2026 年 01 月 07 日 行业研究 评级：推荐(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘熹 S0350523040001 | | | | liux10@ghzq.com.cn | | 联系人 | ： | 谢婧茹 S0350125070015 | | | | xiejr01@ghzq.com.cn | [Table_Title] Neuralink 量产在即，国产脑机链有望充分受益 ——计算机事件点评 最近一年走势 | 行业相对表现 | | 2026/01/07 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 计算机 | 5.7% | -3.9% | 33.3% | | 沪深 300 | 4.2% | 2.9% | 25.8% | 相关报告 | 《Gemini | | | 3.0/Nano | | | 密集发布，从谷歌 | | | AI | | | | 体系看应 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

证券日报网讯1月7日，领益智造（002600）在互动平台回答投资者提问时表示，公司与国内首家脑机接 口领域独角兽企业浙江强脑科技有限公司达成战略合作伙伴关系。 ...

电广传媒（000917.SZ）1月7日在投资者互动平台表示，"新文旅+大资管"是公司战略发展方向和业务发 展重点。公司旗下达晨财智管理基金规模近660亿元，累计投资了800余家企业，主要投资领域包括智能 制造、人工智能、信息技术、生命科技等。在脑机接口方面，达晨财智及其管理的基金投资了博睿康技 术（上海）股份有限公司，穿透计算，公司持有的股份比例较小。 每经AI快讯，有投资者在投资者互动平台提问：贵公司有投资脑机接口的公司吗？ （文章来源：每日经济新闻） ...

Core Viewpoint - Neuralink is set to begin mass production of brain-machine interface devices in 2026, transitioning to a streamlined and nearly fully automated surgical process [1][19]. Group 1: Company Overview - Neuralink was founded in 2016 with the goal of enabling direct control of computers through neural signals via a coin-sized brain chip [4]. - The company focuses on treating neurological disorders such as paralysis, muscular atrophy, Parkinson's disease, Alzheimer's, and vision impairments [4]. - As of September 2025, Neuralink had served only 12 patients, which raises questions about the pace of its clinical applications despite significant market demand [2][18]. Group 2: Technological Advancements - The upcoming surgical procedure will simplify the implantation of brain chips by allowing electrode wires to penetrate the dura mater without the need for surgical removal, reducing complexity and risk [2][20]. - This new "minimally invasive" approach is expected to lower costs, risks, and recovery times, making the procedure more standardized and accessible [2][20]. Group 3: Clinical Trials and Milestones - The first human trial participant, Noland Arbaugh, was implanted with a Neuralink device in January 2024, enabling him to post on social media and play video games using only his thoughts [4][16]. - By December 2025, the number of participants in clinical trials had increased to 20, indicating a gradual acceleration in the pace of trials [18]. Group 4: Future Implications - Elon Musk envisions Neuralink not only as a medical device but also as a means for humanity to keep pace with potential advanced artificial intelligence, suggesting that brain-machine interfaces could enhance human capabilities [6][7]. - The potential for widespread adoption of brain-machine interfaces could lead to significant advancements in human progress, allowing for skills to be updated like software [7].

新浪科技讯 1月7日晚间消息，近日，前脑虎科技CEO彭雷与盛大集团、天桥脑科学研究院创始人陈天 桥联合创立超声波脑机接口公司格式塔（Gestala）成立。据悉，目前该公司已落地成都天府国际生物 城，并入驻上海脑机接口产业聚集区，旨在探索下一代全脑信号读写与分析。 长期以来，全球脑科学研究面临"全脑成像"与"实时响应"难以兼顾的困境：fMRI虽能实现全脑成像，但 血氧信号延迟达3-10秒，无法捕捉神经环路时序关系；侵入式电极虽能达到10微秒级实时响应，却局限 于局部脑区监测。而超声波技术通过采集血流信号间接解码神经活动，在侵入式脑机接口的同等设备体 积下可覆盖25%的全脑体积，既能触及大脑深部区域，又能实现多脑区同步监测，为脑科学研究提供了 全新工具。 据悉，在产品落地方面，格式塔计划分代系推进：第一代台架式设备将聚焦慢性疼痛管理，预计2026年 底启动国家药品监督管理局（NMPA）相关注册流程；第二代将推出可穿戴式设备，持续拓展"治病救 人"的应用场景。目前，公司已与华山医院、协和医院、华西医院等建立合作框架，未来将深化"产学研 医"协同，针对更多适应症展开临床研究。 陈天桥和妻子雒芊芊十年来深耕脑科学领域， ...

