丨证券研究报告丨 请阅读最后评级说明和重要声明 行业研究丨点评报告丨软件与服务 [Table_Title] Neuralink 发布重大突破，关注脑机接口迭代进 展 %% %% 报告要点 %% %% [Table_Summary] 当地时间 6 月 27 日，马斯克旗下脑机接口公司 Neuralink 发布了一段长达一小时的视频，展示 了他们最新的研究成果及产品发展方向。此次，作为世界领先的脑机接口企业，Neuralink 试验 的实际进展展示了脑机接口的可能性，其未来规划有望明确产业发展方向，并加速脑机接口大 规模商业化落地进度。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。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 1 软件与服务 cjzqdt11111 [Table_Title Neuralink 发布重大突破，关注脑机接口迭代进 2] 展 [Table_Summary2] 事件描述 当地时间 6 月 27 日，马斯克旗下脑机接口 ...

以下文章来源于创业板观察 ，作者宋子乔 创业板观察 . 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息， 提供有价值的市场资讯。 当地时间6月27日，马斯克带领Neuralink 脑机接口团队举行了一场持续1小时的发布会，展 示了最新进展以及三年路线图。 据介绍，目前Neuralink的受试者已经达到7人， 其中涵盖4名脊髓损伤患者与3名肌萎缩侧索 硬化症（ALS）患者，受试者们平均每周使用设备时长约50小时，峰值超100小时，几乎只要 是清醒的时间都在用。 通过Neuralink的"心灵感应"（Telepathy）产品，他们能够通过脑信号控制玩《马里奥赛 车》《使命召唤》等游戏，甚至用意念操控机械臂写字，与外界重新建立交互。 Neuralink目前已形成三大产品线（如下），受试者使用时长延长是脑机接口技术从实验室概 念迈向临床实用化的关键跨越。 心灵感应（Telepathy）： 针对运动障碍患者，64通道设备已实现意念操控电子设 备与机械臂，Alex案例中展现的特斯拉机械手协同操控，标志着其技术已触及神经 假肢的实用化临界点； 2026年：将电极通道/数量增加到30 ...

Core Insights - The international collaborative space science satellite "Einstein Probe" (EP) led by the Chinese Academy of Sciences has made a significant breakthrough by successfully capturing a fleeting cosmic X-ray signal designated as EP240414a, providing a new perspective on the process of stellar death [1] Group 1 - The research findings will be published in the international academic journal "Nature Astronomy" on June 26, 2025 [1]

该行持续强化区域和要素市场服务，深化与北京绿交所、上海环交所等战略合作，创新推出"碳排放权 质押""CCER质押""生态产品价值（GEP）质押"贷款等特色产品，创新性地以"GEP质押"融资模式，支 持世界自然遗产条子泥湿地修复项目建设，为东亚-澳大利亚候鸟迁徙提供了良好栖息地环境。 6月25日，在亚洲基础设施投资银行（简称"亚投行"）十周年年会上，江苏银行（600919）与亚投行合 作签署《自然金融倡议合作意向书》，双方将围绕"自然与生物多样性"主题，共同探索开发自然友好型 金融产品，助力美丽中国、美丽江苏建设走深走实。 当前，全球大约一半的GDP产出和超过46亿人的生计都直接或间接依赖于生物多样性，生物多样性丧失 可能引发的物理和转型风险，越来越受到世界各国的广泛关注。据联合国开发署预测，全球每年生物多 样性保护资金缺口高达近万亿美元，迫切需要加快构建自然和生物多样性保护金融体系。作为亚投行 《自然金融倡议》创新合作方，江苏银行将率先与其开展非主权转贷合作，这一非主权项下的创新合作 模式，既顺应国际绿色金融发展大势，又紧扣美丽中国建设重点任务；既为美丽江苏建设引资，更为生 物多样性融资育智。 战略引领：锚定 ...

