2月5日，由北京脑科学与类脑研究所资深研究员、智冉医疗创始人方英领衔的科研团队在国际学术期刊 《Nature Electronics》发表了一项突破性成果，成功研制出一款 兼具高通量信号采集与生物力学顺应性的 可拉伸柔性电极。 可拉伸柔性电极植入大脑后的动态运动效果 一只猕猴大脑里，一根可拉伸的柔性电极正随着呼吸起伏微微摆动，另一端，电脑屏幕上的神经元信号稳定 闪烁，1024个通道同时工作——这是传统电极无法长期捕捉的动态景象。 高通量可拉伸柔性电极示意图 论文链接： http://www.nature.sh.sjuku.top/articles/s41928-025-01560-6 这项技术解决了侵入式脑机接口中传统柔性电极易移位、易脱出的世界难题。此前，马斯克的Neuralink公司 在2024年完成首例人体植入后，曾面临高达85%的电极丝从患者脑组织脱出的情况，其第二例患者植入后， 仍有约60%的电极无法工作。 动态大脑，静态电极：侵入式脑机接口的世界困境 01. Neuralink的困境暴露了侵入式脑机接口的技术瓶颈—— 传统柔性电极的线性结构设计无法实现有效的力学 拉伸形变。 人类大脑并非静止器官， ...

证券研究报告 Neuralink带来的启示 ——脑机接口系列报告 行业评级：看好（维持） n Neuralink带来新启示：脑机接口有望成为人与机器交流的首选，触达更广阔市场。 n 脑机接口国内政策与产业窗口期共振，中国临床案例数大幅提升。 n 脑机接口与大模型、具身智能技术深入融合，大幅推进应用落地速度。 2 2026年2月 分析师 刘雯蜀 分析师 郑毅 分析师 刘静一 邮箱 liuwenshu03@stocke.com.cn 邮箱 zhengyi@stocke.com.cn 邮箱 liujingyi@stocke.com.cn 证书编号 S1230523020002 证书编号 S1230524070002 证书编号 S1230523070005 • 核心观点 Ø Neuralink的首款产品Telepathy（心灵感应）预计在今年量产，目前超10000人申请体验。Telepathy聚焦 "大脑功能正常，但运动 / 交流通路断裂" 的重症群体，例如脊髓损伤、渐冻症患者。量产的三个重要条件——N1性能提升、手术安全性提升、成本降低：1）预计2026年N1设备电极数量从 1000 个增加到 3000 个，提升神 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [33]. Core Insights - Significant breakthroughs in brain-computer interface and quantum communication technologies are expected to accelerate the development of related industrial chains, with a focus on companies such as Jiayuan Technology, iFlytek, Wanda Information, Anheng Information, and Guodun Quantum [4][2]. - The first brain-controlled acupuncture rehabilitation equipment has been successfully implemented, marking a substantial advancement in the medical application of brain-computer interfaces [2][13]. - Shanghai has identified brain-computer interfaces and semiconductors as key future industries, providing strong policy support for their development [15][16]. - The University of Science and Technology of China has achieved major breakthroughs in quantum networking, paving the way for practical quantum communication [17][19]. - Waymo has completed a significant financing round of $16 billion, indicating a new phase of development in the autonomous driving industry [20][21]. Summary by Sections Brain-Computer Interface - The first brain-controlled acupuncture rehabilitation platform, "Shengong-Hua Tuo," has been launched, integrating advanced brain-computer interface technology with traditional acupuncture for personalized treatment [13][14]. - This technology has been validated through space experiments, enhancing its reliability and potential for widespread clinical application [14]. Quantum Communication - The University of Science and Technology of China has made two critical advancements in quantum networking, addressing long-standing challenges in the field and significantly extending the distance for quantum key distribution [17][19]. - These breakthroughs position China as a leader in quantum communication, with implications for national security and information protection [19]. Autonomous Driving - Waymo's recent financing of $16 billion has raised its post-money valuation to $126 billion, reflecting strong growth in its business operations [20]. - The company plans to expand its services to over 20 cities globally, indicating a shift from technology validation to large-scale commercial operations in the autonomous driving sector [21].

