Market Performance - The US stock market experienced a strong performance, with all three major indices closing higher on July 3, 2023. The Nasdaq rose by 1.02%, the S&P 500 increased by 0.83%, and the Dow Jones gained 0.77% [1] - The S&P 500 index reached its seventh historical closing high of the year, while the Nasdaq achieved its fourth historical closing high of the year [1] Technology Sector - Major US technology stocks saw a collective increase, with Nvidia rising over 1.3% to reach a historical high, peaking at a market capitalization of $3.92 trillion during intraday trading [2] Chinese Stocks - Chinese concept stock Brain Rejuvenation Technology experienced a significant surge, with intraday gains exceeding 170%, leading to multiple trading halts. The stock has increased by 21,300% year-to-date, making it one of the best-performing stocks in the US market for 2025 [3] Economic Indicators - Recent macroeconomic data has alleviated concerns regarding a downturn in the US economy. In June, the seasonally adjusted non-farm payrolls increased by 147,000, significantly surpassing expectations, while the unemployment rate unexpectedly dropped to 4.1% [6] - The ISM non-manufacturing PMI for June reported a value of 50.8, above the expected 50.5, indicating continued growth in the services sector. The new orders index also exceeded expectations, coming in at 51.3 [7] - Industrial orders in May saw a month-on-month increase of 8.2%, marking the largest growth since 2014, while factory orders excluding defense rose by 7.5% [7] Bond Market - The strong employment report has led to an increase in US Treasury yields, with the market now anticipating a 93% probability that the Federal Reserve will maintain interest rates in its upcoming meeting [7][8] Oil Market - International oil prices experienced a sharp decline on the evening of July 3, with both WTI and Brent crude oil prices dropping over 1% at one point before recovering slightly [11] - The US Treasury Department announced sanctions against multiple entities involved in facilitating Iranian oil trade, which may impact oil market dynamics [13]

Core Viewpoint - The U.S. stock market has shown strong performance driven by unexpected macroeconomic data, with major indices reaching new historical closing highs, indicating resilience in the labor market and economic growth [1][6][9]. Group 1: U.S. Stock Market Performance - The three major U.S. stock indices opened high and closed higher, with the Nasdaq rising by 1.02%, the S&P 500 by 0.83%, and the Dow Jones by 0.77%, marking the S&P 500's seventh historical closing high of the year [1]. - Large-cap tech stocks also saw gains, with Nvidia rising over 1.3% to reach a historical high, achieving a peak market capitalization of $3.92 trillion [2]. - Chinese concept stock Brain Rejuvenation Technology experienced a significant surge, with an intraday increase of over 170%, leading to a year-to-date increase of 21,300% [4]. Group 2: Economic Indicators - The U.S. labor market showed strong resilience, with June's non-farm payrolls increasing by 147,000, significantly above expectations, and the unemployment rate unexpectedly dropping to 4.1% [6]. - The ISM non-manufacturing PMI for June reported at 50.8, exceeding expectations of 50.5, indicating continued growth in the services sector [6]. - Industrial orders in the U.S. for May increased by 8.2%, the largest monthly increase since 2014, with non-defense orders rising by 7.5% [7]. Group 3: Market Reactions and Predictions - The strong employment report led to an increase in U.S. Treasury yields and reduced expectations for a short-term interest rate cut by the Federal Reserve, with a 93% probability of maintaining current rates in the upcoming meeting [7]. - The chief economist at S&P Global Market Intelligence noted that the service sector's PMI indicates a reasonable annualized growth rate of approximately 1.5% for the second quarter, reflecting an improvement from stagnation since April [9].

美股"妖股"狂飙。 受一系列超预期的宏观数据推动，美股三大指数全线走强，纳指、标普500指数盘中均创出历史新高，道指逼 近历史新高。其中，脑再生科技再度爆发，盘中一度暴涨超170%，多次触及熔断。 有分析称，最新发布的一系列宏观数据缓解了市场对美国经济增速放缓的担忧。其中，美国6月非农就业数据 预示着美国劳动力市场仍具备较强的韧性。另外，美国6月ISM非制造业指数报50.8，略高于预期。 与此同时，美国与欧盟的关税谈判也传来最新消息。美国财长贝森特称，今天与欧盟谈判代表会面。欧盟委员 会主席冯德莱恩则表示，欧盟希望在下周的最后期限前与美国达成一项原则性的贸易协议。 受独立日休假影响，今夜美股将提前3小时于北京时间周五凌晨1点休市（盘后交易时段为1点至5点），周五全 天休市。 全线大涨 北京时间7月3日晚间，美股三大指数集体高开高走，截至23:00，纳指涨0.97%，标普500指数涨0.81%，均创出 历史新高；道指涨0.83%，逼近历史新高。 美股大型科技股亦全线上涨，英伟达一度涨超2%，盘中总市值最高达到3.92万亿美元；微软、亚马逊、博 通、台积电ADR均涨超1%。 值得一提的是，在美上市的中概股公司—— ...

