每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 点评：量子计算是遵循量子力学规律来操控信息单元的一种全新计算模式。作为下一代信息技术的核心 驱动力，量子计算能够有效解决传统计算算力不足的难题，被视作引领下一代产业变革的颠覆性技术， 也成为全球科技竞争的战略焦点。技术突破、政策支持与市场需求共同驱动产业快速发展，其应用场景 从专用计算向通用计算拓展，推动金融、医药、能源等领域深度变革。量子计算产业正处于"技术驱动 向应用牵引"的关键转折期，2025-2030年将是商业化落地的黄金窗口，有望迈进千亿美元市场规模。概 念股包括科大国创、迪普科技、国盾量子等。 1、美股三大指数收盘涨跌不一，道指跌0.83%，纳指涨0.91%，标普500指数涨0.41%；科技股普涨，英 特尔涨超3%，亚马逊涨超2%。医疗保险股普跌，标普1500管理型医疗指数下跌18%，创下自1997年以 来的最大跌幅；联合健康跌超19%，CVS跌超14%。中概股涨跌不一，纳斯达克中国金龙指数涨 0.48%，爱奇艺、哔哩哔哩涨超3%，携程集团跌逾2%，小鹏汽车、理想汽车跌超1%。欧洲主要股指收 盘涨跌不一，英国富时100指数上涨0.58%，德国D ...

Core Insights - Brain-computer interface (BCI) technology in China has made significant advancements, allowing paralyzed patients to control devices using their thoughts, marking a new phase in clinical applications [1][2] Group 1: Clinical Advancements - In December 2025, a clinical trial demonstrated that a paralyzed patient could control an electric wheelchair and a robotic dog using only their thoughts [1] - The first prospective clinical trial in June 2025 showed a patient with amputated limbs controlling a computer cursor through BCI [1] - A recent trial involved 32 patients with cervical spinal cord injuries, successfully enabling them to control pneumatic gloves for fine motor tasks [2] Group 2: Product Development Challenges - Invasive BCIs are classified as Class III medical devices in China, requiring clinical trials to prove safety and efficacy before market approval [3] - Current BCI systems are transitioning from laboratory exploration to clinical application, but no products have yet been approved for sale [3] - Key factors for developing scalable BCI products include minimizing surgical trauma and ensuring effective data collection and transmission [3][4] Group 3: Future Prospects - The industry anticipates that BCI technology could evolve into a new economic growth point, potentially benefiting the general public [6] - Establishing industry standards is crucial for the development of the BCI sector, with recent standards being published since 2025 [6] - The Ministry of Industry and Information Technology and other governmental bodies have issued guidelines to accelerate the innovation and development of the BCI industry [7]

Industry Overview - The 2026 Brain-Computer Interface (BCI) Developer Conference will be held on February 3-4, 2026, in Tianjin, focusing on "technology open-source, ecological co-construction, and industrial landing" to promote the commercialization of BCI technology from laboratories to clinical and consumer applications [1] - The BCI industry is accelerating its transition from laboratory research to clinical and consumer applications, with policies supporting its development, including its inclusion in the "14th Five-Year Plan" and the establishment of independent billing items by the National Medical Insurance Administration by 2025 [1] - The global market for medical applications in the BCI sector is projected to reach $40 billion by 2030 and grow to $145 billion by 2040, according to McKinsey [1] Company Developments - Xiangyu Medical has made significant progress in BCI, establishing a comprehensive product matrix and five brain science laboratories, with two EEG machines expected to receive registration certificates by June 2025 [1] - Meihua Medical's cochlear implant business is a key application of BCI and represents one of the most successful technologies in clinical applications, with the company collaborating closely with downstream BCI clients to facilitate efficient commercialization from laboratory development to mass production [2]

