| 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3475.24 | 10540.00 | 1426.61 | | +14.09 +0.41% | +5.42 +0.05% -15.56 -1.08% | | | 科创20 | 创业板指 | 万得全A | | 984.02 | 2168.03 | 5345.71 | | -0.93 -0.09% | +3.95 +0.18% | +5.57 +0.10% | 7月4日早盘，三大指数窄幅震荡。截至午间收盘，沪指报3475.24点，涨0.41%，深成指报 10540.0点，涨0.05%，创业板指报2168.03点，涨0.18%。 总体来看，盘面上热点较为杂乱，个股跌多涨少，全市场超3700只个股下跌。 从板块来看，游戏股走强，稳定币概念股活跃，脑机接口、银行、电力板块涨幅居前；军工板块调 整，固态电池、贵金属板块走低。 半日主力资金流向 主力资金早间净流入银行、医药生物、计算机等板块，净流出电力设备、有色金属等板块。 具体到个股来看，沃尔核材、协鑫能科、数据港获净流入22.85亿元、9.93亿元、9.64亿元。 2025.0 ...

第三个方向，记忆。因为人类的记忆非常复杂，并不是大脑某一个功能区在做，而是涉及到全脑的协 作，但海马在中间发挥了重要的作用，所以对海马的刺激和调控有可能能强化记忆，甚至有可能逆转阿 尔茨海默，甚至有可能实现记忆外挂的一些能力； 第四个方向，具身智能。就像昨天宇树也提到，我们现在也在跟宇树合作做脑机接口和具身智能的结 合，人工智能一定要做到什么，现在AI不管做大模型还是什么，它没有被具身智能所结合，是不可能 出现意识的。就像昨天有位专家问到，现在大模型会不会出现意识，我的答案很简单，除非和具身智能 结合，否则它不会有意识。什么叫意识？从神经科学的角度来讲，在座各位都有意识，我们的意识是我 的大脑跟客观世界发生互动产生的反馈叫意识，我不跟世界发生互动我不会有反馈就不会有意识。现在 的AI对世界的接触方式太单一了，只有文字的输入和Token的输出，只有具身智能让它有感觉、有知 觉、能碰撞、能摔倒，它太会对这个世界有感知，有感知了才有可能产生意识，所以这也是为什么我认 为具身智能和AI的结合，跟脑机接口会非常重要； 新浪科技讯 7月4日上午消息，2025亚布力中国企业家论坛第十一届创新年上，脑虎科技创始人兼董事 长彭 ...

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong stocks related to brain-computer interface technology, with notable gains in specific companies [1] - Nanjing Panda Electronics Co., Ltd. (00553.HK) saw a significant increase of 14% in its stock price [1] - Micron Brain Science (02717.HK) experienced an 11% rise in its stock value [1]

Important Market News - US stock market closed early on Thursday with all three major indices rising; S&P 500 increased by 0.83%, Nasdaq by 1.02%, and Dow Jones by 0.77%, marking the seventh historical closing high for S&P 500 this year and the fourth for Nasdaq [1] - Technology stocks saw widespread gains, with Nvidia rising 1.3% to a historical high and New思科技 increasing by 4.9%; Bitcoin-related stocks also surged, with Circle up over 6% [1] - International oil prices slightly declined, with WTI crude oil down 0.40% to $67.18 per barrel and Brent crude down 0.32% to $68.89 per barrel; COMEX gold futures fell 0.71% to $3336.00 per ounce, while silver futures rose 0.85% to $37.04 per ounce [1] - European stock indices closed higher, with Germany's DAX up 0.61% to 23934.13 points and France's CAC40 up 0.21% to 7754.55 points [1] Industry Insights - On July 3, the National Medical Products Administration of China announced measures to optimize lifecycle regulation to support high-end medical device innovation, including special approval procedures for medical robots and high-end imaging equipment [2] - Brain-computer interface technology is expected to revolutionize human-machine interaction, initially focusing on medical rehabilitation, with potential expansion into education, entertainment, and industrial applications [2] - The solid-state battery industry is accelerating its industrialization process, with solid-state batteries being recognized as the next-generation battery technology, particularly in cost-sensitive fields like humanoid robots and low-altitude applications [3] - China ranks second globally in solid-state battery patent applications, with over 46,000 applications as of May 16, 2025, indicating a rapid catch-up with Japan [3] - The National Cryptography Administration and other agencies released regulations for the management of commercial passwords, effective from August 1, 2025, which will impact key information infrastructure sectors such as energy, finance, and communication [4][5] - The commercial password market in China is projected to grow at a compound annual growth rate of 25%, reaching 140 billion yuan by 2025, driven by the new regulations [5] Company Updates - 中钢洛耐 announced that its shareholder plans to reduce its stake by up to 562,500 shares, representing 0.5% of the total share capital [6] - 曲江文旅 reported that a court will auction 12 million shares held by its controlling shareholder on an online platform [6] - 威唐工业 disclosed plans for its controlling shareholder to reduce their stake by up to 170,000 shares, accounting for 0.9727% of the total share capital [7] - 合盛硅业 intends to participate in an ETF exchange transaction, planning to exchange up to 1,182,210 shares, or 1% of the total share capital [7] - 财富趋势 announced a plan for its actual controller to reduce their stake by up to 768,340 shares, representing 3% of the total share capital [8]

