2025 年 08 月 21 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：88 分（过热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 0 10 20 30 40 (%) 沪深300 相关研究 1、《双融日报》2025-08-20 2、《双融日报》2025-08-19 3、《双融日报》2025-08-18 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 88 分，市场情绪处于"过热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：脑机接口、机器人、物流 c 1、脑机接口主题：据央视报道，国家医保局制定新药首发价 格机制，新增 100 余项医疗新技术收费项目，并设立"脑机 接口置入费"等，助力创新药械快速临床应用与回报。相关 标的：创新医疗(002173)、伟思医疗(688580) 2、机器人主题：8 月 15-17 日，全球首届世界人形机器人运 动会登陆北京"鸟巢+冰丝带"，机器人将竞速田径、踢足 球、跳舞并完成搬运、清洁等场景任务，集中展示运动控制 与场景 ...

Group 1 - The Ministry of Finance and the State Taxation Administration announced that childcare subsidies will be exempt from personal income tax starting January 1, 2025 [2] - The China Securities Regulatory Commission (CSRC) stated that the capabilities of the futures market in serving the real economy are continuously improving, with 131 listed commodity futures and options, 84 of which are industrial products, accounting for 64% [2] - The Hong Kong Stock Exchange reported record high revenue and profit for the first half of 2025, with revenue and other income reaching HKD 14.076 billion, a 33% year-on-year increase, and net profit attributable to shareholders at HKD 8.519 billion, a 39% increase [3] Group 2 - The People's Bank of New Zealand announced a 25 basis point reduction in the official cash rate to 3.0%, the lowest level in three years [4] - ByteDance clarified that it has no collaboration with Chipone Technology regarding AI chips [6] - Muyuan Foods reported a net profit increase of 1169.77% year-on-year for the first half of the year and plans to distribute a dividend of 9.32 CNY per share [7] Group 3 - The brain-computer interface industry is expected to see significant development opportunities driven by technological breakthroughs, policy support, and capital investment [17] - Goldman Sachs indicated that successful "anti-involution" actions could enhance corporate profitability, with potential industry profit increases of 53% by 2027 under normal profit margin recovery scenarios [18]

Core Viewpoint - The brain-computer interface (BCI) industry is expected to experience significant development opportunities driven by technological innovations, policy support, and capital investments, with promising market prospects in healthcare and consumer sectors [1]. Group 1: Market Potential - The global BCI market is at a critical turning point characterized by "technological breakthroughs, clinical validation, and commercial implementation." According to McKinsey, the market size for BCI in the medical application sector is projected to reach $40 billion by 2030 and exceed $145 billion by 2040 [1]. - The BCI industry is anticipated to see demand release and market growth due to advancements in technology and the expansion of downstream applications [1]. Group 2: Policy Support - In July 2025, multiple government departments issued guidelines to promote innovation in the BCI industry, aiming for breakthroughs in key technologies by 2027 and establishing a robust technological, industrial, and standard system [2]. - By 2030, the BCI industry is expected to significantly enhance its innovation capabilities, develop a reliable industrial system, and cultivate 2 to 3 globally influential leading enterprises along with a number of specialized small and medium-sized enterprises [2]. Group 3: Standardization and Investment - In March 2025, the National Healthcare Security Administration released guidelines for pricing new BCI medical services, establishing clear pricing for invasive BCI procedures, which will facilitate hospital procurement and application of BCI technology in healthcare [3]. - Investment activity in the BCI sector has surged, with over 1,000 disclosed financing transactions and nearly 400 BCI companies securing investments totaling close to $10 billion as of April 2025 [3].

Core Viewpoint - Brain-computer interface (BCI) technology has made significant advancements in China, with the inclusion of BCI services in medical insurance and competitive pricing compared to international counterparts like Neuralink [2][3]. Group 1: Technological Advancements - In 2025, China successfully completed its first invasive BCI clinical trial, positioning itself as a key player alongside Neuralink [3]. - The development of ultra-flexible electrodes by companies like JieTi Medical has overcome traditional BCI limitations, allowing for enhanced patient experiences [3][8]. - Neuralink's high-precision invasive technology, while advanced, comes with exorbitant costs, making it less accessible [5][7]. Group 2: Cost and Accessibility - The cost of invasive BCI procedures in China is significantly lower, with prices for invasive surgeries around 6,552 RMB (approximately 912 USD) compared to Neuralink's estimated costs of 5,000 to 10,000 USD [2][3]. - Non-invasive BCI options in China are even more affordable, with prices ranging from 1,000 to 5,000 RMB, making them comparable to mid-range smartphones [15]. Group 3: Competitive Landscape - The competition between Neuralink and Chinese companies highlights differing technological approaches, with the latter focusing on practical, cost-effective solutions [4][8]. - Chinese companies are exploring both invasive and non-invasive technologies, aiming to broaden the application of BCI in various sectors, including healthcare and consumer markets [8][19]. Group 4: Data and Standards Control - The accumulation and analysis of brainwave data are crucial for establishing industry standards, which will determine future market leadership [16]. - Chinese companies are adopting a multi-faceted approach to data collection, enhancing their ability to set standards in the BCI industry [17]. Group 5: AI Integration and Future Prospects - The integration of AI with BCI technology is expected to create a significant data advantage, enabling the development of more sophisticated AI applications tailored to Asian cultural contexts [20]. - China's advancements in BCI technology not only focus on technical superiority but also aim to influence global standards and cultural practices [21].

