Core Viewpoint - The report from CITIC Securities indicates that the cross-year market trend has intensified since the beginning of the year, and after a recent cooling period, adjustments in hotspots have emerged. The purpose of this cooling is to mitigate potential short-term severe consequences of an overheated market, while maintaining a generally positive long-term outlook. The implementation of this policy is noted to be more mature and forward-looking [1] Industry Configuration - From an industry allocation perspective, sectors such as AI computing power, non-ferrous metals, innovative pharmaceuticals, and automotive are showing significant signs of prosperity [1] - Previous market hotspots like commercial aerospace and AI applications may undergo phase adjustments, suggesting a shift in investment focus [1] Emerging Themes - Other thematic investment opportunities to consider include ultra-high voltage, brain-computer interfaces, and controllable nuclear fusion, indicating a diversification in potential growth areas [1]

Group 1 - The A-share market has initiated a "spring rally" in 2026, with sectors such as commercial aerospace, brain-computer interfaces, and semiconductors showing significant activity, while humanoid robots and innovative drug concept stocks remain vibrant [1] - In this active market environment, investment strategies should include both high-risk, high-reward instruments and those that control drawdowns and reduce volatility, focusing on stable returns and expert-managed thematic funds in sectors like integrated circuits [1][2] - The new fund, Silver Hua Smart Mixed Fund, aims to balance aggressive growth in technology sectors with absolute return strategies, emphasizing risk control and investor experience [3][4] Group 2 - The investment philosophy of the fund manager, Fang Jian, is to buy good companies with growth potential at reasonable prices and hold them long-term, aiming to share in the growth dividends of these companies [2] - Fang Jian emphasizes the importance of selecting growth stocks with strong performance and certainty over the next 3 to 5 years, focusing on core leading companies that have room for growth [2][3] - The fund manager believes that the AI sector represents a significant long-term investment opportunity, driven by the need for technological advancements to address core human challenges [6][7] Group 3 - The AI revolution is seen as a major industrial opportunity, with essential tasks involving efficient data processing reliant on semiconductors and integrated circuits, which are crucial for computational power [7] - Fang Jian identifies robotics and automotive applications as secondary growth industries benefiting from AI, with a particular focus on innovative drug development in China, which has seen significant advancements [8] - The fund manager expresses concerns about potential risks in 2026, particularly regarding the commercialization of AI technology in the U.S. and geopolitical uncertainties that could impact market confidence [8]

脑机接口临床转化速度正在明显加快。日前，我国半侵入式脑机接口"北脑一号"智能脑机系统已植入6 名患者体内，侵入式产品"北脑二号"有望在2026年进入临床验证，上海阶梯医疗、北京智冉医疗的侵入 式脑机接口产品也开始进入临床验证阶段；国际方面，美国企业家埃隆·马斯克宣布，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。 业内人士认为，脑机接口技术发展已进入临床价值验证与早期产业化的关键期。当前，我国脑机接口产 业政策支持力度大、资本关注度高、临床需求迫切，国际竞争白热化、伦理争议加剧等因素也为行业发 展带来诸多挑战。接下来，脑机接口产品能否满足明确的临床需求、解决患者需求、构建可持续的商业 闭环，将成为产业能否长期发展的关键支撑。 政策体系日趋完善 脑机接口是未来产业的重点方向。在产业政策方面，2023年，工信部《未来产业创新任务揭榜挂帅》下 设脑机接口赛道；同年，工信部发布《新产业标准化领航工程实施方案(2023—2035年)》，提出开展脑 机接口标准研制。2024年，工信部等7部门发布《关于推动未来产业创新发展的实施意见》，将脑机接 口列为未来产业十大创新标志性产品 ...

