Core Insights - The article highlights the increasing focus of institutional investors on hard technology breakthroughs and performance certainty for investment opportunities in 2026 [4] Group 1: Institutional Research Trends - In late 2025 to early 2026, institutions conducted research on approximately 1,162 companies, with a total of 30,000 receptions from listed companies across various core industries [3] - The shift in focus from merely gathering data to understanding practical applications indicates a significant change in investment strategies [9] Group 2: Brain-Computer Interface (BCI) Focus - Brain-computer interface technology has emerged as a key area of interest, with companies like Xiangyu Medical, Aipeng Medical, and Meihao Medical frequently hosting inquiries from fund managers [5][6] - Institutions are particularly interested in the depth of collaboration with innovative BCI clients and the feasibility of mass production [7][8] Group 3: AI Computing Power and Applications - The focus on artificial intelligence has shifted from foundational models to the iteration of computing power and practical applications [10] - Companies like Zhongji Xuchuang attracted attention for their 1.6T optical module orders and technology advancements, reflecting a market shift towards evaluating technological iteration speed [10] Group 4: Commercial Aerospace and Semiconductor Focus - Commercial aerospace has gained significant attention, with institutions exploring various segments such as rocket manufacturing and satellite components [17] - In the semiconductor sector, institutions are focused on overcoming technical barriers, with companies like Haimei Information and Huaren Micro receiving extensive inquiries regarding their advanced process products [22][23] - The trend of institutions closely monitoring companies with promising earnings forecasts indicates a more rational investment approach, seeking high-quality targets with core competitiveness [26]

Core Insights - Brain-machine interface technology has made significant advancements, with companies like Neuralink demonstrating the ability to help severely disabled individuals regain communication capabilities through implanted devices [1] - Merge Labs, a newly established startup, aims to develop a non-invasive brain-machine interface using ultrasound technology, which could potentially treat mental and neurological disorders [1][2] Group 1: Company Overview - Merge Labs was founded in January this year and has secured $252 million in funding from investors, including OpenAI [1] - The company is exploring a new type of brain-machine interface technology that could not only decode information but also have therapeutic applications for conditions like depression and addiction [1] Group 2: Technology and Methodology - Traditional brain-machine interfaces rely on electrode arrays that require invasive surgeries, posing risks and uncertainties for long-term recovery [2] - Merge Labs utilizes functional ultrasound, which emits high-frequency sound waves to monitor blood flow changes in the brain, indirectly inferring neuronal activity [2] - This method is less invasive than traditional electrode implantation, as sensors can be placed beneath the skull or through a small opening, allowing for monitoring of multiple brain regions [2] Group 3: Advanced Techniques - Merge Labs is also investigating "sonogenetics," a technique that makes specific neurons more sensitive to ultrasound, enabling precise activation or inhibition of targeted neurons [3][4] - The combination of sonogenetics and ultrasound could lead to more personalized and accurate treatment options for neurological diseases, including potential applications in vision restoration and cancer treatment [4] Group 4: AI Involvement and Ethical Considerations - The significant investment in Merge Labs is closely tied to the involvement of artificial intelligence, which is expected to play a central role in analyzing complex brain signals obtained through ultrasound [5] - However, the integration of AI raises ethical and privacy concerns regarding the handling of sensitive brain data, questioning whether the technology is aimed solely at patient recovery or also at enhancing AI models [6] - There are inherent limitations to functional ultrasound, including a response time lag due to its reliance on blood flow changes, which may hinder real-time applications like speech decoding [6]