2025年7月，工信部等七部门印发《关于推动脑机接口产业创新发展的实施意见》，要求到2027年，脑 机接口关键技术取得突破，初步建立先进的技术体系、产业体系和标准体系。电极、芯片和整机产品性 能达到国际先进水平，脑机接口产品在工业制造、医疗健康、生活消费等加快应用。产业规模不断壮 大，打造2至3个产业发展集聚区，开拓一批新场景、新模式、新业态。到2030年，脑机接口产业创新能 力显著提升，形成安全可靠的产业体系，培育2至3家有全球影响力的领军企业和一批专精特新中小企 业，构建具有国际竞争力的产业生态，综合实力迈入世界前列。 支付端逐步规范化，收费立项标准逐步推开 2025年3月，国家医保局发布《神经系统医疗服务价格项目立项指南(试行)》，其中专门为脑机接口新 技术价格单独立项，设立了"侵入式脑机接口植入费""侵入式脑机接口取出费"等价格项目，脑机接口医 疗收费将有规可依。此后湖北省、浙江省、江苏省相继给出脑机接口的医保定价，填补了脑机接口医疗 服务价格空白，解决了因收费标准模糊而导致的产品落地难问题。明确的医保定价为医院采购脑机接口 设备以及开展技术应用提供了清晰的成本参考，有助于增强医院采购信心，推动脑机接 ...

双方还共同推出全球首款引入脑机脑电技术的AI床垫 "宝褓·BrainCo"。该产品通过实时监测和分析用户 的脑电波信号，提供更加个性化的睡眠优化方案，加速开启"AI睡眠"新时代。这不仅是技术应用的创 新，也让大众能更直观地感受到脑机接口如何服务于日常健康需求。 不过，在产业热潮涌动之际，脑机接口发展仍面临现实门槛。 中国信息通信研究院《脑机接口技术与应用研究报告（2025年）》明确指出，脑机接口技术目前仍面临 两大核心瓶颈：一是脑信号解码的精度和可靠性有待提高，二是如何有效融合来自大脑、身体、环境等 多模态信息仍具挑战。要攻克这些难题，并非单一学科所能完成，需要神经科学、材料科学、电子工 程、计算机科学、人工智能等十多个学科的深度交叉协作。这种高度复杂的研发特性，也导致了单个项 目的投入常常高达数亿元。 此外，虽然人工智能算法极大地助力了信号解码效率的提升，但要开发出能适应广泛人群、不同场景的 通用型模型，还需要持续的研究和数据积累。 业内专家普遍认为，该文件的出台意义重大，标志着脑机接口被正式确立为一个独立的战略性新兴产 业，获得了国家层面的系统规划和支持。这也意味着，在医疗康复、智能交互等被视为核心的应用 ...

中国信息通信研究院《脑机接口技术与应用研究报告(2025年)》明确指出，脑机接口技术目前仍面临两 大核心瓶颈：一是脑信号解码的精度和可靠性有待提高，二是如何有效融合来自大脑、身体、环境等多 模态信息仍具挑战。要攻克这些难题，并非单一学科所能完成，需要神经科学、材料科学、电子工程、 计算机科学、人工智能等十多个学科的深度交叉协作。这种高度复杂的研发特性，也导致了单个项目的 投入常常高达数亿元。 此外，虽然人工智能算法极大地助力了信号解码效率的提升，但要开发出能适应广泛人群、不同场景的 通用型模型，还需要持续的研究和数据积累。 业内专家普遍认为，该文件的出台意义重大，标志着脑机接口被正式确立为一个独立的战略性新兴产 业，获得了国家层面的系统规划和支持。这也意味着，在医疗康复、智能交互等被视为核心的应用场 景，脑机接口技术的实际落地和应用推广速度将会明显加快。 目前在国内的产业化道路上，脑机接口技术主要沿着两条路线并行发展：侵入式(需要手术植入)和非侵 入式(无需手术，多在头皮采集信号)。其中，在非侵入式技术领域，睡眠健康成为落地的重要突破口。 就在今年7月，睡眠科技企业喜临门与非侵入式脑机接口技术企业强脑科技达成 ...

