国外 1. 瑞银：美联储降息及地缘政治风险加剧的背景下，金价将升至6200美元 瑞银重申对黄金的积极立场，预计未来数月国际现货黄金目标价达6200美元/盎司。分析师认为，在美 国与伊朗紧张局势下，地缘政治风险将持续高企，而美联储宽松周期预计将继续，对实际利率构成压 力。分析师指出，2025年全球黄金需求突破5000吨，瑞银预计，在更强劲的投资流动和各国央行持续购 买的推动下，金价将进一步上涨。供应方面，增长似乎受限。虽然金价高企可能激励勘探活动，但咨询 公司伍德麦肯兹估计，到2028年，约有80座矿山将耗尽当前的生产计划，这表明短期内供应弹性有限。 2. 高盛：央行购金叠加私人投资，金价年底前将缓慢攀升至5400美元 高盛预计，黄金价格将逐步攀升，到2026年底达到5400美元/盎司，多元化配置将带来上行空间。与此 同时，高盛预计2026年央行购金活动将以2025年所见的步伐再度加速。其核心观点是，央行需求加上私 人投资者增加持仓（主要因应对美联储降息而增持）支撑金价稳步上涨。高盛指出，如果私营部门的多 元化举措（尤其是看涨期权结构）有所增加，那么市场将面临显著的上行风险。此外，中期趋势虽仍呈 上升态势，但可 ...

本文核心数据：脑机接口领域细分市场情况;脑机接口领域侵入式脑机接口分析 1、中国脑机接口行业细分市场情况 脑机接口按照信号采集方式可以通常分为侵入式、半侵入式和非侵入式三大类别。目前侵入式脑机接口 的研究主要集中在开发新型材料以及更精细的电极以提高生物相容性，非侵入式产品研究主要集中在改 进材料以提升电极导电率、改进结构以促进电极与皮肤充分接触。较多公司侧重开发非侵入式产品，涉 及教育和泛娱乐、健康和睡眠辅助等。在侵入式领域内深耕的国内公司为数不多，少量公司正在开发无 创或微创的产品与解决方案，以用来进行脑科学研究、精神与心理疾病筛查，各类神经系统疾病监护、 诊疗与康复。 转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院脑机接口研究小组发布的《全球及中国脑机接口（BCI）行业发 展前景展望与投资机遇分析报告》。 行业主要上市公司：翔宇医疗(688626)、岩山科技(002195)、科大讯飞(002230)、伟思医疗(688580)、爱 朋医疗(300753)、三博脑科(301293)、创新医疗(002173)等 2、侵入式脑机接口分辨率高 侵入式脑机接口指通过神经外科手术将电极等信号记录装置植入脑内特 ...

展望后市，麦肯锡预测，2030年全球脑机接口医疗应用市场规模达400亿美元（约合2900亿元人民 币），2040年扩大至约1450亿美元。中国已将脑机接口列为十大创新标志性产品之一，并有望凭借柔性 电极技术突破实现弯道超车。业内预计中国脑机接口市场2040年或突破1200亿元。 就在中国脑机接口相关研发、实践不断获得创新突破之际，美国Neuralink公司也完成多项突破。例如首 例人体脑机接口植入，患者可意念操控电脑光标，将大脑信号转化为数字指令，延迟也达到毫秒级。 2026年，Neuralink宣布获FDA设备认定，计划2026年启动百人临床试验；Neuralink还与美敦力合作开 发"神经修复系统"，获欧盟CE认证。 数据显示，截止2025年底，全球脑机接口企业突破800家，中国企业占比超25%，医疗健康领域应用占 比达56%，投融资规模逼近100亿美元，一场关乎"人机协同"的技术革命已进入攻坚突破的关键阶段。 据智通财经消息，日前，西北工业大学常洪龙、吉博文科研团队宣布，我国首次完成脑机接口太空在轨 验证。 据悉，该团队研发的脑机接口产品，在极端太空环境下持续稳定采集模拟体液环境中的脑电信号，噪声 水平 ...

脑虎科技创始人彭雷表示，在政策支持力度加大、临床试验扩大和投资者兴趣日益浓厚的背景下，新一 波创业公司正竞相推动植入式和非侵入式脑机接口的商业化。彭雷连续创办了两家脑机接口创业公司， 他既是植入式脑机接口设备公司脑虎科技的联合创始人，也是非侵入式超声波脑机接口创业公司格式塔 (Gestala)的创始人兼CEO。 中国脑机产业飞速发展 凤凰网科技讯 北京时间2月23日，据科技网站TechCrunch报道，尽管埃隆·马斯克(Elon Musk)旗下 Neuralink总爱宣称自己是脑机接口技术的"开创者"，但中国的脑机接口产业已经悄然从研究阶段迈向规 模化应用。 他对这一市场潜力的信心建立在中国的切实行动之上：四川、湖北、浙江等省份已经制定了脑机接口的 医疗服务价格项目，加快了将其纳入国家医保体系的进程。 他认为，随着时间的推移，这项技术将从医疗领域"治疗疾病"拓展到"增强人类能力"。彭雷说："我一 直认为，神经科学和AI是同一枚硬币的两面。它们注定要深度融合，实现人脑与AI之间直接的高带宽 连接。脑机接口将成为碳基智能和硅基智能之间的终极桥梁。这听起来或许很遥远，但它代表着未来一 个难以想象的巨大市场。" "在 ...

