超50亿元资金涌入，让脑机接口这个长期被视为人类"终极想象"的领域重新站到聚光灯下。表面看是马 斯克宣布2026年量产的消息催化，背后也离不开政策支持、突破性的技术进展以及可预见的广阔前景等 因素的共同驱动。这是否意味着，一个曾被认为遥远的未来，正加速向我们驶来？ 1月5日，A股脑机接口概念板块掀涨停潮，超50亿元资金流入该板块。此番行情的导火索源自马斯克近 日在社交媒体上宣布，其脑机接口公司Neuralink将于2026年开始对脑机接口设备进行大规模生产，这被 市场普遍解读为行业商业化进程的关键节点。事实上，脑机接口行情的持续发酵是政策、技术与临床进 展、想象力三重动力共振的结果。 一是政策定调明确，支撑长期发展逻辑。2025年3月，国家医保局发布《神经系统医疗服务价格项目立 项指南》，专门为脑机接口新技术价格单独立项。同年7月，工业和信息化部等七部门联合印发《关于 推动脑机接口产业创新发展的实施意见》。"十五五"规划建议亦明确指出，推动"脑机接口"成为新的经 济增长点。 二是技术突破与临床验证构成核心催化。2025年普遍被视作侵入式脑机接口的"临床实证元年"，多项里 程碑进展为行业注入"强心针"。例如，脑 ...

Core Viewpoint - The company emphasizes its strategic positioning around "AI empowerment, technological leadership, product diversification, and global market expansion" as key to its development direction [1] Group 1: Strategic Focus - The company aims to expand product boundaries and enrich its business structure as important development directions [1] - The establishment of subsidiaries is based on forward-looking considerations of industry development trends and the company's long-term strategic layout [1] Group 2: Technological Leadership - The company maintains a leading position in core areas such as low-power, high-quality, and highly integrated audio chips, leveraging its technological accumulation and R&D advantages in the chip field [1]

Core Viewpoint - The company emphasizes that its market performance is influenced by external factors such as market environment fluctuations and sector fund rotations, while maintaining that solid operational performance and clear growth logic are essential for good market capitalization [2] Operational Performance - The company is enhancing its operational capabilities by solidifying core competencies and expanding product categories, aiming to maintain its leading position in low-power, high-quality, and highly integrated audio chip technologies [2] - Since its listing in 2022, the company has implemented four profit distributions, demonstrating its commitment to cash dividends while ensuring normal operations and long-term development [2] Strategic Investments - The company is strategically investing in high-growth areas within the semiconductor sector, focusing on GPU, AI, and advanced packaging testing, which creates synergistic advantages for its long-term development [2] - Investments in companies like Moore Threads and Muxi Co., Ltd. have been successful, as both have already gone public [2] Investor Relations Management - The company adheres to principles of compliance, transparency, and efficiency in its investor relations management, establishing a multi-dimensional communication system to actively convey operational dynamics, profitability, and investment strategies to investors [2] - Various channels such as performance briefings, on-site research, conference calls, strategy meetings, shareholder meetings, investor hotlines, and IR emails are utilized to foster positive interactions with investors [2] Market Recognition - The company anticipates that its market capitalization will exceed 20 billion by 2025, reflecting market recognition of its industry position and growth potential [2] - The company is committed to protecting investors' legal rights and aims to synchronize the enhancement of company value with investor returns [2]

Core Insights - The Sci-Tech Innovation Board (STAR Market) is positioned to support technology innovation enterprises that align with national strategies and possess core technologies recognized in the market [1][2] - Many companies listed on the STAR Market have showcased their core technologies in their semi-annual reports, indicating their leading positions within their respective industries [1][3] - The core technologies of STAR Market companies are seen as a significant growth driver, reflecting their potential for substantial development [1][3] Company Highlights - Ruichuang Micro-Nano disclosed seven core technologies, including non-refrigerated infrared sensor focal plane array sensitive material preparation, all in mass production [1] - Huaxing Yuanchuang reported advantages in software, structure, and hardware development, with ten core technologies, including flexible OLED Mura compensation technology, achieving a Mura compensation rate of 98% [2] - Cambrian is one of the few companies globally that comprehensively masters core technologies in general-purpose intelligent chips and their foundational system software [2] Industry Trends - The STAR Market is home to many leading Chinese technology companies, some of which have broken international monopolies, contributing to the domestic replacement of foreign technologies [2][3] - The average R&D investment of STAR Market companies was 18.53% of their operating income in the first half of 2020, an increase of 6 percentage points from the previous year, totaling 12.9 billion yuan [3] - Companies like China Resources Microelectronics and Lanke Technology have made significant advancements in their respective fields, such as the production of SiC wafers and DDR5 memory chips [4] Future Directions - Companies are focusing on monetizing their technologies by hiring emerging technology experts and researchers to align product development with industry needs [5]