Core Insights - The brain-computer interface (BCI) industry in China has entered a critical phase of "clinical value verification and early industrialization" with significant policy support and upcoming major conferences [2][3][4] - The industry is characterized by three parallel paths: "invasive" breakthroughs, "non-invasive" popularization, and "semi-invasive" exploration, with a focus on integrating AI with non-invasive technologies [7][8] - The market for brain-computer interfaces is expected to reach 5.58 billion yuan by 2027, with a growth rate of 20% as applications expand beyond healthcare into various sectors [7] Industry Developments - The "2025 Brain-Computer Interface Conference" will take place in Shanghai on December 4-5, featuring competitions that demonstrate the transition of BCI technology from laboratory to application [3] - Following this, additional conferences in Hangzhou and Shenzhen will further explore BCI applications and innovations [3] - The industry is transitioning from a focus on technical novelty to meeting specific clinical needs and establishing quantifiable clinical endpoints [4] Technological Landscape - BCI technology is categorized into three types: invasive, non-invasive, and semi-invasive, with non-invasive methods being the mainstream due to their safety and ease of use [5][6] - Invasive methods are seen as the future competitive edge due to their ability to capture higher quality neural signals, essential for functional restoration [6][7] - AI is opening new commercial opportunities for non-invasive BCIs, particularly in diagnosing and monitoring brain diseases [6][7] Challenges and Solutions - The BCI industry faces a "technology-cost-ethics" triangle dilemma, requiring solutions that address technical challenges, cost reduction, and ethical concerns regarding data privacy [8][9] - Proposed solutions include developing a data governance framework, promoting open-source communities for algorithm development, and creating collaborative networks among government, industry, academia, and medical sectors [9]

Core Insights - The report presented by Huang Fusheng at the "2026 Postal Financial Forum" highlights China's economic recovery, driven by the "14th Five-Year Plan" focusing on modern industrial systems and high-tech sectors [3][8]. Group 1: Economic Recovery and Industrial Policy - China is building a modern industrial system under the "14th Five-Year Plan," with a focus on high-tech sectors showing significant performance [3][8]. - The plan prioritizes the construction of a modern industrial system and strengthening the real economy, aiming to "recreate a Chinese high-tech industry" over the next decade [3][8]. - Key strategies include enhancing traditional industries, addressing core technology challenges, and fostering strategic emerging industries like new materials and quantum technology [3][8]. Group 2: Manufacturing Sector Performance - The manufacturing sector exhibits a K-shaped recovery, with high-tech product exports growing faster than the overall export growth rate of 5.3% in the first ten months of 2025 [4][9]. - Profit growth in upstream manufacturing sectors like transportation equipment and non-ferrous metal smelting significantly outpaces that of downstream industries such as furniture and apparel [4][9]. - A-share non-financial companies reported a revenue increase of 0.9% year-on-year in Q3 2025, with net profits rising by 3.29% [4][10]. Group 3: Consumer Wealth and Spending Trends - Recovery of resident wealth is projected to take 3-5 years, with service consumption identified as a future growth area [5][10]. - In 2025, there remains a significant gap in resident wealth compared to the peak in 2021, but optimistic scenarios suggest recovery to previous levels by 2028 [5][10]. - The consumption structure indicates a saturation in goods consumption (15% of GDP) compared to major Western countries, while service consumption in healthcare and education is below global averages, indicating substantial growth potential [5][10].

