本轮所募资金将主要用于加速推进新一代技术研发及开展大规模临床试验。自2022年成立以来，智冉医 疗发展迅猛，已融资总额近5亿元人民币。 投资界8月12日消息，近日，专注于研发新一代侵入式柔性脑机接口平台北京智冉医疗科技有限公司 （简称：智冉医疗），宣布完成超3亿元A轮融资，本轮融资由社保基金中关村自主创新专项基金（君 联资本担任管理人）、君联资本、IDG资本联合领投，老股东元生创投持续大额加注，国寿资本、北京 市医药健康产业投资基金、联想创投及老股东美团龙珠、BV百度风投跟投。 智冉医疗由方英博士和宋麒博士共同创立。方英博士为北京脑科学与类脑研究所研究员/博导、科技部 脑专项"神经记录与调控新技术平台"牵头人，长期从事柔性高通量电极与神经记录调控研究。宋麒博士 毕业于爱荷华大学电子计算机工程专业，连续创业，曾任国内 AI 医疗头部企业创始人、CEO，主导国 内首张AI医疗三类证的临床转化与注册工作。 君联资本董事总经理周瑔表示："脑机接口正经历从实验室到产业化的关键跃迁，是高精度、高集成 度、高壁垒的平台型技术，面向多个下游应用领域，蕴含着巨大的商业潜力和社会价值。随着新材料、 半导体、人工智能等众多基础产业 ...

Company Overview - Zhiruan Medical has completed over 300 million yuan in Series A financing, led by the Social Security Fund Zhongguancun Independent Innovation Special Fund, Junlian Capital, and IDG Capital, with continued investment from existing shareholders [1] - Since its establishment in 2022, the company has raised nearly 500 million yuan in total funding, which will primarily be used for the development of new technologies and large-scale clinical trials [1] Technology and Innovation - Zhiruan Medical focuses on invasive brain-computer interface (BCI) technology, which involves implanting electrodes directly into the brain to collect high-resolution neural signals and achieve precise neuron modulation [2] - The company has developed high-throughput flexible electrodes that have received patent authorization in both China and the United States, allowing for efficient neural signal collection and reduced immune response [2][3] - A fully implanted high-throughput wireless signal acquisition system has been created, capable of precise collection of neural action potentials from up to 1024 channels, with a significant reduction in power consumption [3] Research and Development - The company has established a high-precision brain data platform with over 20TB of animal neural data and 6TB of human deep brain data, which aids in training neural models and improving decoding performance [3] - Zhiruan Medical has developed a multi-degree-of-freedom implantation robot that allows for micron-level positioning accuracy, enhancing the efficiency and safety of electrode implantation [3] Industry Context - The global BCI industry is entering a rapid growth phase, with companies like Neuralink making progress in human clinical trials [4] - The shift from rigid to flexible electrodes is seen as crucial for improving signal quality and stability, as well as reducing immune response risks, which are key factors for clinical application [4] - Invasive BCI technology is expected to achieve breakthroughs in treating conditions such as spinal cord injuries, ALS, and depression [4]

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [8]. Core Insights - The report emphasizes the ongoing trend of accelerated monetization of AI applications, despite short-term market fluctuations. The recent release of OpenAI's GPT-5 is expected to enhance commercial viability and drive growth in related sectors [7][50][54]. Summary by Sections Market Performance - Last week, the computer sector experienced a slight decline of 0.41%, ranking 31st among major industries, with a trading volume accounting for 9.22% of the total market [2][5][16]. Key Developments - The Ministry of Industry and Information Technology, along with six other departments, issued guidelines to promote innovation in the brain-computer interface industry, setting clear development goals for 2027 and 2030 [22][23]. - China successfully launched a group of low-orbit satellites for satellite internet, marking a significant step in the country's satellite industry [28][32]. - The 2025 World Robot Conference opened in Beijing, focusing on advancements in robotics technology and applications [39][44]. Investment Recommendations - The report suggests focusing on: 1. AI infrastructure 2. Overseas applications in video, coding, and integrated solutions in AI+ fields 3. Vertical integration companies in closed-loop scenarios such as education, taxation, and healthcare [7][50][54]. AI Application Insights - The release of GPT-5 is noted for its improved performance and cost efficiency, which may accelerate the commercialization of AI applications. The annual recurring revenue (ARR) for OpenAI is projected to reach $200 billion by the end of the year, reflecting a significant growth trajectory [59][60].

