可孚医疗 20260106 摘要 可孚医疗通过战略投资纽林克医疗（5.83%股权）和励智智能 （12.45%股权）布局脑机接口领域，旨在强化现有业务协同，并为未 来技术融合和产业升级奠定基础。纽林克医疗专注于植入式脑机接口技 术，尤其在仿生眼和仿生耳产品方面与可孚健耳听力业务具有协同效应。 励智智能已在脑机接口领域深耕多年，覆盖从传感器到算法的全链条， 并已取得 7 张注册证，预计 2025 年上半年完成十几至二十张注册证申 请，包括国家局审批的三类证。目前，励智智能已与全国多家医院及地 方政府合作，订单超过 5 亿元。 脑机接口技术分为侵入式和非侵入式两大类，应用场景不同。非侵入式 脑机接口在神经内科、神经外科等领域应用广泛，可孚医疗正与可孚医 疗合作，将其应用于呼吸机、睡眠仪等产品，提升产品附加值，并积极 拓展香港及东南亚等海外市场。 国家卫健委和药监局对脑机接口的认定标准包括读脑（信号获取与解 码）和控脑（信号控制输出）两个过程，双向互动是衡量产品质量的关 键。脑机接口技术在医疗领域的应用集中在骨科康复、精神科和睡眠科 等领域，与机器人配合可提升临床效果。 Q&A 可孚医疗投资脑机接口项目的缘由及具体项 ...

脑机接口正处于从"科学实验"向"商业化落地"跃迁的关键转折点。马斯克旗下Neuralink宣布将于2026年启动大规模量产，这一明确的时间表直接 引爆了市场预期。与此同时，中国在政策端（"十五五"规划、医保赋码）和技术端（临床试验突破）正加速追赶。 技术路线大比拼：侵入式VS非侵入式 国信证券陈曦炳团队指出，脑机接口的核心在于大脑电活动与外部设备之间的通信链路，根据植入方式的不同，目前主要分为侵入式、半侵入式 和非侵入式三大技术路线，各路径在信号质量、安全性和商业化周期上存在显著差异。 侵入式（Neuralink路线）：通过手术将电极穿透脑组织，能够获得最高的时空分辨率和带宽，适用于脑控假肢、视觉重建等复杂场景 据智通财经周二报道，近期脑机接口"独角兽"强脑科技完成约20亿元融资，为脑机接口领域除马斯克旗下Neuralink以外世界第二大规模融资。投 资方包括IDG、华登国际等顶级机构，显示一级市场资金已在大举布局。 国信证券的观点是， 这是一个从0到1的增量市场。短期内，市场情绪受Neuralink量产预期和国内政策利好驱动，具备高爆发性；中长期看，竞争 格局将分化——侵入式看技术壁垒（电极、芯片），非侵入 ...

12月18日，海南自贸港将进入全岛封关运作的新阶段。封关后，海南岛全岛将建成一个海关监管特殊区域，实施以"一线放开、二线管住、岛内自由"为基 本特征的自由化便利化政策制度。企查查数据显示，截至12月9日，海南省现存366.45万户经营主体，行业分布上，121万家企业中，近5成归属于批发和 零售业，占比达46.29%。封关后，海南"买买买"有啥新变化？企业有何影响？记者请教了多位专家。 12 月 16 日，海南省政府发布通告称，自2025年12月18日起，海南自由贸易港正式启动全岛封关。《关于海南自由贸易港货物进出"一线"、"二线"及在岛 内流通税收政策的通知》（财关税〔2025〕12号）、《关于海南自由贸易港进口征税商品目录的通知》（财关税〔2025〕13号）、《中华人民共和国海关 对海南自由贸易港加工增值免关税货物税收征管暂行办法》（海关总署公告2025年第158号）、《海南自由贸易港禁止、限制进出口货物、物品清单》 （商务部公告2025年第43号）、《中华人民共和国海关对海南自由贸易港监管办法》（海关总署公告2025年第159号）等系列文件，根据上述文件的规 定，自正式启动全岛封关之日起施行。 | © 花 ...