Core Viewpoint - The stock price of Brain Regeneration Technology has experienced a significant drop of 40% after a previous surge, raising concerns about the company's financial health and operational capabilities [4][5]. Company Overview - Brain Regeneration Technology is an early-stage biotechnology company focused on researching, developing, and commercializing traditional Chinese medicine for treating neurocognitive disorders, particularly ADHD and ASD [7]. - The company was founded in 2014 in Hong Kong and currently has only 12 employees [8]. Recent Developments - On June 20, 2025, the stock price fell to $38.01 per share, resulting in a total market capitalization of $18.8 billion (approximately 134.98 billion RMB) [4]. - Prior to the drop, the company announced that its next-generation neuro-regulation chip received FDA clinical trial approval and will collaborate with the Mayo Clinic to conduct research on Parkinson's disease, targeting a market of approximately 10 million patients [4][5]. Stock Performance - The stock price had previously surged over 4 times, with a closing increase of over 283% on June 16, 2025, and a year-to-date increase of nearly 500 times [4][5]. - The stock's volatility is highlighted by a maximum drawdown of 69.57% [5]. Financial Performance - Brain Regeneration Technology has not generated any revenue from product sales and has reported continuous losses in its financial statements [10]. - For the fiscal year ending June 30, 2024, the company reported total expenses of 473.67 million, resulting in a net loss of 430.18 million, which represents a 26.73% increase in losses compared to the previous year [11]. Ownership Structure - As of the first quarter of 2025, the largest shareholder is Yat-Gai Au, who holds an 86.24% stake in the company [12].

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] 侵入式脑机接口临床试验成功，我国脑机接口进 入新阶段 报告要点 [Table_Summary] 近日，中国科学院脑科学与智能技术卓越创新中心联合复旦大学附属华山医院，与相关企业合 作，成功开展了我国首例侵入式脑机接口的前瞻性临床试验。该成果标志着我国在侵入式脑机 接口技术上成为全球第二个进入临床试验阶段的国家。另一方面，美股脑机接口概念股脑再生 科技(RGC)股价在 6 月 16 日大幅上涨，接连触发多次熔断，最后报收 60 美元，涨幅高达 283.12%。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。 近日，中国科学院脑科学与智能技术卓越创新中心联合复旦大学附属华山医院，与相关企业合 作，成功开展了我国首例侵入式脑机接口的前瞻性临床试验。该成果标志着我国在侵入式脑机 接口技术上成为全球第二个进入临床试验阶段的国家。另一方面，美股脑机接口概念股脑再生 科技(RGC)股价在 6 月 16 日大幅上涨，接连触发多次熔断，最后报收 60 ...

聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 以下文章来源于东四十条资本 ，作者刘燕秋 东四十条资本 . 将投中网设为"星标⭐"，第一时间收获最新推送 0营收的中药公司，搭上"脑机接口"起飞。 作者丨 刘燕秋 来源丨 东四十条资本 这家神奇的公司还得从创始人说起。根据公司官网信息，区逸基，Regencell创始人兼首席执行官，毕业于加州大学伯克利分 校哈斯商学院。获得学士学位后，他投身投资银行领域，先后就职于德意志银行和巴林银行。 在职业生涯中，区逸基成果斐然，完成超 40 亿美元交易，荣获多项重要并购奖项。他的代表交易包括代表第一太平有限公 司，以7.5亿美元收购菲律宾长途电话公司、6.5亿美元收购Indofood，以及完成 Hagemeyer 40% 股权18亿美元的增发 。 此外，他还是房地产、科技和生物科技领域的活跃投资者。 然而这位青年才俊的成长之路并非一帆风顺。童年时期，区逸基因患有注意力缺陷多动障碍（ADHD）和自闭症（ASD）。受 病症影响，他脾气暴躁，在学校备受孤立，成绩也不理想，高中时成绩甚至排倒数。为完成学业，他每天都需花费远超常人的 时 ...