Core Viewpoint - The document outlines the implementation opinions from seven departments, including the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Education, aimed at promoting innovation and development in the brain-computer interface (BCI) industry by 2027 [1] Group 1: Industry Development Goals - By 2027, breakthroughs in key technologies for brain-computer interfaces are expected to be achieved [1] - An advanced technical system, industrial system, and standard system for brain-computer interfaces will be initially established [1] - The performance of electrodes, chips, and complete machine products is anticipated to reach international advanced levels [1] Group 2: Application Areas - Brain-computer interface products are expected to accelerate their application in industrial manufacturing, medical health, and consumer life [1]

Group 1 - The brain-computer interface (BCI) concept stocks have been active, with multiple stocks rising significantly, and several exceeding 100% increase in price year-to-date [1][3][4] - A recent policy document issued by seven government departments aims to accelerate the BCI industry's development, proposing 17 specific measures to enhance hardware and software capabilities, application of technological achievements, and support for innovation [2][4] - The document outlines a roadmap for BCI development, with milestones set for 2025 and 2027, including the establishment of a comprehensive support system and the cultivation of leading enterprises [5][6] Group 2 - The policy encourages various application scenarios, including industrial manufacturing, healthcare, and consumer applications, aiming to break down departmental barriers and enhance collaboration across the industry [7][8] - The BCI industry is transitioning from research to commercialization, with significant advancements in non-invasive technologies and ongoing efforts to develop core components domestically [8][9] - The medical sector is identified as the fastest-growing area for BCI commercialization, with a projected global market size of $40 billion by 2030, driven by the treatment of central nervous system diseases [9][10] Group 3 - Recent developments include the establishment of pricing for BCI medical services, with specific costs outlined for invasive and non-invasive procedures, providing a foundation for clinical application [12][13] - Several listed companies are actively engaging in the BCI sector, with ongoing research and product development in invasive and semi-invasive BCI applications [13][15] - Companies are also preparing to establish funds and partnerships to support innovation and investment in the BCI field, indicating a strong interest in the sector's growth [14][15]

Group 1 - The core viewpoint emphasizes the importance of developing specialty agricultural products and rural tourism as part of the rural revitalization strategy in the new era, as highlighted by General Secretary Xi Jinping [1][3] - The rural tourism market has been thriving this year, with various regions promoting the deep integration of agriculture, culture, and tourism to attract visitors to rural areas [3] Group 2 - The Central Committee of the Communist Party has issued a revised work regulation for Party schools and administrative colleges, mandating strict adherence by all regions and departments [4] - The first batch of five national parks in China has completed the registration of natural resource rights, marking a significant step in ecological conservation efforts [9] Group 3 - The "Mother River" initiative has shown significant ecological recovery in the Yangtze and Yellow Rivers, which are crucial for ecological civilization construction, with notable achievements since the 18th National Congress [5] - The "Solid Border and Prosperous Border" initiative in Tibet has improved living conditions and boosted local industries, enhancing the overall well-being of border residents [6]

每经记者｜林姿辰 每经编辑｜文多 2025年8月中旬，在"2025世界机器人大赛——BCI脑控机器人大赛"（以下简称脑机接口比赛）现场，最多的是一种"帽子"——参会者只需将其扣在头上，就 能通过意念操控屏幕上的光标移动或指挥机械臂完成复杂动作。 这一场景如今看来不稀奇，却让清华大学医学院长聘教授高小榕想起15年前的首届比赛（当时名为"中国脑—机接口比赛"）现场，那时还处处是"推车"装 置。从推着走的笨重装置到可穿戴设备，是中国脑机接口从实验室走向应用场景的缩影。 随着七部门联合印发《关于推动脑机接口产业创新发展的实施意见》，脑机接口这一"赛博"概念的相关股票一涨再涨，但目前市场上还没有真正意义上 的"脑机接口第一股"。 但这还远远不够。高小榕说，现在可穿戴设备的舒适性很差，很难佩戴1个小时以上，接下来的设备要做到舒适穿戴、隐秘穿戴，让脑机接口从"看得见的科 技"变成"隐形的助手"。 从技术路径看，脑机接口分为非侵入式和侵入式两种，二者都可以采集脑电信号，但前者主张将电极置于大脑外部，后者主张通过微创手术将电极植入大脑 内部或大脑皮层附近。从2025年参加世界机器人大会的相关项目看，下一代脑机接口的形态已开始显 ...

