行 业 研 华福证券 这款侧脑室灯笼电极在功能上表现亮眼，在记忆引导决策的动物 实验中，其构建的分类模型预测准确率最高近 98%，显著优于传统皮 层电极，还能捕获更多与记忆、决策相关的神经区域信息。该研究从 植入位置和电极结构双维度创新，为提升侵入式脑机接口长期稳定性 提供了新技术方向，也为获取深部认知相关信息开辟了新路径，其提 出的"脑室通路"概念为脑机接口设计提供新参考，未来该技术还需 在器件优化、人体适配等方面进一步验证。 "十五五"重点赛道，脑机接口市场规模有望快速增长 根据 precedence research，2024 年全球脑机接口市场规模约为 26.2 亿美元，预计 2025 年将达到 29.4 亿美元，到 2034 年有望增长至 124 亿美元，十年间复合年增长率为 17.35%；据工信微报，2024 年中国脑 机接口市场规模为 32.0 亿元，预计到 2028 年将达 61.4 亿元。《中共 中央关于制定国民经济和社会发展第十五个五年规划的建议》提出前 瞻布局未来产业，推动脑机接口等成为新的经济增长点。这些产业蓄 势发力，未来 10 年将再造一个中国高技术产业。 华福证券 建议关注 机械 ...

本文核心数据：脑机接口领域细分市场情况;脑机接口领域侵入式脑机接口分析 1、中国脑机接口行业细分市场情况 脑机接口按照信号采集方式可以通常分为侵入式、半侵入式和非侵入式三大类别。目前侵入式脑机接口 的研究主要集中在开发新型材料以及更精细的电极以提高生物相容性，非侵入式产品研究主要集中在改 进材料以提升电极导电率、改进结构以促进电极与皮肤充分接触。较多公司侧重开发非侵入式产品，涉 及教育和泛娱乐、健康和睡眠辅助等。在侵入式领域内深耕的国内公司为数不多，少量公司正在开发无 创或微创的产品与解决方案，以用来进行脑科学研究、精神与心理疾病筛查，各类神经系统疾病监护、 诊疗与康复。 转自：前瞻产业研究院 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 2、侵入式脑机接口分辨率高 侵入式脑机接口指通过神经外科手术将电极等信号记录装置植入脑内特 ...

2026年开年以来，脑机接口成为市场热点。受Neuralink宣布将于2026年启动设备量产以及国内政策将脑 机接口列为未来产业等消息影响，脑机接口概念股受到资金追捧。三博脑科因其神经专科背景及参与全 球首例介入式脑机接口临床试验，被市场视为核心标的。其在1月5日至8日期间股价累计涨幅一度接近 60%，但随后公司发布公告澄清，目前脑机接口业务仍处于实验性阶段，不会对当前业绩产生较大影 响。概念炒作后股价出现回调，截至2月13日收盘报79.68元，较1月高点回调明显。 公司基本面 经济观察网根据公开信息，三博脑科（301293）(301293.SZ)近期的股价异动主要与脑机接口概念炒 作、公司基本面状况以及重大事件进展等多重因素相关。 股价异动原因 近期事件 2026年2月9日盘后，公司公告董事长张阳被相关部门解除责令候查措施，恢复正常履职。该事件自2025 年4月披露以来持续对市场情绪构成压制，此次解除有助于缓解投资者对公司治理稳定性的担忧。公告 次日(2月10日)股价企稳，并在2月13日主力资金净流入1.75亿元，推动单日上涨4.08%。 资金面情况 根据2025年三季报，公司营业总收入12.73亿元，同比 ...

