三七互娱在互动平台表示，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 人民币及2000万美元。 ...

Core Viewpoint - Innovation Medical (002173.SZ) has experienced significant stock price fluctuations, with a cumulative increase of over 20% in three consecutive trading days, indicating market interest in its brain-computer interface business [1] Group 1: Company Overview - Innovation Medical's subsidiary, Boling Brain Technology (Hangzhou) Co., Ltd., was established in early 2021 and included in the consolidated financial statements in August 2025 [1] - The primary products of Boling Brain Technology are designed for rehabilitation training of patients with cerebrovascular diseases, mainly focusing on stroke and hemiplegia [1] Group 2: Product and Financial Performance - The product "Cyberlink AC5" was officially launched in October 2025, generating revenue of 114,000 yuan in that year [1] - The "Cyberlink AM5" has completed multi-center clinical trials but has not generated revenue in 2025 [1] - Boling Brain Technology reported operating losses of 6.60 million yuan in 2023 and 8.66 million yuan in 2024 [1]

Group 1: Market Trends and Developments - The brain-computer interface (BCI) sector is transitioning from clinical validation to commercial scalability, with 2026 expected to be a pivotal year for industrialization [2] - China's BCI market is projected to grow from 3.2 billion yuan in 2024 to 5.58 billion yuan in 2027, reflecting a compound annual growth rate of approximately 20% [2] - Global BCI market is anticipated to exceed 40 billion USD by 2030 [2] Group 2: Company Innovations and Collaborations - Yingkang Life has developed a comprehensive management solution for Parkinson's treatment using BCI technology, having completed over 20 deep brain stimulation surgeries [2] - Cheng Yi Tong's recent patent for "brainwave acquisition devices" is expected to enhance its core technology and market share in the BCI field [3] - Entropy Technology plans to launch a prototype BCI product by March 2026, focusing on commercial applications [3] - Yingqu Technology collaborates with various partners to develop BCI-related products, including brainwave monitoring headbands and rehabilitation robots [4] - Hanwei Technology has made breakthroughs in non-invasive flexible BCI materials, although commercial applications remain uncertain [5] - Daoshi Technology has strategically invested in Qiangnao Technology to enhance its capabilities in BCI applications across medical rehabilitation and education [6] - Sanbo Brain Science is advancing its "North Brain No. 2" project, focusing on flexible microelectrode technology for clinical applications [7] - Meihua Medical is a strategic partner in the cochlear implant sector, which is a significant application of BCI technology [7] Group 3: Investment and Strategic Partnerships - Leidi Ke has acquired a 20.41% stake in Aoyi Technology, which specializes in both BCI and robotics, enhancing its capabilities in the medical and health sectors [9] - Lihua Science and Technology's subsidiary, Weiling Medical, is developing a fully implanted wireless BCI system [10] - Guiyan Biotech is exploring precious metal materials for BCI applications, with some products in the experimental stage [11]

Core Viewpoint - The release of the "Guidelines for Evaluation of Brain-like Computing Systems and Training Algorithms" marks a significant step in the standardization of brain-like computing technology in China, with Shenzhen Brain-Machine Starlink Technology Co., Ltd. playing a crucial role in its development alongside top universities and research institutions [1][2]. Group 1: Company Overview - Shenzhen Brain-Machine Starlink Technology Co., Ltd. focuses on artificial intelligence and aims to establish a comprehensive development system from basic research to technology transfer and industrial implementation in the brain-machine interface field [2]. - The company integrates brain-machine interface applications with neural modulation technologies to accelerate the development of diagnostic products for neurological diseases such as Alzheimer's, autism, and depression [2]. Group 2: Industry Context - The brain-machine interface technology is on the verge of explosive growth, with significant potential across various sectors including medical rehabilitation, consumer electronics, education, entertainment, and smart manufacturing [3]. - A market research report predicts that the global brain-machine interface market could exceed hundreds of billions of dollars by 2030, with the medical and health sector being the primary growth area [3]. Group 3: Collaborative Efforts - The collaboration between Shenzhen Brain-Machine Starlink and leading domestic universities and research institutions in standard formulation highlights the company's leading position and strong technical foundation in the brain-like computing field [4]. - The company has announced a partnership with leading immunodiagnostic firm Yihuilong to advance the clinical application and industrialization of brain-machine interface technology in various diagnostic fields [4].

Core Viewpoint - The company, Innovation Medical (002173.SZ), has noted increased market attention on its brain-computer interface business, particularly through its subsidiary, Boling Brain Machine (Hangzhou) Technology Co., Ltd. [1] Group 1: Company Overview - Boling Brain Machine was established in early 2021 and is expected to be included in the company's consolidated financial statements by August 2025 [1] - The primary products are designed for rehabilitation training of patients with cerebrovascular diseases, mainly focusing on stroke and hemiplegia [1] Group 2: Product Development and Financial Performance - The product "Cyberlink AC5" was officially launched in October 2025, generating revenue of 114,000 yuan in that year [1] - The "Cyberlink AM5" has completed multi-center clinical trials but has not generated revenue in 2025 [1] - The operating losses for Boling Brain Machine were 6.60 million yuan in 2023 and 8.66 million yuan in 2024 [1]