国泰海通证券主要观点如下： 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 国泰海通证券发布研报称，在AI与脑机接口深度融合趋势及十五五规划政策加持下，技术迭代与场景 落地成为行业核心驱动力，AI融合赋能与政策资本加持下，脑机接口多技术路线并行推进，场景落地 加速开启商业化增长周期。看好全链条布局、AI赋能突出及临床场景绑定紧密的企业。 应用场景多点突破，商业化落地开启长期增长空间，头部企业多维布局构筑优势 风险提示：技术研发与商业化落地不及预期、政策监管与伦理合规风险、行业竞争加剧与核心部件依赖 风险。 脑机接口凭借双向信息传输能力构建人机协同通路，形成多技术路线并行发展格局 医疗健康是当前最确定的基本盘，已在听力障碍、震颤治疗、运动康复等领域实现产业化落地，国内多 家医院开启临床布局，医保支付体系完善进一步打通落地路径。消费、工业等场景加速拓展，消费端依 托非侵入式技术覆盖残障群体与健康人群需求，政策支持下有望成为高成长性新赛道；工业端聚焦高 危、高精度作业需求，处于试验验证向商业化落地过渡阶段。头部企业通过全链条研发、产学研合作、 多场景布局构建竞争壁垒，分别在非侵入式技术应用 ...

天津新智感知科技有限公司董事长王帅宇说，"脑机谷"作为天开华苑园的重要产业拓展区，将加快形成 以高端科研平台为引领、以创新企业为主体的产业生态，新智感知科技产业园将持续完善园区服务体 系，为企业发展提供有力支撑。 此次活动中还达成了多项合作协议，涉及企业入驻、意向投资及战略合作等内容。 滨海高新区是我市首批未来产业先导区之一，高新区管委会副主任韩林表示，脑机接口是新一轮科技革 命和产业变革的重要方向，高新区将持续优化创新环境，加大政策支持和服务保障力度，全力推动"脑 机谷"建设，形成具有核心竞争力的脑机接口产业集群。 天津天开发展集团有限公司副总经理王杨表示，天开高教科创园是天津推进科技创新和成果转化的重要 载体，"脑机谷"建设是天开园在前沿交叉领域布局的重要成果。首批企业集中入驻，标志着脑机接口产 业从科研策源向规模化、集聚化发展迈出关键一步。 （来源：天津日报） 转自：天津日报 本报讯（记者 马晓冬）记者从天津滨海高新区获悉，近日，"脑机谷"迎来首批入驻企业，将落户新智 感知科技产业园。 据了解，"脑机谷"是围绕脑机接口前沿技术布局建设的重要产业平台，以脑机交互与人机共融海河实验 室为核心创新源头，聚焦脑 ...

Core Insights - The establishment of the brain-computer interface (BCI) outpatient clinic at Wuxi People's Hospital offers new hope for patients suffering from neurological disorders, integrating multiple disciplines for comprehensive treatment [1][2] - The clinic utilizes both non-invasive and minimally invasive BCI technologies to provide diagnostic and therapeutic services for severe motor impairments, refractory neurological diseases, and mental health issues [2] Group 1: Clinic Operations - The BCI outpatient clinic officially opened on January 12, becoming the first platform in Wuxi to integrate BCI technology with multidisciplinary collaboration for precise diagnosis and treatment [1] - Patients can receive evaluations and treatment plans without the need to visit multiple departments, streamlining the healthcare process [1] Group 2: Patient Experiences - Patients have reported significant improvements in their conditions, such as the ability to walk independently after undergoing rehabilitation training guided by BCI technology [1] - The clinic's approach has provided families with renewed hope, as seen in the experiences shared by patients and their relatives [1] Group 3: Government Support and Future Plans - The Jiangsu provincial government has outlined plans to accelerate the promotion of new technologies and products by 2026, which includes the BCI technology [1] - The focus on "first sets" of equipment, new materials, and software indicates a supportive environment for innovative medical technologies [1] Group 4: Research and Development - The Wuxi Brain Science Innovation Demonstration Center is exploring various applications of BCI technology, including smart rehabilitation and human-machine interaction [2] - Collaborative efforts between strong brain technology and local government aim to develop diverse application scenarios for BCI technology in healthcare and industry [2]

