Zhongzheng Investment Information Co., Ltd. Announces Initial Public Offering

Source: China Securities Jinniu Seat

【CSRC Headlines】

China's First "Three-All" Brain-Computer Interface Product Successfully Completes First Clinical Trial

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It was reported that at the 2025 Tianqiao and Chrissy Chen Institute Brain-Computer Interface and Artificial Intelligence Forum held recently, Neurotwin (Shanghai) Technology Co., Ltd. announced a milestone achievement: the successful completion of the first clinical trial for China's first domestically produced "three-all" (fully implantable, fully wireless, full-function) brain-computer interface product with an embedded battery, which is also the second of its kind globally.

Comment: At present, China's brain-computer interface innovations are continuously emerging, and the industry is rapidly expanding, fostering disruptive breakthroughs. It has become an important field where scientific and industrial innovation are deeply integrated. In March this year, the National Healthcare Security Administration included brain-computer interface technology in the price list for neurological medical services, paving the way for the clinical application of this cutting-edge technology; in July, the Ministry of Industry and Information Technology and six other departments jointly issued the "Implementation Opinions on Promoting the Innovative Development of the Brain-Computer Interface Industry," accelerating the application of brain-computer interface products in areas such as healthcare.

Institutions believe that the downstream application market of brain-computer interface has great potential. The global market size of brain-computer interface medical applications is expected to reach 40 billion US dollars by 2030 and 145 billion US dollars by 2040. In addition, brain-computer interface technology also has great potential in markets such as sleep, health care, and consumer entertainment. Relevant concept stocks in the A-share market includeBeoka（920199）、Medlander(688273), etc.

【CS Focus】

Six Departments Issue Document to Promote High-Quality Development of Service Outsourcing

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Six departments, including the Ministry of Commerce, issued the "Action Plan for Promoting High-Quality Development of Service Outsourcing," which mentioned that by 2030, a group of service outsourcing leading enterprises with international competitiveness will be cultivated, and a number of service outsourcing clusters with strong innovation capabilities and distinctive advantageous industries will be built. The plan aims to enhance the digital, intelligent, green, and integrated development levels of service outsourcing, significantly increase employment numbers, and make service outsourcing an important component in the innovative enhancement of trade in services and the innovative development of digital trade.

Comment: Service outsourcing is an important component of trade in services and a key approach to realizing digital trade, playing a crucial role in fostering a new development pattern. Emerging technologies such as cloud computing, big data, artificial intelligence, and the Internet of Things will be deeply integrated into the service outsourcing industry, driving its transformation towards digitalization, intelligence, and high-end advancement. Particularly, the application of generative AI technology will significantly enhance

The efficiency and quality of service outsourcing will drive the industry towards intelligent and platform-based transformation. Traditional service models will upgrade to an "industry empowerment + ecosystem services" model, and service outsourcing will shift from a pure "cost center" to a "value center." Under the impetus of digital transformation, technological innovation, and policy support, the service outsourcing industry will achieve high-quality development and become a key engine in promoting service trade and digital trade. Relevant concept stocks in the A-share market include:Ultra-Communications(Maintain Rights)（603322）、Pharmaron(300759), etc.

【Top News Selection】

On December 15, the Ministry of Industry and Information Technology announced China's first L3 conditional autonomous driving vehicle type approval. Two models, respectively adapted for urban congestion and highway sections, will carry out on-road pilot tests in designated areas of Beijing and Chongqing, marking a key step for China’s L3 autonomous driving moving from the testing phase into commercial application.

○ Recently,China MobileOfficially Released "China Mobile 6G Transmission Technology White Paper" and "China Mobile 6G Transmission System Prototype 1.0".

On December 15, data from the National Bureau of Statistics showed that the total retail sales of consumer goods in China reached 4.3898 trillion yuan in November, a year-on-year increase of 1.3%; investment in real estate development in China from January to November was 7.8591 trillion yuan, a year-on-year decrease of 15.9%; fixed asset investment in China (excluding rural households) from January to November was 44.4035 trillion yuan, a year-on-year decrease of 2.6%; the sales price of newly built commercial residential buildings in first-tier cities in November decreased by 1.2% year-on-year and 0.4% month-on-month.

○ The General Office of the Ministry of Industry and Information Technology and other departments issued the "Guidance on the Construction of Product Carbon Footprint Factor Database," which proposed that a preliminary product carbon footprint factor database will be constructed by 2027, and a comprehensive database with extensive coverage, high data quality, and strong international influence will be basically completed by 2030.

○ The Institute of Tibetan Plateau Research, Chinese Academy of Sciences, in collaboration with dozens of research institutions worldwide, has cracked the key mechanism of barley seed dormancy, offering possibilities for genome-designed breeding and the construction of a sustainable high-performance agricultural system.

○China GoldThe group standard, "Specification for Gold Trade-in Operation Services," drafted and formulated under the leadership of the association, was officially released recently. This marks that the gold trade-in business will enter a new stage of standardized, professional, and transparent development.

【Industry Perspective】

Promote the Improvement of Geriatric Care Service Capabilities and Facilitate the Development of the Silver Economy

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Recently, Four Departments Including the National Health Commission, the National Healthcare Security Administration, the National Administration of Traditional Chinese Medicine, and the National Disease Control Bureau Released the "Action Plan for Enhancing Elderly Nursing Service Capacity". The Plan proposes that by 2027, the effective expansion of elderly nursing resources will be achieved, establishing an elderly nursing service system covering institutions, communities, and home-based care. The service capacity of practitioners will be significantly improved, with continuous enhancement in service continuity, accessibility, and standardization, substantially increasing the sense of gain for the elderly.