Market Overview - US stock indices closed lower, with the Dow down 0.7%, Nasdaq down 0.91%, and S&P down 0.84. The VIX index rose 13.13% to 21.62. The dollar index increased by 0.69% to 98.83. The yield on the 10-year US Treasury fell by 1.237% to 4.392%, with a spread of 43.6 basis points compared to the 2-year Treasury yield. Spot gold rose by 0.09% to $3388.4 per ounce, while Brent crude oil increased by 5.4% to $76.92 [1]. Industry & Stocks - The energy sector was the only one to gain, up 0.93%, while the other nine sectors in the S&P 500 declined, with healthcare down 1.65%, materials down 0.98%, and technology down 0.71% [1]. - Chinese concept stocks mostly fell, with TSMC down 0.83%, Alibaba down 0.8%, Pinduoduo down 1.12%, and JD down 0.93%. Brain Rejuvenation Technology surged 30%, with a year-to-date increase of 64,208%. Li Auto fell 4.47%, and there was a significant share reduction by Wang Xing in Li Auto [1]. - Major tech stocks also saw declines, with Microsoft down 0.23%, Nvidia down 0.39%, and Apple down 1.4%. Oracle fell 1.38% as it launched a project to facilitate technology sales to the US Department of Defense [2][3]. Daily Focus 1. Brain Rejuvenation Technology saw a 30% increase, with a peak rise of 430% recently. The company announced FDA approval for its new neural modulation chip and plans to collaborate with the Mayo Clinic for Parkinson's disease research. However, it has not generated any revenue and faces high failure probabilities in its core therapy [4]. 2. Cathie Wood's Ark Invest sold over 340,000 shares of Circle after a significant price increase, realizing approximately $51.7 million from the sale [5][6]. 3. Eli Lilly is reportedly in talks to acquire Verve Therapeutics for up to $1.3 billion, which is nearly double Verve's current market value of $559 million [8]. 4. Elon Musk's xAI is attempting to raise $9.3 billion but is burning through cash at a rate of $1 billion per month, reflecting the high funding demands of the AI industry [8][9]. 5. Tesla's autonomous driving technology is reported to have surpassed Waymo's in terms of mileage and safety metrics, with Tesla's collision rate significantly lower than Waymo's [10].

Trade Agreements - The US and UK have reached a preliminary trade agreement covering various sectors including steel, automobiles, ethanol, beef, and aerospace, marking the first such agreement since Trump's administration began imposing tariffs [1] - The agreement allows for increased market access for US agricultural products in the UK, particularly beef and ethanol, with the US setting an annual quota of 100,000 vehicles for UK imports, subject to a 10% tariff [1][2] - While the agreement is seen as a foundation for expanding trade, it is limited in scope and does not cover several key industries such as pharmaceuticals and steel [1] Cross-Border E-commerce - China's cross-border e-commerce exports reached approximately 2.15 trillion yuan in 2024, a year-on-year increase of 16.9%, while imports were about 555.25 billion yuan, growing by 4.1% [3] - The export of consumer goods constitutes 97.5% of cross-border e-commerce, with major products including apparel, digital devices, and home goods, primarily exported to the US, UK, and Germany [3] - The growth of cross-border e-commerce is supported by favorable policies, contributing significantly to overall foreign trade despite rising trade protectionism [4] Online Literature - The user base for Chinese online literature has reached 575 million, with a significant portion of readers aged 26 to 45, and nearly 25% being from the "post-2000" generation [5] - The revenue from online literature is estimated at around 44 billion yuan in 2024, with a total of over 33 million works published [5] - Despite the large user base, the industry faces challenges such as content homogenization and competition from short video formats, leading to a slowdown in user growth [6] Automotive Financing - The "high interest, high return" car loan model has been halted in several regions, with banks suspending such business practices due to regulatory changes [7] - This model involved dealerships receiving high commissions from banks to subsidize car prices, but it has led to various issues, including disputes over early loan repayments [8] - The cessation of this model may indicate a shift towards more sustainable lending practices, as banks need to focus on genuine consumer demand rather than artificially created demand [8] AI and Technology - Alibaba has launched a new version of its Qwen3 model optimized for Apple's MLX framework, which is expected to enhance AI deployment across Apple devices [9] - This move signals a strengthening partnership between Alibaba and Apple, as the models will be available in various precision versions to cater to different devices [9][10] - The growing influence of Qwen in the open-source model space may help revitalize Apple's presence in the Chinese market [10] Pension Funds - As of the first quarter of 2025, China's enterprise annuity fund has accumulated a scale of 3.73 trillion yuan, with a three-year cumulative return rate of 7.46% [11] - The shift to reporting cumulative returns aligns with a long-term investment strategy, reflecting the ability of pension funds to achieve consistent returns, particularly in stock investments [12][13] - The favorable environment for pension fund management, free from the pressures faced by traditional fund companies, allows for a focus on long-term value investment [13] Stock Market Trends - The stock market experienced slight declines, with the Shanghai Composite Index closing at 3387.4 points, down 0.04%, amid a lack of strong market momentum [16] - Despite fluctuations, certain sectors such as oil and gas remain active, while consumer sectors like gaming and beauty faced declines [16] - Upcoming policy announcements from the Lujiazui Forum may create short-term market disturbances but are unlikely to change the overall market trend [17]

