点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 近日，工业和信息化部等七部委发布《关于推动脑机接口产业创新发展的实施意见》（下文简称《实施意 见》），意见指出到2027年实现电极、芯片、整机国际先进水平，打造2-3个产业发展集聚区，开拓一批新场 景、新模式、新业态；到2030年培育2-3家全球领军企业，构建具有竞争力的产业生态，综合实力迈入世界前 列。 点评： 《实施意见》聚焦五大重点任务、三个重点工程，有望加速脑机接口产业发展 《实施意见》提出的五大重点任务包括：加强基础软硬件攻关、打造高性能产品、推动技术成果应用、壮大创 新主体和提升产业支撑能力；三个重点工程包括：核心软硬件强基工程、整机精品工程和应用拓展工程；配套 的保障措施包括：强化统筹协调、加强政策支持和 ...

Investment Rating - The report maintains an "Increase" rating for the companies involved in the brain-computer interface (BCI) industry, specifically recommending companies like Weisi Medical and Xiangyu Medical [5]. Core Insights - The recent "Implementation Opinions" issued by the Ministry of Industry and Information Technology and other ministries focus on five key tasks and three major projects aimed at accelerating the development of the BCI industry, with goals set for 2027 and 2030 [1][2]. - By 2027, the report anticipates achieving international advanced levels in electrodes, chips, and complete machines, as well as establishing 2-3 industrial development clusters [1]. - By 2030, the aim is to cultivate 2-3 global leading enterprises and build a competitive industrial ecosystem [1]. Summary by Sections Key Tasks and Projects - The five key tasks outlined include strengthening foundational software and hardware, creating high-performance products, promoting the application of technological achievements, expanding innovative entities, and enhancing industrial support capabilities [2]. - The three major projects consist of core software and hardware foundational projects, high-quality complete machine projects, and application expansion projects [2]. Local Action Plans - Local governments, such as Beijing and Shanghai, have introduced action plans to develop the BCI industry, with Beijing aiming to form an initial industrial ecosystem by 2030 and Shanghai targeting the completion of over five invasive and semi-invasive BCI products by 2027 [3]. - Sichuan Province plans to cultivate 10 leading enterprises and 200 innovative SMEs by 2030, with a target of performing 3,000 invasive BCI surgeries annually [3]. Product Development and Clinical Trials - The report notes that non-invasive BCI products are progressing rapidly, with several companies expected to receive approvals for their products in the second half of the year [4]. - Companies like Brain Tiger Technology and Ladder Medical are leading in the clinical trial progress for invasive and semi-invasive BCI products [4]. Investment Recommendations - The report recommends investing in companies that have early layouts in BCI products, such as Xiangyu Medical and Weisi Medical, while also suggesting attention to other companies like Chengyitong and Aipeng Medical [4].

Core Viewpoint - The brain-computer interface (BCI) sector is experiencing significant growth, driven by advancements from companies like Neuralink and recent breakthroughs in China, indicating a potential commercialization of BCI technology in the near future [2][4][5]. Group 1: Neuralink Developments - Neuralink has showcased its latest research and product development, with 7 participants currently using the device for an average of 50 hours per week, peaking over 100 hours [2]. - The company plans to implant devices in the speech cortex by the end of 2025 to decode silent speech from brain signals, and aims to increase electrode channels to 3,000 by 2026 to explore restoring vision [2][3]. - By 2028, Neuralink anticipates implanting over 25,000 electrodes to address mental health issues and explore integration with AI, potentially allowing humans to control robots directly [3]. Group 2: Market Potential and Growth - The global BCI market is projected to grow from $2.62 billion in 2024 to approximately $12.4 billion by 2034, with a compound annual growth rate (CAGR) of 17.35% [4]. - The BCI technology is recognized as one of the most disruptive technologies of the 21st century, with expectations for a surge in medical product applications over the next 5 to 10 years [4]. Group 3: Domestic Developments in China - Recent successful trials in China, including the first invasive BCI-assisted rehabilitation for a stroke patient, highlight the rapid advancement of BCI technology towards commercialization [4]. - The "Beijing Brain Institute" has developed a flexible, high-throughput, semi-invasive BCI system that has entered clinical trials, marking significant progress in the field [4]. Group 4: Industry Insights - The domestic BCI industry is benefiting from technological breakthroughs and supportive government policies, which are expected to accelerate the commercialization process [5]. - BCI products are categorized into non-invasive and invasive types, with non-invasive products leading in commercialization, while invasive products are still in clinical research stages [6]. - Despite the promising outlook, the BCI industry faces challenges related to safety, regulatory approval, and the need for foundational research [6][7].

