本报记者 李乔宇 "十四五"期间，我国在高水平科技自立自强的征程上留下了坚实足迹，以新兴产业和未来产业为代表的新赛道活力迸发。 在新兴产业成为经济增长重要引擎的同时，我国也积极布局未来产业。"十四五"以来，我国在未来产业前沿领域进展迅 速，人工智能、量子信息、生物制造等一批未来产业关键领域取得突破。 嫦娥六号实现世界首次月球背面采样返回、国产大飞机C919腾空起飞、具身智能走进大众生活、第六代移动通信（6G） 时间表日趋清晰……新兴产业在集群壮大、技术迭代的双重驱动下，万亿元级市场机遇不断涌现；未来产业在从技术突破向场 景落地的跨越中，市场空间逐步显现。 受访专家表示，新兴产业与未来产业均属于高天花板、高成长性的"长坡厚雪"赛道。立足"十五五"新起点，随着技术深化 落地，新兴产业集群将持续扩容，未来产业将逐步成长为新经济增长点。二者将协同发力、双轮驱动，以硬核实力壮大经济发 展新引擎。 新兴产业集群发展 "十四五"期间，我国新兴产业快速发展并形成规模效应，多个万亿元级市场加速成型。 2025年，我国商业航天产业站在爆发前夜。朱雀三号遥一运载火箭以及长征十二号甲遥一运载火箭发射入轨，揭开了我国 可重复使用运载火 ...

同时，上交所要求亚辉龙针对此次签订的《战略合作框架协议》事项，进行内幕信息知情人交易情况自查，并将自查结果 对外披露，同时提交内幕信息知情人名单备查。 1月6日下午开盘不久，亚辉龙的股价涨幅一度超8%。截至1月6日收盘，亚辉龙股价报15.53元/股，涨幅达6.52%，总市值为 88.74亿元。 公告显示，脑机星链成立于2025年9月2日，注册资本为500万元，主业包括脑疾病综合诊断、治疗与康复等。 【导读】上交所对亚辉龙下发问询函，要求补充披露与脑机星链合作细节 1月6日晚间，亚辉龙发布公告称，上交所当日向公司下发问询函，要求公司补充披露与深圳脑机星链科技有限公司（以下 简称脑机星链）的合作细节。 同日晚间，亚辉龙发布《关于自愿披露签署战略合作框架协议的公告》称，1月6日，公司与脑机星链签订《战略合作框架 协议》，将在脑机接口技术的临床转化与市场拓展方面展开深度合作。 根据《战略合作框架协议》，亚辉龙与脑机星链将合作开展市场推广，并进行销售收入分成。 对此，上交所在问询函中要求亚辉龙补充披露三个事项。 一是亚辉龙要披露脑机星链的主要技术路线、主要产品类型、应用领域、产品所处研发或商业化状态，以及是否具备推进 ...

Core Viewpoint - The Shanghai Stock Exchange has issued an inquiry letter to Yahui Long, requesting additional disclosure regarding its cooperation with Brain Machine Star Chain Technology Co., Ltd. [2] Group 1: Cooperation Details - On January 6, Yahui Long announced the signing of a strategic cooperation framework agreement with Brain Machine Star Chain, focusing on clinical transformation and market expansion of brain-computer interface technology [5][9] - The inquiry letter requires Yahui Long to disclose the main technical routes, product types, application fields, and commercialization status of Brain Machine Star Chain, as well as the resources available for further development [10] - Yahui Long's stock price rose by 6.52% to 15.53 yuan per share, with a total market value of 8.874 billion yuan following the announcement [5] Group 2: Commercial Viability - Brain Machine Star Chain, established on September 2, 2025, has a registered capital of 5 million yuan and focuses on comprehensive diagnosis, treatment, and rehabilitation of brain diseases [9] - The strategic cooperation includes market promotion and revenue sharing, but the products under development, such as brainwave analysis devices and non-invasive brain-computer interface devices, have not yet entered the registration phase [10][11] Group 3: Research and Development Feasibility - Yahui Long and Brain Machine Star Chain plan to enhance R&D collaboration in pediatric, neurological, and metabolic fields [12] - The inquiry letter requests Yahui Long to provide details on the names and progress of in-development projects, as well as the expected investment amounts and collaboration methods [13] Group 4: Financial Considerations - Yahui Long's revenue and net profit for the first three quarters of 2025 decreased by 7.69% and 72.36%, respectively, with cash reserves of 465 million yuan [15][18] - The company is expected to provide specific arrangements for potential equity investments or financial support to Brain Machine Star Chain [17] - Yahui Long stated that the cooperation will not significantly impact its performance in the short term [18]

