中泰证券发布研报称，考虑到脑机接口目前处于商业化起步阶段，当前市场主要以主题投资风格为主。 从产业趋势上看，该行建议侵入式和非侵入式参考不同的标准，其中侵入式的建议关注临床进展较快的 如爱朋医疗（300753）(300753.SZ)、高德红外（002414）(002414.SZ)、岩山科技（002195） (002195.SZ)等，非侵入式的建议关注商业化进展靠前的如翔宇医疗（688626）(688626.SH)、创新医疗 （002173）(002173.SZ)、诚益通（300430）(300430.SZ)等。 中泰证券主要观点如下： 政策在资金、规划、支付三个层面明确支持脑机接口发展 (1)资金层面：全球主要国家投入数十亿美元支持基础研究与应用开发，美国BRAIN计划、欧盟"人脑计 划"等持续加码，中国也逐步跟进;(2)规划层面：脑机接口已从"十二五"基础研究阶段迈入"十四五"产业 落地阶段，工信部等七部门在2025年7月末出台专门政策，推动产业快速成长;(3)支付层面：国家医保局 首次为脑机接口设立独立收费项目，湖北、浙江、江苏、广东等地率先落地价格标准，为其进入临床应 用奠定制度保障。政策与资金支持的结 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report emphasizes that the brain-computer interface (BCI) industry is experiencing continuous innovation and rapid growth, becoming a crucial area for the integration of technological and industrial innovation [8] - The report highlights the government's recent policy initiatives aimed at enhancing the innovation capabilities of the BCI industry, which are expected to drive high-quality development and create new industrial pathways [8] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry, particularly the advancements in brain-computer interface technology [1] Recent Developments - A joint document from seven government departments outlines plans to boost the BCI industry, aiming for breakthroughs in key technologies by 2027 and establishing a robust industrial ecosystem by 2030 [3][4] Investment Recommendations - The report suggests monitoring companies such as Aipeng Medical, Innovation Medical, and Xiangyu Medical, which are positioned to benefit from the growth in the BCI sector [8]

Core Insights - Brain-computer interface (BCI) technology is advancing, enabling new treatment possibilities for conditions like stroke and paralysis, while also raising ethical and legal challenges [1][3] Group 1: Technology Development - BCI establishes a direct communication channel between the human brain and external devices, acting as a "bridge" that enhances human-machine interaction and opens new avenues for brain science and neurological disease treatment [1] - CorTec, a German company, has developed a BCI that involves placing a 32-channel electrode pad beneath the skull, capable of recording brain activity and providing electrical stimulation [1][2] - The "Neuralink" company has implanted devices with 1024 microelectrodes into the brain tissue of five severely paralyzed patients, enabling basic "brain control" functions [2] Group 2: Clinical Applications - A 52-year-old male patient with paralysis from multiple strokes successfully implanted CorTec's BCI chip, aiming to enhance recovery through brain stimulation during rehabilitation [2] - The combination of implantable BCIs and artificial intelligence is expanding research fields and attracting more technological investment [2] Group 3: Ethical and Legal Challenges - The advancement of BCI technology raises significant privacy concerns, as it may allow access to personal thoughts, beliefs, and emotions [3] - Legal experts highlight the need for clarity on ownership of data collected by BCIs and the rights of users to modify or "hack" the implanted devices [3] - The potential for BCIs to not only read but also influence emotions poses questions about self-awareness and personal identity for users [4]

Group 1 - Sichuan Embodied Humanoid Robot Technology Co., Ltd. signed a contract to establish the "Provincial Humanoid Robot Manufacturing Innovation Center," marking the first joint manufacturing innovation center in the province [2] - Honda announced a $20 million investment to build a new motorcycle production facility in Izmir, Turkey, with an initial capacity of 100,000 units per year, aiming to increase to 200,000 units in the future [2] - InnoCare responded to its collaboration with NVIDIA, stating that the partnership is still in the testing phase and has not yet generated substantial orders, despite a significant stock price increase [2] - Neuralink, Elon Musk's brain-machine interface company, announced the launch of clinical research in the UK to test its chip's ability to help severely paralyzed patients control digital and physical tools through thought [2]

