瑞银近期举办了一场脑机接口商业化的专家电话会议，核心结论非常明确：虽然目前中国在脑机接口 （BCI）核心技术上落后美国约两年，但这一差距预计在两年后将显著缩小。 1月13日，据追风交易台消息，瑞银最新研报称，在近日举办的脑机接口行业专家电话会上，专家表 示，尽管目前中国企业在该领域落后美国约两年，但随着产品成熟度提升和应用场景扩展，中国BCI市 场预计将迎来指数级增长。 专家透露中国BCI产品正处于不同的研发和商业化阶段。非侵入式产品已有在售产品，预计未来6至12 个月将有更多产品上市。半侵入式产品预计1至2年内首次在中国上市，而侵入式产品可能在2至3年内推 出。 专家预计，到2030年，中国BCI产品的整体市场规模可能达到数百亿元人民币。其中，非侵入式产品预 计将占据至少70%的市场份额，显著高于半侵入式和侵入式产品。 技术差距：目前落后两年，硬件与算法是核心短板 研报称，专家在电话会上指出，目前中国本土企业的BCI技术与美国同行（如Neuralink）相比，存在约 两年的差距。但这一差距并非不可逾越，预计在两年后将开始"有意义地"缩小。 在电极技术方面，美国企业的设备和加工技术更为先进。例如，中国的通道数 ...

Group 1 - The core point of the article is that Zhejiang Qiangnao Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, potentially becoming the first listed company in China's brain-computer interface sector [1] - Qiangnao Technology was established in 2018 and is recognized alongside other tech companies as part of the "Hangzhou Six Little Dragons" [1] - The company has recently completed approximately 2 billion yuan in financing, with investors including IDG, Huaden International, Lens Technology, and others [1] Group 2 - The funds raised will be used to accelerate core technology research and development, engineering breakthroughs, and product scaling and mass production [1] - The company's goal is to assist 1 million physically disabled individuals in regaining daily life through neural-controlled prosthetics within the next five to ten years [1] - Additionally, the company aims to improve the conditions of 10 million patients suffering from brain disorders such as autism, ADHD, Alzheimer's, and insomnia [1] - Qiangnao Technology envisions a future where ordinary people can interact with the world directly through brain-computer interface devices [1]

1、美股三大指数集体收涨，道琼斯指数涨0.17%，标普500指数涨0.16%创收盘新高，纳斯达克综合指 数涨0.26%。谷歌收涨1.09%，苹果收涨0.34%，谷歌证实与苹果达成一项为期多年的协议，将为苹果的 人工智能技术提供支持，其中包括语音助手"Siri"。Meta收跌1.7%，公司启动名为"Meta Compute"的全 新顶级战略项目。热门中概股多数收涨，纳斯达克中国金龙指数涨4.26%，阿里巴巴涨超10%，哔哩哔 哩、小鹏汽车涨超8%，百度、微博涨超6%，蔚来、网易、京东涨超4%，理想汽车涨超2%。 （一）重要市场新闻 2、国际油价12日上涨。截至收盘，纽约商品交易所2月交货的轻质原油期货价格上涨38美分，收于每桶 59.50美元，涨幅为0.64%；3月交货的伦敦布伦特原油期货价格上涨53美分，收于每桶63.87美元，涨幅 为0.84%。纽约尾盘，现货黄金涨1.84%，报4592.13美元/盎司；COMEX黄金期货涨2.28%，报4603.30 美元/盎司；沪银夜盘收涨7.23%，报21268元人民币/千克，一度达到21518元。WTI 2月原油期货收涨 0.38美元，涨幅0.64%，报59.50美 ...

每日经济新闻 华鑫证券指出，2025年是中国创新药出海具有标志性意义的一年，全年交易总金额达1356.55亿美元， 首付款70亿美元，交易数量157起，均创历史新高。创新药出海不仅为企业提供研发资金，也重塑了行 业估值体系，2025年创新药指数涨幅35.31%，跑赢沪深300指数17.65%。小核酸药物领域取得突破，葛 兰素史克治疗慢性乙肝的Bepirovirsen完成III期研究，国内企业如悦康医药、瑞博生物在肝靶向药物研 发进展显著。口服自免药物方面，武田的TYK2抑制剂zasocitinib在银屑病III期研究中表现优异，国内企 业益方生物、诺诚健华等也推进相关临床。脑机接口技术进入产业化阶段，Neuralink计划2026年量产设 备，国内政策支持加速医疗应用落地。此外，ZAP-X放疗设备为脑肿瘤治疗带来新突破，国内市场需求 潜力达百亿规模。AI医疗商业化路径逐步清晰，病理收费改革明确人工智能辅助诊断定价机制，C端应 用加速发展。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整 ...

