Core Insights - The "14th Five-Year Plan" focuses on expanding consumption, new productive forces, common prosperity, deepening reforms, and green transformation, with an emphasis on emerging future industries, services, marine and green low-carbon sectors, and potential beneficiaries such as private tech firms and state-owned enterprises in emerging industries [1] Summary by Sections Economic Growth and Innovation - The GDP annual growth target for the "14th Five-Year Plan" period is expected to be set between 4.5% and 5.0%, with a bottom line of over 4.5% to ensure the successful completion of the 2035 long-term goals [2] - The innovation-driven target for the "14th Five-Year Plan" is anticipated to be significantly higher than that of the "13th Five-Year Plan," emphasizing the national innovation system and the vitality of various innovation entities and talent support [2] Common Prosperity and Reforms - The plan aims to enhance the well-being of citizens by adding new targets related to housing, healthcare, elderly care, and childcare, with a focus on investing more resources in human capital and public services [3] - Over 300 reform measures from the 20th National Congress are expected to be key focuses of the "14th Five-Year Plan," targeting the reduction of logistics costs and promoting a unified national market [4] Green Transformation - The green low-carbon goals may include a primary focus on controlling carbon emission intensity, with supplementary total control measures, aiming to reduce carbon emissions per unit of GDP [5] - The plan aims to achieve carbon peak by 2030, with clear frameworks for the development goals of energy-saving and environmental protection industries, new energy, and low-carbon transportation [9] Industry Opportunities - Emerging and future industries such as electronic information manufacturing, humanoid robots, and brain-computer interfaces are expected to see rapid market penetration and technological breakthroughs [6] - There is significant potential for growth in service consumption sectors like retail, healthcare, elderly care, telecommunications, and internet services, as well as in productive service industries like science and technology, finance, and information services [7] - The marine industry, particularly in marine tourism, transportation, shipbuilding, electricity, and biomedicine, is projected to accelerate due to favorable policies and market conditions [8]

新智元报道 编辑：艾伦 【新智元导读】芯片插入大脑18个月后，全球首位Neuralink受试者如今怎样了？最新访谈中，Noland Arbaugh亲述像重生了一样。如今，他不仅能用思 想玩游戏、控制家电，还在重返大学、创业和公开演讲中找回了生活的意义。 Noland Arbaugh是Neuralink第一位接受脑机芯片植入的受试者。 他最近接受了《财富》杂志的专访，深入交流了神秘而科幻十足的Neuralink的幕后故事。 作为最前沿科技的深度参与者，他对人性在赛博时代有怎样的独特体悟？ 18个月后，我重生了 2024年2月，Noland Arbaugh在Neuralink的全体会议上首次公开亮相，成为全球首位接受马斯克实验性脑机芯片的植入者。 当时，他坐在轮椅上，走上舞台，宣布了自己的身份。 会场内的Neuralink员工们爆发出热烈的掌声，Noland Arbaugh，这位在2016年因游泳事故导致两节脊椎骨脱位、从此失去了肩膀以下的感觉和运动能力的 男子，脸上露出了灿烂的笑容，头戴着一顶红色的德克萨斯农工大学帽子。 他笑着开口说道：「你好，人类。」 就在这次大会的前一个月，Noland Arbaugh在凤 ...

Economic Growth and Policy Goals - The GDP annual growth target for the "15th Five-Year Plan" is set between 4.5% and 5.0%, with a minimum of 4.5% to ensure the 2035 vision is achieved[2]. - The focus on developing new productive forces will see a significant increase in innovation-driven targets compared to the "14th Five-Year Plan"[2]. - The plan aims to enhance living standards with new targets in housing, healthcare, and elderly care, emphasizing investment in human resources[2]. Reform and Green Transition - Over 300 reform measures from the 20th Central Committee will be prioritized in the "15th Five-Year Plan," focusing on comprehensive reforms[2]. - The green transition will shift from energy consumption control to carbon emission control, aiming for a 65% reduction in carbon intensity by 2030 compared to 2005 levels[19]. Industry Opportunities - Emerging industries such as electronic information manufacturing and humanoid robots are expected to see rapid market penetration and technological breakthroughs[3]. - The service sector, including retail, healthcare, and telecommunications, has significant growth potential, driven by rising consumer demand[3]. - The marine economy, particularly in tourism and transportation, is projected to grow rapidly, with a focus on policy support[3]. Risks and Challenges - There are risks related to misinterpretation of policies and unexpected changes in domestic and international macroeconomic conditions[39].