Group 1: Housing Rental Regulations - The "Housing Rental Regulations" was officially announced by the State Council, set to take effect on September 15, 2025, aiming to standardize rental activities and protect the rights of parties involved [1] - The regulations consist of 7 chapters and 50 articles, addressing rental activities, behaviors of rental companies, and supervision management [1] - The rental population in China is nearing 260 million in 2023 and is expected to exceed 300 million by 2025, indicating significant market potential [1][2] Group 2: Economic Performance of Major Provinces - Six major economic provinces reported GDP growth rates exceeding the national average of 5.3% in the first half of the year, with Zhejiang leading at 5.8% [3] - Guangdong province, however, showed disappointing growth at 4.2%, significantly below the national level, primarily due to a 9.7% decline in fixed asset investment [3][4] - The industrial sectors in Jiangsu, Zhejiang, and Henan provinces were key drivers of economic growth, with private enterprises boosting foreign trade in Zhejiang [3][4] Group 3: Lottery Sales - National lottery sales reached a record high of 317.85 billion yuan in the first half of the year, with a year-on-year growth of 3% [5] - The growth rate of lottery sales has been slowing, with a significant drop from 36.5% in 2023 to 7.6% in 2024 [5][6] - Young consumers are increasingly drawn to instant lottery games, reflecting a shift in purchasing behavior amid economic uncertainties [6] Group 4: U.S. Credit Outlook - Fitch Ratings downgraded the outlook for 25% of U.S. industries to "negative," citing increased uncertainty and a slowdown in economic growth [7] - The U.S. government is expected to maintain a high deficit, with projections indicating a debt-to-GDP ratio of 135% by 2029 [7][8] - The downgrade suggests a higher likelihood of credit rating reductions for affected industries, impacting bond prices and financing conditions [7][8] Group 5: Lithium Battery Exports - China's lithium-ion battery exports reached a record high of $34.102 billion in the first half of the year, marking a 25.14% year-on-year increase [9] - The export volume of lithium-ion batteries increased by 17.52% to 2.156 billion units, despite ongoing low prices for raw materials like lithium carbonate [9][10] - The growth in exports is attributed to factors such as increased overseas demand and domestic production capacity expansion [9][10] Group 6: JD's New Business Model - JD launched its first self-operated takeaway store, "Qixian Xiaochu," focusing on quality food without pre-prepared dishes [11][12] - The store operates on a model that combines takeaway and self-pickup, aiming to address food safety concerns [11][12] - The operational challenges include maintaining food quality and managing the risks associated with the restaurant business model [12] Group 7: Neuralink's Surgical Milestone - Neuralink completed two brain-machine interface surgeries in one day, marking a significant advancement in its operations [13] - The company aims to perform 20 to 30 surgeries by 2025, focusing on treating severe conditions like ALS and spinal cord injuries [13][14] - The efficiency of surgeries has improved significantly due to advancements in robotic technology, which reduces reliance on human surgeons [13][14]

《科创板日报》9日讯，马斯克今日在X上转发的一则案例显示：Neuralink和Grok正合作使渐冻症患者 重新发声。Neuralink为一名渐冻症患者植入脑机接口芯片，使其可以通过意念移动光标输出文字，而后 人工智能聊天机器人Grok会补全其语句，并创建一个精确的声音克隆，从而为患者发声。 Neuralink和Grok合作使渐冻症患者重新发声 ...

Core Viewpoint - Neuralink, founded by Elon Musk, has successfully raised $600 million in funding, achieving a pre-money valuation of $9 billion, marking its status as a super unicorn after nine years of development [3][10]. Funding and Growth - Neuralink has raised over $1.2 billion in total funding since its inception in 2016, with significant contributions from various investors including Founders Fund, DFJ Growth, Google Ventures, and Vy Capital [3][8][10]. - The company completed its Series D funding round with $280 million led by Founders Fund, followed by an additional $43 million in a D round extension [10]. Technological Advancements - Neuralink has developed a brain-machine interface (BCI) device capable of implanting 1,024 electrode wires into the brain to collect signals, which can then be transmitted wirelessly to external devices [5][6]. - The company has conducted successful animal trials and has recently begun human clinical trials, with three patients already implanted with the device [4][6]. Market Potential - The global market for brain-machine interfaces in the medical field is projected to grow significantly, with estimates suggesting a potential market size increase from $40 billion in 2030 to $145 billion by 2040 [14]. Industry Landscape - The brain-machine interface sector in China is rapidly evolving, with numerous companies such as Qiangnao Technology, Zhiruan Medical, and others making notable advancements [12][13]. - Major investment firms like Sequoia China and Hillhouse Capital have entered the brain-machine interface space, indicating strong interest and potential for growth in this emerging field [11][13].

