Core Viewpoint - The article discusses the "Action Plan for the Innovative Development of the Brain-Computer Interface Industry in Jiangsu Province," aiming to promote the development of the brain-computer interface industry, enhance technological breakthroughs, and establish a modern industrial system by 2027 and beyond [2][3]. Group 1: Objectives and Goals - The overall goal for the brain-computer interface industry in Jiangsu is to achieve breakthroughs in electrodes, chips, and algorithms by 2027, integrating technologies for perception, control, and interaction [2]. - By 2030, the plan aims to establish a complete industrial ecosystem, including foundational materials, core components, complete products, and application services, with 2-3 leading enterprises of national and international influence [3]. Group 2: Industry Development and Support - The plan emphasizes the importance of financial support, leveraging provincial strategic emerging industry funds to guide investments into promising brain-computer interface projects [3]. - It encourages the establishment of brain-computer interface industry investment funds in suitable regions to attract social capital and support the growth of seed and startup companies [3]. - The initiative includes the development of specialized financial products to support the brain-computer interface industry, providing comprehensive technology financial services [3].

Group 1 - The core economic growth target for this year is set at 4.5%-5%, with an emphasis on achieving better results in practice [1] - The government plans to focus on six emerging pillar industries and six future industries, including integrated circuits, aerospace, biomedicine, low-altitude economy, intelligent robotics, and brain-machine interfaces [1] - Increasing property income is highlighted as a key goal, with experts suggesting that stabilizing the real estate market and maintaining steady growth in the stock market are crucial for enhancing residents' property income [1] Group 2 - The government work report emphasizes the creation of a new form of intelligent economy, promoting the integration of artificial intelligence with various industries [2] - There is a growing discussion around reducing overtime to allow more time for consumption, which is linked to macroeconomic expansion and consumer spending [2] - Local representatives are focusing on developing international tourism destinations and nurturing technology industries to enhance urban livability [2]

3月12日，国内超声波脑机接口企业格式塔科技（Gestala）宣布完成1.5亿元天使轮融资。本轮融资 由国生资本、道彤投资联合领投，清松资本、戈壁创投、傅利叶智能、猎聘、云时资本等多家知名投 资机构和企业共同跟投。 编辑 | 七三 ...

Core Viewpoint - Gestala Technology is developing a non-invasive ultrasound brain-machine interface aimed at chronic pain management, with plans to initiate NMPA registration for Class III medical devices by the end of 2026 [2]. Group 1: Company Overview - Gestala Technology recently secured 150 million yuan in angel round financing, led by Guosheng Capital and Daotong Investment, with participation from several other institutions [3]. - The company was founded in January 2023 by Peng Lei and Chen Tianqiao, with a team of approximately 15 experts in various fields including acoustics, neuroscience, and AI [3]. Group 2: Technology and Mechanism - Current brain-machine interface solutions are categorized into invasive and non-invasive types, with ultrasound technology emerging as a promising non-invasive option that can target deep brain areas [4]. - Ultrasound technology has unique advantages, including the ability to modulate specific brain regions without damaging neurons, thanks to recent breakthroughs in low-intensity focused ultrasound [4][5]. - The core of ultrasound neuromodulation involves converting mechanical waves into bioelectrical signals that neurons can respond to, utilizing various physical effects such as thermal and cavitation effects [5][6]. Group 3: Clinical Applications and Challenges - Gestala Technology aims to address chronic pain management as its first clinical application, supported by existing data showing a 50% reduction in pain scores after a single 45-minute ultrasound session [7]. - The company is also exploring applications for mental health disorders and neurodegenerative diseases, collaborating with top hospitals for clinical research [7]. - Challenges include ensuring precise control of ultrasound parameters and overcoming limitations in time resolution for real-time applications [6][7]. Group 4: Future Development and Market Position - The company plans a phased approach to development, starting with non-invasive neuromodulation, followed by enhanced brain activity reading capabilities, and eventually integrating genetic editing technologies [8]. - Gestala Technology believes that China has unique advantages in the ultrasound brain-machine interface sector, including rich clinical resources and supportive national policies [8].