Core Viewpoint - The Chinese government has established a systematic framework for the development and direction of government investment funds, marking the first time such guidelines have been issued at the national level [1]. Group 1: Policy Framework - The "Work Method" outlines three main aspects: where to invest, how to invest, and who manages the funds, proposing 14 policy measures [3]. - The framework emphasizes supporting major strategies and key areas, particularly in sectors where market resources are insufficient, promoting deep integration of technological and industrial innovation, and focusing on nurturing emerging pillar industries [3]. Group 2: Investment Guidance - Funds must align with national major plans and encourage industries listed in the national industrial directory, while avoiding investments in restricted, eliminated, or prohibited sectors [3]. - Provincial development and reform departments are tasked with creating lists of key investment areas to optimize fund allocation [3]. Group 3: Evaluation Metrics - The "Management Method" establishes three primary indicators: 1. Policy compliance (60% weight), assessing the fund's role in supporting new productive forces, technological innovation, and green development [4]. 2. Optimization of productive layout (30% weight), evaluating alignment with national regional strategies and effective capacity utilization [5]. 3. Policy execution capability (10% weight), focusing on fund efficiency and the professional level of fund managers [5]. Group 4: Focus Areas - The investment focus includes emerging industries such as next-generation information technology, new energy, high-end equipment, and green technology, as well as future industries like the metaverse, brain-computer interfaces, and generative artificial intelligence [5].

能够和类脑智能结合起来的、超低功耗的、高性能的计算芯片，可能是未来脑机接口一个核心技术。 在意识解析方面，近几年来，从语言的监管、行为的预测、认知的重构，一小步一小步的发展，意识解 析从原来的模糊变成了有路可循的发展路径。 另外，对于脑机接口面临的巨大需求，王守岩表示，一方面来自难治性的重大疾病治疗，如认知障碍、 神经损伤重建、儿童认知发育疾病等；一方面来自大规模人群面临的共性问题和重大需求，如抑郁、失 眠、健康寿命等问题。"这些领域既有科学的问题，也有产业的问题，也有产品设计的问题，所以是可 以真正实现万亿级消费医疗健康市场的领域。" 不过，王守岩表示，当前，脑机接口的产业界的公司都是从电极、算法起步的，因此，怎么从电极、解 码技术持续推动到系统、产品的应用，也是这些公司面临的一个转折点。 同时，王守岩表示，脑机接口目前还存在一些明显的挑战。 首先，科技与产业的融合发展，是脑机接口领域非常显著的特征。但当前，脑机接口领域科技与产业脱 节是一个明显的问题，导致同质化竞争。因此，脑机接口的机制突破迫在眉睫，需要通过科技与产业的 融合，加速原始创新的转化，实现短期收益与长期攻关的协同发展。同时，科技创新和临床需求 ...

每经AI快讯，有投资者在投资者互动平台提问：公司持有哪些脑机接口公司？ 三七互娱（002555.SZ）1月12日在投资者互动平台表示，公司目前已投资的脑机接口公司包括华南脑控 及强脑科技，分别投资2000万元人民币及2000万美元。 （文章来源：每日经济新闻） ...