新华财经北京1月27日电 （记者董雪）让瘫痪患者用"意念"控制电脑光标、轮椅、机器狗……过去一年 来，我国脑机接口技术迈入植入人脑的新阶段，密集涌现出一批突破性进展。 作为"十五五"规划建议锚定的六大未来产业之一，脑机接口技术旨在通过在脑与机器之间建立信息通 道，实现生物智能与机器智能的协同交互。截至目前，它与人脑的交互发展到了什么程度？怎样才能成 为规模化应用的成熟产品？未来能否给大众带来普惠？ "意念"控制电脑光标、轮椅 2025年12月，中国科学院脑科学与智能技术卓越创新中心联合复旦大学附属华山医院等单位，发布了脑 机接口临床试验的新进展：一位因颈髓损伤而四肢瘫痪的患者，仅凭"意念"控制，即可坐着电动轮椅在 小区里遛弯，也能指挥机器狗取外卖。 "这是我们的第二例前瞻性临床试验。之后的第三例前瞻性临床试验进一步拓展了脑机接口的功能，患 者能控制机械臂完成喝水、进食等动作。"中国科学院脑科学与智能技术卓越创新中心研究员赵郑拓 说。 此前，该团队在2025年6月发布第一例前瞻性临床试验，在脑机接口的帮助下，一位因高压电事故四肢 截肢的患者实现了"意念"控制电脑光标。 记者采访了解到，对于需要植入人脑的脑机接口 ...

Core Viewpoint - Changping District aims to become a vibrant destination for young people, combining historical significance with modern urban life, while establishing itself as a world-class scientific city and a hub for brain-machine industry development over the next five years [1] Group 1: Technological Innovation - Changping is a key area for Beijing's international innovation center, housing 41 universities, 64 central enterprise research institutes, and 66 national key laboratories, along with 58 academicians and 58,000 research talents [2][3] - The district plans to accelerate the construction of the Future University Science Park, covering 210,000 square meters, and establish a national technology transfer center for biomedicine [3] - The "One Park, Two Ports" strategy includes the Future University Science Park and collaborative projects with Tsinghua University and Peking University to enhance innovation and industry integration [3][4] Group 2: Industrial Development - Changping has developed three trillion-yuan industrial clusters in healthcare, advanced energy, and advanced manufacturing, with over 260,000 market entities and 41 listed companies [4][5] - The district aims to establish a distinctive brain-machine industry cluster by the end of the 14th Five-Year Plan, leveraging top research institutions and achieving significant clinical milestones [5] Group 3: Urban Development - Changping has implemented over 450 urban renewal projects, focusing on preserving cultural heritage while modernizing urban spaces, with notable projects like the Qinghua South Base and Grand Canal Heritage Park [6] - The district plans to create a historical cultural district in the old city, integrating modern design with historical landmarks [6] Group 4: Social Welfare - With a resident population of 2.27 million, including a high percentage of young people, Changping is focused on creating a youth-friendly city through comprehensive employment services and living support systems [8][9] - Initiatives include the "Rain Swallow Talent Housing Plan," providing nearly 10,000 public rental housing units, and expanding educational resources with 36 new schools and 30,000 new student placements [9][10] Group 5: Ecological and Cultural Tourism - Changping is developing a "Garden City" model, with a forest coverage rate of 49.46% and plans for a greenway system to enhance ecological connectivity [11][12] - The district aims to integrate ecological and cultural resources into tourism and agriculture, promoting new business models like rural tourism and leisure agriculture [12]