Group 1: Industry Overview - Brain-computer interface (BCI) technology is advancing rapidly due to breakthroughs in artificial intelligence, neuroscience, and sensing technologies [1] - The Sichuan Provincial Economic and Information Technology Department has launched a plan to develop BCI products, aiming to complete the R&D of 3 invasive and 5 non-invasive BCI products by 2027 [1] - The plan also targets to serve over 50,000 medical patients annually by 2027 and to establish Sichuan as a national leader in BCI and human-computer interaction by 2030 [1] Group 2: Non-Invasive BCI Applications - Non-invasive BCI technology is expected to significantly improve the early diagnosis and treatment efficiency of Alzheimer's disease [2] - The technology aims to manage chronic diseases in the elderly through early screening and outpatient rehabilitation [2] - A project named "Swan Lake" has been developed for community-based early screening and non-drug interventions for mild cognitive impairment (MCI) [2][3] Group 3: Research Findings - Research involving over 3,000 elderly participants has shown that MCI patients exhibit abnormal frequency bands and network patterns [3] - Non-invasive BCI screening can achieve over 90% sensitivity using just 4 electrodes in a 5-10 minute test, enhancing the efficiency of MCI screening [3] - Non-invasive BCI techniques like transcranial magnetic stimulation (TMS) and transcranial electrical stimulation (TES) are being explored for outpatient rehabilitation of MCI [3] Group 4: Invasive BCI Innovations - Invasive BCI technology has achieved a breakthrough in the surgical treatment of gliomas, marking a significant advancement in neurosurgery [5][6] - The technology allows for real-time analysis of brain signals to differentiate tumor tissue from normal brain tissue, improving tumor resection rates [6] - The first successful application of invasive BCI technology for glioma surgery in China has been reported, showcasing its potential to enhance surgical outcomes [6][7] Group 5: Future Prospects - Invasive BCI technology not only maximizes safe tumor removal but also predicts tumor recurrence, potentially extending patient survival [7] - The industry is awaiting the development of mature products and technologies that could lead to transformative changes in medical practices [7]

Market Overview - The A-share market showed a mixed performance last week, with the Shanghai 50 and ChiNext Index rising by 1.22% and 1.38% respectively, indicating stable performance in blue-chip and growth stocks, while the Sci-Tech 50 fell by 1.10% and the CSI 500 and CSI 1000 experienced slight pullbacks, reflecting weaker performance in small-cap stocks [1] - In terms of industry sectors, beauty care, automotive, and transportation sectors led the gains, each rising over 2%, while sectors like computing, defense, and media showed relatively weaker performance [3] Key Industry News - The brain-computer interface (BCI) sector is gaining attention, with the establishment of China's first clinical and translational BCI ward at Beijing Tiantan Hospital on May 17. This initiative aims to advance research, clinical trials, and technology transfer in BCI, potentially enhancing market recognition and commercialization of non-invasive BCI products by 2025 [4] Market Outlook - The market is currently in a phase of adjustment, with trading volume remaining around 1 trillion, and major indices have broken below the 5-day moving average. The focus will be on whether the market can regain momentum and volume to surpass this level [5] - Recent regulatory changes in merger and acquisition policies by the China Securities Regulatory Commission aim to enhance the restructuring market, which may lead to increased activity in this area [5] - Economic indicators released on May 17 show positive trends in consumption, investment, and industrial production, with excavator sales up 17.6% year-on-year in April, indicating a robust recovery in the construction sector [6][7] - The Tianjin government has launched an action plan to promote AI innovation from 2025 to 2027, targeting breakthroughs in key technologies and significant revenue growth in the AI sector [7] Strategic Focus - The market is expected to see structural opportunities, particularly in hard technology mergers and acquisitions, consumer sectors supported by domestic demand strategies, and improvements in the non-ferrous metals sector [8]