Comment: Due to the accelerating arrival of an aging society and the increasing awareness of retirement planning among residents, China's elderly care industry has experienced continuous growth in recent years. By 2029, the market size is expected to exceed 19.5 trillion yuan, making the silver economy one of the most promising sunrise industries. In terms of service models, home-based care and community-based care will become mainstream. With advancements in technology, smart elderly care will emerge as a significant trend. Smart wearable devices, AI health monitoring systems, VR technology, and elderly careRobotThe application of high-tech products will significantly enhance the precision and technological level of elderly care services. At the same time, the integration of medical and elderly care models will be further promoted, achieving a deep integration of medical resources and elderly care services. Relevant concepts in the A-share market are valuable.Cheng Yi Tong（300430）、Fangsheng Pharmaceutical(603998) etc.

【Company Updates】

Xinghua New MaterialsCollaborate with Guoteng Company in the field of quantum technology

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Xinghua New Materials (301077) has signed a "Strategic Cooperation Agreement" with Guangdong Guoteng Quantum Technology Co., Ltd. Both parties will establish a long-term and stable strategic cooperative relationship in the field of quantum technology and related applications. The company will leverage its rich industrial experience in the reflective materials industry to assist Guoteng in the industrial implementation of quantum technology, and jointly explore quantum functional materials and quantum security applications, achieving complementary advantages and value co-creation. Guoteng is a cutting-edge technology enterprise with independent intellectual property rights across the entire quantum communication network industry chain.

○Jingjia Micro(300474) Holding Subsidiary Chengheng Micro's Self-Developed Edge AI SoC Chip CH37 Series Successfully Completes Key Stages Including Tape-Out, Packaging, Die Return, and Bring-Up, Marking a Phase Breakthrough for the Project.

○Aerospace Electronics(600879) plans to increase its investment in its holding subsidiary, Aerospace Long March Rocket Technology Co., Ltd., by 7.27 billion yuan in cash. After the capital increase, Aerospace Rocket will remain as the company's holding subsidiary.

○Estun(002747) Kuozhuo recently signed a strategic cooperation agreement with China Mobile. The two parties will carry out strategic cooperation in the fields of industrial embodied intelligence, data value mining, and cutting-edge technology innovation, jointly creating a "smart brain" and "super-strong nerves," and deepening their collaboration in the field of intelligent manufacturing.

○GDC Technology(600728) Huazhiyuan, a wholly-owned subsidiary, plans to acquire 60% of the equity in Qingdao Hisense Microconnect Signal Co., Ltd. for 79.2 million yuan in cash. Hisense Microconnect is a national high-tech enterprise mainly engaged in rail transit signal business.

○Bojun Technology(300926) Chongqing Bojun Automotive Technology Co., Ltd., a wholly-owned subsidiary, plans to build the Bojun Technology Automotive Lightweight Components Production Base Project in Shapingba District, Chongqing. The total investment for the project is proposed to be 600 million yuan.

○Molded Technology(Maintenance of Rights)(000700) has signed a parts procurement framework agreement with a domestic robot company and recently officially received a small batch purchase order for humanoid robot outer cover components from the customer. The acquisition of this order marks the company's official expansion into the humanoid robotics industry.

○Sichuan Changhong(600839) Changhong Power, a subsidiary, independently developed an 800V high-voltage platform battery pack, which successfully ensured the completion of the first flight of China's domestically produced heavy-load electric vertical takeoff and landing aircraft (eVTOL) AR-E800.

○Limin Co., Ltd.(002734): The product prices of Abamectin and Emamectin Benzoate technical materials and related formulations have been increased by 5%-10%.

○Digital Video(300079) plans to repurchase shares with an amount ranging from 80 million to 120 million yuan.

【Capital View】

On December 15, the main funds of Shanghai and Shenzhen stock markets had a net outflow of 55.649 billion yuan. The top three sectors with main funds net inflow were aerospace, food and beverage, and commercial department stores, with net inflows of 1.935 billion yuan, 1.183 billion yuan, and 776 million yuan respectively. The top three stocks with main funds net inflow areLeike Defense, Aerospace Electronics and3D Communications, with net inflows of 1.408 billion yuan, 1.050 billion yuan, and 707 million yuan, respectively.

○ Leike Defense (002413) hit the upper limit on December 15, with a turnover of 5.475 billion yuan and a turnover rate of 44.55%. Data from the Longhu List shows that the Shenzhen Stock Connect Specialized Seat purchased 234 million yuan and sold 35.1679 million yuan.Cathay Pacific HealthcareThe securities branch of Jing'an District, Shanghai net purchased 2.3 billion yuan, the securities branch of Kaiyuan Securities in Xidajie, Xi'an net purchased 1.96 billion yuan, and one institutional dedicated seat net purchased 1.51 billion yuan. The largest selling positionGuosen SecuritiesZhejiang Internet Branch Company net sold 31.6432 million yuan.

[New Share Subscription]

○Jiangtian TechnologySubscription code 920121, subscription price 21.21 yuan, issuance P/E ratio 14.5 times. The company mainly engages in the research, development, production, and sales of label printing products.

[Disclaimer]

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