瞄准脑机接口产业，江苏放大招。 3月10日，江苏省工业和信息化厅等部门印发《江苏省脑机接口产业创新发展行动方案》（以下简称《行动方案》），到2027年，江苏推动一批脑机接口 相关医疗器械完成注册审批，认定一批脑机接口创新产品，在工业制造、医疗康养、生活消费等领域加快应用，加快推动产业集聚发展，建设不少于2个 省级脑机接口产业集聚区。到2030年，打造2—3家具有国内外影响力的领军企业，培育一批专精特新中小企业，形成涵盖基础材料、核心部件、整机产 品、应用服务等较完整的产业生态，产业综合竞争力位居全国前列，积极争创国家未来产业先导区。 | 江苏省工业和信息化厅 | 江苏省发展和改革委员会 | | --- | --- | | 江苏省教育厅 | 江苏省科学技术厅 | | 江苏省卫生健康委员会 | 江苏省国资委 | | 江苏省数据局 | 江苏省知识产权局 | | | 江苏省药品监督管理局 | | | 2026年3月9日 | 为实现上述目标，江苏将实施四大行动，分别为产业创新共建行动、应用场景开放培育行动、产业主体壮大行动、产业支撑提升行动。其中，产业创新共 建方面，江苏将强化科技供给，支持有条件的高校设立脑机接口学院 ...

Summary of Key Points from Conference Call Records Industry and Company Involvement - **Industry Focus**: High-end manufacturing, AI hardware, space photovoltaic, controlled nuclear fusion, military industry, and lithium batteries - **Key Companies Mentioned**: SpaceX, Bo Rui Kang, and various domestic photovoltaic companies Core Insights and Arguments 1. **AI Hardware Expansion**: 2026 is projected to be a year of AI hardware proliferation, with increasing supply-demand conflicts in computing power, storage, and electricity leading to rare price increases in certain manufacturing sectors [1][4] 2. **Investment Strategy**: The investment strategy emphasizes a combination of cyclical investments (60%-70%) and thematic investments, focusing on overseas/domestic computing power (15%-20%), power grid equipment (15%), gas turbines (15%), and electronic price increases (10%) [1][4][5] 3. **Space Photovoltaic Theme**: The core theme for 2026 is space photovoltaic, driven by the launch of SpaceX's V3 satellites, which is expected to expand solar wing area by 10-20 times and double the value per watt [1][10] 4. **Controlled Nuclear Fusion Investment**: Significant government investment exceeding 100 billion yuan in 2025, with the second phase of the Hefei BEST project expected to expand investment to 980-1000 billion yuan in 2026, necessitating close tracking of listed companies' order shares [1][8] 5. **Brain-Computer Interface**: Currently in a high-risk thematic investment phase, with a focus on IPOs and industrialization progress of leading projects like Bo Rui Kang [1][14] 6. **Military Sector Outlook**: The military sector remains under observation, with a focus on gas turbine overseas orders, C919 aircraft production, and military trade opportunities, particularly in the engine and shipbuilding segments [2][16] Additional Important Insights 1. **Market Dynamics**: The investment framework is based on macro industry selection and concentrated holdings in quality stocks, with a focus on quarterly revenue acceleration as a key indicator of industry health [3][4] 2. **Geopolitical Impact**: The impact of geopolitical conflicts and trade wars on high-end manufacturing supply chains is assessed as less severe than previous conflicts, with a focus on re-industrialization and re-militarization as long-term trends [9][10] 3. **Space Photovoltaic Industry Development**: The future industrialization pace of the space photovoltaic sector is expected to transition from thematic investment to cyclical investment as operational milestones are achieved, particularly with the V3 satellite launches [10][12][13] 4. **Investment in Lithium Batteries**: The current focus is on upstream resources in lithium batteries, particularly lithium carbonate, while the midstream materials segment remains under scrutiny due to competitive dynamics and uncertainties in downstream vehicle production [17][18] This summary encapsulates the critical insights and strategic directions discussed in the conference call, highlighting the anticipated trends and investment opportunities within the high-end manufacturing and related sectors.

