转自：前瞻产业研究院 1、中国脑机接口行业科研投入增加 从企业科研投入情况来看，目前脑机接口产品代表性企业均为非上市公司。因此以下选取有脑机接口相 关布局的上市企业研发投入情况进行分析，供参考。从研发力度来看，2020-2024年，行业相关上市企 业研发投入支出规模稳步增长，可见研发力度持续加强;从研发强度来看，行业相关上市企业中，科大 讯飞的研发强度最高，近三年均在15%以上。 以下数据及分析来自于前瞻产业研究院脑机接口研究小组发布的《全球及中国脑机接口（BCI）行业发 展前景展望与投资机遇分析报告》。 行业主要上市公司：翔宇医疗(688626)、岩山科技(002195)、科大讯飞(002230)、伟思医疗(688580)、爱 朋医疗(300753)、三博脑科(301293)、创新医疗(002173)等 本文核心数据：脑机接口行业研发现状分析;脑机接口行业热门申请人分析;脑机接口行业热门技术专利 分析 从专利热门申请人来看，截至2025年年底，我国脑机接口行业热门申请人为天津大学，共有126项脑机 接口相关专利;其次是华南理工大学和西安交通大学，分别有80项和78项脑机接口相关专利。 | 申请人 | | 专 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the pharmaceutical sector, including Innovent Biologics, Efang Biologics, Tianshili, WuXi AppTec, and Mindray Medical [4][28]. Core Insights - The policy-driven upgrade of traditional Chinese medicine (TCM) industry is expected to enhance industry concentration in the medium to long term, benefiting companies with strong quality control and innovative capabilities [2][24]. - The implementation plan for high-quality development of the TCM industry aims to establish a collaborative development system by 2030, focusing on raw material supply, innovation, production quality control, and internationalization [2][23]. - The investment strategy emphasizes the importance of clinical value in the pharmaceutical sector, recommending a focus on innovative drugs and high-end medical devices [3][26]. Summary by Sections Market Review - The A-share pharmaceutical index rose by 0.14%, outperforming the CSI 300 index by 1.47 percentage points [1][16]. - The Hong Kong Hang Seng Medical Health Index fell by 1.41%, but still outperformed the Hang Seng Index by 1.65 percentage points [1][16]. Policy Insights - The Ministry of Industry and Information Technology and other departments issued a plan to enhance the TCM industry, which includes fostering leading enterprises and establishing high-standard raw material production bases [2][24]. - The plan emphasizes digitalization and sustainability, aiming to raise compliance standards and accelerate the exit of smaller companies from the market [2][25]. Company Updates - Recent clinical progress includes the NDA submission for HRS-9531 by Heng Rui Medicine and the initiation of clinical trials for various drugs by other companies [1][31][32]. - Key companies such as Yunnan Baiyao, Baiyunshan, and Taiji Group are highlighted for their strong positions in raw material supply [2][25]. Financial Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Innovent Biologics projected to have an EPS of 0.49 in 2025 and WuXi AppTec expected to reach an EPS of 5.07 in the same year [4][28]. - The pharmaceutical manufacturing industry reported a revenue decline of 1.2% year-on-year for 2025, with total revenue reaching 2,487 billion yuan [51].

证券之星消息，截至2026年2月6日收盘，伟思医疗(688580)报收于55.27元，下跌1.85%，换手率 1.52%，成交量1.46万手，成交额8096.13万元。 2月6日的资金流向数据方面，主力资金净流出1677.83万元，占总成交额20.72%，游资资金净流出6.39 万元，占总成交额0.08%，散户资金净流入1684.22万元，占总成交额20.8%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净占比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-06 | | 55.27 -1.85% | -1677.83万 | -20.72% | -6.39万 | -0.08% | 1684.22万 | 20.80% | | 2026-02-05 | | 56.31 -1.57% | ● 578.63万 | 4.65% | 939.34万 | 7.56% | -1517.98万 | -12.21% | | 2026-02-04 | ...

格隆汇2月4日｜创新医疗短线拉升涨超3%，伟思医疗、佳创视讯涨超1%。消息面上，脑机海河实验室 表示，全国首个"中医脑机接口"装备落地，相关技术已搭载神舟系列载人飞船开展天基实验。 ...