Core Insights - Brain-computer interface (BCI) technology in China has made significant advancements, particularly in clinical applications for patients with severe disabilities, allowing them to control devices using their thoughts [1][2][3] Group 1: Technological Advancements - A recent clinical trial demonstrated that a patient with quadriplegia could control an electric wheelchair and a robotic dog using only their thoughts, marking a significant milestone in BCI technology [1] - The first prospective clinical trial in June 2025 showed a patient with limb amputations controlling a computer cursor through BCI, indicating the technology's potential for various applications [2] - The development of semi-invasive BCI systems has progressed rapidly, with a recent trial involving 32 patients successfully controlling pneumatic gloves for fine motor tasks [2] Group 2: Product Development and Market Readiness - The invasive BCI systems are classified as Class III medical devices in China, requiring clinical trials to prove safety and efficacy before market approval [3] - Current BCI systems are transitioning from laboratory exploration to clinical application, but no products have yet received approval for commercial use [3] - To achieve scalable applications, BCI technology must focus on minimizing surgical trauma and ensuring effective data collection and transmission [4] Group 3: Future Prospects and Industry Growth - The BCI field is expected to become a significant growth area within brain science, with foundational research enhancing application effectiveness [5] - Establishing industry standards is crucial for the development of BCI technology, as the current regulatory framework is still in its infancy [5] - The Chinese government is actively promoting the BCI industry through collaborative initiatives aimed at fostering innovation and creating a supportive ecosystem for technology transfer [5] Group 4: Application and Accessibility - The future of BCI technology includes the need for diverse software and application scenarios, similar to the smartphone ecosystem, to enhance its accessibility to the general public [6] - The goal is to develop "killer applications" that can provide significant cognitive enhancements with minimal invasive procedures, paving the way for widespread adoption of BCI technology [6]

Group 1 - Tianqi Co., Ltd. has entered the brain-computer interface (BCI) sector by investing in Suzhou Huahui Chip, focusing on high-density flexible neural electrode technology, achieving animal testing stages, and becoming a key player in domestic BCI hardware localization. The developed flexible neural electrode has 1024 channels, with signal acquisition precision and anti-interference capabilities at an internationally advanced level. The company has also completed biocompatibility surface modification technology to reduce inflammation after electrode implantation, with core patents authorized by the National Intellectual Property Administration [1][2][3] - Innovation Medical, through its subsidiary Boling Brain Machine, is one of the first companies in China to commercialize BCI rehabilitation products. The core product, Cyberlink AC5, was officially launched in October 2025, generating sales revenue of 114,000 yuan in 2025. Another product, Cyberlink AM5, has completed multi-center clinical trials and is progressing through the approval process. The company plans to establish five additional clinical cooperation centers to accelerate the application of BCI technology in treating neurological diseases [4][5][6] - iFlytek is a leading company in the non-invasive BCI field, leveraging its artificial intelligence technology to develop BCI collaborative technology. The company has established long-term partnerships with universities for research and development. Its non-invasive BCI system has been piloted in 120 schools nationwide, improving student attention by 30%. In the medical field, a collaboration with Beijing Tiantan Hospital has achieved a 92% accuracy rate in identifying abnormal brain signals for epilepsy [7][8][9] Group 2 - Jiahe Intelligent focuses on the research and mass production of BCI hardware, particularly EEG acquisition devices and core components, serving both consumer and medical-grade markets. The company has achieved large-scale production of EEG acquisition headphones with a signal recognition accuracy of 92%, primarily used in sleep monitoring and attention training. It plans to expand into overseas BCI hardware markets by 2026 [10][11][12] - Tom Cat is the first company in China to apply BCI technology in consumer scenarios, focusing on interactive games and rehabilitation training products. The company launched a mind-controlled game product in 2025, which quickly gained over 500,000 users. It also collaborates with rehabilitation institutions to develop BCI rehabilitation training systems, showing a 35% average improvement in patient motor function scores [13][14][15] - Hanwei Technology, through its subsidiary Weisheng Technology, is a leading company in the EEG sensor field, with an annual shipment of over 2 million units. The company has developed an epilepsy early warning system with an 88% accuracy rate in clinical tests. It also focuses on flexible pressure sensors for invasive BCI electrodes, addressing industry pain points [16][17][18] Group 3 - StarNet Ruijie leverages its network communication technology to develop low-power, high-stability EEG signal transmission systems and data encryption modules, becoming a core supplier for BCI data links. The developed transmission system supports real-time transmission of 1024-channel EEG signals with a latency of less than 10ms and a stability of 99.9% [19][20][21] - Yijiahe focuses on the integration of BCI and embodied intelligent robots, exploring applications in smart healthcare. The company has signed a strategic cooperation agreement to develop real-time emotional companionship and brain-controlled robots, enhancing the emotional care capabilities of robots [22][23][24] - Lihua Technology is focused on incubating and investing in the BCI sector, successfully incubating three high-tech companies in the field. The company collaborates with the Shenzhen Institute of Advanced Technology to provide comprehensive services for incubated companies, addressing development pain points [25][26][27] Group 4 - Sanbo Neurosurgery is a leading private hospital in the neurosurgery field, focusing on the clinical application and research of BCI. The company has successfully conducted an interventional BCI surgery, accumulating valuable experience for clinical applications. It is also recruiting participants for ongoing clinical trials [28][29][30] - Shiyun Circuit is a core enterprise in the PCB field, providing customized PCB products for BCI devices. The company focuses on high-density, flexible PCB designs, achieving low signal loss rates below 2% [31][32][33] - Meihua Medical is a leading supplier of core components for BCI, having entered the core supply chain for invasive BCI products. The company has developed components that have passed biocompatibility tests, ensuring long-term stability and safety for implanted devices [34][35][36]

