Group 1: Conferences and Events - The "2025 Brain-Computer Interface Conference" will be held in Shanghai from December 4 to 5, featuring the first large-scale domestic multi-track brain-computer interface competition and a developer conference [2] - The "2025 Intelligent Connection·Future" International Conference will take place in Hangzhou on December 11 to 12, focusing on the cutting-edge technology and application hotspots of brain-computer intelligence [2] - The "2025 Shenzhen Brain Expo" will occur in Shenzhen on December 28 to 29, promoting a new pattern of brain-computer interface development through three major interaction themes [2] Group 2: Policy Support - Brain-computer interfaces have been elevated to a national strategy and are included in the "14th Five-Year Plan" [3] - The Ministry of Industry and Information Technology and other departments issued implementation opinions aiming for breakthroughs in key technologies by 2027 and significant improvements in innovation capabilities by 2030 [3] - Local policies supporting brain-computer interfaces have emerged in various regions, including Shanghai and Beijing, with specific targets for clinical trials and application scenarios [3] Group 3: Investment and Financing - As of November, there have been 28 financing events in the brain-computer interface sector in China, with total financing exceeding 5 billion yuan, including a record 350 million yuan financing by Ladder Medical [4] - Capital is accelerating towards the brain-computer interface field due to policy encouragement [4] Group 4: Market Potential - The global market for brain-computer interfaces in medical applications is projected to reach 40 billion USD by 2030 and exceed 145 billion USD by 2040 according to McKinsey [5] Group 5: Company Developments - Sixteen brain-computer interface concept stocks have received institutional research, with companies like Xiangyu Medical and Lepu Medical actively engaging in the sector [7] - Companies are focusing on integrating brain-computer interface technology into their products, with significant R&D investments directed towards this area [7]

Group 1 - The National Development and Reform Commission and other departments aim to strengthen the construction of data element disciplines and digital talent teams to promote the integration of education, talent, industry, and innovation in the data field [1] - The China Interbank Market Dealers Association has optimized the merger note mechanism to enhance the efficiency of fund utilization and support corporate mergers and acquisitions [2] - Fujian Province has issued measures to promote the orderly development of computing power infrastructure, encouraging the planning of urban computing networks and upgrading submarine cables [3][21] Group 2 - The brain-computer interface sector is experiencing accelerated commercialization driven by policy and technology, with current valuations aligning with emerging growth characteristics [4][22] - Leading lithium iron phosphate companies are raising prices, with one company announcing a processing fee increase of 3000 yuan per ton starting January 1, 2026 [5][23] - New regulations on credit repair have been introduced to facilitate the revival of business entities, expanding the scope of credit repair and shortening processing times [6][24] Group 3 - Shanghai is moving towards regulating the development of offshore bond business in the free trade zone, with new draft regulations under review [7][26] - Fujian Province plans to build a collaborative computing network with a target of exceeding 12 EFLOPS in public computing power by the end of 2027, leading to significant market activity in related stocks [9][27] - Institutions are optimistic about the cross-year market, with 197 stocks included in the December "golden stock" list by brokerages [10][28] Group 4 - The brain-computer interface industry is set to accelerate with multiple conferences scheduled, including a large-scale competition and investment cooperation forum [11][29] - The charging infrastructure sector is witnessing rapid development, with a total of 18.645 million charging facilities in China as of October, marking a 54% year-on-year increase [12][30] - The new national standard for electric bicycles has been implemented, prohibiting the sale of vehicles that do not meet the updated requirements, creating new growth opportunities in the industry [13][31] Group 5 - Public fund institutions have increased their research activities, focusing on hard technology and advanced manufacturing sectors, with over 4200 company visits in November [14][32] - Offshore wind power is transitioning from demonstration to large-scale development, supported by increasing policy backing [15][33] - The scope of real estate investment trusts (REITs) has expanded to include urban renewal facilities, marking a significant milestone in the infrastructure sector [16][34][35] Group 6 - Eight real estate companies reported total sales exceeding 100 billion yuan in the first eleven months, with a notable increase in new housing supply and a positive market outlook [17][36][18]