Group 1 - The article highlights significant announcements in the stock market, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, performance reports, unlocks, and high transfers" [1] - A company involved in commercial aerospace has established formal contract orders for rocket structural components, with major clients including Blue Arrow Aerospace, and has received small batch sample orders from clients like Zhiyuan Robotics [1] - Another company is focused on brain-computer interfaces, humanoid robots, multimodal AI, autonomous driving, AI chips, and cloud computing, and is optimizing its brain model while developing its own brain-computer interface system, having partnered with Leju Robotics to deliver a small number of robots equipped with the large model [1] - A company has signed a second fully automated OCS (Optical Switch) packaging production line order, indicating its involvement in commercial aerospace, chips, and CPO, with partnerships including Nvidia and Huawei HiSilicon [1]

2026 年 01 月 07 日 沪深300 及创业板指数近1年走势 -20% 0% 20% 40% 60% 80% 2025-01 2025-05 2025-09 沪深300 创业板指 数据来源：聚源 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 有色金属 | 4.257 | | 非银金融 | 3.727 | | 基础化工 | 3.123 | | 国防军工 | 3.080 | | 综合 | 2.888 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | -0.766 | | 美容护理 | 0.202 | | 银行 | 0.477 | | 食品饮料 | 0.495 | | 家用电器 | 0.523 | | 数据来源：聚源 | | 开源晨会 0107 ——晨会纪要 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 行业公司 【非银金融】储蓄和保障双重优势，保险占居民理财比重有望持续提升——行业 深度报告-20260106 储蓄和保障双重优势 ...

北京商报讯（记者 丁宁）1月6日晚间，亚辉龙（688575）发布签署战略合作框架协议的补充公告称， 深圳脑机星链科技有限公司（以下简称"脑机星链"）成立时间短，规模较小，目前在睡眠产品方向主要 开发产品有脑电采集分析仪、脑机接口助眠仪、脑机接口睡眠监测仪、迷走神经刺激仪，相关产品尚未 进入注册申报阶段，其中，迷走神经刺激仪处于二类医疗器械证书注册检准备阶段；在阿尔茨海默症、 孤独症、脑卒中诊断领域相关产品目前尚处于早期研发阶段或临床前阶段。 此外，亚辉龙表示，脑机星链目前在研产品的技术路线为非侵入式技术路径，与马斯克创建的脑机接口 公司 Neuralink 在技术路线上存在本质区别，目前也尚无侵入式技术布局。 据了解，1月6日晚间，亚辉龙公告称，公司于近日与脑机星链签署了《战略合作框架协议》，双方共同 达成战略合作，通过整合脑机接口技术与临床和市场资源，共同开发脑机接口相关在研产品及推进后续 市场拓展及推广，提升在中枢神经疾病等领域诊疗技术水平。随后，针对这一事项，上交所向亚辉龙下 发问询函。 ...

Core Insights - Qiang Brain Technology has completed approximately 2 billion yuan in financing, marking the second-largest funding round in the global brain-computer interface (BCI) sector, following Neuralink [1] - The investment round included prominent firms such as IDG Capital and Huaden International, as well as strategic investments from companies like Weir Shares and Runze Technology [1] - Qiang Brain Technology is recognized as one of the leading companies in the BCI field, having received FDA and CE certifications for its products and being one of the largest investors in BCI research and development globally [1] Company Overview - Founded in February 2015, Qiang Brain Technology originated from Harvard University's innovation lab and focuses on non-invasive BCI technology [1] - The company has launched several products, including smart bionic limbs and brain-machine intelligent sleep devices [1] - Qiang Brain Technology has undergone multiple funding rounds since 2016 and is considering an IPO in the Hong Kong or A-share market [1] Industry Perspective - Neuralink remains the leading company in the BCI sector with a valuation of 9 billion USD and plans to initiate large-scale production of BCI devices by 2026 [2] - The BCI technology is expected to transition from medical necessity to AI applications, indicating a potential commercialization phase starting in 2026 [2] - The A-share market has seen significant interest in BCI-related stocks, with companies like Innovation Medical and Aipeng Medical experiencing consecutive trading limit increases [2] Market Trends - The BCI market is currently in its early commercialization stage, with a focus on thematic investments [2] - There is a distinction between invasive and non-invasive technology paths, with some invasive products already approved for market release, while non-invasive technologies have a clearer commercialization path [2] - Scarcity in hardware and materials related to electrodes, chips, and membranes presents investment opportunities in the BCI sector [2]