▍脑机接口进入3.0时代，百花齐放指日可待。 脑机接口（brain-computer interface，BCI）是指在大脑与外部设备之间建立直接交互的通信和控制通 道。据中国信通院，目前脑机接口进入3.0时代："感知+刺激+控制"深度融合。从产业发展维度看：脑 机接口进入突破落地阶段，脑机接口主要可分为有创和无创两大类，有创还可分为全侵入式、半侵入式 和介入式。在有创领域，国产厂商逐步推进临床转化；无创领域相关公司正逐步推进产品的上市注册， 商业化放量指日可待。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信证券研究 文|陈竹 宋硕 曾令鹏 陈逸飞 国产首款植入式脑机接口产品近期将申请上市注册，料国内脑机接口行业将迎来DeepSeek时刻。在"政 策+资本+技术"等多重因素催化下，国内脑机接口商业化进程加速推进，料未来将逐步从"神经康 复"到"认知提升"再到"脑机融合"时代迈进。上游技术瓶颈正突破，中游中美齐头并进，下游星辰大 海。我们综合梳理三条投资主线：1）有创领域取得技术突破或优异临床效果的龙头企业。2）无创领域 应用落地场景多元化，具备较强商业化销售能力的龙头企业。3 ...

Core Viewpoint - The overseas markets showed a slight rebound during the Spring Festival holiday, with U.S. stocks recovering and commodities performing strongly, driven by geopolitical disturbances that significantly increased the prices of oil, gold, and copper. The performance of Chinese assets, particularly the FTSE China A50 index futures, also indicated a positive trend, suggesting a potentially favorable start for the A-share market in the Year of the Horse [2][4]. Group 1: Market Performance and Trends - The overseas non-U.S. assets maintained a strong performance during the holiday, indicating a high risk appetite among overseas investors, which is expected to benefit the A-share market post-holiday [5]. - The inflow of funds into the market remains unchanged, with a notable decrease in household deposits and an increase in non-bank financial institution deposits, suggesting a shift towards equity markets [6]. - Historical data shows that the A-share market typically performs well in the 20 trading days following the Spring Festival, with a 75% probability of the CSI All A Index rising during this period [9]. Group 2: Sector Focus and Investment Opportunities - The focus for investment should be on sectors benefiting from AI and resource commodities, with a particular emphasis on the robotics and AI technology applications showcased during the Spring Festival [13][14]. - The traditional sectors such as real estate and liquor are expected to see a recovery as their valuations are at historical lows, supported by improving fundamentals and policy catalysts [11]. - The "反内卷" (anti-involution) policy is anticipated to enhance the supply dynamics of resource commodities, making them attractive for investment [11]. Group 3: Strategic Recommendations - Investors are advised to focus on the technology sector, particularly in robotics and AI applications, as well as cyclical sectors like chemicals, construction materials, and machinery, which are expected to benefit from rising prices and improved demand [15]. - The market is entering a configuration phase where "technology + cyclical" remains the main theme, with technology sectors likely to respond first to market catalysts [15].

全国首个脑机接口垂直供应链平台"脑机新声"（BCI-SCA），新近正式签约入驻南京鼓楼高新技术产业 开发区，标志着鼓楼区在打造脑机接口产业创新高地的征程中再添新引擎。 精准对接产业痛点 转自：扬子晚报 政策赋能全链条 鼓楼区率先出台的《发展脑机接口产业若干举措》从技术攻关、企业培育等十大维度提供全生命周期保 障，在建的江苏（南京）脑机智能科技创新园更可实现企业"拎包入驻"。"脑机新声"平台将充分借力这 些政策红利，为入驻企业提供NMPA/FDA双报辅导、ISO 13485体系搭建、伦理协作审查绿色通道等增 值服务，显著缩短产品临床转化周期。 脑机接口（BCI）作为"碳基智能与硅基智能融合"的前沿领域，正迎来爆发式增长，但产业链上下游协 同不足、核心器件进口依赖、质量标准体系缺失等问题制约着行业发展。 针对BCI企业面临的"上游卡脖子、质量难把控、协同效率低、采购碎片化"四大痛点，"脑机新声"平台 依托鼓楼区"企业驱动、高校支撑、政府赋能"的协同创新机制，构建"供应链+流量"双轮驱动模式，为 脑机接口企业提供从上游核心器件采购到下游市场转化的全生命周期服务，将为区域脑机接口企业提供 强有力的供应链支撑。 "脑机 ...

马斯克旗下Neuralink公司目前正在招聘超过 70 个职位，涵盖工程、制造、软件、机器人技术、生物 学、质量控制、临床等领域。 ...

