Zhongzheng Investment Information Files Prospectus on December 17, Highlighting Breakthroughs in Brain-Computer Interface and AI Technologies

Source: China Securities Jinniu Post

【CSC Headlines】

Reshaping Human-Computer Interaction: Brain-Computer Interface Enters Clinical Trial Stage

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Report: The Center for Excellence in Brain Science and Intelligence Technology of the Chinese Academy of Sciences held a press conference on December 17 to announce the progress of clinical trials for invasive brain-computer interface applications in daily life scenarios. Researcher Zhao Zhengtuo and Li Xue's team from the center, in collaboration with Huashan Hospital affiliated with Fudan University and related enterprises, have completed three clinical trials of invasive brain-computer interfaces this year. This marks China as the second country globally to enter the clinical trial stage for invasive brain-computer interface technology. Based on the successful validation and data accumulation from the clinical trials, the team recently released an "upgraded version" (WRS02) of the first-generation high-throughput wireless invasive brain-computer interface system (WRS01). It was revealed that the first prospective clinical trial of WRS02 is planned to be conducted in the near future.

Comment: Brain-computer interface technology is accelerating from laboratories toward commercial applications, with the healthcare sector set to become the core growth driver. China has designated brain-computer interfaces as a key future industry development direction, and the "15th Five-Year Plan" explicitly states the promotion of brain-computer interfaces as a new economic growth point. The Ministry of Industry and Information Technology and six other departments issued the "Implementation Opinions on Promoting Innovation and Development in the Brain-Computer Interface Industry," proposing the establishment of a secure and reliable industrial system by 2030. With continuous technological breakthroughs, increased policy support, and expanding application scenarios, the brain-computer interface field is expected to experience explosive growth within the next 5–10 years, becoming an essential bridge connecting human thought with the external world, reshaping human-computer interaction models, and creating immense economic value. Relevant A-share concept stocks includeSanqi Interactive Entertainment（002555）、Sunnyou Medical(688626) etc.

【CSFC FOCUS】

Volcano Engine Power Conference to Kick Off: Endpoint AI Set for Explosion

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It is reported that the FORCE Original Power Conference, the core platform for cloud and AI services under ByteDance's Volcano Engine, will be held on December 18-19. At the conference, new members of the DouBao large model will be released, along with upgrades to the Agent development tools, expansion of the Agent ecosystem, and live sharing sessions on AI implementation across various industries. The biggest highlight will be the unveiling of nearly a hundred AI hardware products, which is expected to drive a strong surge in endpoint AI.

Comment: China's edge AI market is in the acceleration phase. The scale was less than 200 billion yuan in 2023 and is expected to exceed 1.9 trillion yuan by 2028, with an average annual growth rate of up to 58%. The driving forces mainly come from three aspects: improvement in hardware computing power, application expansion, and policy support. Relevant concept stocks in the A-share market includeMeigrid（002881）、Runxin Technology(300493), etc.

【Top News Selection】

○According to the National Standardization Administration, the proposal of "Standard System and Roadmap for Ocean Energy Conversion Systems" put forward by China was recently successfully registered as an international standard at the International Electrotechnical Commission (IEC). It has received strong support from countries such as the United States, Canada, the United Kingdom, India, Italy, and Sweden. This is the first time that China has taken the lead in developing international standards in the field of new energy.

○ The General Office of the National Development and Reform Commission and the Comprehensive Department of the National Energy Administration issued the "Notice on Establishing a National Unified Electricity Market Evaluation System," clarifying that the evaluation of the national unified electricity market should be conducted through multi-dimensional comprehensive assessments based on market development.

○ On December 16, Li Licheng, Minister of Industry and Information Technology, presided over the 13th Small and Medium Enterprises Roundtable Conference. The conference focused on vigorously cultivating high-quality enterprises in the instrumentation field and enhancing the autonomous controllability of the industrial chain, while listening to company presentations and suggestions.

【Economic Insight】

Utilize Existing Central Funding Channels to Actively Support Key Projects for Clean and Efficient Coal Utilization

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Six departments, including the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the Ministry of Ecology and Environment, released the "Benchmark and Baseline Levels for Key Areas of Clean and Efficient Coal Utilization (2025 Edition)." It mentioned fully utilizing existing policy tools and working mechanisms to strengthen market regulation and implementation supervision of clean and efficient coal utilization. Existing central funding channels will be used to actively support key projects that meet the criteria for clean and efficient coal utilization. Relevant financial policies will be improved to guide and attract widespread participation from social capital in clean and efficient coal utilization. Banking institutions will be guided to increase credit support for green and low-carbon transition projects that meet the criteria, following market-oriented and rule-of-law principles. Preferential policies related to specialized equipment, technological transformation, and resource comprehensive utilization will be implemented to accelerate corporate upgrades and improve the overall level of clean and efficient coal utilization. Relevant concept stocks in the A-share market include:Hailu Heavy Industry（002255）、Keda Manufacturing(600499) etc.