Core Viewpoint - Neuralink, founded by Elon Musk, has successfully raised $600 million in funding, achieving a pre-money valuation of $9 billion (approximately 647 billion yuan), indicating its status as a potential super unicorn [1][6]. Group 1: Company Development - Neuralink has completed three human trials of its brain-machine interface (BMI) technology, which aims to allow paralyzed patients to control external devices using their thoughts [2][4]. - The company has developed a wireless, fully implanted BMI device that decodes brain signals and connects to external devices via Bluetooth, with the goal of restoring communication abilities for patients with severe neurological conditions [4][5]. - As of 2024, Neuralink has successfully implanted its device in patients, enabling them to perform tasks such as playing chess and using 3D design software [4][5]. Group 2: Funding and Valuation - Since its inception in 2016, Neuralink has raised over $1.2 billion through various funding rounds, with significant contributions from investors such as Founders Fund, DFJ Growth, and Google Ventures [6][8]. - The company has seen rapid growth in valuation, from $5 billion in mid-2023 to $9 billion following the latest funding round, reflecting strong investor interest and confidence in its technology [8][12]. Group 3: Industry Landscape - The brain-machine interface industry is experiencing rapid development in China, with numerous companies like Qiangnao Technology and Zhiruan Medical making significant strides [10][12]. - Major investment firms, including Sequoia Capital and Hillhouse Capital, have entered the brain-machine interface sector, recognizing its potential for growth and innovation [10][12]. - The global market for brain-machine interfaces in the medical field is projected to grow significantly, from $40 billion in 2030 to $145 billion by 2040, indicating a promising future for the industry [12].

Core Insights - Neuralink, co-founded by Elon Musk, has completed a new funding round raising up to $600 million, with a pre-funding valuation of $9 billion [1] - The company aims to develop brain-machine interface (BMI) technology to treat neurological disorders and enhance human capabilities [3] Funding and Valuation - Neuralink's recent funding round aimed to raise at least $500 million from global institutional investors [1] - The company previously completed a $280 million Series D funding round in August 2023 [1] Technology and Development - Neuralink's core technology involves implanting wireless chips in the human skull to connect with the brain, enabling patients with conditions like paralysis and ALS to control devices using their thoughts [1] - The upgraded BMI chip, "Blindsight," is expected to be implanted in human patients by the end of 2025, with initial trials involving 20 to 30 patients [2] - The first human brain implant occurred in January 2024, marking a significant step towards allowing thought-based control of devices [2] Vision and Goals - Neuralink aims to treat various neurological diseases, including Parkinson's and Alzheimer's, while also striving for seamless integration between human cognition and artificial intelligence [3] - The company utilizes advanced, flexible, high-density electrodes and automated surgical robots to simplify the implantation process [3] - Neuralink's vision extends beyond medical applications, seeking to enhance human cognitive and physical abilities and integrate human consciousness with AI [3]

点评：高考志愿填报是一个复杂且信息量巨大的任务。AI（人工智能）能将这些复杂的信息进行整合 和分析，极大地解决了信息不对称的问题。但需要注意的是，考生和家长在使用该功能时，应将其作为 参考工具，而不是唯一的决策依据。用户要结合自身兴趣、职业规划以及家庭经济状况等因素，做出更 全面的决策。 每经记者｜李少婷 每经编辑｜马子卿 NO.2 Valve创始人进军脑机接口领域 丨2025年5月28日 星期三丨 Valve（维尔福）创始人兼CEO（首席执行官）加布·纽维尔（Gabe Newell）正式进军脑机接口领域。据 悉，Valve开发的《刀塔2》《反恐精英》在玩家群体中赫赫有名。该公司旗下的脑机接口初创公司 Starfish Neuroscience宣布，计划在今年末生产其首款脑机接口芯片。公司表示，希望寻找能够利用该芯 片开辟全新发展途径的合作伙伴。值得一提的是，尽管该初创公司尚未打造出完整的人体植入系统，但 这枚芯片已经具备基础的"电生理"功能，理论上能实现"意念控制电脑"，也能用于某些疾病的神经治 疗。 NO.1 夸克上线面向高考志愿填报场景的"深度搜索"能力 5月27日下午，夸克上线面向高考志愿填报场景的" ...