Core Viewpoint - The article emphasizes the strategic importance of future industries in China's economy, highlighting the rapid development and application of technologies such as hydrogen energy, quantum technology, and embodied intelligence, which are expected to drive economic growth and innovation [4][5][7]. Group 1: Future Industries Overview - Future industries are a crucial part of China's "three new" economy, contributing over 18% to GDP last year [4]. - The "14th Five-Year Plan" identifies six key future industries, including quantum technology and biological manufacturing, which are at a critical stage of moving from laboratory to commercialization [5][6][10]. Group 2: Technological Advancements - China has achieved significant progress in hydrogen energy, with production capacity exceeding 50 million tons per year and over 600 renewable energy hydrogen production projects planned [8]. - In nuclear fusion, the EAST facility has set world records for plasma operation times, achieving 1 billion degrees Celsius for 1066 seconds [9][10]. - The development of the BEST facility aims for commercial nuclear fusion power generation by 2030, with a goal to light the first lamp by then [10]. Group 3: Market Potential and Applications - The market for brain-computer interfaces is expected to exceed 5.5 billion yuan, while the embodied intelligence market could surpass 400 billion yuan by 2030 [14]. - The application of embodied intelligence in various sectors, such as manufacturing and service industries, is being explored, with robots like NAVIAI demonstrating capabilities in tasks ranging from sewing to household chores [13][14]. Group 4: Policy and Support - The Chinese government is promoting the integration of technology and industry through policies aimed at fostering new application scenarios and supporting innovation [12][14]. - The focus on creating a supportive ecosystem for future industries includes investment in R&D and the establishment of platforms for biological manufacturing and brain-computer interfaces [14].

估值方面，业内人士表示，截至12月2日，脑机接口指数PS-TTM为5.80倍，处于发布以来71.29%分位 数，处于中等偏上区间，契合脑机接口作为技术爆发期新兴赛道的估值特征，与同类数字医疗成长型企 业估值水平相当。此外，该指数相对沪深300指数、医药生物（申万）指数、医疗器械（申万）指数分 别溢价277.15%、100.36%、0.83%。高溢价是市场对其国家战略属性、高技术壁垒及千亿级市场空间的 反映；与医疗器械指数估值近乎持平，则体现板块核心落地场景集中于医疗康复领域，估值逻辑向细分 产业基本面靠拢。 龙靖宁认为，当前，产业链上下游协同仍处于发展阶段，中游的脑机接口设备及信号处理平台企业、下 游的医疗机构与工业应用机构均数量充足，但上游核心硬件、专用芯片、算法研发等环节企业占比偏 低，基础硬件与核心元器件领域仍有较大的发展空间。 商业化进程提速 当前，国内脑机接口行业在政策、技术、支付三大驱动力下，正迈向规模化应用的关键阶段。政策层 面，从中央到地方形成系统性支持体系，涵盖技术攻关、标准制定与产业生态建设；技术层面，国内企 业在信号传输速率、设备小型化、安全性能等核心指标上已实现与国际领先水平并跑；支付 ...

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 ● 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。 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。 ...

Core Insights - The brain-computer interface (BCI) has been elevated to a "national strategy" and is recognized as one of the six future industries requiring forward-looking layout, as stated in the 14th Five-Year Plan [2] - Multiple large-scale BCI conferences are scheduled in December 2025 across various cities, showcasing significant advancements and investment opportunities in the sector [1] Industry Developments - Various local governments, including Shanghai, Beijing, Sichuan, Zhejiang, and Jiangxi, have introduced supportive policies for BCI development [3] - Shanghai's action plan aims for breakthroughs in semi-invasive BCI products by 2027, while Beijing's plan focuses on achieving major original results in key technologies by the same year [3] Clinical Application and Regulation - The National Medical Insurance Administration has opened a "green channel" for BCI and other innovative medical products to facilitate their approval [4] - The National Medical Products Administration has included a wireless implanted BCI system in its special review process for innovative medical devices [4] Investment Trends - Capital is rapidly flowing into the BCI sector, with 28 financing rounds completed in 2023, totaling over 5 billion yuan, and a record 350 million yuan raised by Ladder Medical [5] - The global market for BCIs in medical applications is projected to reach $40 billion by 2030 and exceed $145 billion by 2040 [5] Market Performance - BCI-related stocks have shown remarkable performance in 2023, with companies like Century Huatong rising over 250% and others doubling in value [6] - 16 BCI concept stocks have undergone institutional research, indicating strong interest from investors [6] Company Insights - Xiangyu Medical reported that 60%-70% of its R&D investment is related to BCI technology [7] - Lepu Medical plans to deepen its brainwave collection technology and integrate it with neural stimulation and intelligent algorithms [7] - Meihua Medical is collaborating with BCI clients to facilitate efficient commercialization from laboratory research to mass production [7]

