Core Insights - The Jiangxi Ganjiang New Area has signed 15 quality projects related to the brain-computer interface (BCI) industry, covering upstream, midstream, and downstream sectors of the industry chain [1] - The area aims to transition from "single-point breakthroughs" to "ecological aggregation" in the BCI industry, focusing on attracting upstream and downstream enterprises to create a robust industrial ecosystem [1] - The signed projects include key components such as MEMS chips, high-precision electrodes, CRO service platforms, data processing, and applications in sleep and rehabilitation robotics [1] Industry Development Measures - The Jiangxi Provincial Science and Technology Department has outlined measures to accelerate the development of BCI technology and industry, focusing on four dimensions: technological innovation, achievement transformation, entity cultivation, and industrial support [1] - The upcoming action plan aims to establish the Ganjiang New Area as a leading zone for future BCI industry development, contributing to new economic growth points [2]

Core Viewpoint - The Shenzhen Municipal Government has released the full text of the "15th Five-Year Plan" proposal, focusing on economic development strategies and the establishment of a modern industrial system to drive growth and innovation in the region [1][2][3][4][5]. Group 1: Economic Development Strategies - The proposal emphasizes the acceleration of emerging industries, the optimization of traditional industries, and the establishment of Shenzhen as a global advanced manufacturing center [1]. - It aims to promote high-quality development in the service sector, establishing Shenzhen as a significant global industrial financial, consumption, and logistics center [2]. - The plan includes fostering a robust financial system that supports innovation and the real economy while effectively managing risks [2]. Group 2: Technological Innovation - The proposal highlights the importance of artificial intelligence as a key driver of technological revolution and industrial transformation, advocating for high-quality development and application of AI across various sectors [3]. - It calls for the establishment of a leading industrial technology innovation center to enhance productivity and support original innovation and core technology breakthroughs [4]. Group 3: Real Estate Development - The plan outlines strategies for promoting high-quality development in the real estate sector, focusing on affordable housing and improving living conditions for new citizens, youth, and migrant workers [5]. - It aims to create a comprehensive housing supply guarantee system to ensure that individuals can settle and thrive in Shenzhen [5]. Group 4: Regional Coordination and Collaboration - The proposal stresses the importance of regional coordination, enhancing Shenzhen's role as a core engine in the Guangdong-Hong Kong-Macao Greater Bay Area and promoting urban integration with neighboring cities [4].

央视网消息："十五五"规划建议明确将脑机接口作为前瞻布局的未来产业。作为交叉学科，脑机接口涉及神经科学、材料、芯片、AI、临床医学等多领域深 度协同，经过多年培育发展，正从实验室迈向临床应用。脑机接口将会为我们带来哪些新可能？ 全植入无线脑机接口 完成首例临床试验 近日，由我国科研人员自主研发的国内首款、国际第二款内置电池的全植入、全无线、多功能脑机接口产品，在复旦大学附属华山医院成功完成首例临床试 验，为一名肩部以下完全不能动的高位截瘫8年的患者带来了生活新希望。 画面上这位年仅28岁的高位截瘫患者，正在通过意念操控光标，浏览网页、游戏互动等，还可以连接控制气囊手套、智能轮椅、智能家居甚至人形机器人等 多类物理设备。 上海脑虎科技有限公司创始人兼首席科学家 陶虎：病人都能很好地通过他们的意念，跟这些物理设备进行对接。这样的话也可以从患者本身的意念世界到 数字世界，也可以到我们真实的三维的物理世界。 作为国内首款，全球第二款内置电池的脑机接口产品，所有的核心模块，包括电池都被完全植入患者体内，体表没有任何线缆接口，团队介绍，这是为了在 物理层面避免外露系统可能导致的感染风险。同时，团队还将无线供能与无线数据传 ...