东脑智合成立于2025年11月，注册地位于上海闵行区，已入驻上海脑机接口未来产业集聚区"脑智天地"。据上海市闵行区政府网站 2025年11月27日披露，该公司由东微半导董事长龚轶与中国科学院半导体所研究员裴为华联合创立。 龚轶在半导体领域具备产业化经验，裴为华现任中国脑机接口产业联盟硬件组副主席，从事神经接口技术研究20余年。公司团队配置呈 现 "半导体+神经科学" 的跨学科特征，并引入了生物传感器芯片开发团队。 技术层面，东脑智合的核心产品为液压驱动柔性神经触手电极。据上海证券报2025年12月8日报道，该技术在柔性电极末端集成液压装 置，通过注入生理盐水实现植入形态切换：加压时呈"微针"状刺入脑组织，卸压后恢复柔性随脑组织微动。公司称该技术旨在解决侵入 式电极"微创植入"与"长期稳定"的兼容性问题。 # 企业发展路径 从融资结构看，产业基金独家持股35%，意味着东脑智合在早期阶段即与产业资本形成深度绑定。这种结构的优势在于：芯片定制开发 需要半导体制造资源，而东微半导在功率器件和模拟芯片领域具备技术积累；规模化生产涉及精密加工工艺，华兴源创的检测设备背景 可提供支持。 2026年3月5日， 上海东脑智合技 ...

Policy Dynamics - The 2026 government work report emphasizes the establishment of a future industry risk-sharing mechanism, aiming to support the development of quantum technology, future energy, embodied intelligence, brain-computer interfaces, and 6G [5][6] - The report indicates a shift towards a collaborative model where state-owned enterprises lead and social capital follows, with national funds directly covering initial R&D losses [5][6] Quantum Technology - Huawei launched the "Galaxy AI Network Flux Integration Solution" at the 2026 World Mobile Communication Conference, significantly reducing the deployment costs and barriers for quantum encryption technology [7][8] - French quantum computing company Pasqal is set to go public via SPAC, with a valuation of $2 billion, showcasing the commercial competitiveness of the neutral atom approach [9][10] - A Chinese research team achieved breakthroughs in solid-state quantum light sources, developing a high-efficiency dual-photon emitter, which aids in the domestic production of optical quantum computers [11] Hydrogen Energy and Nuclear Fusion - The Baowu Clean Energy (Yangjiang) green hydrogen industrial park has officially launched, exploring the direct hydrogen production model from offshore wind power, with a total investment of 11 billion yuan [12][13] - The "14th Five-Year Plan" outlines a trillion-level future industry layout, emphasizing nuclear fusion and green hydrogen alongside major energy projects [14] Brain-Computer Interfaces - Science Corporation has accelerated the commercialization of its PRIMA retinal implant system, raising $230 million in Series C funding to help restore vision for patients with macular degeneration [15][16] Embodied Intelligence - Honor has released its first humanoid robot and "robot phone," which features innovative design and capabilities for physical perception and execution [19] 6G and Commercial Aerospace - The global communication industry is transitioning from 5G-A to 6G, with Huawei and ZTE promoting the large-scale commercial use of the U6GHz frequency band [20][21] - SpaceX plans to launch 1,200 second-generation "Starlink" satellites by the end of 2027, aiming for global seamless coverage, which aligns with the 6G vision of comprehensive connectivity [27][28]