Core Insights - The article highlights the integration of technological and industrial innovation in Yuhang, emphasizing a comprehensive mechanism that covers "source activation - transformation acceleration - rights protection" to drive new productivity [5][6][10] Innovation Achievements - In the first half of the year, Yuhang authorized 5,388 new patents, including 2,283 invention patents, averaging nearly 30 patents issued daily [6] - The district has led or participated in the release of 5 international standards and 4 national standards, with a total of 33 international standards established, marking significant progress since administrative adjustments [6] Policy Support - The "New Quality Productivity High-Quality Development 68 Articles" policy optimizes the utilization of intellectual property, providing interest subsidies for companies using patents and data as collateral for loans, facilitating the monetization of intellectual achievements [6][7] - Yuhang has successfully issued 12 intellectual property securitization products, raising over 1.229 billion yuan, covering 908 patents in strategic emerging industries, saving companies approximately 55.6 million yuan in financing costs [6] Brand and Standardization Initiatives - Yuhang has incorporated "Zhejiang Standards" and "Zhejiang Quality" into district-level financial support policies, promoting the development of competitive enterprises and enhancing the "Zhejiang Manufacturing" brand system [7] - The district has allocated 12.4 million yuan in quality awards and is set to complete 16.9 million yuan in funding for standardization initiatives [7] Platform Development - Yuhang has established a demand-driven high-energy platform system to facilitate the rapid transformation of innovative results, significantly reducing time costs for companies [8][9] - The district has created a one-stop platform for quality infrastructure in various sectors, including environmental water treatment and low-altitude economy, to streamline the innovation process [9] Protection Mechanisms - Yuhang has developed a multi-dimensional protection network for commercial secrets and data intellectual property, implementing a dual-track protection system to safeguard innovative results [10][11] - The district has established three commercial secret protection demonstration zones and 18 guidance stations, enhancing protection at the grassroots level [10] Data Intellectual Property Initiatives - Yuhang has introduced a full-process service for data intellectual property protection, significantly reducing the infringement recognition period by 60% through a fast-track review channel with the courts [11] - The district offers subsidies for overseas infringement liability insurance premiums, reducing risks for companies in international markets [11]

Market Sentiment - The current market sentiment score is 76, indicating a "relatively hot" market condition, which suggests increasing investor confidence and potential upward market trends [6][9][21]. Hot Topics Tracking - **Brain-Computer Interface**: 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 clinical applications. Related companies include Innovation Medical (002173) and Weisi Medical (688580) [6]. - **Robotics**: The first World Humanoid Robot Games were held in Beijing, showcasing advancements in motion control and practical applications. Key companies in this sector include Wolong Electric Drive (600580) and Changsheng Bearing (300718) [6]. - **Logistics**: The State Post Bureau is addressing issues of "involution" in the express delivery industry and promoting high-quality development. The commercialization of unmanned logistics vehicles is also gaining traction, particularly in the "last mile" delivery segment. Relevant companies include Shentong Express (002468) and SF Holding (002352) [6]. Capital Flow Analysis - The top ten stocks with the highest net inflow of capital include Zhongyou Capital (104,664.78 million), Top Group (75,376.63 million), and Sichuan Changhong (67,103.27 million) [10]. - The top ten stocks with the highest net buy in financing include Zhongji Xuchuang (64,159.65 million), Runhe Software (55,810.88 million), and China Merchants Bank (44,884.94 million) [12]. - The top ten stocks with the highest net outflow of capital include Dongfang Caifu (-303,096.91 million), Changcheng Securities (-127,402.42 million), and Beifang Rare Earth (-119,591.95 million) [13]. Industry Performance - The top ten industries with the highest net inflow of capital include Food and Beverage (107,055 million), Home Appliances (92,327 million), and Banking (24,826 million) [16]. - The top ten industries with the highest net outflow of capital include Medical Biology (-177,083 million), Basic Chemicals (-244,101 million), and Media (-252,431 million) [17]. Financing and Margin Trading - Financing net buying indicates investor optimism, while excessive financing may signal speculative risks. Conversely, margin selling reflects pessimism and potential for significant losses if market conditions reverse [22].

Summary of Key Points on Brain-Computer Interface (BCI) Industry Industry Overview - The global brain-computer interface (BCI) field has made significant progress, with Neuralink completing seven human surgeries and Huashan Hospital in China conducting its first invasive BCI implantation experiment, making China the second country to conduct such clinical trials [1][4] Market Potential - The BCI market is projected to reach $40 billion by 2030 and over $140 billion by 2040, with substantial growth opportunities in both medical and consumer markets [1][5] - The market for central nervous system treatments is expected to reach $15 billion by 2030 and $85 billion by 2040, while the consumer market for emotional assessment is projected to reach $25 billion by 2030 and $60 billion by 2040 [5] Technological Developments - BCI technology can be categorized into invasive and non-invasive types. Invasive methods involve implanting electrodes in the brain, offering better signal quality but at higher costs and safety risks. Non-invasive methods are cheaper and simpler but provide lower signal resolution [2] - Major tech companies like Meta and OpenAI are actively developing non-invasive technologies, with Meta releasing a device that decodes brain signals into text [4][6] Policy and Industry Support - Multiple policies and industry developments are driving BCI technology forward, including support documents from the Chinese government and plans from Neuralink to increase the number of surgeries and expand applications [6][9] - In 2025, China's healthcare insurance system included BCI as an independent billing item, with specific pricing guidelines for invasive and non-invasive procedures [9][10] Investment Opportunities - Investors are encouraged to focus on companies with expertise in computer technology and device development within the BCI sector, as these firms are likely to benefit from technological advancements and policy support [3][11] - The goal is to cultivate two to three globally influential leading companies in the BCI field by 2030, supported by various government initiatives [10]