Industry Overview - The pharmaceutical and biotechnology sector increased by 0.14% this week, ranking 15th among 31 primary industries in the Shenwan index, outperforming the CSI 300 index by 1.47 percentage points, which fell by 1.33% [2] - The medical services sub-sector reported a rise of 1.31%, while traditional Chinese medicine and medical commercial sectors also saw increases of 2.56% and 0.57%, respectively [2] Company Performance - Top-performing companies in the medical services sector included Meidisi (+18.0%), Tongce Medical (+8.1%), and NuoSiGe (+5.7%), while underperformers included Haoyuan Pharmaceutical (-6.2%) and Baicheng Pharmaceutical (-4.5%) [3] - CXO-related companies experienced significant pullbacks [3] Valuation Metrics - The medical services sector's price-to-earnings (PE) ratio is currently at 34.43X, with a one-year maximum of 41.13X and a minimum of 28.46X; the price-to-book (PB) ratio stands at 3.49X, with a one-year maximum of 4.00X and a minimum of 2.48X [5] - The PE ratio increased by 0.56X and the PB ratio by 0.06X compared to the previous week [5] Regulatory Developments - The National Health Commission approved a pilot program for internet-based first consultations in Beijing, focusing on pediatric specialties, which marks a significant regulatory advancement for internet healthcare in major cities [6] - This initiative is expected to enhance online medical services and provide new market opportunities for private healthcare providers [6] Investment Recommendations - The report maintains a "buy" rating for the medical services industry, suggesting a focus on high-growth areas such as ADC CDMO and weight-loss drug supply chains, as well as companies with improving profit expectations like Aier Eye Hospital and Dean Diagnostics [7] - The report emphasizes the importance of a multi-tiered payment system and the resilience of medical demand in stabilizing the industry [7]

智通财经APP获悉，浙商证券发布研报称，马斯克旗下Neuralink首款产品Telepathy预计在今年量产，目 前超10000人申请体验。Neuralink现估值超90亿美金，公司愿景是增加沟通带宽，提高交流效率，联接 人脑与AI。在未来，假设交流带宽将成为生物与技术之间的瓶颈，普通人将通过脑机接口实现与AI的 交流和复杂机械的操控。政策端，我国脑计划十年规划(2021-2030)进入下半场关键落地期，脑机接口成 为新质生产力未来产业之一，迎政策东风。建议关注脑机接口与大模型、具身智能技术深入融合。 浙商证券主要观点如下： Neuralink的首款产品Telepathy(心灵感应)预计在今年量产，目前超10000人申请体验 Telepathy聚焦"大脑功能正常，但运动/交流通路断裂"的重症群体，例如脊髓损伤、渐冻症患者。量产 的三个重要条件——N1性能提升、手术安全性提升、成本降低：1)预计2026年N1设备电极数量从1000 个增加到3000个，提升神经信号的接收量。2)针对手术流程，未来将直接穿过包裹大脑的硬脑膜植入电 极线的技术，可降低手术的侵入性，减少风险，降低感染隐患。3)第二代设备将电极植入速度 ...

Group 1 - The core viewpoint of the article highlights the increasing investment and research activity in the brain-computer interface (BCI) industry in China, with a focus on key companies and patent trends [1][4][5] Group 2 - The research and development investment in the BCI industry by listed companies in China is steadily increasing from 2020 to 2024, indicating a strengthening of R&D efforts [1] - The number of patent applications in China's BCI industry showed a steady growth trend, peaking at 258 applications in 2021, followed by a decrease to 209 applications in 2024 [4] - Tianjin University is identified as the leading patent applicant in the BCI sector, with a total of 126 related patents, followed by South China University of Technology and Xi'an Jiaotong University with 80 and 78 patents respectively [5][7] - The most popular technology patents in the BCI industry are in the category of electrical digital data processing (G06F), with a total of 1,013 patents, followed by diagnostic and surgical technologies (A61B) with 712 patents, and specific computing models (G06N) with 313 patents [8]

