Core Insights - The article highlights the recognition of 3 "Special Contribution Entrepreneurs" and 20 "2025 Entrepreneurs" who exemplify long-termism and innovation across various industries in China, including liquor, manufacturing, energy, agriculture, internet, AI, and new consumption [1][2]. Group 1: Special Contribution Entrepreneurs - Ji Keliang, former chairman of Kweichow Moutai Group, transformed traditional brewing techniques into scientific data over 60 years, emphasizing quality over speed, which laid the foundation for Moutai's billion-dollar brand value [4][10][12]. - Zhang Ruimin, founder of Haier Group, is known for his continuous self-disruption and innovation, leading Haier from a struggling factory to a global leader in home appliances with over 400 billion yuan in revenue [18][20][21]. - Jiang Baoquan, founder of Nanjing Gold Foil Holdings, turned a failing workshop into the world's largest gold foil producer, emphasizing resilience and innovative management theories [25][27][29]. Group 2: 2025 Entrepreneurs - Ma Huateng, chairman of Tencent, focuses on "technology for good," committing to social responsibility and innovation in digital technology to drive high-quality economic development [31][34][41]. - Wang Ning, founder of Pop Mart, capitalizes on emotional value and consumer psychology, creating a successful business model around collectible toys that resonate with young consumers [43][45][46]. - Wang Xingxing, founder of Yushutech, leads advancements in humanoid robotics, achieving significant market presence and profitability while promoting technological innovation [48][49][51]. - Fang Hongbo, chairman of Midea Group, has successfully transformed Midea into a global technology group through strategic restructuring and a focus on efficiency and innovation [54][56]. - Liu Yonghao, chairman of New Hope Group, maintains a long-term vision in agriculture, achieving growth even during economic downturns by embracing new technologies [67][69][70]. - Liu Qiangdong, founder of JD.com, integrates the concept of "common prosperity" into business practices, ensuring fair profit distribution among stakeholders while enhancing supply chain efficiency [73][75][78]. - Li Dongsheng, founder of TCL, exemplifies global leadership in semiconductor display and photovoltaic sectors, driving innovation and sustainable growth through strategic partnerships [110][111].

Market Overview - On January 26, 2026, the North Exchange 50 index fell by 1.45%[1] - The average market capitalization of the North Exchange component stocks is 3.274 billion, with a trading volume of 32.814 billion, a decrease of 0.321 billion from the previous trading day[13] Capital Market News - The State Administration for Market Regulation reported that the Chinese corporate credit index for Q4 2025 was 162.18, reflecting a slight increase of 0.52 points from Q3 2025, indicating a stable and improving credit environment[6] - The People's Bank of China conducted a 150.5 billion reverse repurchase operation, resulting in a net withdrawal of 207.8 billion from the open market[8] Industry News - The Ministry of Commerce announced plans to optimize the implementation of the old-for-new policy for consumer goods, aiming to boost consumption of durable goods such as home appliances and automobiles in 2026[9] - Tianjin aims to establish a national brain-computer interface technology innovation center, focusing on key technological breakthroughs and enhancing local innovation capabilities[11] Company Announcements - Dayu Biological expects a net loss of 26 to 30 million for 2025, a decline of 25.3% to 8.59% compared to the previous year due to industry challenges[26] - Shibi Bai forecasts a net profit of 50 to 60 million for 2025, a significant turnaround from a loss of 3.675 million the previous year, driven by increased demand for metal composite materials[27] - Oufu Egg Industry anticipates a net profit of 80 to 92 million for 2025, a year-on-year increase of 75.44% to 101.75% due to expanded production capacity and improved market conditions[28]