2016年，《优秀的绵羊》中文版引进出版。近日，中信出版集团推出了《优秀的绵羊》10周年纪念版。十年过去了，美国精英高等教育的这一现 象的现状如何？智通财经采访了威廉·德雷谢维奇。 2008年，威廉·德雷谢维奇决定辞去自己在耶鲁大学的终身教职，他是这所常春藤名校的英文教授。此前的24年，毕业于哥伦比亚大学的他一直在 常春藤盟校求学、任职。 在离开耶鲁之际，他发表了《精英教育的劣势》（The Disadvantage of an Elite Education）一文，指出美国精英高等教育已经陷入误区，这套系统 培养的学生，聪明、有天分、斗志昂扬，但同时又充满焦虑、胆小怕事、对未来一片茫然。这篇文章引起了广泛关注，短短几周内，阅读量就突 破了十万次。 此后，他持续关注这一议题，去美国各地大学演讲，与大学生们交流，并在2014年推出了《优秀的绵羊》（Excellent Sheep）一书。在书中，他将 美国精英高等教育培养出来的这类学生形容成"优秀的绵羊"，并详细分析了"绵羊"的特质和现状、名校的选拔机制、精英家庭的养育以及可能的 出路。该书出版后，在美国社会引起了广泛争议，成为主流媒体争相报道的话题。 智通财经：再 ...

区块链技术凭借其去中心化、不可篡改、可追溯等特性，正在多个领域引发深刻变革。以下是其核心应 用场景及典型案例的梳理。北京木奇移动技术有限公司，专业的软件外包开发公司，欢迎洽谈合作。 一、金融领域 1. 跨境支付与清算 区块链通过分布式账本技术实现跨境交易的实时结算，显著降低传统SWIFT网络的中介成本和时间延 迟。例如Ripple、R3等区块链联盟已推动跨境汇款效率提升至分钟级。 2. 数字货币与支付结算 央行数字货币（如中国的DC/EP）采用双层运营体系，结合区块链技术实现货币流通的可控匿名性和高 效清算。此外，区块链支持智能合约自动执行支付条件，减少人为干预风险。 3. 保险与征信 区块链的"时间戳"技术可解决保险理赔中的倒签保单问题，而智能合约可实现自动理赔（如车险定损后 即时赔付）。在征信领域，区块链整合多源数据构建可信信用档案，减少欺诈行为。 二、供应链与物流管理 1. 商品溯源 区块链支持跨部门数据安全共享，例如重庆的"山城链"实现政务数据互通，合肥的BaaS平台推动重要产 品追溯体系。在身份认证场景，区块链可减少重复提交材料的繁琐流程。 四、版权与知识产权保护 1. 数字内容确权 区块链为音乐、 ...

Group 1: Core Perspectives - The global financial system is undergoing profound changes since the establishment of the Bretton Woods system in 1944, transitioning from a unipolar to a multipolar governance model [3] - The dominance of the US dollar is being challenged by unilateral US policies, prompting a need for reform in international institutions to reflect the economic weight of emerging markets [3][4] - The internationalization of the Chinese yuan is progressing, but full convertibility will require more time [3][4] Group 2: Institutional Reform - The reduction of US funding to multilateral institutions is pushing organizations like the World Bank to adopt mixed financing models to address infrastructure gaps in developing countries [4] - The Asian Infrastructure Investment Bank (AIIB) has successfully implemented 132 projects across 47 countries, with 38% involving private sector investment [4] - Suggestions for the International Monetary Fund (IMF) include expanding the Special Drawing Rights (SDR) basket to enhance representation and developing a super-sovereign currency based on SDR [4] Group 3: Regional Practices - The Regional Comprehensive Economic Partnership (RCEP) has led to a 90% zero-tariff ratio on goods traded among member countries, solidifying Asia's role in the global supply chain [6] - AIIB is collaborating with ASEAN to establish a $10 billion green infrastructure fund, focusing on cross-border electricity and low-carbon technology transfer [6] - The introduction of digital currencies, such as China's digital yuan, is being tested in ASEAN countries, creating a "digital currency corridor" that may support a future multi-currency system [6]

Core Insights - The article emphasizes the importance of reading specific books in one's twenties to make informed life decisions and avoid common pitfalls [1] Group 1: Recommended Books - "Models" by Mark Manson discusses the importance of honesty in dating and relationships, providing insights applicable to all individuals regardless of gender or sexual orientation [2] - "Stillness is the Key" by Ryan Holiday focuses on creating mental calmness in a noisy world, emphasizing the need to cultivate a mindset that is independent of external influences [5] - "The Psychology of Money" by Morgan Housel highlights the significance of financial literacy and planning, stressing that understanding money management early in life leads to better living conditions [9] - "Why We Sleep" by Matthew Walker underscores the critical role of sleep in maintaining health, arguing that prioritizing sleep is essential for overall well-being [12][13] - "Four Thousand Weeks" by Oliver Burkeman explores the relationship between efficiency and time, encouraging readers to reflect on their true desires and the importance of balancing work and life [16]