Group 1: China's Top Ten Scientific Advances of 2025 - The "artificial sun" EAST achieved a world record of "one billion degrees for a thousand seconds" [1] - DeepSeek company introduced a new AI technology in China [1] - The construction of a thorium molten salt reactor marks a breakthrough in China's nuclear energy technology [1] - A liver cancer prediction system was featured on the cover of "Nature" magazine, serving a global audience [1] - The "North Brain No. 1" completed its first batch of wireless full-body implants [1] - A novel innovative target and candidate new drug for Parkinson's disease was discovered [1] - The superconducting quantum computing prototype "Zu Chongzhi No. 3" was unveiled [1] - Chinese scientists successfully developed a new hydrogen production technology [1] - Significant breakthroughs were made in the protection technology of black soil in the "Black Soil Granary" campaign [1] - Chinese scientists achieved new advancements in 6G wireless communication [1] Group 2: World's Top Ten Scientific Advances of 2025 - Brain-machine interfaces enabled patients to express emotions through speech and song, translating thoughts into language in real-time [2] - An integrated chip system combining electronics, photonics, and quantum technology was developed [2] - The largest black hole merger event ever detected challenges existing black hole formation models [2] - Scientists discovered the highest energy neutrino to date, which is 20 times more energetic than previous detections [2] - The first visible "time crystal" was created [2] - Transgenic pig organ transplants set a record for survival time [2] - Ground-based telescopes detected signals from the universe dating back 13 billion years [2] - The largest cosmic map to date was published [2] - The most detailed brain "map" was created, describing numerous neurons and their activities [2] - "Deep Thinking" announced that its artificial intelligence test scores reached the level of an international mathematics Olympiad gold medal [2]