Group 1: Alcohol and Dairy Industry Insights - The white liquor industry is accelerating its bottoming process, with expectations for supply-demand balance by 2026, as leading brands like Moutai and Wuliangye are likely to stimulate sales through price adjustments [4] - The recent macroeconomic and policy environment is positively catalyzing consumer expectations, making white liquor an attractive cyclical asset with low valuations and appealing dividend yields [4] - The dairy industry is expected to see accelerated domestic substitution due to temporary anti-subsidy measures on EU dairy products, which will likely increase domestic milk consumption and reverse the industry cycle [4] Group 2: Brain-Computer Interface (BCI) Development - 2025 is projected to be the year of significant development for brain-computer interfaces in China, with multiple policies being introduced to support the industry, including pricing guidelines for medical services [7][8] - Clinical trials for invasive and semi-invasive BCIs are expected to surge, with several companies like Borui completing initial trials and aiming for regulatory approval by 2026 [9] - The technology is evolving towards flexible, miniaturized, and integrated electrodes and chips, while non-invasive BCIs are beginning to commercialize in areas like sleep assistance and rehabilitation [8]

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 2025 深圳脑博会召开，关注脑机接口产业进展 报告要点 [Table_Summary] 2025 年 12 月 28 日至 30 日，第五届脑科学前沿与产业大会暨 2025 深圳脑机接口博览会在深 圳光明天安云谷召开。当前，我国脑机接口产业成果频出。政策扶持下，脑机接口产业有望迎 来发展机遇期，并加速由产业研究向商业化转化，进而加速脑机接口大规模商业化落地进度。 建议关注三条主线：1、侵入式脑机接口海外先进产业链的国内映射标的；2、非侵入式脑机接 口在消费场景的产品落地相关标的；3、脑机接口下游应用端相关标的。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title2] 2025 深圳脑博会召开，关注脑机接口产业进展 [Table_Summary2] 事件描述 2025 年 ...

Core Viewpoint - The brain-computer interface (BCI) sector is experiencing significant growth driven by favorable policies, technological advancements, and increased investment interest, as evidenced by the recent surge in stock prices of related companies in both Hong Kong and A-share markets [2][6][7]. Policy Developments - The National Medical Products Administration has included implantable brain-computer interface medical devices in the "Priority Approval List for High-end Medical Devices (2025 Edition)" [2]. - A joint initiative by seven ministries, including the Ministry of Industry and Information Technology, has set phased goals for the BCI industry by 2027 and 2030 [3]. - The "14th Five-Year Plan" emphasizes the BCI sector as a key area for fostering new economic growth [4]. - The National Healthcare Security Administration has introduced new pricing guidelines for invasive BCI procedures, facilitating reimbursement pathways [4]. Technological Advancements - Recent breakthroughs in BCI technology include the first domestically developed fully implanted, wireless BCI product by Brain Tiger Technology, which successfully completed its first clinical trial [5]. - The National Medical Products Administration has approved the world's first invasive BCI product for treating addiction-related mental disorders [5]. - Ongoing clinical trials and collaborations among research institutions and medical units are yielding significant progress in the field [5]. Market Insights - The BCI industry is entering a rapid commercialization phase, supported by policy backing, technological breakthroughs, and increased capital influx [5][6]. - The market for BCI is projected to be a nearly $10 billion opportunity globally, with domestic companies making strides in flexible electrodes and real-time Chinese language decoding [7]. - Investment interest in the BCI sector is rising, particularly in rehabilitation applications and non-invasive BCI technologies, as companies strategically position themselves for future growth [6][7].

Core Viewpoint - The signing event for the brain-computer interface (BCI) industry projects in Ganjiang New Area marks a significant step towards establishing a comprehensive BCI industry cluster, aiming to enhance economic growth and innovation in the region [1][3]. Group 1: Industry Development - Ganjiang New Area has adopted a strategy focused on "activating resources, improving infrastructure, strengthening industries, and attracting talent" to elevate industrial development and enhance the quality of life for residents [3]. - The area is transitioning the BCI industry from "single-point breakthroughs" to "ecological aggregation," actively attracting upstream and downstream enterprises to create a robust industrial chain [3][4]. Group 2: Project Scope and Support Mechanisms - The signed projects encompass critical components of the BCI industry, including upstream MEMS chips and high-precision electrodes, midstream CRO service platforms and data processing, and downstream applications such as robots and neuro-regulation devices [4]. - To support the BCI industry, Ganjiang New Area is establishing a "1+1+3" clinical docking mechanism, a provincial-level BCI product testing center, and enhancing rehabilitation medical scenarios [4]. Group 3: Future Plans - The area plans to introduce an action plan titled "Accelerating the Creation of a Leading Area for Future BCI Industries," aimed at fostering future industrial development and creating new economic growth points [4].