Core Insights - The 2025 China and World Top Ten Scientific Advances were announced, highlighting significant achievements in various fields of science and technology [2][13]. Group 1: China's Top Ten Scientific Advances - The "artificial sun" EAST achieved a world record of 1 billion degrees Celsius for 1066 seconds, marking a major leap in fusion energy research [14]. - DeepSeek launched a new AI model R1, which matches the performance of OpenAI's models while significantly reducing training costs and being fully open-source [15]. - A thorium-based molten salt reactor was built, achieving thorium-uranium fuel conversion and demonstrating the feasibility of using thorium resources in nuclear energy [15]. - A high-precision AI diagnostic tool for predicting liver cancer recurrence was developed, achieving an accuracy rate of 82.2% and featured on the cover of Nature [16]. - The "North Brain No. 1" wireless brain-computer interface was successfully implanted, enabling patients with speech impairments to communicate effectively [17]. - A novel target for Parkinson's disease was discovered, providing new hope for treatment and drug development [18]. - The "Zu Chongzhi No. 3" superconducting quantum computer was built, outperforming the fastest supercomputers by a factor of 10 trillion [19]. - New hydrogen production technology was developed, eliminating CO2 emissions and achieving high hydrogen yield [20]. - Significant breakthroughs in black soil protection technology were reported, supporting sustainable agricultural practices [21]. - A new ultra-wideband optoelectronic integrated system for 6G communication was developed, enabling high-speed wireless communication across a wide frequency range [22]. Group 2: World Top Ten Scientific Advances - Brain-computer interfaces allow patients to express emotions through speech and song, translating thoughts into language in real-time [23]. - An integrated chip system combining electronics, photonics, and quantum technology was created [23]. - The largest black hole merger event was detected, challenging existing black hole formation models [23]. - The highest energy neutrino ever detected was found, being 20 times more energetic than previous detections [23]. - The first visible "time crystal" was created [23]. - Transgenic pig organ transplants set a new record for survival time [23]. - Ground-based telescopes detected signals from 13 billion years ago [23]. - The largest cosmic map to date was produced [23]. - The most detailed brain map was created, describing numerous neurons and their activities [23]. - "Deep Thinking" announced AI test scores equivalent to gold medal levels in international mathematics competitions [23].

1月26日， 天津市第十八届人民代表大会第四次会议在天津礼堂开幕。 记者 佟郁 摄 同日提交大会审议的《天津市国民经济和社会发展第十五个五年规划纲要(草案)》亦提出，将依托先进 医用材料与医疗器械全国重点实验室、脑机交互与人机共融海河实验室、天津市脑机接口创新中心等平 台，联合南开大学、天津大学等单位，积极争创脑机接口领域国家技术创新中心。 根据上述规划草案，天津将加快脑机接口、类脑芯片、类脑计算机关键算法、人机交互底层核心器件等 研发与成果转化，推动脑机交互技术在医疗科研、运动与感知辅助、游戏娱乐、学习教育、智能家居等 领域的应用，加速推动一批重大科技成果落地转化。(完) 中新网天津1月26日电 (记者 周亚强)天津市第十八届人民代表大会第四次会议26日开幕，市长张工作政 府工作报告(下称"报告")。报告提出，天津将争建国家脑机接口技术创新中心，在关键技术突破上作 出"天津创新贡献"。 报告称，天津将积极共建北京(京津冀)国际科技创新中心，聚焦本地优势与需求，畅通与驻津央院央 所、高校研发平台等"握手"通道，推进科研设备共享、设施共同、团队梯次共建，支持"六链五群"重点 企业与战略科技力量加强产学研合作。 ...

Market Performance - The Hong Kong stock market showed mixed performance with the Hang Seng Index up by 0.06% closing at 26,765.52 points, while the Tech Index fell by 1.24% to 5,725.99 points, and the National Enterprises Index decreased by 0.15% to 9,147.21 points [1][2]. Sector Performance - Traditional cyclical stocks such as oil, coal, and non-ferrous metals performed strongly, indicating a shift in market focus towards value assets. In contrast, previously popular sectors like commercial aerospace and brain-computer interface technologies experienced a pullback [2][11]. Oil Sector - Oil stocks saw significant gains, with China National Offshore Oil Corporation (CNOOC) rising by 4.01%, China Petroleum & Chemical Corporation (Sinopec) increasing by 3.68%, and China Oilfield Services Limited up by 3.23%. This strength is attributed to a recent extreme cold wave in North America, which caused a 63% spike in U.S. natural gas prices from January 20 to 22, subsequently boosting prices of light hydrocarbons and supporting domestic petrochemical prices [4][5]. Coal Sector - Coal stocks also showed robust performance, with Mongolian Energy up by 5.80%, China Shenhua Energy rising by 4.42%, and China Qinfa up by 3.74%. The increase in coal prices is linked to heightened demand due to cold weather, with daily coal output from the Bohai Rim ports averaging 1.682 million tons, a week-on-week increase of 14.2 tons or 9.19% [6][7]. Non-Ferrous Metals Sector - Non-ferrous metal stocks were active, with Rusal rising by 12.31%, China Nonferrous Mining increasing by 9.87%, and Chifeng Jilong Gold Mining up by 7.44%. Citigroup's report indicates a structural bull market in aluminum, predicting a 61,000-ton structural deficit by early 2026 and raising the price target for aluminum from $2,950 to $3,400 per ton [8][9]. Gold Market - Morgan Stanley's research indicates that gold prices have surpassed their forecast of $4,750 per ounce for the second half of the year, with expectations of further increases due to geopolitical risks, central bank purchases, and ETF inflows. A bullish scenario suggests a target price of $5,700 per ounce for the second half [10]. Weakness in Tech Sectors - Commercial aerospace stocks faced collective declines, with Asia Pacific Satellite down by 11.53%, Goldwind Technology down by 7.14%, and JunDa Co. down by 6.56%. This adjustment is attributed to short-term profit-taking pressures [11]. Brain-computer interface stocks also showed weakness, with Nanjing Panda Electronics down by 6.15% and Brainstorming Technology down by 5.35%, partly due to a recent share placement announcement [13][14]. Individual Stock Movements - Zhizhuo (02513.HK) surged by 13.02% following a significant increase in subscription service users after the launch of its flagship model GLM-4.7, indicating strong market interest in its AI capabilities [15]. Lao Pu Gold (06181.HK) rose by 7.80% due to increased customer traffic during a promotional event, with expectations of substantial revenue growth during the upcoming Spring Festival [16].