Group 1: AI Applications - The global AI competition is intensifying, with model iterations driving deeper application scenarios, and the focus is on whether significant capital expenditures by tech giants can lead to commercial applications [2][3] - The competitive landscape for AI applications is shifting from dominance by OpenAI to a more multipolar environment, with major players like Google and Meta integrating AI into their ecosystems [3] - In China, AI applications are experiencing a breakthrough, with major tech companies accelerating model iterations and application deployments, leading to a transformation from model landing to scenario monetization [5] Group 2: AI Computing Power - Overseas, major cloud service providers are maintaining high capital expenditures, with a projected increase of 67% in 2026, reflecting a strong demand for AI computing power [7][8] - In China, leading tech companies are increasing capital expenditures and accelerating the iteration of domestic large models, promoting the performance of domestic chips amid tightening supply from foreign sources [9] Group 3: Storage - The demand for storage is entering a new super cycle driven by AI training and inference needs, with AI servers consuming significantly more memory than traditional servers [11][16] - Supply constraints are expected to persist, leading to continued high prices for storage components, as major manufacturers shift production focus to advanced memory types [16] Group 4: Commercial Aerospace - Commercial aerospace is becoming a key battleground in US-China competition, with significant policy support and funding initiatives in both countries to accelerate industry development [19][21] - Domestic companies are achieving breakthroughs in satellite mass production and reusable rocket technologies, transitioning from technical validation to commercialization [22] Group 5: Humanoid Robots - Major overseas companies are ramping up production plans for humanoid robots, benefiting domestic component suppliers, with Tesla aiming for a production capacity of 500,000 units by 2026 [27][30] - Chinese manufacturers are leading in humanoid robot shipments, with significant contracts and production milestones achieved in 2025 [30] Group 6: Intelligent Driving - Domestic policies are expected to facilitate the commercialization of L3 autonomous driving in 2026, with several manufacturers preparing to launch L3 models [32][33] - Tesla's Full Self-Driving (FSD) technology is setting the direction for autonomous driving, with significant advancements in AI capabilities [35] Group 7: Energy Storage - The expansion of AI computing power in North America is driving electricity demand, with domestic power equipment expected to accelerate exports [37][40] - China's "14th Five-Year Plan" includes significant investments in the power grid and energy storage, creating a favorable environment for industry growth [40][43] Group 8: Chemicals - The chemical industry is undergoing a transformation driven by policies aimed at supply-side reform, with a focus on optimizing supply structures and reducing excess capacity [44][47] - New economic sectors are boosting demand for chemical materials, particularly in AI, renewable energy, and robotics, leading to a favorable outlook for new materials [47][48]

Group 1: AI Applications - The global AI competition is intensifying, with significant capital expenditures from tech giants expected to lead to deeper application scenarios in 2026 [1][2] - The competitive landscape for AI applications is shifting from a dominance of OpenAI to a more multipolar environment, with companies like Google and Meta making significant advancements [2] - Domestic AI applications are reaching a tipping point, with major tech companies accelerating their investments and model iterations, leading to a resonance between model development and application penetration [5] Group 2: AI Computing Power - Major cloud service providers in North America are projected to increase their capital expenditures significantly, with a combined guidance of approximately $598.7 billion for 2026, reflecting a 67% year-on-year growth [7][8] - Domestic companies are also ramping up capital expenditures and accelerating the iteration of local models, driven by the need for domestic chip performance improvements [7][8] Group 3: Storage - The demand for storage is entering a new super cycle driven by AI training and inference needs, with AI servers consuming 8-10 times more DRAM and NAND than traditional servers [12][13] - The supply-demand imbalance in the storage sector is expected to persist, with global storage prices rising over 40% in Q4 2025 [13][17] Group 4: Commercial Aerospace - Commercial aerospace is becoming a key battleground in US-China competition, with significant policy support and funding initiatives in place to accelerate the industry [20][21] - Domestic companies are achieving breakthroughs in satellite mass production and reusable rocket technologies, transitioning from technology validation to commercial scale [23] Group 5: Humanoid Robots - Major overseas companies like Tesla and FigureAI are ramping up production plans for humanoid robots, which is expected to benefit domestic component suppliers [25][28] - Chinese manufacturers are leading in humanoid robot shipments, with significant orders and production milestones achieved in 2025 [29] Group 6: Intelligent Driving - The rollout of policies in China is expected to facilitate the commercialization of L3 autonomous driving in 2026, with several manufacturers already launching L3 models [32][33] - Tesla's Full Self-Driving (FSD) technology continues to lead the market, with ongoing enhancements expected to drive the commercialization of Robotaxi services [32] Group 7: Energy Storage - The aging power grid in North America is creating opportunities for domestic power equipment exports, particularly in gas turbines and high-voltage equipment [36][37] - China's "14th Five-Year Plan" includes significant investments in the power grid and energy storage, with a focus on high-value areas [37] Group 8: Chemicals - The chemical industry is undergoing a transformation driven by supply-side reforms, with a focus on optimizing supply structures and reducing excess capacity [41][43] - New economic sectors are driving demand for chemical materials, particularly in AI, renewable energy, and robotics, which are expected to sustain high demand in 2026 [43][46]