Group 1: Quantum Technology - The team from the University of Science and Technology of China achieved significant breakthroughs in scalable quantum networks, including the construction of a basic module for scalable quantum repeaters and the realization of device-independent quantum key distribution (DI-QKD) over a distance of 100 kilometers, improving previous international experimental levels by over two orders of magnitude [4][5]. - The successful implementation of a quantum repeater with an entanglement lifetime of 550 milliseconds, exceeding the entanglement establishment time of 450 milliseconds, marks a critical advancement in quantum communication, enabling the construction of a kilometer-scale quantum internet [5]. Group 2: Biomanufacturing - The Shenzhen Advanced Institute of Technology developed a programmable integration platform for functional molecules, which opens up new applications in biomanufacturing, biosensing, and flexible electronics [6][7]. - OpenAI partnered with Ginkgo Bioworks to create an AI-driven automated experimental system that significantly reduces the production costs of cell-free protein synthesis (CFPS) by approximately 40% and reagent costs by 57% [8]. Group 3: Hydrogen Energy and Nuclear Fusion - The China Energy Construction Group's Songyuan hydrogen energy industrial park project has produced over 10,000 tons of green ammonia and received EU certification, validating the integrated commercial model of "green electricity - green hydrogen - green ammonia" [9][10]. - Shenzhen Energy signed a contract for a 505MW wind-solar hydrogen project with a total investment of approximately 8 billion, covering both upstream and downstream sectors [12]. Group 4: Brain-Computer Interfaces - The company Borui Kang has initiated the process for its initial public offering (IPO), marking a transition of invasive brain-computer interface technology from research to commercialization [13][15]. - A research team from the Chinese Academy of Sciences developed a novel optogenetic technique for visual brain-computer interfaces, enabling high-precision, long-term optical stimulation of the visual cortex, representing a significant advancement in sensory information input [16][18]. Group 5: Embodied Intelligence - Microsoft Research introduced a new robot model, Rho-alpha, which integrates multimodal perception capabilities, including visual, language, and tactile data, aimed at enhancing the application of embodied intelligence in unstructured environments [21]. Group 6: 6G and Commercial Space - A research team from Beijing University of Posts and Telecommunications made significant progress in 6G channel modeling, with their work being included in the international 6G standard framework by 3GPP [22]. - The U.S. Federal Communications Commission (FCC) accepted SpaceX's application for an orbital data center, which aims to establish a satellite constellation of up to 1 million satellites to support advanced AI models and applications [25]. Group 7: Future Industry Catalysts - A table summarizing key catalytic events for six future industries in 2026 was provided, highlighting important milestones and conferences that investors should track [26][27].

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

Core Insights - The research team from Northwestern Polytechnical University has developed a breakthrough in three-dimensional conical carbon-based flexible cortical electrode arrays, addressing key challenges in the industry such as brain tissue damage, signal attenuation, and poor biocompatibility [1] - The successful technology validation in a space environment marks a significant advancement for brain-machine interfaces (BMIs), paving the way for clinical applications and aerospace uses, showcasing China's leading innovation capabilities in the MEMS field [1] Technical Advancements - The new electrode design features a "soft base and soft needle" integration, allowing for high fidelity brain signal acquisition while ensuring zero damage to the brain cortex [2] - Testing has shown that the signal acquisition precision and stability of the new electrodes are optimized by hundreds of times compared to traditional metal electrodes, with excellent magnetic resonance compatibility for use with high-field MRI equipment [2] - The electrode has passed third-party medical device quality certification, meeting medical standards for biocompatibility and long-term implantation stability, facilitating future clinical applications [2] Industry Trends - The brain-machine interface sector is highlighted as a key focus area in future industry policies, with the Ministry of Industry and Information Technology (MIIT) establishing a dedicated track for BMIs and outlining plans for standardization and innovation from 2023 to 2035 [3] - The market size for brain-machine interfaces in China is projected to reach 3.2 billion yuan in 2024, with a year-on-year growth of 18.8%, and is expected to grow to 5.58 billion yuan by 2027, reflecting a growth rate of 20% [3] Investment Landscape - Investment enthusiasm in the brain-machine interface sector is rising, with 24 financing events recorded in the first 11 months of 2025, marking a 30% increase year-on-year [4] - Over the past five years, nearly 100 financing events have occurred in this sector, with total funding exceeding 10 billion yuan, attracting major investment firms such as Sequoia, Hillhouse, and others [4] - The industry is at a critical juncture for clinical value validation and early commercialization, with strong policy support, high capital interest, and urgent clinical demand driving development, despite challenges from international competition and ethical controversies [4]

新京报讯 据"北京海淀"微信公众号消息，近日，我国在侵入式脑机接口领域取得重大突破。由北京脑 科学与类脑研究所资深研究员、智冉医疗创始人方英领衔的科研团队成功研制出国际领先的兼具高通量 信号采集与生物力学顺应性的可拉伸柔性电极，有效解决了侵入式脑机接口技术中传统柔性电极易移 位、易脱出的世界难题，为该技术从实验室走向大规模临床应用扫清了关键障碍。这项突破性成果已于 2月5日发表于国际学术期刊《自然·电子学》（《Nature Electronics》）。 智冉医疗联合创始人、CEO宋麒表示，"未来，智冉医疗将继续致力于核心技术的攻坚与临床转化，期 望能够早日惠及广大神经系统疾病患者，并为我国在这一前沿战略领域抢占发展先机贡献力量。" "这项工作攻克了生物电子器件在脑内植入的一系列核心问题，包括有效解决了由于脑组织在颅内的大 幅运动引起的电极移位及炎症反应，最大程度降低了对脑组织的植入损伤，并显著缩短了手术操作时 间。该研究展示了从柔性电极设计、植入方法到在体验证的系统研究，其成果令人赞赏。"杂志审稿人 认为，"该工作提出了一种新型的超柔性神经电极阵列技术，为应对大规模、长期神经接口的挑战提供 了新的解决方案，充 ...