脑机接口赛道风口正盛，相关医械企业也开始"抢跑"。 其中，侵入式与半侵入式脑机接口主要应用于临床诊疗和科研领域，而非侵入式脑机接口系统主要应用 于智能健康和教育等消费场景。 市场近日传闻称，脑机接口企业强脑科技（BrainCo）以保密形式向港交所提交IPO申请，由中金公司与 瑞银集团联合保荐。 就此，21世纪经济报道记者通过官网联系方式向强脑科技方面求证，电话未被接听，采访邮件截至发稿 也暂未收到回复。若消息属实，强脑科技有望成为"杭州六小龙"中率先登陆资本市场的企业。 公开资料显示强脑科技成立于2015年，是一家专注于非侵入式脑机接口技术的硬科技企业，聚焦神经信 号采集、解码算法及智能仿生设备研发。其产品覆盖医疗健康、教育及消费级交互等领域，是国内较早 推进商业化的团队。 在递表传闻前不久，强脑科技刚完成新一轮融资。1月6日，公司宣布完成约20亿元人民币的融资，由 IDG资本、华登国际领投，投后估值超过13亿美元，被视为其上市进程中的关键一环。 华南某一级机构医疗行业分析师向21世纪经济报道记者表示，从消息传出时机来看非常微妙，一方面是 脑机接口概念在市场被热炒，另一方面是资方的退出通道越来越收紧，未来公司 ...

Core Insights - The National Development and Reform Commission has released the "Management Measures for National Emerging Industry Innovation Centers," which outlines eight main tasks for these centers, focusing on strategic industry development and collaboration among leading enterprises, academia, and research institutions [2][3] - By 2025, the added value of high-tech manufacturing in China is projected to account for 17.1% of the total industrial added value, indicating a significant shift towards new productive forces and technological advancements [2][6] Group 1: Innovation Center Framework - The innovation centers are positioned as platforms for technological innovation, aimed at nurturing future industries and enhancing new productive forces, forming a crucial part of the national innovation system [3] - The measures emphasize the integration of innovation ecosystems, promoting collaboration among government, industry, academia, and research to tackle key technological challenges [3][5] - The centers will also encourage local and social capital participation, establish stable R&D funding mechanisms, and support the establishment of investment funds for innovation and entrepreneurship [3][5] Group 2: Economic Growth and Industry Development - In 2025, the number of newly established enterprises in the "8+9" emerging and future industries reached 1.01 million, a 9.0% increase from the previous year, reflecting strong entrepreneurial enthusiasm in innovation-driven sectors [6] - The added value of high-tech manufacturing and equipment manufacturing reached 17.1% and 36.8% of the total industrial added value, respectively, showcasing the growth of high-tech and strategic emerging industries [7] - The production of new energy vehicles exceeded 16 million units in 2025, maintaining a global leadership position for 11 consecutive years, driven by supportive policies and market demand [7]

Group 1 - The A-share medical sector weakened on January 26, with AI medical and brain-computer interface concepts leading the decline, as Meien Health dropped by 6% and Weining Health and Sanbo Brain Science fell over 5% [1] - The largest medical ETF in the market (512170) declined by more than 1.6%, losing its half-year line, with real-time transactions exceeding 600 million yuan [1] - Despite the overall decline, the medical ETF (512170) showed high-frequency premiums in the market, indicating active buying interest, with a weekly increase in positions exceeding 813 million yuan [1] Group 2 - CITIC Securities recently published a weekly review of the pharmaceutical industry, indicating that policy impacts will eventually clear, and companies will gradually recover after strategic adjustments, with the medical device sector undergoing dual recovery in valuation and performance [3] - The report suggests increasing allocation to the medical device sector by 2026, with major investment opportunities arising from performance recovery, overseas expansion, brain-computer interfaces, and AI medical technologies, potentially leading to multi-bagger stocks in a tech bull market [3] - The CXO sector is experiencing rapid growth due to advancements in ADC and peptide drugs, with increasing demand for related CXO services, and segments like small nucleic acids and CGT are expected to develop quickly [3] Group 3 - The largest medical ETF (512170) has a fund size of 26.8 billion yuan, making it the largest in the market among medical ETFs [3] - The medical ETF and its linked fund (012323) cover 12 AI medical and brain-computer interface concept stocks, with over 50% weight in medical devices and nearly 25% in CXO [3] - For those interested in Hong Kong stock medical opportunities, the Hong Kong Stock Connect Medical ETF (159137) focuses on medical innovation, gathering core leaders in various pharmaceutical fields, including medical devices, AI medical, CXO, and innovative drugs [3]

