentals are weak, and there is no upward price drive [75]. 3.2.17 Energy and Chemical Industry (Natural Gas) - The US natural gas inventory has increased. The summer temperature will support the price, and the demand for gas - electricity is expected to decline slightly. The NYMEX is expected to oscillate in the short term [78]. 3.2.18 Energy and Chemical Industry (Caustic Soda) - The price of caustic soda in Shandong has increased slightly, with improved demand and increased supply. The futures price has rebounded, but the rebound height is expected to be limited [80]. 3.2.19 Energy and Chemical Industry (Pulp) - The price of imported wood pulp is stable with a slight decline. The futures price is rising slightly. The market is expected to oscillate due to the weak fundamentals [83]. 3.2.20 Energy and Chemical Industry (PVC) - The price of PVC powder is narrowly adjusted. The futures price is oscillating. The inventory is turning from decreasing to increasing, and the subsequent market rise may be limited [85]. 3.2.21 Energy and Chemical Industry (Styrene) - The weekly production of styrene has decreased slightly. The supply - demand of pure benzene and styrene has different trends. The future supply - demand of styrene is expected to weaken. It is recommended to pay attention to the release rhythm of Yulong's new capacity [86]. 3.2.22 Energy and Chemical Industry (Bottle Chips) - The export quotation of bottle - chip factories has been mostly reduced. The factories plan to cut production in July. If the production cuts are implemented, the inventory pressure will be relieved. It is recommended to pay attention to opportunities to expand the processing margin on dips [88]. 3.2.23 Energy and Chemical Industry (Carbon Emissions) - The EU Commission proposes a flexible 2040 climate target, but there are many internal objections. The EU carbon price is expected to oscillate in the short term [90]. 3.2.24 Energy and Chemical Industry (Soda Ash) - The inventory of domestic soda - ash manufacturers has increased. The market is in a weak adjustment, with high supply and weak demand. It is recommended to take a short - selling strategy on rallies in the medium term [92]. 3.2.25 Energy and Chemical Industry (Float Glass) - The inventory of float - glass manufacturers has decreased slightly. The futures price has risen slightly, and the supply - demand pattern has not changed much. It is recommended to consider a long - glass and short - soda - ash cross - commodity arbitrage strategy [93].

Group 1 - The Chinese Ministry of Commerce expressed a consistent and clear stance on the potential visit of a U.S. business delegation to China, emphasizing mutual respect and cooperation to enhance Sino-U.S. economic relations [2] - Siemens confirmed that the U.S. government has lifted the licensing requirements for exporting chip design software to China, allowing full access for Chinese customers to their software and technology [2] - The Ministry of Commerce reported that China's service trade grew steadily in the first five months of 2025, with total service trade reaching 32,543.6 billion yuan, a year-on-year increase of 7.7% [3] Group 2 - The Ministry of Industry and Information Technology held a meeting focusing on accelerating the high-quality development of the photovoltaic industry, addressing issues of low-price competition and promoting the exit of outdated capacity [3] - The Tianjin Municipal Government is soliciting opinions on a plan to enhance the development of new productivity through technology finance, aiming to support 300 companies in listing and establishing a reserve of 100 technology firms with listing potential [4] - Chinese scientists made a breakthrough in brain mapping research, successfully creating a three-dimensional brain region and stereotactic atlas with a resolution of 1 micron, providing a key tool for neuroscience [4] Group 3 - The National Medical Products Administration announced measures to optimize the lifecycle supervision of high-end medical devices, supporting the rapid market entry of innovative medical devices with significant clinical value [5] - The U.S. Department of Labor reported that the non-farm employment population in June increased by 147,000, significantly exceeding expectations, while the unemployment rate unexpectedly dropped to 4.1% [5] Group 4 - Li Lecheng, Minister of Industry and Information Technology, emphasized the need for comprehensive governance of the photovoltaic industry to promote sustainable development [3] - Huazhong Steel received a stake increase from Xintai Life Insurance, raising its holding to 5% [7] - China Merchants Bank has been approved to establish a financial asset investment company with a registered capital of 15 billion yuan [15]

美国商务部已通知全球三大芯片设计软件供应商——新思科技、楷登电子和西门子，此前要求其在华业 务必须申请政府许可的规定现已撤销。西门子称已全面恢复中国客户对其软件和技术的访问权限，新思 科技与楷登电子称正在逐步重启相关服务。美国国会众议院以 218 票赞成、 214 票反对的表决结果通过 了总统特朗普推动的"大而美"税收与支出法案。该法案因造成联邦援助削减、长期债务增加和为富人及 大企业减税等而备受争议。白宫说，特朗普定于 7 月 4 日即美国"独立日"当天签署该法案，使其生效。 该法案将美国联邦政府的法定债务上限提高 5 万亿美元，国会预算办公室（ CBO ）估计，这可能会让 政府预算赤字未来十年内增加 3.4 万亿美元。国际贵金属期货收盘涨跌不一， COMEX 黄金期货跌 0.71% 报 3336.00 美元 / 盎司， COMEX 白银期货涨 0.85% 报 37.04 美元 / 盎司。美联储政策转向预期 与贸易紧张局势支撑金价，但强劲非农数据削弱避险需求。美国财长暗示更大降息幅度，欧盟与美国贸 易谈判进展引发市场关注。 重点品种： 贵金属、甲醇、玻璃 甲醇： 甲醇上涨 0.88% 。国内煤（甲醇）制烯烃 ...