为解决这一困扰行业的难题，方英团队提出一种新型的高通量"可拉伸"电极架构，其不仅可动态跟随大 脑运动，且其拉伸所需力度仅为Neuralink线性电极的1/100，这意味着可拉伸柔性电极对脑组织的机械 损伤更低，可极大程度减少传统线性电极引发的免疫反应和胶质斑痕。 以猕猴为试验对象开展的研究结果表明，可拉伸柔性电极能够实现猕猴大脑中的长期稳定记录；在植入 256通道该电极后，团队成功采集到257个单神经元信号，并实现了对大脑运动意图的高精度解码。在植 入1024通道该电极后，团队捕获到大规模、高质量的神经元信号。 记者近日获悉，北京脑科学与类脑研究所资深研究员、智冉医疗创始人方英领衔的科研团队，成功研制 出一款兼具高通量信号采集与生物力学顺应性的可拉伸柔性电极。该研究成果解决了传统柔性电极在应 对大脑动态运动时易移位、易脱出的瓶颈问题，为侵入式脑机接口的长期稳定性提供了底层解决方案， 有望为我国侵入式脑机接口从实验室走向大规模临床应用解决关键障碍。该成果于2月5日发表于国际学 术期刊《自然·电子学》。 侵入式脑机接口技术被业界认为是高带宽人机交互的终极方向。马斯克创办的Neuralink公司于2024年初 完成 ...

八部门发文，强化虚拟货币监管 日前，中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总局、金融监管总局、中 国证监会、国家外汇管理局印发《关于进一步防范和处置虚拟货币等相关风险的通知》，进一步防范和 处置虚拟货币、RWA代币化相关风险，明确虚拟货币相关业务活动属于非法金融活动，严格监管赴境 外开展RWA代币化相关业务活动。 央行连续第15个月增持黄金 国家外汇管理局2月7日发布的数据显示，截至2026年1月末，中国黄金储备为7419万盎司，环比增加4万 盎司，为中国央行连续第15个月增持黄金。 我国成功发射可重复使用试验航天器 下周，A股将迎来春节前的最后一个交易周。业内机构认为，春节前市场或维持区间震荡，建议均衡配 置；春节后市场焦点可能重新转向具备产业催化、业绩确定性的成长板块。 大宗商品市场方面，国际金价继续宽幅震荡。在业内机构看来，尽管调整可能意味着出现布局良机，但 黄金的波动性已显著加大，投资者应将其作为资产配置的一部分，而非单一投机工具。 影响后市投资大事件 兴业证券：持股过节兼具胜率与赔率 近期全球叙事变化对市场情绪冲击最大的时刻或正逐步过去，后续事件催化增多、"春节效应"等因素， ...

这位脑神经医学出身的科学家创业者直言不讳地指出，当前脑机接口领域存在着一种危险的认知偏差：把严肃的医疗技术包装 成消费级产品的故事。他表示，真正的医疗级脑机接口，遵循的是另一套逻辑："我们服务的是人脑，不是机器人。" 医疗应当优先 马斯克在Neuralink的最新临床演示，一位瘫痪多年的患者，无需借助任何肢体动作，仅凭脑海中的意念，就能精准操控机械臂 举起水杯、敲击键盘，甚至流畅玩起电子游戏。 今年1月，埃隆·马斯克通过社交平台宣布，其创办的脑机接口公司Neuralink计划于2026年实现脑机接口设备的大规模量产，这一 表态迅速引爆了全球科技与资本市场。 "Neuralink把脑机接口带火了，但把这个方向带歪了。"深圳微灵医疗科技有限公司创始人、南方医科大学粤港澳大湾区脑科学 与类脑研究中心教授李骁健近日在接受南方财经记者采访时说。 微灵医疗高通量神经电生理采集系统采集电生理信号（左）手部精细运动任务功能图谱展示（右），企业供图 "刺入式电极会破坏脑组织，电极导针会压迫血管导致出血。"李骁健解释，这样会使健康的脑组织变成病灶，因为即使 Neuralink的电极线再细，其"缝纫机"的针头也一定会破坏脑组织。 ...