Market Overview - On July 31, 2025, A-shares experienced a decline with the Shanghai Composite Index falling by 1.18%, the Shenzhen Component Index down by 1.73%, and the ChiNext Index decreasing by 1.66% [1] - Hong Kong stocks also faced a downturn, with the Hang Seng Index dropping by 0.57% to 23,157.97 points, and the Hang Seng Tech Index falling by 0.7% [1] - U.S. stocks closed lower, with the Dow Jones Industrial Average down by 0.74% and the S&P 500 Index decreasing by 0.37% despite reaching historical highs during the day [1] New Stock Subscription - Guangdong Jiankang, a new stock on the ChiNext, has an issue price of 6.56 yuan per share and a price-to-earnings ratio of 26.48 times. The company specializes in providing inspection and testing technical services in the construction engineering sector, with inspection and testing services accounting for 98% of its revenue [3] Policy Developments - The State Council announced a personal consumption loan interest subsidy policy aimed at reducing credit costs for residents and financing costs for service industry entities, which is expected to stimulate consumption and enhance market vitality [4] - The State Council also approved the "Artificial Intelligence+" action plan to promote the large-scale commercialization of AI applications, leveraging China's complete industrial system and large market scale [5] - The National Healthcare Security Administration is supporting the clinical application and pricing of new technologies such as brain-computer interfaces, with new pricing mechanisms established for various medical technologies to encourage innovation in pharmaceuticals and medical devices [5]

Core Viewpoint - The National Healthcare Security Administration (NHSA) has established a new pricing mechanism for newly launched drugs and added over 100 pricing items related to new medical technologies to support innovation in pharmaceuticals and medical devices [1][3]. Group 1: Pricing Mechanism and Innovation Support - The NHSA has introduced a pricing mechanism for newly launched drugs to ensure that high-level innovative drugs can achieve returns that correspond to their high investment and risk during the initial market phase [11]. - Over 30 batches of project guidelines have been published, adding more than 100 pricing items related to new products and devices, creating a parallel structure of pricing establishment and technological innovation [3]. - Specific pricing items have been established for various medical fields, such as "brain-computer interface implantation fee" and "brain-computer interface adaptation fee" in the neurology category, facilitating rapid clinical application and reimbursement once the technology is approved [5][6]. Group 2: Encouragement of Advanced Medical Technologies - The NHSA has set up pricing items for advanced medical treatments, including "proton therapy" and "heavy ion therapy," to promote the clinical application of high-end medical equipment [8]. - In the ear, nose, and throat category, pricing items like "cochlear implant fee" and "speech device installation fee" have been established to encourage medical institutions to assist more patients in improving their hearing and speech capabilities [10]. - The NHSA is actively supporting the rapid clinical introduction of new drugs through streamlined approval processes, including a unified review model across provinces [11].

Core Viewpoint - The news highlights a significant rise in brain-computer interface (BCI) concept stocks, driven by new pricing mechanisms introduced by the National Healthcare Security Administration (NHSA) to support innovation in pharmaceuticals and medical devices [1] Group 1: Market Reaction - BCI-related stocks surged, with companies like Innovation Medical nearing a trading limit increase, and others such as Aipeng Medical, Sanbo Brain Science, Entropy Technology, Qisheng Technology, and Yanshan Technology also experiencing gains [1] Group 2: Policy Changes - The NHSA has established a new pricing mechanism for newly launched drugs, adding over 100 pricing items related to new medical technologies [1] - Specific pricing items for neurological projects include "brain-computer interface implantation fees" and "brain-computer interface adaptation fees," facilitating rapid clinical application and reimbursement once the technology is approved [1] - For ear, nose, and throat projects, pricing items like "cochlear implant fees" and "speech device installation fees" have been standardized to encourage healthcare institutions to assist more patients in communication [1] - In radiation therapy, pricing items for "proton therapy" and "heavy ion therapy" have been set to promote the clinical application of advanced medical equipment [1]

消息面上，为支持药品和医疗器械创新发展，国家医保局制定新上市药品首发价格机制，新增了100多 项与医疗新技术相关的价格项目。神经系统类立项指南统一设立"脑机接口置入费""脑机接口适配费"等 价格项目，脑机接口技术成熟获批进入临床后，可快速进入临床应用并收费。耳鼻喉类立项指南统一设 立"人工耳蜗植入费""发音装置安装费"等价格项目，鼓励医疗机构帮助更多患者"听得见、说得出"。放 射治疗类立项指南统一设立"质子放疗""重离子放疗"等价格项目，促进高端医疗设备的临床转化应用。 与此同时，为鼓励药品研发创新，国家医保局还制定了新上市药品首发价格机制。 格隆汇7月31日｜脑机接口概念股拉升，其中，创新医疗逼近涨停，爱朋医疗、三博脑科、熵基科技、 麒盛科技、岩山科技等跟涨。 ...