中国商报（记者 蔡佳文 文/图）财政部、商务部、文化和旅游部、海关总署、税务总局日前联合发布的《关于完善免税店政策支持提振消费的通知》（以下 简称通知）提出，自2025年11月1日起完善免税店政策，支持提振消费。如今，该政策已经"满月"。无独有偶，海南离岛免税升级政策也同步落地一月。近 日，天津首家市内免税店、我国西北地区首家西安市内免税店相继开业。这场促进免税商品零售业务健康有序发展的政策变革，正推动我国免税行业实现质 量提升的关键跨越，消费回流效应初步显现。 政策落地显成效 通知明确，自2025年11月1日起完善免税店政策，旨在进一步发挥免税店政策支持提振消费的作用，引导海外消费回流，吸引外籍人员入境消费，促进免税 商品零售业务健康有序发展。 通知从多个方面完善了免税店政策，包括优化国内商品退（免）税政策管理，积极支持口岸出境免税店和市内免税店销售国产品，鼓励免税店引入更多能够 体现中华优秀传统文化的特色优质产品，增加国产商品在免税店的销售。进一步扩大免税店经营品类，新增手机、微型无人机、运动用品等热销商品，丰富 旅客购物选择。同时，免税店审批权限放宽，便利化和监管措施也进一步完善。 在南开大学金融发展研 ...

Core Insights - The new duty-free policy in Hainan officially took effect on November 1, leading to significant increases in shopping amounts and visitor numbers within the first week [1][2] - The policy allows both departing and departing international travelers to enjoy duty-free shopping, with purchases counting towards an annual limit of 100,000 RMB, which is unlimited in frequency [2] - The introduction of new product categories, such as portable musical instruments and smart home appliances, caters to evolving consumer preferences for diverse and high-quality shopping experiences [2] Group 1 - Hainan's duty-free shopping amount reached 506 million RMB with 72,900 visitors from November 1 to 7, marking year-on-year increases of 34.86% and 3.37% respectively [1] - New product categories sold during the first week included 1,488 items worth 2.7468 million RMB, with 886 items purchased by departing travelers totaling 2.2047 million RMB [1] - Local residents benefited from the "immediate purchase and pick-up" option, enhancing their shopping experience [1] Group 2 - The new policy aligns with consumer demand for personalized and experiential shopping, as highlighted by the addition of portable musical instruments [2] - The introduction of high-tech home appliances, such as sleep aids and robotic vacuum cleaners, reflects a trend towards quality and health-conscious living [2] - Hainan's customs authority has implemented a comprehensive and efficient regulatory service model to support the smooth execution of the new policy [3]

Core Insights - Zhejiang province is experiencing a consumption boom driven by new consumption trends such as "technology + cultural tourism" and "national tide" [1][4] - In the first three quarters of this year, the total retail sales of social consumer goods in Zhejiang reached 28,408 billion yuan, reflecting a year-on-year growth of 5.2% [1][8] Group 1: New Consumption Trends - The "first launch economy" is a key strategy for revitalizing commercial vitality, focusing on introducing first stores and hosting first exhibitions to enhance consumer experiences [1][4] - The X-SPACE Fujifilm Imaging Space in Hangzhou has become a popular destination, attracting over 5,000 visitors on its opening day, showcasing a blend of product experience and artistic interaction [3][4] Group 2: Diverse Consumption Upgrades - The "Wenshan Digital Life Block" has transformed from a traditional computer street into a digital lifestyle hub, featuring over 300 tech products that appeal to young consumers [5][7] - Smart consumption is on the rise, with retail sales of wearable smart devices and smartphones increasing by 105.6% and 62.6% respectively in the first three quarters [7][8] Group 3: Policy Support and Market Activation - Zhejiang's consumption market is bolstered by a combination of policy initiatives and promotional activities, with nearly 2,500 events held to stimulate consumer spending [8][10] - The province has allocated 278 billion yuan for trade-in subsidies and issued approximately 3 billion yuan in consumption vouchers, significantly boosting retail sales in various categories [8][10] Group 4: Future Consumption Landscape - The "2025 Golden Autumn Shopping Festival" aims to enhance consumer experiences and promote new consumption models, with nearly 500 events planned to engage consumers [10] - The focus on quality upgrades in consumption is expected to be a dominant theme in the upcoming "15th Five-Year Plan" period, driven by both policy and market forces [8][10]

Core Viewpoint - The new round of adjustments to Hainan's offshore duty-free shopping policy will be implemented starting November 1, aiming to enhance consumer experience and support the development of Hainan as an international tourism consumption center [1][4]. Group 1: Policy Adjustments - The adjustments include "one new addition" and "three optimizations," expanding the product range to include pet supplies and portable musical instruments, while also allowing six categories of domestic products to be sold duty-free [4][5]. - The duty-free shopping limit has been significantly increased from 30,000 RMB to 100,000 RMB per person annually, and the number of product categories has expanded from 18 to 45 since 2020 [3][4]. Group 2: Market Impact - From 2020 to August 2025, the cumulative sales of Hainan's offshore duty-free shopping are projected to reach 206.9 billion RMB, which is 3.8 times the total sales from 2011 to 2019 [3][4]. - Hainan's offshore duty-free sales now account for over 8% of the global duty-free market, highlighting its significance as a key player in the industry [3]. Group 3: Consumer Demand - The adjustments are designed to meet the diverse shopping needs of consumers, reflecting a trend towards experiential and personalized consumption, with new categories like tech gadgets and home appliances being introduced [6][7]. - The policy aims to enhance the shopping experience for both domestic and international travelers, with a focus on integrating duty-free shopping into daily consumption for local residents [7][8]. Group 4: Future Outlook - The upcoming full closure operation of Hainan Free Trade Port on December 18 is expected to further stimulate the consumption market and provide new opportunities for growth [8].