《若干措施》指出，江西将鼓励在医疗、康养、工业、教育、国防、军民融合等领域开展脑机接口应 用，支持一批脑机接口项目建设。争取国家脑机接口产业工程和应用场景在赣落地。 《若干措施》还提出，江西将支持符合条件的脑机接口项目申报该省工业发展专项，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和创新成果，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。 公开资料显示，脑机接口通过在脑与机器之间建立信息通道，实现生物智能与机器智能的协同交互，是 生命科学和信息科学融合发展的前沿技术。 中新网南昌12月2日电 (记者吴鹏泉)当前，脑机接口正成为科技创新和产业创新深度融合的重要领域。 这一新兴赛道吸引了江西等地争相布局。 据江西省人民政府官方微信公众号2日消息，该省印发了《江西省加快脑机接口技术和产业发展若干措 施》(简称《若干措施》)。 江西将从强化科技创新引领、推动成果转化应用、加快创新主体引育、提升产业支撑能力四个方面，推 进11项重点任务。 其中，加快创新主体引育方面，《若干措施》提出，江西将支持脑机接口企业发展壮大，加速引育科技 型 ...

Core Insights - In 2025, China's pharmaceutical and healthcare industry enters a critical phase driven by "innovation deepening + global breakthrough," with emerging therapies like small nucleic acids, PROTAC, and CGT accelerating from clinical validation to commercialization [2][34] - The reports from the top ten Chinese securities firms provide authoritative insights into technological iterations, industry trends, and globalization strategies, serving as a guide for industry practitioners and investors [2][34] Group 1: Small Nucleic Acids - 2025 is a pivotal year for small nucleic acid drugs, driven by technological breakthroughs and expanding indications from rare diseases to chronic diseases like hyperlipidemia and hypertension [4][36] - The small nucleic acid sector is expected to see a surge in catalysts, including the commercialization of major products like Novartis' Inclisiran and the approval of Alnylam's Vutrisiran and Fitusiran [5][37] - The market for small nucleic acids is projected to reach approximately $30 billion, with significant growth anticipated in CNS diseases [10][42] Group 2: Brain-Computer Interface - The brain-computer interface industry is accelerating innovation with three main technical paths: invasive, semi-invasive, and non-invasive, each with distinct advantages and challenges [7][39] - The global brain-computer interface market is expected to reach approximately $2.6 billion by 2024, with a CAGR of about 13% from 2023 to 2027 [7][39] Group 3: PROTAC - PROTACs are gaining traction as targeted protein degradation drugs, with advantages such as high oral bioavailability and broad target range, making them popular in oncology and autoimmune disease research [19][51] - The first BTK PROTAC has entered Phase III trials, showcasing promising efficacy and safety data [19][51] Group 4: Chinese Innovative Drugs - Chinese innovative drugs are entering a "DeepSeek" moment, with domestic companies increasingly recognized overseas, and the number of license-out projects surpassing license-in projects for the first time in 2023 [16][48] - The market for innovative drugs in China is expected to exceed 2 trillion RMB by 2030, with a CAGR of 24.1% [29][63] Group 5: Peripheral Intervention Industry - The peripheral intervention industry is experiencing rapid growth, with a significant patient base and low treatment penetration compared to international standards [25][57] - The market for peripheral artery interventions is projected to grow at a CAGR of 15.6% from 2021 to 2030, while peripheral venous interventions may see a CAGR of 29.3% [25][57] Group 6: Weight Loss and Diabetes Treatment - The market for GLP-1RA drugs, such as semaglutide and tirzepatide, is expected to exceed $150 billion by 2031, with significant business development opportunities emerging for domestic companies [26][58] - Multi-target drug development is anticipated to overcome the limitations of single-target therapies, enhancing efficacy in weight loss and metabolic health [26][58]

人民财讯12月2日电，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，强化资本金融支持。发挥江西省现代产业引导基金作用，支持各类投资基金以市场化方式投 向脑机接口项目，建立对投资决策包容的考核评价机制。鼓励脑机接口企业进入江西省区域性股权市场 专精特新专板培育。加强对脑机接口企业上市的辅导和支持，组织企业参加相关路演、培训与咨询等活 动，助力企业上市融资。 ...

经济观察网12月2日，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，开拓重点应用场景。鼓励在医疗、康养、工业、教育、国防、军民融合等领域开展脑机接口 应用，支持一批脑机接口项目建设。争取国家脑机接口产业工程和应用场景在赣落地。 ...