赛迪顾问的数据显示，2024年中国脑机接口市场规模为32.0亿元，增长率为18.8%。预计到2028年，中 国脑机接口市场规模将达到61.4亿元。 助力孤独症儿童早筛，帮助失语者"说话"，让瘫痪病人"打游戏"……近年来，随着神经科学、人工智 能、电子信息、功能材料等多学科前沿技术实现突破，脑机接口技术的阶段性成果不断涌现，将越来越 多"科幻"场景"接"入现实。 脑机接口，是在大脑与外部设备之间创建信息通道，实现两者之间直接信息交互的新型交叉技术。根据 脑信号采集方式，脑机接口主要被分为侵入式和非侵入式。 侵入式脑机接口是通过神经外科手术将电极等信号记录装置植入脑内特定部位，实现精准定位的高通量 神经信号采集的脑机接口技术；非侵入式脑机接口则是在头皮外侧以无创的方式采集脑信号，包括头皮 脑电和功能近红外信号等的脑机接口技术。 今年以来，脑机接口技术向实际应用领域快速迈进，在医疗健康领域针对癫痫、抑郁症、脊髓损伤等疾 病的精准治疗案例持续涌现。与此同时，脑机接口技术不断突破医疗边界，在家居生活、工业制造等多 领域新兴场景中发挥潜力。 （文章来源：人民网） 今年以来，我国出台多项政策，为推动脑机接口技术"落地"提供 ...

Core Viewpoint - The State Administration for Market Regulation has officially launched the first batch of 21 cross-regional quality strong chain linkage projects to enhance the resilience and safety of industrial and supply chains [1] Group 1: Project Overview - The 21 cross-regional quality strong chain linkage projects encompass both emerging industries such as robotics, brain-computer interfaces, low-altitude economy, and commercial aerospace, as well as traditional industries like textiles, engineering machinery, and coal chemical [1] - The projects aim to promote cross-regional collaboration in industrial chain supply division, addressing quality issues through targeted cooperation [1] Group 2: Implementation and Goals - The State Administration for Market Regulation has instructed leading provinces of each project to strengthen coordination and promote a series of "small but beautiful" quality collaborations [1] - The initiative focuses on solving specific quality problems, breaking through key common quality bottlenecks, and achieving significant landmark breakthroughs in quality [1]

脑机接口（BCI）技术，这个曾经只出现在科幻影视中的概念，正以前所未有的速度向现实奔来。 埃隆·马斯克旗下的Neuralink公司是这一领域的激进探索代表，无论是帮助渐冻症患者重新"说话"，还 是让瘫痪20年的女孩用意念画出自己的名字和一只叫埃莉的小猫，都在全球范围内点燃了技术改变生命 的希望。 然而，脑机接口技术仍面临严峻的落地挑战。 经实践观察，医疗康复虽是BCI的首要战场，但大众市场的普及亟需更普适的应用落点。在这一过程 中，更安全、高效的非侵入式脑机接口技术扮演着不可或缺的角色。这一方向在中国获得了政策的有力 支持。 日前，我国工业和信息化部等七部门联合印发的《关于推动脑机接口产业创新发展的实施意见》明确指 出，要加速脑机接口产品在工业制造、医疗健康、生活消费等领域的应用，推动非植入设备量产迭代与 发展辅助设备。因此，寻找贴近日常生活的具体应用场景，成为行业突破的核心。 在刚刚过去的7月，喜临门（603008）与强脑科技的独家战略发布会，展现了一个可行性新思路：将脑 机接口技术引入卧室，直击现代人普遍存在的"睡不好"痛点。 这或许标志着，在"深度优化睡眠"这一 看得见、摸得着的健康场景中，脑机接口技术 ...

Core Insights - The report indicates that the current market sentiment is rated at 63 points, categorized as "relatively hot," suggesting a positive outlook for the market [5][8] - Recent trends show that when the sentiment score is below or around 50 points, the market tends to find support, while scores above 90 points may indicate resistance [8] Market Themes - **Brain-Computer Interface Theme**: The National Healthcare Security Administration has introduced a new pricing mechanism for innovative medical technologies, including a "brain-computer interface implantation fee," which is expected to accelerate the clinical application of innovative drugs and devices. Related stocks include Innovation Medical (002173) and Weisi Medical (688580) [5] - **Robotics Theme**: The first World Humanoid Robot Games took place in Beijing, showcasing advancements in motion control and practical applications. Related stocks include Wolong Electric Drive (600580) and Changsheng Bearing (300718) [5] - **Logistics Theme**: The State Post Bureau held discussions to address issues in the express delivery industry, promoting high-quality development. The introduction of unmanned logistics vehicles is also noted as a significant trend. Related stocks include Shentong Express (002468) and SF Holding (002352) [5] Capital Flow Analysis - The report lists the top ten stocks with the highest net inflow of capital, with ZTE Corporation (000063.SZ) leading at 197,751.18 thousand yuan, followed by China Oil Capital (000617.SZ) at 95,212.10 thousand yuan [9] - It also highlights the top ten stocks with the highest net outflow, with Inspur Information (000977.SZ) showing a significant outflow of -153,797.77 thousand yuan [11] Industry Performance - The report provides insights into the net inflow and outflow of capital across various industries, indicating that sectors such as electronics and communications are experiencing significant capital movements [21][18]