Group 1 - The core viewpoint of the article highlights the recent release of the industry standard "Technical Requirements and Testing Methods for Fatigue State Monitoring Systems Based on EEG," which aims to regulate the brain-computer interface (BCI) sector and enhance product stability [1] - The standard was developed by the China Academy of Information and Communications Technology in collaboration with over 30 institutions, including major universities and hospitals, to fill the existing gap in industry standards [1] - Xiangyu Medical, a leading rehabilitation medical company based in Henan, has actively participated in the standard formulation, leveraging its expertise in BCI technology and establishing a comprehensive system for research, clinical application, and results transformation [1] Group 2 - The policy environment is favorable for the BCI industry, as the 14th Five-Year Plan emphasizes the cultivation of emerging and future industries, with BCI officially included as a key development area [1] - The domestic BCI industry is currently experiencing a critical phase of technological iteration and expansion of application scenarios, with both invasive and non-invasive technology paths being developed simultaneously [1] - Non-invasive technology, which utilizes devices like EEG caps for safe and convenient brain signal collection, is more suitable for widespread application in health monitoring and rehabilitation compared to invasive methods that require surgical implantation [2]

Core Insights - The clinical transformation speed of brain-computer interface (BCI) technology is accelerating, with China's semi-invasive BCI "Beina No. 1" implanted in six patients and invasive products like "Beina No. 2" expected to enter clinical trials by 2026 [1] - The industry is entering a critical phase of clinical value verification and early commercialization, driven by strong policy support, high capital interest, and urgent clinical demand, while facing challenges from international competition and ethical controversies [1] Policy Framework - In 2023, the Ministry of Industry and Information Technology (MIIT) established a BCI track under the "Future Industry Innovation Task" and released a plan for standardization from 2023 to 2035 [2] - By 2025, multiple provinces in China have included BCI technology in their charging catalogs, paving the way for future clinical applications [2] Local Initiatives - Various provinces, including Beijing, Shanghai, and Shandong, have introduced special policies to support BCI industry development, with Shanghai focusing on creating specialized incubators [3] - The Tianjin Binhai High-tech Zone has also implemented supportive policies for BCI industrialization [3] Clinical Validation - BCI technology is categorized into invasive, non-invasive, and semi-invasive types, with invasive and semi-invasive technologies becoming core breakthroughs in medical rehabilitation [4] - The most mature application of BCI technology is in medical rehabilitation, particularly in restoring motor and speech functions [4] Application Expansion - The application scenarios for BCI technology are diversifying, with invasive BCIs focusing on medical settings and non-invasive BCIs being tested in various fields such as industrial safety and education [7] - Non-invasive BCIs are being piloted in industrial safety to monitor fatigue among operators, while consumer-grade applications are emerging in education and entertainment [7] Market Development - The consumer market for BCI technology is still in its nurturing phase, with products like brainwave headphones and brain-controlled gaming devices lacking sufficient user experience [8] - The medical rehabilitation sector is expected to dominate the market in the next five years, while consumer and industrial products will rely on technological breakthroughs for wider adoption [8] Industry Challenges - BCI technology faces challenges in core technology, application scenarios, market competition, and industry ecology, necessitating policy guidance and standardization [9] - Key technological breakthroughs in biocompatible flexible electrodes and AI decoding algorithms are essential for practical implementation [9] Technological Advancements - BCI technology is undergoing rapid iterative upgrades, with advancements in hardware and software, as well as interdisciplinary innovations in materials science and chip design [10] - The enhancement of full-chain technological capabilities will facilitate the transition of BCI systems from laboratory research to practical applications [10]