2026年二级市场的第一个热门概念属于脑机接口。 板块3日涨幅17.98% 新年伊始，脑机接口概念股集体沸腾，2026年以来的3个交易日里，人脑工程板块累计涨幅达到17.98%。 消息面上，马斯克近日表示，其脑机接口公司Neuralink将于2026年开始对脑机接口设备进行大规模生产，并转向更加精简和几乎完全自动化的外科手术流 程。此外，据报道，脑机接口"独角兽"强脑科技近期完成约20亿元融资，为脑机接口领域除Neuralink以外世界第二大规模融资，进一步点燃投资者热情。 在上述消息影响下，1月5日—6日，人脑工程板块掀起涨停潮，多只个股连续两个交易日"20cm"涨停。1月7日，美好医疗再度"20cm"涨停，南京熊猫、岩山 科技等个股斩获三连板。爱朋医疗、麦澜德、伟思医疗等个股则出现回调，其中爱朋医疗跌逾11%。 自1月5日起，A股人脑工程板块"起飞"，1月5日—6日，板块内个股掀起涨停潮。1月7日，尽管板块内部分个股出现回调，但板块3日涨幅仍接近18%，创新 医疗、南京熊猫等多只概念股斩获三连板。 股价狂飙背后，脑机接口，这一曾只存在于科幻作品中的概念，正在加速走进现实。在业内专家看来，2026年有望成为 ...

Core Viewpoint - Aihui Long (688575.SH) announced a strategic cooperation with Shenzhen Brain Machine Starlink Technology Co., Ltd. to explore brain-computer interface technology, which has raised regulatory concerns due to the sudden nature of the announcement and the company's recent poor performance in its core business [2][3][5]. Group 1: Company Announcement and Market Reaction - Aihui Long signed a strategic cooperation framework agreement with Brain Machine Starlink on January 6, focusing on brain-computer interface technology development and commercialization [2]. - Following the announcement, Aihui Long's stock price surged from 14.64 CNY to 15.80 CNY, marking a 6.52% increase with a trading volume up by 299% compared to the previous day [2]. - The Shanghai Stock Exchange issued an inquiry to Aihui Long regarding the feasibility of the cooperation, including questions about the partnership's rationale and potential insider trading [2][5]. Group 2: Financial Performance and Concerns - Aihui Long's financial performance has been declining, with a 7.69% drop in revenue and a 72.36% decrease in net profit for the first three quarters of 2025 [3][6]. - The company is attempting to pivot into the growing brain-computer interface market amid stagnation in its core business of in vitro diagnostic instruments [3]. - The inquiry from the exchange also focused on the reasons behind the significant decline in Aihui Long's financials and the potential impact of the new cooperation on its existing business [6]. Group 3: Details on the Cooperation Partner - Brain Machine Starlink was established only four months prior to the announcement, with a registered capital of 5 million CNY and a focus on comprehensive diagnosis, treatment, and rehabilitation of brain diseases [3][4]. - Both companies share the same registered address in Shenzhen, raising questions about the legitimacy and depth of the partnership [4]. - The products under development by Brain Machine Starlink, including non-invasive brain-computer interface devices, are still in early stages and have not yet entered the registration phase [4].