1月6日，A股上证指数成功站稳4000点整数关口，收盘报4083.67点，录得13连阳创下十年收盘新高。当 日市场呈现普涨格局，全市场成交额突破2.83万亿元，超4100只个股上涨。 在积极宏观政策支撑、宏观经济回暖及增量资金入市等多重因素的支撑下，沪指自2025年"924行情"起 步后持续震荡上行，在2700点区间逐步攀升至4000点关口，其间仅经历短暂回调，累计涨幅超 48.41%，创近十年以来的阶段新高。 对于后市走势，多家市场机构判断，春季躁动值得期待。平安证券研报认为，展望2026年1月，境内资 产受益于内部政策和资金面催化持续，有望支撑市场风险偏好。国内偏积极的政策基调已然清晰，政策 前置发力的预期有望升温；同时，考虑到岁末年初机构资金提前布局、保险资金"开门红"等，1月市场 流动性预计偏宽。 证券时报网截图 三大指数全线飘红 6日，上证指数以震荡上行在4000点上方调整，盘中最高触及4080.77点，最终收盘站稳4000点上方，报 4083.67点，上涨1.50%。截至收盘，深证成指收盘14022.55点，涨幅1.40%；创业板指收盘报3319.29 点，涨幅0.75%。 盘面热点呈现多点开花态 ...

1月5日，2026年A股第一个交易日，受到马斯克宣布脑机接口将量产消息的刺激，脑机接口概念板块多 只个股涨停，其中倍益康30cm涨停，三博脑科、翔宇医疗、美好医疗、爱朋医疗、诚益通等十余只个 股20cm涨停，南京熊猫、亿嘉和等个股10cm涨停。 收盘至晚间，多家上市公司开始密集披露脑机接口相关进展，进一步点燃市场热情。 首先是亿嘉和，其在收盘后披露2025年12月份投资者关系活动中的内容，表示公司积极探索包括"脑机 接口"在内的前沿技术与具身智能机器人技术融合，并表示已与麦澜德签署战略合作协议，旨在共同探 索"脑机接口+具身智能机器人"技术在智能康养等场景的应用可能性。 2026年开年，A股市场的首个交易日，脑机接口概念板块成为最亮眼的明星。 1月6日，该板块延续前一日的热度，倍益康、美好医疗、三博脑科、岩山科技、南京熊猫、创新医疗等 多股竞价涨停，伟思医疗、爱朋医疗、熵基科技、翔宇医疗等高开超10%。 这场资本狂欢的导火索，来自特斯拉创始人埃隆·马斯克在2025年12月31日发布的重磅消息。当天马斯 克在社交媒体上宣布，其脑机接口公司Neuralink将于2026年"大规模生产"其脑机接口产品。而十几天 前 ...

脑机接口正处于从"科学实验"向"商业化落地"跃迁的关键转折点。马斯克旗下Neuralink宣布将于2026年启动大规模量产，这一明确的时间表直接 引爆了市场预期。与此同时，中国在政策端（"十五五"规划、医保赋码）和技术端（临床试验突破）正加速追赶。 技术路线大比拼：侵入式VS非侵入式 国信证券陈曦炳团队指出，脑机接口的核心在于大脑电活动与外部设备之间的通信链路，根据植入方式的不同，目前主要分为侵入式、半侵入式 和非侵入式三大技术路线，各路径在信号质量、安全性和商业化周期上存在显著差异。 侵入式（Neuralink路线）：通过手术将电极穿透脑组织，能够获得最高的时空分辨率和带宽，适用于脑控假肢、视觉重建等复杂场景 据智通财经周二报道，近期脑机接口"独角兽"强脑科技完成约20亿元融资，为脑机接口领域除马斯克旗下Neuralink以外世界第二大规模融资。投 资方包括IDG、华登国际等顶级机构，显示一级市场资金已在大举布局。 国信证券的观点是， 这是一个从0到1的增量市场。短期内，市场情绪受Neuralink量产预期和国内政策利好驱动，具备高爆发性；中长期看，竞争 格局将分化——侵入式看技术壁垒（电极、芯片），非侵入 ...