【Company Dynamics】

CICCShare Exchange Absorption MergerDongxing Securities、Cinda SecuritiesPlan Released

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CICC (601995) is planning, together with Dongxing Securities (601198) and Cinda Securities (601059), a merger by which CICC will absorb Dongxing Securities and Cinda Securities through a share swap. The A-share swap price for CICC is 36.91 yuan per share, for Dongxing Securities it is 16.14 yuan per share, and for Cinda Securities it is 19.15 yuan per share. The swap ratio between Dongxing Securities and CICC is 1:0.4373, meaning each 1 A-share of Dongxing Securities can be exchanged for 0.4373 A-shares of CICC; the swap ratio between Cinda Securities and CICC is 1:0.5188, meaning each 1 A-share of Cinda Securities can be exchanged for 0.5188 A-shares of CICC. As of now, the A-share price of CICC is 34.89 yuan per share, the A-share price of Dongxing Securities is 13.13 yuan per share, and the A-share price of Cinda Securities is 17.79 yuan per share.

○Wanlong Optoelectronics(300710) plans to acquire 100% of Zhongkong Information through a combination of stock issuance and cash payment. The target company’s main business is to provide digital and intelligent technologies and product services to customers in infrastructure sectors such as urban transportation, rail transit, road traffic, water environment, and building intelligence. The company's stock will resume trading on Thursday, December 18.

○Collaborative Innovation Data(300857) recently signed the "Optical Chip and Optical Module R&D and Production Construction Project Cooperation Agreement" with the Guangzhou Development Zone Management Committee. The company will invest in the optical chip and optical module R&D and production construction project in the Guangzhou Development Zone, mainly focusing on developing ultra-low power optical modules using self-developed chips, suitable for high-end scenarios such as AI computing centers and supercomputing centers.

○Changying Precision(300115) said on the interactive platform that the company is laying out humanoidRobotThe company has been in the field for over 10 years. Currently, it supplies more than 1,000 product codes to customers in the humanoid robot business, and this number continues to grow. The company is capable of providing core components for transmission parts, structural parts, actuators, sensors, gearboxes, wiring harnesses, motors, and more for humanoid robots.

○Top Solid Creative(300749) stated on the interactive platform on December 17 that the WS series of flexible and reusable thermal protection materials developed by Hangju Technology have been applied to the Zhuque-3 rocket body of LandSpace.

○Baiyun Mountain(600332) A controlling subsidiary plans to acquire 100% equity of Zhejiang Medical Industry Co., Ltd. for 501 million yuan.

○Shenzhen Urban Transport Planning Center(301091) Plans to Raise No More Than 1.8 Billion Yuan Through a Private Placement, for Projects Such as the Development and Large-Scale Application of Low-Altitude, Autonomous Driving, and Other Embodied Intelligent Transportation Equipment.

○China Duty Free(601888) Wholly-owned subsidiary signs duty-free shop project operating rights transfer contract, plans to invest 102 million yuan withShanghai AirportJointly invest in the establishment of a duty-free joint venture.

○ Shanghai Airport (600009) and its holding subsidiary sign the transfer contract for the operation rights of duty-free shop projects, which will have a positive impact on the company's operating income from 2026 to 2033.

○Huitian New Materials(300041) The holding subsidiary plans to invest approximately 97.68 million yuan in a lithium battery anode SBR latex binder project.

○CRRC(601766) The company and its subsidiaries have recently signed contracts totaling 53.31 billion yuan, including approximately 16.65 billion yuan in wind power and energy storage equipment sales contracts.

○China Metallurgical Group(601618) Plans to Repurchase 1 Billion to 2 Billion Yuan Worth of A-Shares.

【Funding Trends】

○ On December 17, the main funds of Shanghai and Shenzhen stock markets had a net inflow of 2.519 billion yuan. The top three sectors with main funds net inflow were communication equipment, electronic components, and energy metals, with net inflows of 4.569 billion yuan, 2.972 billion yuan, and 2.083 billion yuan respectively. The top three stocks with main funds net inflow were N Muxi-U,InnoLight TechnologyAndEoptolink, with net inflows of 1.708 billion yuan, 1.425 billion yuan, and 1.396 billion yuan, respectively.

○Shennan Circuits(002916) Surged to the upper limit on December 17, with a turnover of 3.663 billion yuan. Data from the Dragon Tiger Board shows that the dedicated Shenzhen-Hong Kong Stock Connect seat purchased 504.6 million yuan and sold 358 million yuan. Four institutional seats respectively bought 132 million yuan, 114 million yuan, 97.3286 million yuan, and 96.4761 million yuan. Three institutional seats respectively sold 145 million yuan, 67.2764 million yuan, and 53.7485 million yuan.

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