Core Insights - The report emphasizes the importance of long-term investment strategies and the need for a conducive regulatory environment to attract more long-term capital into the market [5] - It highlights the expected increase in storage prices by 40%-50% in Q1 2026, indicating potential investment opportunities in related companies [6] - The report notes a surge in approvals for innovative domestic drugs, presenting a favorable environment for pharmaceutical companies [6] Domestic Financial Market - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index rose by 1.75% to 14366.91 [3] - The ChiNext Index increased by 1.82%, closing at 3388.34, reflecting a positive market sentiment [3] Macro News Summary - The China Securities Regulatory Commission (CSRC) aims to enhance the institutional environment for long-term investments [5] - The National Bureau of Statistics is exploring innovative registration systems to unlock data value [5] - The Ministry of Industry and Information Technology is focusing on advanced technologies such as quantum technology and 6G during the 14th Five-Year Plan [5] Industry Developments - Storage prices are projected to rise significantly, with companies like Lanke Technology and Changdian Technology being highlighted as potential beneficiaries [6] - Meta's investment in a nuclear power plant for AI power supply suggests growth in the nuclear fusion industry, with companies like Lianchuang Optoelectronics and China Nuclear Engineering being relevant [6] - The approval of innovative drugs is expected to create opportunities for companies like BeiGene and Heng Rui Medicine [6] Company Focus - Kexiang Co., Ltd. is noted for its PCB products used in aerospace and storage devices [7] - East China Pharmaceutical's subsidiary has developed a breakthrough treatment for severe hypertriglyceridemia [7] - Yinkang Life has established a comprehensive management solution for Parkinson's disease treatment [7] - Shengyang Technology is recognized as the sole provider of DVB-NIP software and hardware, gaining recognition from a leading European satellite operator [7] Market Review and Outlook - The market experienced a strong upward trend with all major indices closing higher, and trading volume exceeding 3.6 trillion yuan [8] - Sectors such as software services, internet, and aerospace saw significant gains, driven by AI-related catalysts [8] - Precious metals like gold and silver reached historical highs, indicating a shift in investor sentiment [8] - The report suggests a continued positive outlook for industrial resource sectors and low-positioned stocks benefiting from policy changes [9]

爱建证券认为，脑机接口作为连接大脑与外部设备的关键技术，形成了侵入式、半侵入式与非侵入式三 条核心发展路径，其中非侵入式凭借操作简单、成本低廉、风险可控的优势，在2024年全球市场中占据 绝对主导地位。据ASKCI数据显示，2024年全球脑机接口市场规模达26亿美元，同比增长8.3%；该机 构进一步预测，2026年全球市场规模将攀升至33亿美元，2024—2026年复合增长率为12.7%。中国作为 全球脑机接口市场的重要组成部分，2024年市场规模达4.6亿美元，同比增长18.5%，占全球市场份额的 17.6%。PrecedenceResearch数据显示，2022—2024年全球脑机接口市场中，非侵入式产品占比超八成， 占据主导地位；侵入式与半侵入式产品合计占比约18%。短期内，非侵入式脑机接口仍将是行业主流发 展方向。 光大证券认为，作为生命科学与信息技术融合前沿，脑机接口已迈入产业化临界点。全球层面，多国密 集出台支持计划，我国"十五五"规划建议将脑机接口明确为六大未来产业之一，七部门明确2027年技术 突破、2030年产业生态成型目标。 从下游需求端来看，医疗是目前脑机产业预期商业应用最成熟、产业规模 ...

坐在驾驶位上，你不需要抬手，也无需出声，目光在车载屏幕上轻轻停留，"下一首"的指令便悄然 发出——音乐切换，氛围灯随之流淌出舒缓的色调。这不是魔法，而是念及科技为智能座舱带来的"脑 控交互"现实一幕。近日，这家位于苏州的脑机接口领域新锐，与国内某头部新能源车企签约合作，将 其自主研发的脑控模块植入车载系统，推动人车关系从"人控车"向"车懂人"演进。 该系统通过头戴式脑电采集设备，实时捕捉患者大脑运动皮层的神经信号，经自主研发的解码算法 转化为控制指令，驱动机械外骨骼、气动康复手套等外设完成抓握、伸展、行走等动作。在康复训练 中，系统还能同步生成触觉反馈信号传回大脑，形成"意念—动作—反馈"的闭环训练，帮助患者逐步重 建受损的神经通路，据介绍，该系统已与苏州市立医院等机构开展合作，临床数据显示，其对提升康复 效率效果明显。 谈及为何选择苏州，赖艳提到了这里独特的双重魅力："苏州有非常好的人才政策和产业协同环 境。但更关键的是，这里能形成产业集聚，给人才一个看得见的事业平台。"她举例说，苏州强大的制 造业基础和生物医药产业集群，为脑机接口的硬件生产、临床验证提供了得天独厚的支撑。公司还与本 地集成电路企业、康复医 ...