Core Viewpoint - The brain-computer interface (BCI) sector is expected to continue its strong performance, with long-term growth potential, but there are warnings about short-term speculative risks [1][2]. Industry Outlook - The BCI industry chain is rapidly improving, with projections indicating that the medical application market for BCIs could reach $40 billion by 2030. Companies involved in rehabilitation medical devices, BCI electrodes, chips, and intelligent brain systems are recommended for investment [1]. - Invasive BCIs are nearing large-scale clinical trial thresholds, while non-invasive BCIs are moving towards industrialization. Each advancement in BCI commercialization is anticipated to attract significant global market attention, enhancing investment sentiment in related sectors [1]. Investment Recommendations - Analysts suggest focusing on three main investment lines: 1. Domestic companies that could benefit from overseas industry breakthroughs [1]. 2. Companies likely to launch consumer-grade BCI products [1]. 3. Application companies that stand to gain from the implementation of BCI products [1]. Short-term Risks - There is a cautionary note regarding the current speculative atmosphere in the A-share market, with concerns about whether listed companies can achieve sustainable profitability and results in the BCI sector [2]. - Investors are advised to focus on the fundamentals of BCI-related companies, including their technological capabilities, real business implementations, and market positioning. Given the recent significant price increases, it is recommended to accumulate shares of companies with core technologies during market corrections [2]. - Following a recent surge in stock prices, some BCI-related stocks have experienced a pullback, indicating potential volatility in the market [2].

Group 1 - The brain-computer interface (BCI) sector has seen significant advancements since 2025, with related stocks experiencing substantial increases, such as Saily Medical up 165.37% and Innovative Medical up 92.46% as of July 3 [1] - The A-share BCI sector has an overall increase of 49.1% this year, indicating a strong market sentiment towards this industry [1] - Policy support has been a driving force, with cities like Beijing and Shanghai launching five-year action plans for BCI development, aiming to cultivate innovative enterprises and achieve clinical application of BCI products by 2030 [1][2] Group 2 - The establishment of China's first BCI industrial cluster in Shanghai marks a significant step in the domestic BCI landscape, with the new facility expected to be operational within the year [2] - The stock market has reacted positively, with multiple BCI-related stocks experiencing consecutive gains, such as Saily Medical and Jihua Group achieving three consecutive trading limits [2] - The BCI theme index in A-shares has risen by 4.96% over the past month, reflecting ongoing investor interest [2] Group 3 - Companies are increasingly engaging with investors regarding BCI developments, with Chengyitong announcing a dual-track strategy in invasive and non-invasive BCI technologies [3] - Chengyitong plans to release three prototypes of neuro-rehabilitation devices integrating BCI technology by July 2024 [3] - Other companies, such as Chengdu Huamei and Pulite, are also exploring BCI applications, focusing on signal processing hardware and high-performance materials, respectively [3]

Group 1: Brain-Computer Interface (BCI) - The National Medical Products Administration has announced measures to optimize the lifecycle regulation supporting the innovation of high-end medical devices, particularly focusing on BCI technology [1] - The BCI industry is expected to experience significant growth, with a projected compound annual growth rate of 25.22%, reaching a market size of $7.63 billion by 2029 [1] Group 2: Autonomous Charging Robots - BMW's autonomous charging robot has completed concept validation and is set to be deployed based on future market conditions, utilizing AI for efficient charging operations [2] - The technology enhances charging efficiency and convenience, with competitors like Telda and Zhida Technology also developing similar products [2] Group 3: Commercial Cryptography - New regulations on the use of commercial cryptography for critical information infrastructure will take effect on August 1, 2025, impacting sectors like energy, finance, and transportation [3] - The commercial cryptography market is expected to grow at a compound annual growth rate of 25%, reaching 140 billion yuan by 2025 [3] Group 4: POE Price Increase - Major chemical companies have announced price increases for POE (polyolefin elastomer), with prices rising over 1,000 yuan per ton due to geopolitical uncertainties [4] - POE is increasingly used in solar energy applications, accounting for 40% of its usage in China, indicating a growing market potential [4] Group 5: Metaverse Development - The Ministry of Industry and Information Technology and other departments are promoting the recommendation of typical metaverse cases, indicating a shift towards commercialization [5] - The metaverse market is projected to become a trillion-dollar industry, driven by technological advancements and policy support [5] Group 6: Solid-State Batteries - The Fourth Solid-State Battery Conference is being held, highlighting the industry's focus on high energy density and safety [6] - The solid-state battery sector is accelerating its industrialization process, with applications expected to expand in various fields [6] Group 7: PCB Market Growth - The AI server and switch market for M8 PCBs is projected to reach 50-60 billion yuan by 2026, driven by increasing demand for AI infrastructure [7] - The PCB industry is experiencing growth due to the recovery of electronic demand and innovations in AI and high-speed communication [7] Group 8: Domestic Chip Development - Strategic investments are being made in domestic AI chip companies, indicating a focus on building new AI infrastructure [8] - The demand for AI models is driving the need for enhanced computing capabilities, with domestic companies aiming to compete with international products [8]