自1973年美国加州大学洛杉矶分校计算机科学家雅克·维达尔（Jacques Vidal）正式提出脑机接口（BCI）的概念和定义，50多年 来，脑机接口发展成为当前科技领域的前沿热点产业。脑机接口创新成果备受关注，产业加速壮大，正孕育颠覆性突破。 全球脑机接口产业规模发展现状以及未来趋势如何？我国脑机接口产业如何把握住新一轮科技革命和产业变革机遇？ "脑机接口已步入技术爆发式发展阶段，正沿着脑感知与脑调控这两大核心方向稳步演进。"中国信息通信研究院脑机接口产业 联盟近日发布的《脑机接口技术与应用研究报告（2025年）》（下称"报告"）称，全球脑机接口企业数量已突破800家，这些企 业主要集中分布在美国和中国。脑机接口市场规模已达数十亿美元，预计到2030年将突破百亿美元。 脑机接口企业规模与融资加速 脑机接口是一种建立大脑与外部设备之间直接通信通路的技术，其核心目标是解读大脑活动产生的意图或状态信息，并将其转 化为控制外部设备的指令；或者将外部信息编码为特定的神经刺激信号输入大脑，从而对神经功能进行调控，以进行神经功能 修复或增强。 从产业链分，脑机接口企业分为上游（电极和芯片）、中游（采集感知和分析处理）和下 ...

科幻正在悄然成为现实。 近日，斯坦福大学的科学家们借助脑机接口技术首次将人类脑海中的内心独白高精度地解码为文字。这项发表于顶级期刊《细胞》的研究，为失语症患者 带来沟通曙光的同时，却也将备受争议的读心术从科幻文艺作品带进现实。 从科学殿堂到伦理的十字路口，一场围绕思想边界的深刻变革已然开启。 在拥抱科技带来的无限可能时，我们是否有足够的智慧，为这项"读取思想"的技术，提前设定好一道规则防火墙？ 科幻正在悄然成为现实。 本月，顶级学术期刊《细胞》上的一篇论文，在全球科技界和伦理学界引发了一场剧烈地震。 由美国斯坦福大学神经科学团队主导的一项开创性研究宣告，他们在脑机接口（BCI）领域取得了历史性突破——首次成功识别并解码了与内心言语相关 的大脑活动。 在该研究中，科学家们通过向两名因肌萎缩侧索硬化症而全身瘫痪、无法说话的志愿者大脑皮层中，植入微小的硅基电极阵列，精准地捕捉到他们在思考 过程中产生的复杂神经信号。 实验室内，志愿者的思绪通过一根细细的线缆连接到一台高性能计算机上。屏幕上，她刚刚在脑海中"说"出的话，正以每分钟超过60个单词的速度被实时 翻译成文字。 对于一个近十年来无法开口说话的人而言，这一刻无异 ...

中泰证券发布研报称，考虑到脑机接口目前处于商业化起步阶段，当前市场主要以主题投资风格为主。 从产业趋势上看，该行建议侵入式和非侵入式参考不同的标准，其中侵入式的建议关注临床进展较快的 如爱朋医疗（300753）(300753.SZ)、高德红外（002414）(002414.SZ)、岩山科技（002195） (002195.SZ)等，非侵入式的建议关注商业化进展靠前的如翔宇医疗（688626）(688626.SH)、创新医疗 （002173）(002173.SZ)、诚益通（300430）(300430.SZ)等。 中泰证券主要观点如下： 政策在资金、规划、支付三个层面明确支持脑机接口发展 (1)资金层面：全球主要国家投入数十亿美元支持基础研究与应用开发，美国BRAIN计划、欧盟"人脑计 划"等持续加码，中国也逐步跟进;(2)规划层面：脑机接口已从"十二五"基础研究阶段迈入"十四五"产业 落地阶段，工信部等七部门在2025年7月末出台专门政策，推动产业快速成长;(3)支付层面：国家医保局 首次为脑机接口设立独立收费项目，湖北、浙江、江苏、广东等地率先落地价格标准，为其进入临床应 用奠定制度保障。政策与资金支持的结 ...