Core Viewpoint - Several companies are engaging in significant transactions, including acquisitions, share repurchases, and performance disclosures, indicating active market movements and strategic adjustments in response to industry conditions [1][2][4][5][6][7][8][9]. Group 1: Acquisitions and Mergers - Efort plans to acquire 100% of Shengpu shares through a combination of share issuance and cash payments, with the transaction expected to enhance business scale and profitability [2]. - Hainan Mining intends to purchase 69.90% of Fengrui Fluorine Industry through share issuance and cash payments, aiming to expand its strategic resource portfolio [9]. - China National Aviation has received approval for a private placement of A-shares, facilitating its capital raising efforts [10]. Group 2: Share Repurchases - Huatai Medical plans to repurchase shares at a price not exceeding 315 CNY per share, with a total repurchase amount between 150 million and 200 million CNY [4]. - Electric Connection Technology aims to repurchase shares for employee stock ownership plans, with a budget of 100 million to 200 million CNY [4]. - Gaweida intends to repurchase shares with a total budget of 30 million to 35 million CNY, aimed at reducing registered capital [4]. Group 3: Performance Reports - Dongwei Technology reported a 2025 net profit increase of 86.81% year-on-year, driven by growth in PCB equipment orders [6]. - Weimais reported a 39.22% increase in net profit for 2025, attributed to the growth in the domestic electric vehicle market [6]. - Qianjin Pharmaceutical's net profit grew by 24.74% in 2025, supported by stable revenue from core industrial enterprises [7]. Group 4: Regulatory and Compliance Issues - Cuihua Jewelry is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [5]. - ST Energy is facing a potential change in control due to share pledges, leading to a trading suspension [12]. Group 5: Investment Projects - Yuanjie Technology plans to invest approximately 12.51 billion CNY in a semiconductor chip and device R&D production base [19]. - Mengguoli intends to invest 9.29 billion CNY in a lithium-ion battery cathode material project, with the first phase already approved [12]. - Optoelectronics plans to issue convertible bonds to raise up to 13.8 billion CNY for expansion projects [17].

Group 1 - Jinwei Co., Ltd. plans to acquire 100% equity of Fusheng Mining for 210 million yuan, which will become a wholly-owned subsidiary and included in the consolidated financial statements [2] - Mengguli intends to invest 929 million yuan to build a project with an annual production capacity of 30,000 tons of lithium-ion battery cathode materials, expected to produce 5,000 tons of high-voltage cobalt acid lithium, 10,000 tons of NCA materials, and 15,000 tons of ultra-high nickel ternary materials [2] - Xiamen Tungsten plans to acquire 39% equity of Jiujiang Dadi Mining, which will help increase mineral resource reserves and improve raw material self-sufficiency [3] Group 2 - Andavil's subsidiary received EASA certification for its aviation kitchen plug-in products, marking compliance with European aviation safety standards [2] - CIMC Vehicles disclosed that the US ITC made a preliminary ruling on anti-subsidy and anti-dumping investigations regarding Van-Type Trailers, indicating potential damage to the US domestic industry [4] - Source Technology plans to invest approximately 1.251 billion yuan to build a second phase project for the R&D and production of optoelectronic communication semiconductor chips and devices [9] Group 3 - Zhongmin Energy intends to acquire 51% equity of Mintou Pumped Storage for 864 million yuan, with the transaction price based on asset evaluation [10] - Ningbo Yunsheng plans to publicly issue H-shares and apply for listing on the Hong Kong Stock Exchange [11] - Wenkai Co., Ltd. won a bid for a landscape project worth 50.8162 million yuan [12] Group 4 - China Merchants Shekou achieved a signed sales amount of 7.674 billion yuan in January 2026 [16] - AVIC Optoelectronics reported a net profit of 2.124 billion yuan for 2025, a year-on-year decrease of 36.69% [17] - Tiankang Bio reported a sales revenue of 392 million yuan from pig sales in January 2026, with a month-on-month increase of 6.23% [18] Group 5 - Poly Developments reported a signed amount of 15.617 billion yuan in January 2026, a year-on-year decrease of 13.31% [19] - Chengtou Holdings reported a net profit of 290 million yuan for 2025, a year-on-year increase of 19.67% [20] - Qianjin Pharmaceutical reported a net profit of 288 million yuan for 2025, a year-on-year increase of 24.74% [21]

三博脑科表示，目前，公司正常经营，张阳正常履职。 北京商报讯（记者 丁宁）2月9日晚间，三博脑科（301293）发布公告称，公司于2月8日收到内蒙古自 治区监察委员会签发的《解除责令候查通知书》，相关部门已解除对公司控股股东、实际控制人之一暨 董事长张阳的责令候查措施。 ...

证券日报网讯2月9日，三博脑科（301293）发布公告称，公司于2026年2月8日收到内蒙古自治区监察委 员会签发的《解除责令候查通知书》，相关部门已解除对张阳先生的责令候查措施。目前，公司正常经 营，张阳先生正常履职。 ...