Policy Dynamics - The 2026 government work report emphasizes the establishment of a risk-sharing mechanism for future industries, particularly focusing on quantum technology, future energy, embodied intelligence, brain-computer interfaces, and 6G [5][6] - The report indicates a shift towards a collaborative model where state-owned enterprises lead and social capital follows, with national funds covering initial R&D losses [5] Quantum Technology - Huawei launched the "Galaxy AI Network Flux Integration Solution" at the 2026 World Mobile Communication Conference, significantly lowering the deployment costs and barriers for quantum encryption technology [7][9] - French quantum computing company Pasqal plans to go public via SPAC on NASDAQ, with a valuation of $2 billion, showcasing the commercial competitiveness of the neutral atom approach [10][11] - A Chinese research team achieved breakthroughs in solid-state quantum light sources, developing a high-efficiency dual-photon emitter, which aids in the domestic production of quantum computers [12] Hydrogen and Nuclear Fusion - The Baowu Clean Energy (Yangjiang) green hydrogen industrial park has officially launched, exploring the direct hydrogen production model from offshore wind power with a total investment of 11 billion yuan [14][15] - The "14th Five-Year Plan" outlines a trillion-level future industry layout, emphasizing nuclear fusion and green hydrogen alongside major energy projects [16] Brain-Computer Interfaces - Science Corporation has accelerated the commercialization of its PRIMA retinal implant system, completing a $230 million Series C funding round to enhance production capacity and develop new technologies [18][19] Embodied Intelligence - Honor has released its first humanoid robot and "robot phone," which features innovative design and capabilities for physical perception and execution [21][22] 6G and Commercial Space - The global communication industry is transitioning from 5G-A to 6G, with companies like Huawei and ZTE promoting the commercial use of the U6GHz frequency band [23][26] - SpaceX plans to launch 1,200 second-generation "Starlink" satellites by the end of 2027, aiming for global seamless coverage, which aligns with the 6G vision of comprehensive connectivity [30][31] Future Industry Catalysts - A table summarizing key catalytic events for six future industries in 2026 is provided, highlighting important milestones and conferences [33]

Core Viewpoint - The article emphasizes that the government work report during the 2026 Two Sessions outlines a clear blueprint for economic development and policy direction, signaling numerous investment opportunities, particularly in emerging industries like biomedicine, new infrastructure represented by computing and electricity synergy, and the domestic consumer market [1]. Group 1: Biomedicine as an Emerging Pillar Industry - The government work report has prioritized the cultivation of new driving forces, specifically highlighting biomedicine as a newly added emerging pillar industry, alongside future industries like brain-computer interfaces [2][3]. - Following the announcement, the biomedicine sector saw significant gains, with the China Hong Kong Innovation Drug Index rebounding by 4.24% in a single day, and individual stocks like Jiuzhou Pharmaceutical and Rongchang Bio rising by 43.53% and 10.92%, respectively [2]. - Analysts suggest that the inclusion of biomedicine in the government report, combined with the approval of several new drugs, may lead to a recovery in the sector, supported by improved market sentiment and reduced selling pressure [3]. Group 2: Computing and Electricity Synergy as New Infrastructure - The government work report has placed significant emphasis on creating a new form of intelligent economy, particularly through the implementation of computing and electricity synergy projects as part of new infrastructure [4][5]. - The term "computing and electricity synergy" was introduced in the report, indicating a focus on integrating AI with energy resources to address structural energy supply issues, which has led to increased activity in the power and grid equipment sectors [5][6]. - The demand for high-density energy consumption driven by AI computing is expected to create substantial opportunities for equipment manufacturers, with the potential for a trillion-level market expansion in this area [6]. Group 3: Domestic Consumption Recovery - The government work report has prioritized building a strong domestic market, emphasizing the need to stimulate consumption and expand investment, which is expected to enhance domestic demand [7][8]. - Specific policies aimed at boosting consumption include a plan for urban and rural residents' income growth and the promotion of paid leave for workers, which are designed to create new consumption scenarios [8]. - Analysts predict that the combination of supply and demand-side policies will lead to a robust recovery in domestic consumption, with a focus on service consumption and effective investment potential [8][9]. Group 4: Market Outlook - Fund companies generally believe that the positive policy expectations from the Two Sessions will help boost market confidence and risk appetite, potentially leading to a new market rally driven by domestic demand and technological innovation [9][10]. - The report indicates a commitment to maintaining growth targets and policy support, which, combined with the resumption of work and production, is expected to create favorable conditions for the market [10]. - Investment strategies are suggested to focus on sectors benefiting from supply-demand improvements and economic recovery, particularly in midstream manufacturing and cyclical sectors, as well as technology-driven investment opportunities [10][11].