Market Overview - The Shanghai Composite Index (沪指) achieved a record 13 consecutive days of gains, closing near 4100 points, with a 1.5% increase on January 6, 2026. Over 4100 stocks rose, and the total trading volume in the Shanghai and Shenzhen markets reached 2.81 trillion yuan [2][7] - Goldman Sachs forecasts a 15% to 20% annual increase in the Chinese stock market for 2026 and 2027, recommending an overweight position in A-shares and H-shares [2][7] Commodities - Citigroup raised its short-term copper price target to $14,000 per ton but warned that the price increase may be nearing its end, with January potentially being the peak for 2026. Prices above $13,000 could stimulate increased scrap copper recovery [3][8] - China is initiating a new round of mineral exploration, with expectations that the demand from emerging sectors like AI will drive the commodity cycle, supporting a bullish outlook for non-ferrous metals [3][8] Technology and Innovation - The brain-computer interface sector is experiencing rapid growth, with several companies announcing significant funding and production plans. Strong Brain Technology secured approximately 2 billion yuan in financing, and Elon Musk's company is set to mass-produce brain-computer interface devices [3][8] - The humanoid robot industry is projected to reach production levels of 100,000 to 200,000 units by 2026, entering a phase of scale and commercialization driven by cost reductions and technological advancements [9][10] Monetary Policy - The People's Bank of China (央行) indicated a flexible approach to monetary policy for 2026, with potential interest rate cuts and reserve requirement ratio reductions aimed at promoting high-quality economic development and price recovery [9]

分析师及联系人 [Table_Author] 行业研究丨点评报告丨软件与服务 [Table_Title] Neuralink 将开启大规模量产，脑机接口产业商 业化落地有望加速 报告要点 [Table_Summary] 北京时间 1 月 1 日上午，埃隆・马斯克在社交媒体 X 上表示，其脑机接口公司 Neuralink 今年 将开始实现"大规模生产"脑机接口设备，并转向更精简、几乎完全自动化的外科手术流程。 当前时点，以 Neuralink 为代表的脑机接口产业正通过技术突破推动其商业化进展。在其规模 化量产预期和技术突破的催化下，脑机接口产业商业化落地有望加速，惠及全产业链。建议关 注三条主线：1、侵入式脑机接口海外先进产业链的国内映射标的；2、非侵入式脑机接口在消 费场景的产品落地相关标的；3、脑机接口下游应用端相关标的。 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Titl ...

Core Insights - The article highlights the significant stock price increase of Sanbo Neurosurgery, driven by developments in the brain-computer interface (BCI) sector, particularly following Elon Musk's announcement regarding Neuralink's plans for mass production of BCI devices by 2026 [1][3][4]. Company Performance - Sanbo Neurosurgery's stock price rose to 93.82 yuan per share, marking a 10.45% increase on January 7, 2026, with a cumulative increase of 59.07% since the beginning of the year [1][3]. - The stock reached a peak of 100 yuan per share during trading, reflecting a 17.72% intraday increase [3]. Major Shareholder Insights - TBP3Doctors (HK) Limited, the largest shareholder of Sanbo Neurosurgery, acquired approximately 30.465 million shares at 4.44 yuan per share in December 2015, totaling an investment of 135 million yuan [1][6]. - TBP has since recouped its initial investment through partial share sales, with a current holding valued at approximately 2.834 billion yuan, resulting in a total profit of about 2.885 billion yuan, yielding a return of over 21 times [1][6][7]. Investment Background - TBP is controlled by Li Shujun, founder of Zhi Xin Capital, which manages over 8 billion USD and has invested in notable companies such as Douban and Haier [2][7]. - Li Shujun has a history of successful investments, preferring to acquire significant equity stakes in early-stage companies and later exiting through public offerings [8][9]. Industry Developments - The BCI sector is gaining traction, with Sanbo Neurosurgery being recognized as a leading player due to its strong capabilities in neurosurgery [3][4]. - Recent advancements include the successful completion of the world's first invasive BCI trial in China, which restored motor function in a paralyzed patient [4]. Strategic Investments - Sanbo Neurosurgery is actively investing in the BCI space, committing 87 million yuan to acquire a 29% stake in a venture capital fund focused on brain science tools and early-stage companies in neurological and psychiatric disorders [5]. - Additional investments include 10 million yuan for an 11.11% stake in another fund targeting medical devices for brain disease diagnosis and treatment [5].