近日，"创投天府·周周见"暨"科创天府·智汇蓉城"脑机接口成果转化专场路演在天府国际基金小镇投资服务中心举行。现场，围绕"脑机接口"的科技路 演，脑电波信号、忆阻器神经形态器件、多模态心理筛查等一系列专业术语频繁交织，指向一个共同趋势：脑机接口技术正从实验室加速走向产业化落 地。活动汇聚了高校、医院与企业的多项前沿项目，直面资本与产业的检验。 路演现场，来自成都科技服务集团、成都技转智石股权投资基金、成都科创投集团、万创华汇股权投资基金、西航投成都科技集团、四川璞信产融投资、 成都银行等多家投资机构与银行代表积极参与，围绕技术壁垒、临床路径、商业模式等关键问题与路演方进行了深入交流。多家机构在现场表达了后续跟 进意向，显示出脑机接口作为硬科技赛道的高度吸引力。 活动现场 图片来源：四川天府新区提供 自2025年5月四川省"创投天府·周周见"常态化投融资路演启动，截至目前，四川天府新区科学技术局、财政国资局会同天府国际基金小镇已经组织开 展"创投天府·周周见"常态化路演23场，覆盖人工智能、智能制造、软件信息等核心领域，储备优质企业项目182个，储备金融机构200余家。通过"周周 见"路演平台，企业融资初显成效 ...

Core Insights - The focus of national development is shifting from "quantitative recovery" post-pandemic to "qualitative leap" in the "15th Five-Year Plan" [1] - The "15th Five-Year Plan" emphasizes "high-level technological self-reliance" and aims for a dual goal of "effective qualitative improvement and reasonable quantitative growth" [5][11] Group 1: Economic and Industrial Strategy - The national strategy is entering a new cycle centered on innovation efficiency, industrial structure, and regional collaboration, marking a shift from "policy following" to "system co-creation" [4] - The plan aims to build a modern industrial system with advanced manufacturing as the backbone, focusing on future industries like quantum technology, biomanufacturing, and hydrogen energy [11] - The transition from "incremental manufacturing" to "efficiency manufacturing" indicates a shift in focus from merely increasing production to optimizing resource allocation [12] Group 2: Investment Opportunities - Hard technology investment, including semiconductors and advanced materials, is positioned as a foundational logic for "systematic breakthroughs" [10] - Investment institutions are encouraged to engage in pre-financing and result transformation for national technology tasks, fostering capital co-creation [10] - The emphasis on "entrepreneurial investment + risk-sharing mechanisms" presents opportunities for investment firms to participate in national innovation initiatives [10] Group 3: Green Development - The "15th Five-Year Plan" elevates green development from a secondary goal to a structural institution, influencing all industrial allocations [17] - The integration of green issues into financial and market mechanisms signifies a shift in perspective, making green development a capital issue [17] - Sustainable investment opportunities in green infrastructure and carbon asset management are expected to grow [20] Group 4: Consumer and Market Dynamics - The plan positions consumption upgrade as a core driver of economic structural transformation, moving from recovery to quality enhancement [22] - The "silver economy" is recognized as a significant industrial opportunity, transforming aging issues into growth engines [22][25] - Investment opportunities in healthcare, elder care, and technology-assisted living are anticipated to rise due to demographic shifts [25] Group 5: Regional Development - The focus of regional policy is shifting from "development gradient" to "structural coordination," promoting a unified market and efficient resource allocation [27] - Investment institutions are encouraged to collaborate with local guiding funds to strengthen project foundations and facilitate new industry development in less developed regions [30] Group 6: Financial Market Reforms - The "15th Five-Year Plan" emphasizes structural improvements in capital markets, transitioning from a focus on financing to a comprehensive investment-funding-exit cycle [32] - Direct investment institutions are identified as key players in building a strong financial nation, with multiple exit pathways being developed [35] - The plan aims to enhance the inclusivity and adaptability of capital market systems, promoting direct financing methods [31] Strategic Summary - The "15th Five-Year Plan" outlines new engines for China's economic growth, including technological innovation and green transformation, while establishing a more inclusive capital market system [36] - Investment institutions are encouraged to align their strategies with national planning, leveraging professional judgment to identify promising sectors and companies for investment [36]