01哪些行业受益人民币升值 近期离岸人民币对美元盘中升破7.0关口，为2024年9月以来首次。年末的人民币快速升 值，年末结汇是重要因素，也是针对全球新老秩序交替过程中，中国优势的再评估。 财通证券策略梳理人民币升值受益行业： 从成本端， 进口贸易以及原料进口依赖两类行业有望受益，最终体现为毛利率提升； 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出前瞻布局未来产 业，推动脑机接口等成为新的经济增长点。 这些产业蓄势发力，未来1 0年将再造一个中 国高技术产业。 风险提示：以上内容仅为个人观点，供交流参考使用，所有内容不做买卖操作依据，据此 介入，风险自担，投资有风险，入市需谨慎。 合 作 联 系 02 太空脑机接口首试成功 近日，西北工业大学牵头开发的两套太空专用小鼠无线植入式脑机接口微系统，搭载"迪 迩五号・中国科技城号"空间试验器成功升空并进入预定轨道，目前运行稳定、数据正常 回传。 此次任务是国际首次在太空环境下开展该类设备长期在轨离体验证，核心包含自研多通道 柔性微电极、神经信号采集芯片等关键部件，创新采用"动物舱"与"独立舱"双室协同验证 模式，攻克了太空复杂环境下信号采集、长期 ...

Group 1 - The global technology competition is intensifying, with disruptive technologies at the core of the "future industries" becoming a prominent part of China's economic landscape, as highlighted in the "14th Five-Year Plan" [1][2] - The total financing in related fields has approached 70 billion yuan this year, with specific sectors like nuclear fusion and 6G seeing index increases of over 80% [1][4] - The future industries are transitioning from "concept validation" to "commercialization," becoming a leading force in driving economic and social transformation [1] Group 2 - The "14th Five-Year Plan" outlines a clear blueprint for future industries, focusing on seven key areas including quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G [2] - Local governments are actively responding with supportive policies, such as Beijing's "Create the Future" initiative, which has supported 83 potential enterprises and facilitated over 2 billion yuan in financing [2] - Various cities like Shenzhen and Shanghai are implementing financial measures to support high-quality development in future industries, establishing a solid foundation for growth [2] Group 3 - The capital market's enthusiasm for future industries is evident, with IPOs and refinancing processes accelerating significantly, totaling nearly 70 billion yuan as of December 26, 2025 [4] - Notable fundraising includes 14 billion yuan from China Nuclear Power in the nuclear fusion sector and over 8 billion yuan from companies in the embodied intelligence sector [4] - The overall profitability of future industries is expected to improve, with a median net profit forecast of over 650 billion yuan for 381 companies in 2025, reflecting a year-on-year increase of over 20% [5] Group 4 - Market funds are actively seeking undervalued potential stocks, with over 40 companies showing a decrease in shareholder numbers, indicating a concentration of shares [6] - Companies like Fuzhijun Technology and Zhongyuan Neipei have seen significant reductions in shareholder numbers, suggesting increased market attention [6] - Some companies, despite underperforming in the market, are positioned in sectors like embodied intelligence and quantum technology, presenting potential investment opportunities [6]

Market Overview - The Shanghai Composite Index closed up 0.04% at 3965.28 points, marking a nine-day winning streak, a new record for the year [1] - The market saw a total turnover of 2.1 trillion yuan, with over 3300 stocks declining [1] - Gold prices fell below 4500 yuan, and silver and palladium also saw significant declines, impacting related stocks [1] Sector Performance - The commercial aerospace sector remained strong, with stocks like Shenjian Co. and China Satellite achieving consecutive gains [1] - The oil and gas sector showed robust performance, with stocks such as Intercontinental Oil and Heshun Petroleum hitting the daily limit [1] - The battery, photovoltaic equipment, and industrial metals sectors attracted significant capital inflow, with leading stocks including Sunshine Power and BYD [2] Policy and Economic Developments - The People's Bank of China announced a digital yuan action plan, set to officially launch on January 1, 2026 [3] - The Ministry of Agriculture emphasized the need to cultivate leading agricultural technology enterprises to enhance innovation capabilities [4] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation of 482.3 billion yuan, resulting in a net injection of 415 billion yuan [5] - Analysts from CITIC Securities predict that the market's year-end rally has begun, driven by optimistic institutional investor sentiment and favorable policy expectations [5] Market Sentiment and Predictions - Guosheng Securities suggests that the market is still in a phase of adjustment, with several indices showing signs of potential declines [6] - Huatai Securities indicates that while the overseas environment has improved, the A-share market may continue to experience volatility in the short term, with a focus on sectors like batteries and chemicals for potential gains [8]