他对记者解释，在脑机接口系统中，"硬件"如同肉体，由脑虎科技、景昱医疗等公司提供的电极或外设 构成；"灵魂"则是介于大脑与外设之间的算法系统，脑电分析解码是它们专注研究的领域。 作为我国脑机接口技术发展的前沿阵地，上海已形成覆盖侵入式、半侵入式和非侵入式技术的完整研发 体系。未来五年，上海将多层次培育更多脑机接口技术和产品应用落地。 日前公布的《上海市脑机接口未来产业培育行动方案（2025-2030年）》（下称"方案"）提出，2027年 前，实现高质量脑控，半侵入式脑机接口产品在国内率先实现临床应用，侵入式脑机接口研发取得突 破，脑机接口创新生态初步构建。具体围绕加速脑机接口产品化、构建共性技术研发服务平台、推动临 床试验与应用示范、健全产品标准与检测体系、培育产业创新生态等方面展开。 2024年6月以来，上海围绕强化科技创新策源功能，聚焦脑机接口等未来产业新赛道，健全"比选寻优、 动态优化"未来产业培育机制，建立专业化项目经理队伍，实施全生命周期项目管理。 去年12月举行的"2025脑机接口大会"上，多项新技术和产品首发，并揭牌了"脑机接口产业联盟长三角 分联盟"。"上海在脑机接口技术领域取得了系列阶段性突 ...

Core Viewpoint - Innovation Medical (002173) has experienced significant stock price fluctuations, with a cumulative increase of over 20% in closing prices over three consecutive trading days, indicating heightened market interest in the company's brain-computer interface business [1] Group 1: Stock Performance - The company's stock price showed abnormal volatility on January 8, 9, and 12, with a cumulative price deviation exceeding 20% [1] - This fluctuation is in accordance with the trading rules of the Shenzhen Stock Exchange, categorizing it as an abnormal trading situation [1] Group 2: Business Overview - The company's subsidiary, Boling Brain Machine (Hangzhou) Technology Co., Ltd., was established in early 2021 and is focused on brain-computer interface products [1] - The primary applications of Boling Brain Machine's products are for rehabilitation training of patients with cerebrovascular diseases, particularly those suffering from stroke-related paralysis [1] - The product "Cyberlink AC5" was officially launched in October 2025, generating revenue of 114,000 yuan in that year [1] - The "Cyberlink AM5" has completed multi-center clinical trials but has not yet generated revenue as of 2025 [1] Group 3: Financial Performance - Boling Brain Machine reported operating losses of 6.6017 million yuan in 2023 and 8.6641 million yuan in 2024 [1]

Core Viewpoint - The company, Innovation Medical, has noted increased market attention on its brain-computer interface business, particularly through its subsidiary, Boling Brain Technology [1] Group 1: Company Overview - Boling Brain Technology was established in early 2021 and is expected to be included in the company's consolidated financial statements by August 2025 [1] - The primary products are designed for rehabilitation training of patients with cerebrovascular diseases, mainly focusing on stroke and hemiplegia [1] Group 2: Product Development and Financial Performance - The product "Cyberling Science AC5" was officially launched in October 2025, generating revenue of 114,000 yuan in that year [1] - The "Cyberling Science AM5" has completed multi-center clinical trials but has not generated revenue in 2025 [1] - The operating losses for Boling Brain Technology were 6.6017 million yuan in 2023 and 8.6641 million yuan in 2024 [1]

Group 1 - The core viewpoint emphasizes the current excitement in the technology sector, particularly in the first quarter, which is seen as a crucial period for potential annual returns [3][6] - The surge in trading volume indicates a significant influx of capital into the market, particularly in previously heated concepts such as commercial aerospace and brain-computer interfaces [3][6] - The article highlights the emergence of artificial intelligence downstream applications, which have shown strong performance, particularly in gaming, culture, and media sectors [4] Group 2 - Downstream applications are categorized into two directions: physical world applications (e.g., smart driving, robotics, smart wearables) and virtual world applications (e.g., AI entities, software development) [4] - The physical applications have seen an overall increase of approximately 3%, while the virtual applications, particularly in smaller-cap stocks, have experienced a more significant rise of about 7% due to increased capital attention [4] - The article notes that there are no official risk warning signals observed, indicating a potentially stable investment environment [6]

权益市场交投活跃，顺势而为避免追高 公募基金指数跟踪周报（2026.01.05-2026.01.09） 分析师：孙书娜 分析师登记编码：S0890523070001 电话：021-20321306 邮箱：sunshuna@cnhbstock.com 分析师登记编码：S0890522090001 电话：021-20321067 邮箱：wanghua@cnhbstock.com 研究助理：张琦炜 销售服务电话： 021-20515355 2025/12/29》2025-12-29 2026 年 01 月 12 日 证券研究报告 | 公募基金周报 投资要点 分析师：王骅 权益市场回顾与展望：开年第一周（2026.01.05-2026.01.09）A 股市场延续 上行趋势，上证指数实现 16 连阳成功站上 4100 点，主要宽基指数周内普遍上 涨并先后创下阶段新高。市场交投维持高位活跃度，周五成交额重回 3 万亿峰 值，同时两融规模也突破 2.6 万亿，再创历史新高。市场之所以如此火爆，更 多由自下而上的成长主题集中驱动，具体看，AI 应用、商业航天、脑机接口等 科技成长题材轮动表现，中小盘风格显著占优。 邮箱：zh ...