国金证券：：政策+创新双轮驱动，脑机接口商业化落地进入快车道

Core Viewpoint - The brain-computer interface (BCI) sector has diverse application scenarios and rich product and research paths, indicating significant potential for future growth. With product registration and medical insurance policy support, commercialization is expected to accelerate [1] Group 1: Market Potential - The BCI market is characterized by a multitude of global companies engaged in product research and development, particularly in the non-invasive sector where domestic leading firms have achieved multiple technological breakthroughs [1] - The commercialization potential for BCI products is substantial, especially in clinical and home consumer markets, with a faster commercialization speed anticipated for non-invasive products [1] Group 2: Investment Focus - Attention is recommended on companies with a rich product pipeline in the non-invasive BCI field, as these products are expected to be implemented in both clinical and home settings [1] - Companies demonstrating outstanding innovative capabilities and rapid progress in invasive, semi-invasive, and interventional product fields are likely to gain competitive advantages through differentiation [1]