● 本报记者 谭丁豪 今年以来，脑机接口赛道热度持续攀升，行情呈现震荡上行态势。值得关注的是，当前赛道估值既契合 技术爆发期新兴赛道的发展特征，又与同类成长型企业估值水平相当，同时通过与核心应用领域相关板 块的估值呼应，凸显其向产业基本面靠拢的核心逻辑。 日前，财信证券医疗器械行业分析师龙靖宁在接受中国证券报记者专访时表示，在政策强力支持、技术 持续突破、医保支付落地的三重驱动下，国内脑机接口行业正迈向规模化应用关键阶段。作为新质生产 力，脑机接口行业兼具社会价值与商业价值，中长期维度看，相关产业链有较好的投资机会。 估值贴合产业基本面 Wind数据显示，今年以来，截至12月2日，万得脑机接口概念指数累计涨幅51.53%，年化收益率达 59.69%，期间最大回撤为23.74%。该指数1月至3月持续上行，4月初大幅回调后快速修复，随后一路走 高，于2025年9月16日站上1890.69点高位，此后进入横盘震荡调整。 对于行情走势原因，龙靖宁认为，今年前9个月，受脑机接口相关医疗服务获医保立项并明确收费标 准、国内研究进展积极、系列专项政策出台等利好推动，脑机接口指数震荡上行，后续受市场风格影 响，指数有所回落。 ...

江西省人民政府办公厅印发《江西省加快脑机接口技术和产业发展若干措施》，其中提出，开展有组织 的科研攻关。以打造高性能产品为导向，开展有组织的科研。鼓励省内科研单位牵头承担"脑科学与类 脑研究"国家科技重大专项、国家重点研发计划项目和课题，统筹省级科技计划资金，按有关要求给予 一定比例配套经费支持。部署实施省科技重大专项"2030先锋工程"脑机接口专项和"2030启航计划"脑科 学与类脑研究项目；在省重点研发计划中加强任务衔接，部署脑机接口系统集成、临床试验、应用示范 等攻关任务。创新任务组织模式，探索以目标导向、直达研发主体的任务管理机制。 财信证券认为，脑机接口行业作为融合多学科前沿技术的高成长赛道，在政策强力支持、医保支付落地 与技术持续突破的驱动下，正迈向规模化应用关键阶段。国内企业在部分领域已实现与国际领先水平并 跑，在设备小型化、信号传输速率、安全性能等方面表现突出，财信证券认为中长期相关产业链有较好 投资机会。 东吴证券认为，国内政策积极推进，国内外临床和商业化进展加速，看好脑机接口产业投资机会。脑机 接口技术的发展将为无数患者带来希望。全球有超过30亿人患有神经系统疾病，如中风、阿尔茨海默 病、 ...

《意见》突出"需求牵引、闭环联动"机制，通过10部门整合资源、形成合力，着力构建"需求—科 研—产品"一体化链条。为此，我省将建立助残技术"卡脖子"问题清单与科技助残专项项目储备库，整 合四川大学、电子科技大学、成都中医药大学等高校优势学科资源，打造高水平助残科研平台，推动前 沿领域、交叉领域、国外垄断技术、处于基础研究过程尚未实现转化应用的助残技术攻关，加快前瞻性 技术研发进程，加强孤独症、阿尔茨海默病等重大致残疾病基础研究，探明发病机制和防控机理。 在产业布局上，《意见》提出，将重点发展智能辅具、外骨骼（康复）机器人、脑机接口与人机交 互、人形机器人、智能家居集成应用五大前沿产业，加快构建具有全国影响力的助残科技产业集群。 （记者 唐子晴） 12月2日，以"科技有爱 共创未来"为主题的我省2025年国际残疾人日主题活动在成都举行。现场， 省残联等10部门发布《关于推进科技助残的实施意见》（以下简称《意见》），系统布局科技助残研发 攻关、产业培育、场景拓展与生态优化，标志着我省科技助残迈入体系化推进新阶段。 ...