1. Report Industry Investment Rating No relevant information provided in the text. 2. Core View of the Report - In the current market context, increasing the allocation of convertible bonds related to popular themes may be the key action for the portfolio to achieve excess returns. Although overseas tariff factors disrupt the domestic economic recovery process and the profit side of listed companies may not recover rapidly in the short term, after the end of the intensive performance disclosure period in May, the previous negative factors have been gradually priced in. The government has released liquidity to support the economy and the securities market. It is expected that the market will likely show characteristics of increasing risk appetite, and the valuation side will be the main support for the strengthening of the market [2][6]. - To benefit from the increase in the market valuation level, it is advisable to appropriately increase the allocation of convertible bonds related to themes. Although the profit side of some theme - related convertible bonds has not yet reached an inflection point, stock pricing often leans towards future long - term growth. The negative factors on the profit side of some targets have been fully priced in by the market in the early stage, and investors tend to give a higher valuation premium to stocks related to new productive forces. Therefore, under the current background, convertible bonds related to popular themes are more cost - effective in creating excess returns [2][9]. - By analyzing the excess return performance of the CSI 2000 and the Wind AA - rated and below index from 2020 to the present, it is found that when the market trading volume exceeds 1.5 trillion yuan, the CSI 2000 shows relatively obvious excess returns compared to the Wind All - A Index in the stock dimension, and the trend is more obvious in the convertible bond dimension. Convertible bonds related to popular themes are more characteristic of small - cap stocks and low - rated convertible bonds, and are more likely to create excess returns when the trading volume recovers [2][9]. - Relevant convertible bonds can be mined by combining annual reports and public research records. The real economy has been gradually transforming towards new productive forces in recent years. Listed companies will disclose new investment and transformation directions in their annual reports and conduct communication and research activities with the capital market after the disclosure of regular reports. Therefore, the 2024 annual reports and public research records since 2025 are important for mining relevant theme - related convertible bonds [2][13]. 3. Summary by Directory 3.1 Wind Risk Preference Recovery, Theme - Related Convertible Bonds May Be the Key to Winning Excess Returns in the Future Market - The current market trading volume has gradually recovered since early April. After the end of the performance disclosure period, the previous negative factors have been priced in, and the government's liquidity release is expected to drive the market risk preference upwards, with the valuation side supporting the market [6][9]. - It is recommended to increase the allocation of theme - related convertible bonds. Some theme - related convertible bonds are more likely to create excess returns due to factors such as future growth expectations and market pricing [2][9]. - Popular themes such as robotics, computing power, Huawei Ascend, HarmonyOS, brain - computer interfaces, and controllable nuclear fusion are analyzed, and relevant convertible bonds are recommended [13]. 3.2 Humanoid Robots - Multiple companies are involved in the humanoid robot field. For example, Keli Convertible Bond (Kedali) focuses on the R & D and production of harmonic reducers and joint modules; Haoneng Convertible Bond (Haoneng Co., Ltd.) is developing high - precision reducers; Lingyi Convertible Bond (Lingyizao) is expanding its business from component supply to assembly and aims to become a robot body assembly manufacturer [18][19][20]. 3.3 Computing Power - Many companies are actively involved in the computing power business. Zhongbei Convertible Bond (Zhongbei Communication) has completed the national business layout of intelligent computing clusters, with an operating computing power scale of over 15,000P and significant revenue growth [32]. 3.4 Huawei Ascend - Haohan Convertible Bond (Haohan Shendu) is exploring AI and large - model applications, and has completed the v1.1 version of the Haohan Morning Star large model, enhancing its capabilities and achieving API interface docking [35]. 3.5 HarmonyOS - CoreHi Convertible Bond (CoreHi Technology) has consolidated its leading position in the HarmonyOS ecosystem, with over 300 business opportunities for HarmonyOS - connected projects and 115 SKUs of products connected [38]. 3.6 Brain - Computer Interfaces - Rongtai Convertible Bond (Rongtai Health) has established a "Brain - Computer Interaction Joint Laboratory" with Shanghai Aoyi Information Technology Co., Ltd. to promote the application of brain - computer fusion technology and bionic manipulators in the intelligent health field [39]. 3.7 Controllable Nuclear Fusion - Guangda Convertible Bond (Guangda Special Materials) is developing and supplying materials related to controllable nuclear fusion, with batch - supply of relevant materials and significant orders [40].