Core Points - The new duty-free shopping policy for Hainan Island travelers will be implemented starting November 1, aimed at promoting the construction of Hainan Free Trade Port and meeting diverse consumer shopping needs [1] - Since the pilot program began in 2011, the cumulative duty-free shopping amount has reached approximately 195.8 billion, with around 28.58 million shoppers and 240 million items purchased over the past five years [1] - The policy adjustments focus on expanding consumer demand and enriching product supply, making the duty-free shopping experience more convenient and beneficial for travelers [1] Group 1: Policy Adjustments - The policy now allows departing travelers to shop at duty-free stores on the island, enhancing shopping convenience and promoting inbound consumption [2] - The range of duty-free products has been expanded from 45 to 47 categories, including new additions like pet supplies and musical instruments, catering to personalized and diverse consumer demands [2] - Technology and smart products have been added to the existing categories, including items like robotic vacuum cleaners and digital photography equipment, aligning with consumer trends and enhancing market competitiveness [2] Group 2: Support for Domestic Products - The new policy permits certain domestic products to be sold duty-free in island stores, including clothing, ceramics, and local specialties, supporting the promotion of domestic goods and providing consumers with more choices [2] - The adjustments aim to balance the expansion of product range, shopping convenience, and regulatory oversight, enhancing the international competitiveness of the duty-free policy [3] - The policy is expected to attract more domestic and international consumers, boosting consumption and tourism, and furthering the development of Hainan Free Trade Port [3]

Core Viewpoint - The new policy for Hainan's duty-free shopping aims to enhance consumer demand and diversify product offerings, making the shopping experience more convenient and attractive for travelers [1]. Group 1: Policy Expansion - The new regulations will expand the applicable population for duty-free shopping, allowing departing travelers to shop at a wider range of duty-free stores, including those in the city and at departure points [2]. - The policy will enable travelers to experience duty-free shopping at more diverse and unique duty-free stores on the island [2]. Group 2: Product Offering Expansion - The range of duty-free products will increase from 45 to 47 categories, adding new categories such as pet supplies and musical instruments like guitars and violins [3]. - The updated policy will introduce more technologically advanced and innovative products, including smart home devices and digital photography equipment [3]. Group 3: Support for Domestic Products - The new regulations will allow certain domestic products to be sold duty-free in Hainan's duty-free stores, including items that showcase local culture and island characteristics [4]. - This initiative aims to expand sales channels for domestic goods and provide consumers with more choices, thereby enhancing consumption potential [4]. Group 4: Benefits for Local Residents - The policy will allow local residents to purchase duty-free items without restrictions on the number of purchases within a calendar year, provided they have a record of leaving the island [5]. - The adjustments are part of a broader strategy to promote higher levels of openness and better meet the diverse shopping needs of travelers [5].

Core Points - The new policy for Hainan's duty-free shopping aims to enhance consumer demand and diversify product offerings, making the duty-free shopping experience more convenient and attractive [1] Group 1: Policy Expansion - The new regulations will expand the eligible consumer base, allowing departing travelers to shop at a wider range of duty-free stores, including those located on the islands [3] - The policy will enable travelers to shop at more diverse and distinctive duty-free stores, enhancing the overall shopping experience [3] Group 2: Product Range Enhancement - The range of duty-free products will increase from 45 to 47 categories, adding new categories such as pet supplies and musical instruments [4] - The new regulations will introduce more technologically advanced and innovative products, including smart home devices and digital photography equipment [4] - Domestic products that reflect local culture and characteristics will also be allowed for duty-free sale, expanding consumer choices and supporting local brands [4] Group 3: Local Resident Benefits - The new policy allows island residents to purchase duty-free items without restrictions on the number of purchases within a calendar year, enhancing accessibility [6] - The upcoming full closure operation of Hainan Free Trade Port will continue to support the duty-free shopping policy, aiming to meet diverse consumer needs [6]