Group 1: Quantum Technology - The report highlights significant advancements in quantum error correction technology, with Zhejiang University and Tsinghua University demonstrating low-overhead quantum error correction codes, effectively reducing logical error rates below physical error rates [4][5] - Horizon Quantum Computing has formed a strategic partnership with Alice&Bob to accelerate the development of fault-tolerant quantum computing, integrating their software and hardware capabilities [5] - GuoDun Quantum plans to sign a technology licensing contract with the University of Science and Technology of China, involving quantum random number generators and superconducting quantum computing control systems [6][7] Group 2: Biomanufacturing - The Chinese Academy of Sciences has achieved a breakthrough in synthesizing L-arginine using methanol as the sole carbon source, marking a shift towards non-grain-based production methods [8][9] - The Shenzhen Advanced Institute has developed the MARS intelligent system, which integrates multiple AI agents and robots to significantly shorten the new material development cycle from four months to four hours [9][10] - Jinbo Biological has registered a 2 billion yuan private placement to enhance its humanized collagen protein FAST database project, aiming to improve research and development efficiency [11] Group 3: Hydrogen Energy and Nuclear Fusion - The Baowu Clean Energy green hydrogen industrial park project, with a total investment of 11.09 billion yuan, has been launched in Guangdong, establishing a new model for offshore wind power direct hydrogen production [12][13] - A Chinese consortium has signed a significant contract for the ITER edge local model power supply system, marking a major step in China's contribution to global fusion energy projects [15] - Zhejiang Fu Nuclear Power will participate in the development of core components for the China Fusion Engineering Demonstration Reactor (CFEDR), focusing on ultra-high heat load components [16][17] Group 4: Brain-Computer Interfaces - Neuralink has successfully implemented OTA wireless upgrades for its invasive brain-computer interface, allowing for performance optimization without the need for additional surgeries [18][19] - This advancement addresses the traditional limitations of invasive devices, reducing clinical maintenance risks and costs while enhancing the adaptability of the technology [20] Group 5: Embodied Intelligence - World Labs, founded by Fei-Fei Li, has partnered with Guanglun Intelligent to create an evaluation system for embodied intelligence, addressing high verification costs and discrepancies between simulation and reality [21][22] - The Marble model developed by World Labs generates high-fidelity 3D environments from various inputs, solving traditional model issues but lacking physical interaction capabilities [22][23] Group 6: Future Industry Catalysts - The report outlines key catalytic events for 2026 across six future industries, including significant conferences and technological milestones that investors should monitor [28][29]

Core Insights - A breakthrough in Alzheimer's treatment was observed when a focused ultrasound surgery unexpectedly improved the cognitive function of a patient suffering from both Alzheimer's and muscle tension disorder, challenging the traditional belief that Alzheimer's is irreversible [1] - The global prevalence of Alzheimer's is high, with nearly 17 million patients in China alone, leading to significant caregiving pressures on families [1] Group 1: Innovative Approaches - The research team led by Professor Sun Bomin is exploring a new pathway for Alzheimer's treatment by using high-energy ultrasound to directly stimulate brain neural circuits, moving away from conventional low-energy ultrasound-assisted drug therapies [2] - After a year of preparation, clinical trials were initiated, showing an average cognitive improvement rate of approximately 50% among the first seven moderate to severe patients treated, with some patients regaining household skills and emotional connections [2] Group 2: Market Potential - The global brain-computer interface (BCI) market is projected to grow from approximately $2.62 billion in 2024 to $2.94 billion in 2025, and is expected to reach $12.4 billion by 2034, with a compound annual growth rate of 17.35% over the next decade [2] - In China, the BCI market is anticipated to grow from 3.2 billion yuan in 2024 to 6.14 billion yuan by 2028, supported by national strategies aimed at fostering high-tech industries [2] Group 3: Companies to Watch - Companies such as Rock Mountain Technology, Hanwei Technology, Sanbo Brain Science, Innovation Medical, Dongfang Zhongke, Xiangyu Medical, Entropy Technology, Chengyitong, Weisi Medical, Microland, Aipeng Medical, and Beiyikang are suggested for attention in this emerging field [3]