Group 1 - The A-share market has seen a significant increase in institutional research activities, with 1,357 institutions conducting approximately 4,897 research sessions on listed companies as of January 18, 2026 [1] - Key focus areas for research include information technology, industrial machinery, and healthcare, particularly in advanced technologies such as brain-computer interfaces, semiconductors, robotics, and solid-state batteries [1] Group 2 - Companies like Henan Xiangyu Medical Equipment Co., Ltd., Beijing Haitan Ruisheng Technology Co., Ltd., and Jiangsu Aipeng Medical Technology Co., Ltd. have been heavily researched, each receiving over 100 institutional inquiries [2] - Institutions are particularly interested in the feasibility of technologies, commercialization timelines, and policy alignment, with specific inquiries directed at brain-computer interface products and rehabilitation robotics [3] Group 3 - Foreign institutions have also been actively researching A-share companies, with notable interest in semiconductor materials and ultrasonic welding equipment, indicating a recognition of China's capabilities in high-end manufacturing [4] - Companies such as Anji Microelectronics Technology Co., Ltd. and Guangdong Aopute Technology Co., Ltd. have attracted high-density foreign institutional research, reflecting their strong R&D investment and visibility of orders [4] Group 4 - UBS analysts indicate that semiconductor equipment companies are likely to receive orders from advanced process production, with a capacity preparation cycle of approximately 2 to 8 quarters [5] - Despite the early market response for semiconductor equipment companies, investors tend to focus on larger market opportunities, leading to widespread interest in computing and wafer manufacturing sectors [5]

江苏生命科技创新园 "最忙的时候，现场有近200名工人。"施工负责人袁清华穿梭在楼层之间，指着零星进行扫尾作业的十 余名工人说。近4个月紧锣密鼓的施工，这处承载着脑机接口领域新期待的载体已接近竣工验收，"预计 过完春节，这里就能正常运转了。" 不远处，D1栋的6层实验室已启用，那里也是江苏脑机接口研究院的核心公共实验研发平台。行走在园 区，不时能遇见前来参观交流、洽谈入驻的企业代表。他们审视着空间，探讨着可能性，为栖霞区这片 创新热土增添了涌动的活力。 "我们不只招商，更在'选'商，目标是构建一个创新生态。"江苏脑机接口研究院产业孵化部部长朱珊珊 的手机里，来访预约信息从未间断。她坦言，研究院落子栖霞后共建江苏脑机接口创新产业园，目前入 驻园区的11家企业，主要聚焦产业上游元器件和传统康复产业升级领域。研究院的策略很清晰：既要吸 引充满锐气的初创型企业，也着力引进能带动上下游的"链主"企业。"我们做好共性技术的'防御'，避免 重复投入，旨在为企业提供成熟的全链条服务。"朱珊珊解释，研究院在实验硬件上的投入居于行业领 先，能为入驻企业降低研发门槛，5年免租空间、科研补助30%等多维支持，也让"每天都有企业过来交 ...

Macro and Financial - The central bank has injected medium-term liquidity into the market through reverse repos for the eighth consecutive month [2] - The State Grid's fixed asset investment plan for the "15th Five-Year Plan" period is set at 4 trillion yuan, a 40% increase from the "14th Five-Year Plan" [9] - The financing margin ratio has returned to 100% after two years, but historical data shows that changes in this ratio do not significantly impact market trends [2][17] - Several photovoltaic listed companies are expected to report losses [22] Capital Market - The China Securities Regulatory Commission is seeking public opinion on the first derivative trading supervision regulations [13] - Over 460 billion yuan in market value of restricted shares will be unlocked next week, with the largest unlocks from companies like Xingtu Measurement and Shanxi Coking Coal [18] - Three new stocks will be issued next week, including Zhenstone Co., Ltd. and Nongda Technology [18] - The first annual report for 2025 will be released by WoHua Pharmaceutical, projecting a net profit of 80 million to 115 million yuan, a year-on-year increase of 119.76% to 215.90% [19] Business and Industry - A record financing of 1 billion yuan was completed by a private nuclear fusion company, Xinghuan Jieneng [20] - Strong Brain Technology is rumored to have secretly submitted an IPO application to the Hong Kong Stock Exchange [20] - The sixth batch of high-value medical consumables centralized procurement has been opened, with 202 companies' products expected to be selected [21] - China's automotive production and sales are projected to exceed 34 million units in 2025, with new energy vehicles accounting for over 50% of domestic sales [21] - Multiple photovoltaic companies, including Tongwei Co., Ltd. and Longi Green Energy, are expected to report significant losses in 2025, with estimated losses of 9 to 10 billion yuan and 6 to 6.5 billion yuan, respectively [23]