今年以来，脑机接口赛道热度持续攀升，行情呈现震荡上行态势。值得关注的是，当前赛道估值既契合 技术爆发期新兴赛道的发展特征，又与同类成长型企业估值水平相当，同时通过与核心应用领域相关板 块的估值呼应，凸显其向产业基本面靠拢的核心逻辑。 龙靖宁表示，我国自"十三五"起便将"脑科学与类脑研究"纳入国家战略，"十四五"规划进一步将"人工 智能和脑科学"列为国家战略科技力量，2025年出台的多项政策更明确对脑机接口等高端医疗技术实施 优先审评审批。"十五五"规划建议提出，前瞻布局未来产业，探索多元技术路线、典型应用场景、可行 商业模式、市场监管规则，推动脑机接口等成为新的经济增长点。连贯的政策支持充分证明，脑机接口 在提升人民健康水平、应对社会老龄化挑战方面的价值，已成为国家中长期科技与产业发展规划的核心 考量。 我国脑机接口产业已形成"无创与有创技术路线兼具、民营中小企业为主体"的竞争格局。龙靖宁表示， 据中国信息通信研究院及中国脑机接口产业联盟统计数据，国内超八成的企业选择无创技术路线，无创 技术兼具更高安全性、更低研发门槛与更快商业化潜力，契合老龄化社会下慢性病管理、健康监测的广 泛民生需求。超一成的企业选择有创 ...

3、 江西省人民政府办公厅印发《江西省加快脑机接口技术和产业发展若干措施》。其中提出，支持脑 机接口医疗器械纳入创新产品推荐目录，加快脑机接口整机产品迭代应用和规模化推广。遴选脑机接口 创新应用项目，定期发布创新应用典型案例，推动开放应用场景。积极推进"人工智能+"行动，推动人 工智能技术加速脑机接口研发。依托省科技成果转移转化中心，组织脑机接口科技成果对接活动，加快 创新成果落地。 脑机接口行业作为融合多学科前沿技术的高成长赛道，在政策强力支持、医保支付落 地与技术持续突破的驱动下，正迈向规模化应用关键阶段。 每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数集体收涨，道指涨0.39%，纳指涨0.59%，标普500指数涨0.25%，热门科技股涨跌不 一，英特尔涨超8%，苹果涨超1%，英伟达涨近1%，博通跌超1%；加密储备概念涨幅居前，Strategy、 康特科技涨超5%，阿斯麦涨近2%，Coinbase涨超1%。波音涨超10%，创4月份以来最大单日涨幅。纳 斯达克中国金龙指数跌0.65%，中概股多数下跌，理想汽车涨近1%。 2、比特币大幅反弹，重回9万美元上方，报9.12万美元，涨超5% ...

Core Viewpoint - The Zhejiang Provincial Committee emphasizes the integration of advanced manufacturing clusters to promote the upgrading of traditional industries, the growth of emerging industries, and the scientific layout of future industries [1] Group 1: Traditional Industry Upgrading - The initiative aims to implement "tenglong huan niao" (transformation) and "phoenix nirvana" actions to deepen the construction of national traditional manufacturing upgrade demonstration zones [1] - There will be a strong push for technological transformation, equipment updates, and ecological upgrades in traditional industries to enhance quality and technical capabilities [1] - Key industries such as green petrochemicals, textiles and apparel, electrical machinery, and home appliances will be prioritized for quality upgrades to strengthen their competitive positions [1] Group 2: Emerging Industry Development - The plan focuses on building new pillar industries, accelerating the development of clusters in artificial intelligence, new materials, new energy, aerospace, low-altitude economy, and biomedicine [1] - A future industry investment growth mechanism will be established to explore various technological routes, typical application scenarios, feasible business models, and market regulation rules [1] - Key areas for future industry development include humanoid robots, brain-machine interfaces, brain-like intelligence, quantum information, and biomanufacturing [1] Group 3: Service Industry Enhancement - The implementation of high-quality development projects in the service sector will be prioritized, aiming to improve the integration of modern services with advanced manufacturing and modern agriculture [1] - The initiative will promote the specialization and high-end extension of productive services and enhance the quality and diversity of life services [1]