Market Overview - The Hong Kong stock index opened slightly higher on January 27, with the Hang Seng Index rising by 0.36% to 26,863.15 points, the Hang Seng Tech Index increasing by 0.16% to 5,734.9 points, and the National Enterprises Index up by 0.28% to 9,173.2 points [1] - Major tech stocks mostly rose, with Alibaba up by 0.97%, Tencent Holdings up by 0.08%, and JD.com down by 0.17% [1] - Automotive stocks were active, with BYD rising by over 1%, while gold stocks saw some increases, with Zijin Mining up by over 4% [1] Company News - China Power (02380.HK) reported a total consolidated electricity sales volume of 10.73105 million MWh for December 2025, a decrease of 2.31% year-on-year, with an annual cumulative total of approximately 126 million MWh, down by 1.27% year-on-year [2] - Harbin Electric (01133.HK) expects a net profit attributable to shareholders of approximately RMB 2.65 billion for the fiscal year 2025, compared to RMB 1.686 billion in the previous year [2] - Singularity National Peak (01280.HK) has entered into a GPU distribution cooperation agreement with Muxi Co., aiming to enter the domestic AI computing power market [3] - East Sunshine Pharmaceutical (06887.HK) has signed a strategic cooperation agreement with Shenzhen Jingtai to establish a joint venture for an AI-driven drug research and development platform [4] - Weisheng Pharmaceutical-B (02561.HK) has received approval from the National Medical Products Administration for the marketing authorization application of injectable Long Pei growth hormone [5] - Kexin Pharmaceutical-B (02171.HK) issued a profit warning, expecting a net loss for 2025 to be reduced to no more than approximately RMB 120 million [6] - Zhenghong Pharmaceutical (01276.HK) has received a clinical trial approval notice for SHR-1049 injection [7] - Baolong Real Estate (01238.HK) has had its bond restructuring plan approved by the relevant bondholders' meeting [8] - Aobo Technology Holdings (08279.HK) has entered into a technical service agreement with Hong Kong Gold Trading Co., Ltd. [9] - Future Data Group (08229.HK) has signed a strategic cooperation framework agreement with Linghe Culture [10] - Haowei Group (00501.HK) plans to invest up to USD 50 million to subscribe for shares in Aixin Yuan Zhi's initial public offering [11] Institutional Insights - Huatai Securities noted that foreign and southbound capital continues to flow in, with public fund positions in Hong Kong stocks dropping to 23% in Q4, significantly reducing potential selling pressure [12] - Goldman Sachs has raised its year-end gold price forecast from USD 4,900 to USD 5,400 per ounce due to increasing demand from private investors and central banks [12] - CITIC Securities recommends focusing on cloud computing service providers and continuing to recommend AI computing power sectors and AI applications, highlighting the ongoing AI industrial revolution [12]

Core Insights - The brain-computer interface (BCI) sector is gaining significant attention, with Neuralink planning large-scale production in 2026 and over 10,000 patients waiting for implantation [1] - China's strong brain technology company has completed approximately 2 billion yuan in funding, marking the second-largest financing record globally in this field [1] - The technology is advancing rapidly, enabling high-level paraplegics to control wheelchairs and ALS patients to communicate through synthetic speech [1] - Ethical, legal, and social issues are emerging as BCI technology evolves beyond medical applications into cognitive enhancement and memory backup [1] Group 1: Definition and Functionality of BCI - BCI is an advanced medical device that collects brain signals through electrodes, using AI algorithms to decode and analyze these signals to translate them into machine-readable commands [1] - Current BCI products focus on specific functions, with motion intention decoding being relatively mature, while language decoding is a hot research area [2] - Visual decoding is seen as a future target for breakthroughs, with potential advancements in decoding complex brain functions like emotions and memory [2] Group 2: Types of BCI - Non-invasive BCI systems collect brain signals from the scalp without surgery, but the signal precision is lower, limiting their functionality [3] - Invasive BCI systems require surgical procedures to implant electrodes directly into the brain, allowing for more accurate signal collection [3] - Semi-invasive techniques place electrodes beneath the skull but above the dura mater, reducing surgical risks compared to fully invasive methods [4] Group 3: Implications for Patients and Users - Invasive and semi-invasive BCIs are primarily focused on conditions like spinal cord injuries and ALS, showing potential for significant quality of life improvements [5] - Invasive techniques face challenges such as inflammation and device failure risks, necessitating long-term monitoring for safety and reliability [5] - Non-invasive BCIs are more widely used in stroke rehabilitation and consumer applications, with a growing emphasis on mental health and wellness [6] Group 4: Challenges and Future Directions - Key challenges for widespread BCI adoption include performance enhancement, mastering core technologies, and ensuring precision in large-scale production [8] - Recent breakthroughs in silicon-carbon hybrid transistors could significantly improve the precision of brain signal extraction [8] - The competition between the US and China in core technologies highlights the urgency for independent technological development in the BCI sector [9] Group 5: Potential of BCI Technology - BCI technology has the potential to restore lost sensory functions and enhance human capabilities, raising questions about the ethical implications of such advancements [10] - The global market for BCI could reach trillions, with applications in healthcare, consumer products, and scientific research [10] - BCI technology is positioned to transform human interaction with machines, offering new ways to improve quality of life and explore brain functions [10]