Macro and Financial - The central bank has injected medium-term liquidity into the market through reverse repos for the eighth consecutive month [2] - The "15th Five-Year" period's investment plan for the power grid has increased by 40% compared to the "14th Five-Year" plan, leading to a strong performance in power grid equipment stocks last week [2][10] - The financing margin ratio has returned to 100% after two years, but historical data shows that changes in the financing margin ratio do not significantly impact the market trend [2][20] - Several photovoltaic listed companies are expected to report losses [2][31] Government Investment Fund - A new guideline has been issued to strengthen the planning and guidance of government investment funds, focusing on efficiency and market order [3][4] - The guideline emphasizes supporting the construction of a modern industrial system and key core technologies, while avoiding blind competition and supporting small and specialized enterprises [4] Trade Data - December's import and export data significantly exceeded expectations, with exports increasing by 6.6% year-on-year, while imports rose by 5.7% [5][6] - The trade data indicates a shift in trade dynamics, with increased exports to countries involved in the Belt and Road Initiative [6] Capital Market - The China Securities Regulatory Commission has opened public consultation on the first derivative trading regulations, aiming to enhance risk management and support the real economy [16] - A significant amount of restricted shares, valued at approximately 464.99 billion yuan, will be unlocked next week [21] - Three new stocks are set to be issued next week, with specific details on their issuance prices and codes [22] Industry Developments - The domestic nuclear fusion company has set a record for financing with a 1 billion yuan A-round investment [24] - The automotive industry in China is projected to achieve record production and sales in 2025, with a strong emphasis on new energy vehicles [27]

Core Viewpoint - The brain-computer interface (BCI) industry is entering a critical phase of industrialization, driven by strong policy support, clinical advancements, financing growth, and the formation of a complete industrial chain [6][9]. Policy Support - The Chinese government has consistently prioritized BCI in its development plans, with significant policy support expected in 2025, including the establishment of special funds by local governments [9]. - The "China Brain Project" and the "14th Five-Year Plan" highlight the importance of BCI, indicating a robust commitment to its development [9]. Clinical Advancements - The number of clinical trials in China is projected to increase significantly by 2025, with breakthroughs in invasive, semi-invasive, and interventional technologies [9]. - Notable achievements include the completion of the world's first interventional BCI human trial and the development of advanced devices that are fully implanted and wireless [9]. Financing Growth - In the first 11 months of 2025, there were 24 financing events in the BCI sector, marking a 30% year-on-year increase, supported by government funds and market capital [9]. - Various companies have secured significant funding, indicating strong investor interest in the sector [11]. Industrial Development - The BCI industry is evolving into a trillion-yuan market, with over 40 clinical research wards established nationwide, enhancing the ecosystem from core components to complete systems [7][9]. - The industry is witnessing a shift from experimental concepts to practical applications across medical, industrial, and transportation sectors [7]. Technological Breakthroughs - BCI technology is categorized into invasive, semi-invasive, and non-invasive types, with invasive methods offering superior signal quality [12]. - Domestic advancements include breakthroughs in electrode arrays and decoding algorithms, achieving over 90% accuracy in Chinese character writing recognition [14]. Application Scenarios - BCI applications are expanding into various fields, including medical rehabilitation, industrial safety, aerospace, and entertainment, with specific use cases such as fatigue monitoring and cognitive health assessments [15][12]. - The technology is being utilized to assist patients with spinal injuries and other conditions, while also being tested in industrial settings for safety monitoring [14][15]. Investment Opportunities - The BCI sector presents significant investment opportunities, particularly in three areas: technology-leading companies, clinical implementation firms, and industry-collaborative enterprises [18][20]. - Companies with advanced technologies in invasive and interventional methods, as well as those with established clinical partnerships, are expected to yield substantial returns [20][21].