Core Viewpoint - The licensing rules and dispute governance of Standard Essential Patents (SEPs) are a focal point in the global intellectual property landscape, impacting innovation and the collaborative development of global industrial chains [1] Group 1: Regulatory Trends - The National Market Regulatory Administration of China issued the "Antitrust Guidelines for Standard Essential Patents" in November 2024, reflecting a policy direction that balances innovation encouragement and anti-monopoly measures [1] - Global SEP licensing regulatory policies are showing differentiated trends, providing valuable experiences for optimizing China's SEP governance system [1][2] - Experts believe that SEP policies will become more complex and competitive, with regulatory tools becoming more refined, focusing on licensing fee calculations, necessity reviews, and transparency [2] Group 2: Impact on Innovation - The SEP regulatory policy changes in major countries have varied, with the EU attempting to establish a governance framework but ultimately retracting due to disputes, while the US remains in a state of flux [3] - The relationship between SEP regulation and innovation is complex, with empirical data insufficient to determine whether regulation promotes or suppresses innovation [3] - Strong regulation and excessive intervention in the SEP licensing market could undermine innovation incentives, emphasizing the need for honest negotiations and a focus on protecting rights and promoting innovation [3][5] Group 3: Judicial and Market Dynamics - China has become a preferred venue for SEP litigation, with many cases settling but a lack of impactful rulings, indicating a need for improved litigation efficiency and mechanisms [6] - Different judicial regions are competing for SEP litigation, with the UK and Germany adopting contrasting approaches that reflect their respective stances towards rights holders and implementers [6] - The complexity of SEP disputes necessitates a comprehensive rule system that addresses all stages of the SEP lifecycle, from research and development to dispute resolution [11] Group 4: Industry Perspectives - The relationship between SEP governance and market dynamics is critical, with a need for a balanced approach that respects both rights holders and implementers [12] - The role of innovation in SEP governance is emphasized, with the need for policies that support technological advancement while avoiding excessive reliance on legal or regulatory measures [5][9] - The importance of market-driven solutions for SEP disputes is highlighted, advocating for flexible tools like mediation and industry associations to resolve conflicts [12]

Core Viewpoint - The article discusses the significant negative impact of the U.S. tariff policy on global trade and economic growth, highlighting the resulting uncertainty and its effects on various economies [4][5][7]. Group 1: Impact on Global Economy - The U.S. tariff policy has been described as a "major negative shock" to the world economy, with the International Monetary Fund (IMF) lowering its global growth forecasts for 2025 and 2026 to 2.8% and 3% respectively, down by 0.5 percentage points from earlier predictions [5][6]. - The IMF noted that the actual tariff levels have reached the highest in a century, contributing to increased uncertainty and negatively affecting economic activities and prospects globally [5][6]. - Concerns have spread globally, with representatives from various regions expressing worries about the adverse effects of U.S. tariffs on both developed and developing economies [5][6]. Group 2: Effects on U.S. Economy - The IMF has projected that the U.S. economic growth will slow to 1.8% this year, a reduction of 0.9 percentage points from previous forecasts, primarily due to policy uncertainty and weakened demand [7][8]. - Former U.S. Treasury Secretaries have indicated a significant increase in the likelihood of a recession in the U.S. as a result of the tariff policies [7][8]. Group 3: Long-term Consequences - The article emphasizes that the U.S. tariff policy could lead to long-term structural damage to the global economy, potentially stalling innovation and hindering sustainable development efforts [8][9]. - The uncertainty created by the tariffs is causing investors to hesitate, leading to a decline in consumer confidence and spending [8][9]. Group 4: China's Position - In contrast to the U.S. approach, China is portrayed as a "certainty oasis," actively expanding its global trade partnerships and maintaining stable economic growth, with a reported GDP growth of 5.4% in the first quarter [12][13]. - China's efforts to establish high-standard free trade agreements and create a favorable business environment are seen as strategies to counteract the negative impacts of U.S. tariffs [12][13].