Group 1: High Bandwidth Memory (HBM) - Changxin Storage plans to deliver samples of the fourth generation high bandwidth memory (HBM3) by the end of 2025 and aims for full-scale production starting in 2026, with a goal to develop the fifth generation (HBM3E) by 2027 [1] - The demand for high bandwidth memory technology is expected to surge due to the growth in high-performance computing and artificial intelligence, with the latest generation HBM3e projected to account for over 90% of shipments by 2025 [1] - Samsung is advancing its HBM4 development, with mass production expected in the second half of 2025 and commercial shipments in 2026, indicating a competitive landscape among major global memory chip manufacturers [1] Group 2: AI Advertising - Meta is exploring AI-generated advertising technology to reduce costs and complexity for advertisers, allowing them to convert product images into multi-scene video ads [2] - The global AI advertising market is projected to grow from $1.023 billion in 2024 to $10.32 billion by 2031, with a compound annual growth rate of 39.7% [2] - The introduction of AI tools by Meta and TikTok signifies a transformative shift in the advertising industry, enhancing content production efficiency and lowering barriers for high-quality content creation [2] Group 3: Refrigerants - The third-generation refrigerant market is experiencing a strong price increase due to tightening global environmental regulations, quota restrictions on production, and rising demand from cooling equipment as summer approaches [3] - The refrigerant industry is currently in a price upcycle, with second and third-generation refrigerants expected to see both volume and price increases, benefiting from growth in the air conditioning and automotive sectors [3] - The market for refrigerants is expanding as new industries such as renewable energy and electronics develop, driven by policy changes and technological advancements [3] Group 4: Brain-Computer Interfaces - The brain-computer interface sector saw significant stock price increases, with companies like Brain ReGen Technologies experiencing a 283% surge after FDA approval for their new neural modulation chip [4] - The technology aims to address Parkinson's disease, targeting a market of approximately 10 million patients globally [4] - Advances in brain-computer interface technology are supported by favorable policies and ongoing research breakthroughs in various medical applications [4] Group 5: Aerospace - The 55th Paris-Le Bourget International Air and Space Show will take place in June 2025, showcasing China's advancements in various aerospace sectors [5] - The military and defense industry is expected to see recovery and growth, with clear long-term goals set for modernization by 2035 and achieving a world-class military by 2050 [5] - The defense and military sector is poised for significant improvement, driven by recovering demand and optimized production capacity [5] Group 6: Magnetic Levitation Technology - China's magnetic levitation technology has achieved a breakthrough with a new test line demonstrating speeds of 650 km/h, setting a global record for similar platforms [6] - The technology is recognized as a strategic emerging industry, with plans for four major high-speed magnetic levitation lines to expand the market significantly by 2030 [6] - The application of magnetic levitation technology is broadening into various fields, including industrial, medical, and energy sectors, driven by policy support and market demand [6] Group 7: Robotics - A research team has developed the world's first robotic hand system with high-resolution tactile perception and complete motion capabilities, enabling precise operations and adaptive grasping [7] Group 8: Macro and Industry News - State-owned enterprise reform actions have achieved an average completion rate of over 80% for key reform tasks [8]

Market Overview - The market experienced slight declines, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index falling by 0.04%, 0.12%, and 0.36% respectively, indicating a mixed performance overall [4] - Various sectors showed volatility, with significant movements in the brain-computer interface and oil service sectors, while some concepts like stablecoins also saw localized strength [3][16] Brain-Computer Interface - A notable surge was observed in the stock of Brain Rebirth Technology, which saw an intraday increase of over 400%, ultimately closing up 283%, marking a year-to-date increase of over 500 times [6][7] - The surge was attributed to unverified reports of FDA approval for a new neural control chip and collaboration with Mayo Clinic for Parkinson's disease research, although no official announcements were made by the company [7][8] - The brain science sector overall saw a rise of 4.83%, with several companies like Innovation Medical and Aipeng Medical hitting daily limits [12][13] Stablecoins - The digital currency sector, particularly stablecoins, showed localized strength with stocks like Xiexin Energy and Hengbao shares achieving consecutive daily limits [16][17] - The digital currency concept index rose by 1.3%, contrasting with declines in other sectors, indicating resilience in this area [17] Consumer Electronics - The consumer electronics sector experienced minor fluctuations, with companies like Jierong Technology and Beilong Precision seeing significant gains [20] - The sector's movements were partly attributed to recent clarifications regarding subsidy policies, which may influence market dynamics [21][22] North Exchange Market - The North Exchange market has seen heightened speculative activity, with stocks like Beiyikang and Keli Co. experiencing substantial price movements [26][27] - However, the volatility also poses risks, as evidenced by the sharp decline of ST Guangdao, which faced a 30% drop due to potential delisting concerns [30]