Core Viewpoint - The accessibility industry is emerging as a significant economic growth point in China, transitioning from a welfare-focused sector to a market-driven one, driven by the aging population and the increasing needs of disabled groups [1][2]. Group 1: Industry Definition and Service Objects - The accessibility industry aims to improve, compensate, or replace human functions for groups such as the disabled, elderly, patients, and pregnant women, enhancing their quality of life and promoting social inclusion [1][2]. Group 2: Current Development Status - The market size of China's accessibility industry is projected to grow from 78 billion yuan in 2020 to 140 billion yuan by 2025, with an expected increase to 163 billion yuan by 2026 [2]. Group 3: Industry Chain - The upstream of the accessibility industry includes raw materials like metals, plastics, and electronic components, while the midstream consists of software systems and hardware products, and the downstream applications are found in homes, public buildings, and rehabilitation institutions [3]. Group 4: Development History - The accessibility industry in China has undergone four stages: the embryonic stage (2001-2007), the regulatory stage (2008-2014), the smart transformation stage (2015-2023), and the service ecosystem stage (2024-present) [3]. Group 5: Policy Environment - Recent national policies, such as the "Barrier-Free Environment Construction Law," have established a legal framework for the development of the accessibility industry, enhancing the construction of urban accessibility facilities [4]. Group 6: Competitive Landscape - Major companies in the accessibility software sector include iFlytek, SenseTime, and Tencent, while hardware companies include Yuyue Medical, Kefu Medical, and Shanghai Construction Group, among others [5][6]. - Kefu Medical reported a revenue of 1.496 billion yuan in the first half of 2025, with rehabilitation aids contributing 563 million yuan, accounting for 37.63% of total revenue [7][8]. - Yuyue Medical is a leading supplier of medical consumables, with a focus on rehabilitation care products, generating 234 million yuan in revenue from these products in the first half of 2025 [6]. Group 7: Future Development Trends - The accessibility industry is expected to expand significantly due to the aging population, with a shift from physical accessibility standards to digital, cultural, and social service areas, indicating a trend towards high-value software services and integrated solutions [9][10].

Core Viewpoint - The medical device sector experienced a rise of 0.54% on January 21, with N Aisheren leading the gains, while the Shanghai Composite Index increased by 0.08% and the Shenzhen Component Index rose by 0.7% [1] Group 1: Stock Performance - N Aisheren (code: 920050) closed at 44.04, with a remarkable increase of 175.59% and a trading volume of 141,600 shares [1] - Tianzhihang (code: 688277) saw a rise of 12.38%, closing at 23.88 with a trading volume of 376,500 shares [1] - Xishan Technology (code: 688576) increased by 11.18%, closing at 76.80 with a trading volume of 34,000 shares [1] - Kangzhong Medical (code: 688607) rose by 10.91%, closing at 59.67 with a trading volume of 76,200 shares [1] - Shuoshi Biological (code: 6658889) increased by 9.74%, closing at 84.84 with a trading volume of 70,300 shares [1] Group 2: Capital Flow - The medical device sector saw a net inflow of 300 million yuan from institutional investors, while retail investors experienced a net outflow of 430 million yuan [2] - Major stocks like Sainuo Medical (code: 688108) had a net inflow of 69.18 million yuan from institutional investors, but a net outflow of 44.76 million yuan from retail investors [3] - LePu Medical (code: 300003) had a net inflow of 48.54 million yuan from institutional investors, with a slight net inflow of 0.52 million yuan from retail investors [3]

Core Viewpoint - The recent share reduction plan by a significant shareholder of Weisi Medical raises concerns about the company's current performance and future prospects in the brain-computer interface sector, especially as the company has not yet achieved substantial revenue from its related products [1] Group 1: Shareholder Actions - The shareholder Nanjing Zhida Venture Capital Center plans to reduce its stake in Weisi Medical by up to 2,873,137 shares, which is no more than 3% of the total share capital [1] - Currently, Zhida Venture Capital holds 7.06% of Weisi Medical's shares [1] - This shareholder has previously cashed out over 52 million yuan in the second half of last year [1] Group 2: Business Performance - Weisi Medical's new products in the brain-computer interface field are still in the early stages of market cultivation as of the end of 2025 [1] - The company is primarily focusing on non-invasive technology, which significantly differs from the invasive brain-computer interfaces that are currently leading internationally [1] - The related products have not yet achieved large-scale sales, contributing only a limited amount to the overall revenue [1]

Core Viewpoint - The recent share reduction plan by a significant shareholder of Weisi Medical follows a peak in the company's stock price, raising concerns about the company's future performance and investment potential [2][5]. Financial Performance - Weisi Medical's net profit for the first three quarters of 2025 increased by over 30% year-on-year, reaching 1.02 billion yuan, while revenue grew by 11.58% to 3.26 billion yuan [4]. - The company's gross margin decreased from 74.78% in 2021 to 65.45% in 2024, and net margin fell from 41.28% to 25.49% during the same period [4]. - The stock price saw a significant increase, reaching a high of 72.78 yuan in early 2026, representing a more than 2.7 times increase from the low of 19.46 yuan in September 2024 [3]. Shareholder Actions - Nanjing Zhida Venture Capital, a significant shareholder, plans to reduce its stake by up to 3%, potentially cashing out over 1.7 billion yuan [5]. - Previous reductions by Zhida Venture Capital included a sale of approximately 1.18 million shares, raising at least 52 million yuan [5]. Research and Development - Weisi Medical's R&D investment decreased by 26.15% year-on-year in the first half of 2025, totaling approximately 26.29 million yuan [7]. - The number of R&D personnel dropped from 168 to 139, a decrease of about 17% [10]. - The proportion of R&D investment relative to revenue fell from 18.58% to 12.49% [8]. Project Delays - Several IPO projects, including the "Rehabilitation Equipment Assembly and Debugging Project," have faced multiple delays, with funds being repurposed for working capital [12]. - The company reported surplus funds from completed projects, indicating challenges in project execution [12].