Group 1 - The market is currently in a mid-stage bull market, with a focus on sector rotation as short-term upward momentum faces resistance due to weaker-than-expected PPI and trading volume contraction [3] - There is potential for new investment opportunities in sectors like brain-computer interfaces and liquid cooling, driven by policy catalysts and expanding AI data center needs [3] - The military industry may see continued momentum for 1-2 weeks, with specific attention on new combat capabilities and military trade-related stocks [3] Group 2 - The bull market atmosphere is expected to persist, with potential mainline directions including domestic technological breakthroughs and high global market share manufacturing [5] - Market characteristics such as sector rotation and high micro-level activity are likely to continue until a definitive bull market mainline is established [5] - The market may experience fluctuations leading up to early September, followed by internal adjustment pressures [5] Group 3 - Market sentiment remains strong, with margin trading balances rising, indicating liquidity-driven market dynamics [7] - The market is likely to experience a rotation of hot sectors, with a focus on anti-involution, technological independence, and innovative pharmaceuticals [7] - Short-term trading strategies should prioritize left-side positioning, with attention to potential emotional catalysts in sectors like military, robotics, and new consumption [7] Group 4 - Small-cap stocks are advised to slow down, as their high valuations and reliance on liquidity-driven growth may not be sustainable [9] - The focus should remain on strong industry trends with reasonable valuations, avoiding speculative trading in small-cap stocks [9] - The structural challenges for small-cap stocks may arise as macroeconomic conditions stabilize [9]

Core Viewpoint - The article highlights the strong performance of the brain-machine interface (BMI) sector, driven by favorable policy developments and market growth projections in China and globally [5]. Summary by Sections Market Performance - On August 8, the BMI sector showed significant gains, with companies like Botao Bio, Mylande, Meihao Medical, Lepu Medical, and Sanbo Brain Science experiencing notable increases in stock prices [5]. Policy Developments - A joint announcement by seven departments, including the Ministry of Industry and Information Technology, aims to promote innovation in the BMI industry. The goal is to achieve breakthroughs in key technologies by 2027 and establish a reliable industrial system by 2030, fostering 2-3 globally influential leading companies and a number of specialized small and medium enterprises [5]. Regional Support - Various provinces and cities, including Beijing, Shanghai, Nanjing, Sichuan, and Shandong, have introduced policies this year to support the development of the BMI industry [5]. Market Size Projections - According to CCID Consulting, the Chinese BMI market is projected to reach 3.203 billion yuan in 2024, representing a year-on-year growth of 18.8%. The market size is expected to grow to 3.83 billion yuan in 2025, 4.646 billion yuan in 2026, and 5.575 billion yuan in 2027 [5]. Global Market Outlook - McKinsey forecasts that the global market for medical applications of BMI could reach $40 billion by 2030 and $145 billion by 2040 [5]. Industry Trends - Open Source Securities notes that the BMI technology landscape is rich and undergoing rapid transformation, with advancements in upstream technologies leading to breakthroughs in downstream applications. Domestic BMI companies are expected to gradually achieve commercialization, resulting in rapid market expansion in the future [5].

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report emphasizes that the brain-computer interface (BCI) industry is experiencing continuous innovation and rapid growth, becoming a crucial area for the integration of technological and industrial innovation [8] - The report highlights the government's recent policy initiatives aimed at enhancing the innovation capabilities of the BCI industry, which are expected to drive high-quality development and create new industrial pathways [8] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry, particularly the advancements in brain-computer interface technology [1] Recent Developments - A joint document from seven government departments outlines plans to boost the BCI industry, aiming for breakthroughs in key technologies by 2027 and establishing a robust industrial ecosystem by 2030 [3][4] Investment Recommendations - The report suggests monitoring companies such as Aipeng Medical, Innovation Medical, and Xiangyu Medical, which are positioned to benefit from the growth in the BCI sector [8]