国家医保局医药价格和招标采购司司长王小宁：我们支持高水平的创新药，在上市初期取得和高投入高 风险相符的收益回报，实际上就是比较满意的一个价格水平。而且对于高水平的创新药，设置一定价格 稳定期。第二方面，从挂网流程方面我们给予积极支持，包括采取一省受理各地通行这种联审通办的模 式，来助力新药快速推向临床。 （文章来源：央视新闻） 神经系统类立项指南统一设立"脑机接口置入费""脑机接口适配费"等价格项目，脑机接口技术成 熟获批进入临床后，可快速进入临床应用并收费。 耳鼻喉类立项指南统一设立"人工耳蜗植入费""发音装置安装费"等价格项目，鼓励医疗机构帮助 更多患者"听得见、说得出"。 放射治疗类立项指南统一设立"质子放疗""重离子放疗"等价格项目，促进高端医疗设备的临床转 化应用。 为支持药品和医疗器械创新发展，国家医保局制定新上市药品首发价格机制，新增了100多项与医疗新 技术相关的价格项目。 国家医保局从立项、定价等方面入手，畅通新技术的收费通道，助力满足临床急需的新技术新产品加快 收益回报。目前已公布的30批立项指南新增涉及新产品新设备的价格项目100多项，基本形成"价格立项 与技术创新并行"的格局。比如： ...

Group 1: Policy Initiatives - The National Healthcare Security Administration (NHSA) is focusing on technological innovation in the medical field, introducing a series of forward-looking pricing projects to support high-level innovations [1][4] - NHSA has released 27 batches of project guidelines, adding over 100 pricing items related to new products and devices [1] - A dynamic response mechanism has accelerated the implementation of policies, allowing for rapid local execution of pricing adjustments [2] Group 2: Specific Innovations and Pricing - In the field of artificial hearts, NHSA has introduced pricing for implantation, extraction, and adjustment services, reducing the overall cost of artificial heart surgeries from over 1 million yuan to around 700,000 yuan [1] - For cochlear implants, the NHSA has standardized the implantation fee to 3,500 yuan, significantly lowering the cost from over 200,000 yuan to 50,000 yuan [2] - New pricing projects for proton therapy, heavy ion therapy, and boron neutron capture therapy have been established to support cancer treatment advancements [2][3] Group 3: Market Impact and Future Directions - The NHSA aims to create a virtuous cycle of high-quality innovation leading to reasonable returns and continuous innovation in the healthcare sector [2] - The introduction of differentiated pricing for invasive and non-invasive brain-machine interfaces encourages companies to focus on niche markets, avoiding redundant competition [3] - NHSA is committed to maintaining an open attitude towards high-level new technology pricing, facilitating the rapid entry of innovative results into clinical practice [4]

Core Insights - The National Healthcare Security Administration (NHSA) is set to implement a guideline for pricing radiological examination services by the end of June, with some provinces already reducing CT scan prices to around 200 yuan and MRI prices to about 500 yuan [1][2] Group 1: Pricing Adjustments - The NHSA has introduced a guideline aimed at standardizing prices for high-end medical examinations like CT and MRI to alleviate the financial burden on patients [1] - The reduction in CT prices from over 300 yuan to approximately 200 yuan is attributed to decreased procurement costs for large medical equipment, allowing localities to pass on savings to patients [1] Group 2: Technological Advancements - New imaging technologies such as CT and MRI provide clearer and more detailed images compared to traditional X-rays, enhancing diagnostic capabilities [1] - Advanced imaging techniques like PET/CT are beneficial for early tumor detection and assessing tumor spread, indicating a shift towards more sophisticated medical technologies in clinical settings [1] Group 3: Implementation of Guidelines - The NHSA has issued 28 batches of project guidelines aimed at optimizing prices for services with similar outputs, with various guidelines already implemented across provinces [2] - New pricing projects for advanced treatment technologies, including proton and heavy ion therapy, have been added to the guidelines, facilitating the integration of these technologies into clinical practice [2]

最终，陈先生顺利完成质子治疗并达到 "微创，有效"的预期效果。本以为走到了生命终点的他如今回 归正常生活。 在与外科团队围绕手术根治性、切除范围与并发症风险的权衡，以及术后发音、吞咽等核心功能保留的 多维度评估后，陈先生及家人综合考虑后决定选择放疗。陈先生及其家属经多方了解，并获悉质子放疗 是当下国际前沿的抗癌技术，凭借其独特的生物物理特性使得在治疗食管癌时，能够显著减少对肺、心 脏、脊髓等重要器官的损伤，降低放射性肺炎、放射性心肌炎等并发症的发生率。最终，陈先生选择跨 越千里赴广州泰和肿瘤医院质子中心寻求帮助。 据了解，广州泰和肿瘤医院质子中心已让众多癌症患者从绝境求生到重燃希望。截至目前该质子中心咨 询了解人数、门诊日接诊人数、日上机人数日益增多，单日患者治疗数量最高峰超过50例，覆盖病种广 泛包括鼻咽癌、肺癌、肝癌、前列腺癌等常见恶性肿瘤，以及脊索瘤、软骨肉瘤等对传统治疗耐受的罕 见肿瘤。该中心凭借精准的质子放疗技术，不仅显著提升了肿瘤局部控制率，更极大减少了患者的不良 反应。例如，针对前列腺癌患者，质子放疗在有效杀灭癌细胞的同时，显著降低了直肠炎、膀胱炎等并 发症的发生概率；而在儿童肿瘤治疗中，质子放 ...