Group 1: Industry Insights - The domestic four-legged robot industry is rapidly developing, with consumer-level models starting at 10,000 yuan [2] - The four-legged robots can be categorized into hydraulic and electric drive types, with electric drive becoming a new trend due to its lower cost and ease of control [3] - The four-legged robot industry has made progress in recent years, but still lacks advanced task planning capabilities and has limited battery life of 8 to 12 hours [4] Group 2: Company Developments - Cloud Deep Technology has delivered over 1,000 units of its "Xie Ying" series products, showcasing its strong presence in various application scenarios [1] - Chip Original Co., Ltd. is recognized as China's leading semiconductor IP company, with a significant increase in its customer base and revenue from chip design and mass production services [8] - Brain Machine Interface technology is gaining traction in China, with various local companies making strides in both non-invasive and invasive applications [6][7]

Report Highlights 1. Industry Investment Rating - The macro and global economy is rated as (slightly bullish) [1] 2. Core View - The global economy maintains an upward direction, with the US economy showing signs of expansion, the euro - zone manufacturing stabilizing, and China's manufacturing also having positive developments [1] 3. Summary by Related Content Important Information - The US Senate passed the "big and beautiful" tax and spending bill by a narrow margin of 1 vote, and some Democratic senators criticized it as "robbing the poor to help the rich" [1] - In May, US JOLTS job openings were 7.769 million, higher than the expected 7.3 million, and the number of voluntary job - leavers increased from 3.215 million to 3.293 million, indicating a tight labor market [1] - Goldman Sachs believes that the S&P 500 index will continue its upward trend in July and may start to decline next month, driven by improved liquidity, lower volatility, fading recession concerns, and seasonal factors [1] - Last week, the net buying of bank stocks by hedge funds reached the highest level in nearly a decade. Market expectations of banking regulatory relaxation and Fed rate - cut expectations are supporting bank stocks [1] - The price increase of Chinese - made goods sold on the US Amazon website has exceeded the overall US inflation rate, and tariffs are hitting US consumers [1] - Morgan Stanley reported that the US tariff revenue reached an astonishing level, with an annualized tariff revenue of $327 billion in June, equivalent to 1.1% of the US GDP [1] - The euro - zone manufacturing showed signs of stabilization in June, with the PMI rising to 49.5, and the German manufacturing PMI reaching a 34 - month high with new orders growing at a 39 - month high [1] - About one - third of Bank of Japan observers expect the next interest rate hike to be in January next year [1] Global Economic Logic - The US Treasury Secretary expects to sign a series of new trade agreements before July 9. The market expects the Fed to cut interest rates in September [1] - The final value of the US Markit manufacturing PMI in June was 52.0, continuing to expand. China's June PMI production index continued to expand, and the new order index resumed expansion [1] - China is comprehensively rectifying involution - style competition, and the photovoltaic glass industry has collectively cut production by 30% [1] - The European Central Bank has cut interest rates 8 times. Germany is expanding its military by 30%, which promotes the recovery of European manufacturing prosperity [1] - Musk's Neuralink brain - machine interface has made a major technological breakthrough. Morgan Stanley believes that China may take the lead in the "robot race" due to its manufacturing foundation and policy support [1]

Core Insights - The event "When Entrepreneurship Meets Angels - Capital Supporting College Student Entrepreneurship Salon" was held to provide guidance to young entrepreneurs, focusing on how startups can participate in bidding and protect their intellectual property rights [1][4] Group 1: Event Overview - The salon was organized by the Changsha Municipal Financial Office as part of a series of initiatives to support college student entrepreneurship in Hunan Province [1] - Seven startups presented their projects, covering various sectors including wear-resistant materials, new materials, AIGC, modern agriculture, brain-computer interfaces, industrial robotics, and outdoor tourism equipment [1] Group 2: Participant Profiles - The presenters were young college students, such as Lin Lin from Xiangjiang Intelligent Control, who is developing an intelligent inspection robot for the electrolytic aluminum industry to help reduce costs and improve efficiency [2] Group 3: Expert Interaction - The event featured interactions between students and mentors from various institutions, including private equity firms, law firms, banks, and accounting firms, addressing common challenges faced by tech startups [4] - AIGC was highlighted as an innovative area, with discussions on balancing technological innovation and business models, emphasizing the importance of understanding customer needs [4] Group 4: Support Mechanisms - The event included a policy briefing on Changsha's special support policies for entrepreneurship, aiming to help young entrepreneurs convert their ideas into viable businesses [5] - The Changsha Municipal Financial Office aims to create a closed-loop ecosystem of "capital-industry-talent" and integrate "campus + park + community" to support startups in finding funding, experts, and markets [5]