（来源：经济参考报） "医保部门始终紧盯前沿医疗技术发展，以政策创新推动技术从临床探索走向规模化应用，脑机接口技 术的支持过程成为典型范例。"谢章澍说。 事实上，早在2025年3月，医保部门就率先设立了脑机接口的相关价格和收费依据，解决了技术应用付 费难题；当年9月实现医保结算赋码，12月已有28个省份制定具体收费项目，推动技术在全国范围内铺 开应用。 "这体现了医保部门对未来产业的前瞻性布局。除脑机接口外，远程操作、质子重离子治疗、CAR-T肿 瘤治疗等一系列新技术、新药品也被纳入医保支持范畴，让群众切实享受到创新成果。"谢章澍表示。 在支持国内创新的同时，医保部门还积极搭建国际化平台，推动中国医药创新成果走向世界。此外，真 实世界医保综合价值评价作为医保目录准入、价格立项等医保决策的重要证据，既为创新技术提供了进 入临床收费的依据，也助力科学定价，为医保基金价值购买服务。 "展望'十五五'，医疗保障部门将继续深化'政策引导'与'价值评价'的双轮驱动战略，继续优化对脑机接 口等创新技术的价格支付政策，并积极开展真实世界医保综合价值评价，为医保决策科学化提供有力支 持。"谢章澍说。 "作为主要的民生保障部门， ...

央视网消息（焦点访谈）：现实中，有些新技术、新产品刚刚出现的时候，由于缺少"第一个吃螃蟹的人"，应用案例少，应用效果也缺少验证支撑，导致它 们不太容易进入市场，出现"英雄无用武之地"的现象，有些"新技术"硬被拖成了"老技术"。去年11月7日，《关于加快场景培育和开放推动新场景大规模应 用的实施意见》发布，一个重要目的就是要解决类似这样一些问题。而场景就是把新技术、新产品、新业态放在一个具体情境中来应用、来验证，为新兴事 物提供展示应用的舞台，加快其产业化进程。那么，经过两个多月的加快实践，新场景大规模应用如何才能实现呢？ 舞台上整齐划一，跳出优雅舞姿；手术台上精准操作，完成精密骨科手术……这是被大家称赞的典型机器人，在公众眼里，它们聪明、灵活、敏捷。这些较 为成熟的机器人在不同领域大放光彩。不过，很多机器人在初生时，是这样的：翻跟头时零件掉落，踉踉跄跄；马拉松赛场上跌跌撞撞，摔跤不断。从踉踉 跄跄到优雅舞姿的过程，是机器人不断学习进步的过程。 学习可以让机器人迭代升级，不断进步。不过，在哪学则是个难题。位于安徽合肥的具身智能机器人数据采集训练场，被工作人员称为机器人"高级技校"。 场地按照真实工业与家庭场景， ...

2月3日，上海市第十六届人大四次会议开幕，上海市市长龚正作《政府工作报告》。 龚正表示，综合各方面因素，建议今年全市经济社会发展的主要预期目标包括：全市生产总值增长5% 左右。报告显示，上海市2025年生产总值达到5.67万亿元、增长5.4%，好于预期。 要点概览： 2026年主要预期目标包括上海市生产总值增长5%左右 大力培育发展脑机接口、第四代半导体等未来产业 深入实施"人工智能+"行动 加快构建现代化产业体系 2026年全年要完成重大工程投资2550亿元 更大力度培育壮大长期资本、耐心资本 深化养老服务改革 今年上海GDP增长目标5%左右 报告显示，2025年，上海市经济社会发展稳中有进、进中提质，经济持续回升向好。2025年，上海市生 产总值达到5.67万亿元、增长5.4%，好于预期。地方一般公共预算收入达到8500亿元、增长1.5%。 龚正表示，综合各方面因素，建议今年全市经济社会发展的主要预期目标包括：全市生产总值增长5% 左右，地方一般公共预算收入增长2%，全社会研发经费支出相当于全市生产总值的比例达到4.6%左 右，城镇调查失业率5%以内，居民人均可支配收入增长与经济增长保持基本同步，居民消费 ...