Group 1: US-China Relations - The Chinese Ministry of Commerce expressed hope for mutual respect and cooperation in US-China economic relations, following reports of a potential visit by a US presidential delegation to China [2] - The US government has lifted certain export restrictions on semiconductor design software to China, which could significantly impact the Chinese EDA software market, where three major companies hold an 82% market share [3] Group 2: Corporate News - Cloudy Yihai's CEO pleaded guilty in a food poisoning case involving ByteDance employees in Singapore, with evidence showing a bacterial contamination level 2000 times above the legal limit [5][6] - Rumors regarding Pop Mart's acquisition of a property in London for £63 million were denied by the company, labeling the information as false [13][14] - Xiaohongshu denied rumors of being acquired by Alibaba, reiterating that such claims are unfounded [18][19] Group 3: Financial Developments - Vanke received a loan of up to 6.249 billion yuan from its major shareholder to address maturing debts, with a loan interest rate of 2.34% [24] - Yushu Technology is reportedly planning an IPO on the Sci-Tech Innovation Board, following a name change that suggests preparations for public listing [21][22] Group 4: Regulatory Actions - France imposed a €40 million fine on SHEIN for violations related to product pricing and environmental labeling, highlighting increased scrutiny on Chinese e-commerce platforms [26][27] - Nearly 50 European companies are urging the EU to delay the implementation of new AI regulations, citing concerns over innovation and competitiveness [28][29]

Group 1 - The Ministry of Commerce of China has responded to reports about the U.S. President's planned business delegation visit to China, emphasizing the need for mutual respect and cooperation to enhance Sino-U.S. economic relations [1] - The U.S. Department of Commerce has notified major global chip design software suppliers, including Synopsys, Cadence, and Siemens, that the previous requirement for government licensing for their operations in China has been lifted, allowing Siemens to fully restore access for Chinese customers [1] - The National Medical Products Administration of China is focusing on the full lifecycle regulation of high-end medical devices, proposing ten key measures to support major innovations in this sector [1] Group 2 - Shanghai plans to optimize the outbound tax refund consumption environment, aiming to have over 3,000 tax refund stores and more than 10,000 outlets by 2027, with over 80% of stores offering "buy and refund" services [2] - The Ministry of Emergency Management has indicated that China has entered the main flood season, with 2 to 3 typhoons expected to impact the country in July [2] Group 3 - The total summer grain purchase in China has exceeded 50 million tons as the purchasing season peaks [3] - The State Council has issued a document to replicate and promote 77 pilot measures from the Shanghai Free Trade Zone, covering various sectors including service trade and digital trade [3] - The China Securities Regulatory Commission has announced a list of 12 companies for IPO inspections, indicating ongoing activity in the capital markets [4] Group 4 - Insurance funds have significantly increased their stake acquisitions in the capital market, with 18 instances recorded in 2025, surpassing the total for 2023 [4] - Seven brokerage firms have conducted share buybacks in the first half of the year, totaling 191 million shares and 2.03 billion yuan in buyback amounts, indicating a positive market environment for the brokerage sector [4] Group 5 - Tesla's sales in Germany fell by 60% in June, with total sales for the first half of 2025 down by 58.2% [5] - Audi has announced that it will not raise prices in the U.S. market in July, as it faces a continuous decline in sales for six consecutive quarters [5] - The U.S. stock market showed mixed results, with the S&P 500 index reaching a new record high for the year [5] Group 6 - The conversation between Russian President Putin and U.S. President Trump covered issues such as the Middle East situation and Russia-Ukraine negotiations [6] Group 7 - Guangzhou Railway Station has undergone upgrades that are expected to transform the surrounding commercial area [7] - The market for virtual assets is gaining momentum, with stablecoins becoming a hot topic in both Hong Kong and mainland stock markets [7]

Group 1 - China's successful launch of the experimental satellite Tiankong-28B01 demonstrates the country's solid development in space technology, with the Long March 4B rocket completing its 583rd flight [1] - The satellite is primarily used for space environment detection and related technology experiments, reinforcing China's capability in autonomous space technology [1] Group 2 - Siemens announced that the U.S. government has lifted export restrictions on chip design software to China, allowing full access for Chinese customers to Siemens' software and technology [2] - This change indicates a potential easing of trade tensions and could enhance collaboration in the technology sector between the U.S. and China [2] Group 3 - The National Medical Products Administration of China is implementing supportive policies for high-end medical devices based on brain-computer interface technology, aiming to optimize the innovation review process [3] - The initiative includes special reviews for innovative medical devices with significant clinical value, enhancing communication between applicants and review experts [3] - The regulatory framework aims to accelerate the market entry of high-end medical devices, ultimately improving accessibility to advanced medical technologies for patients [3]