Core Viewpoint - The announcement from Weisi Medical (688580.SH) reveals that shareholder Nanjing Zhida Venture Capital Center plans to reduce its stake in the company by up to 2,873,137 shares, representing a maximum of 3% of the total share capital, without significantly impacting the company's governance or operational stability [1][2]. Shareholder Reduction Plan - Nanjing Zhida Venture Capital intends to reduce its holdings through two methods: a maximum of 957,712 shares via centralized bidding (1% of total shares) and up to 1,915,425 shares through block trading (2% of total shares), both within three months after 15 trading days from the announcement date [1][2]. - The total cash-out from the planned reduction is approximately ¥180,605,391.82, based on the closing price of ¥62.86 per share on January 16 [2]. Company Background - Weisi Medical was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 21, 2020, with an initial issuance of 17.0867 million shares at a price of ¥67.58 per share, raising a total of ¥1.155 billion [2]. - The net proceeds from the fundraising amounted to ¥1.063 billion, exceeding the original plan by ¥596 million, which was intended for various projects including R&D and marketing [2]. Shareholder Structure - As of the announcement date, Nanjing Zhida Venture Capital held 6,758,338 shares, accounting for 7.06% of the total share capital, and is in a concerted action relationship with the company's actual controller, Wang Zhiyu [2][4]. - Wang Zhiyu is the executive partner of Nanjing Zhida Venture Capital and holds Canadian permanent residency [4]. Dividend Distribution - The company plans to distribute a cash dividend of ¥1.5032 per share (including tax) and to increase the share capital by 4 shares for every 10 shares held, based on the total share capital after accounting for repurchased shares [4][5]. - The total cash dividend distribution is expected to be approximately ¥102,194,339.48 (including tax), with the adjusted per-share cash dividend amounting to ¥1.5058 [5].

Group 1: Important Market News - The People's Bank of China and the National Financial Regulatory Administration announced that the minimum down payment ratio for commercial housing loans is adjusted to no less than 30% [1] Group 2: Industry Insights - Domestic commercial aerospace companies are advancing their IPO processes, with China Aerospace Science and Technology Corporation's subsidiary, Zhongke Yuhang, changing its listing guidance status to acceptance. The company aims to become the first commercial aerospace stock in China [2] - The satellite communication industry is projected to reach a market size of 200 to 400 billion yuan by 2030, with an annual compound growth rate of 10% to 28%. This sector is transitioning from "concept validation" to "scale application," driven by technological maturity and cost reduction [2] - Major internet companies in China, including Alibaba, ByteDance, and Tencent, are intensifying competition in AI application products. Alibaba's newly launched Qianwen APP aims to serve as a personal AI assistant, integrating various services within its ecosystem [3][4] - Alibaba's Qianwen APP achieved over 10 million downloads within seven days of its launch, making it the fastest-growing AI application, directly competing with ByteDance's Doubao [4] - The brain-computer interface sector is gaining traction, with significant investments and advancements. A startup, Merge Labs, raised $252 million in seed funding, indicating strong interest in this technology [5][6] - The global market for brain-computer interface medical applications is expected to reach $40 billion by 2030 and $145 billion by 2040, highlighting its potential in treating neurological disorders [6] Group 3: Company Updates - Rongbai Technology is under investigation by the China Securities Regulatory Commission for misleading statements regarding a major contract [7] - San Da Membrane announced a plan to reduce its shareholding by up to 996,040 shares, representing no more than 3% of its total share capital [7] - He Shi Eye Hospital's shareholder plans to reduce its stake by up to 310,610 shares, accounting for 1.97% of the total share capital [7] - Jinke Environment reported a planned reduction of up to 102,520 shares by a significant shareholder, representing 0.83% of the total share capital [7] - Wei Si Medical announced a plan to reduce its shareholding by up to 287,310 shares, which is 3% of its total share capital [8] - Sifangda's controlling shareholder plans to reduce its stake by up to 483,150 shares, while other executives also plan to sell portions of their shares [8] - Chuhuan Technology reported a planned reduction of up to 239,560 shares by its significant shareholders [8]