Core Viewpoint - The current global technological paradigm is characterized by a dynamic "thought matrix" that revolves around four critical questions: "why develop, for whom to develop, how to control, and how to distribute" [3][8] Group 1: Technological Transformation - The ongoing technological explosion is reshaping various scales from micro-particles to interstellar exploration, making technology a crucial variable in defining national strength and global competition [1][2] - This transformation is not merely a single technological evolution but a systemic reconstruction triggered by disruptive technologies such as artificial intelligence, quantum computing, synthetic biology, controlled nuclear fusion, and brain-computer interfaces [2][3] Group 2: Accelerationism and Governance - Effective accelerationism has transcended philosophical boundaries to become an action program for Silicon Valley elites, advocating for rapid technological advancement to solve ultimate challenges like resource scarcity and disease [5][6] - The U.S. has deeply embedded accelerationism into its national strategy, as seen in initiatives like the "Genesis Task," which aims to create AI systems that can autonomously drive scientific discovery [6][10] Group 3: Value Alignment and Ethical Challenges - The rise of accelerationism has led to a counter-movement seeking value alignment, aiming to ensure that superintelligent systems align with human values [7][8] - The complexity of human values poses challenges in defining alignment standards, leading to political and philosophical debates on governance [7][8] Group 4: Nationalism and Competition - Traditional technology protectionism has evolved into "Tech Nationalism 2.0," focusing on structural technological power and the control of global supply chains and ethical standards [9][10] - The U.S. leads this trend by forming exclusive semiconductor ecosystems and leveraging significant subsidies to maintain its technological dominance [10][11] Group 5: Responsible Innovation - Responsible innovation, which integrates ethics, safety, and fairness into the innovation process, has emerged as a global consensus, though practices vary significantly among countries [11][12] - The U.S. often ties responsible innovation to national security, while the EU emphasizes rights protection and risk regulation [11][12] Group 6: Ethical Dilemmas and Social Implications - The technological explosion presents unprecedented ethical challenges, with potential risks of "technological backlash" and "civilizational conflict" if appropriate ethical frameworks are not established [17][18] - The concept of social Darwinism has been integrated into U.S. governance, leading to a concentration of technological resources and wealth among elite classes, exacerbating social inequalities [15][16]

在注意缺陷与多动障碍（ADHD）这一高发的儿童神经发育障碍问题上，中国发育行为儿科学创建人、 上海交通大学医学院附属上海儿童医学中心终身教授金星明以"ADHD诊疗领域脑机接口技术的最新应 用"为题，系统介绍了注意缺陷和多动障碍的诊疗现状。她指出，ADHD是高发但可干预的神经发育障 碍类疾病，单一药物治疗存在现实局限，而非侵入式脑机接口技术作为一种非药物手段，可通过趣味 化、可视化的神经反馈训练改善注意力、自控力和执行功能。基于严格诊断标准和三组对照研究结果， 她强调，脑机接口与药物联合应用在症状改善和功能恢复方面效果显著，且脑机接口技术对6-7岁低龄 儿童表现出更好的干预效果。同时，脑机接口有望从疾病治疗进一步延伸至问题儿童和学前阶段儿童的 功能训练，在综合干预、早期预防和儿童发展支持中发挥更大价值。 技术的成熟只是第一步，如何让技术真正惠及更多患儿，还需要构建完善的应用生态。在"ADHD治疗 与管理多方协同机制探索"圆桌对话环节，与会专家认为，脑机接口技术要真正惠及患儿，需要推动医 院、企业、学校、社区等多方协同，在临床路径优化、人才队伍培养、标准规范制定等方面做好系统性 工作，构建良性发展生态。期待更多临 ...