Zhongtai Securities(SH:600918) Zhi Tong Cai Jing·2025-08-21 06:40Group 1 - The core viewpoint of the reports indicates that the brain-computer interface (BCI) industry is in its early commercialization stage, primarily driven by thematic investment styles [1] - The report suggests focusing on invasive and non-invasive BCIs based on different standards, with invasive BCIs like Aipeng Medical, Gaode Infrared, and Yanshan Technology showing faster clinical progress, while non-invasive BCIs like Xiangyu Medical, Innovation Medical, and Chengyitong are advancing in commercialization [1] - Policy support for BCI development is evident in three areas: funding, planning, and payment, with significant investments from major countries and specific policies being introduced in China to promote rapid industry growth [1] Group 2 - Continuous technological breakthroughs in electrodes, chips, and algorithms are providing a foundation for accelerated industrialization, with advancements in both non-invasive and invasive electrode technologies enhancing signal quality and safety [2] - Chip development is progressing towards high-channel, low-power, and high-speed solutions, with several institutions in China breaking foreign monopolies in this area [2] - The algorithmic focus is shifting towards closed-loop BCI systems, which enhance real-time feedback and control, significantly improving efficiency and accuracy in applications [2] Group 3 - The healthcare sector is identified as the core market for BCI applications, with projections indicating a potential global market size of $6.5 billion by 2035 [3] - Non-invasive BCIs are expected to see the fastest penetration due to their safety and ease of use, with rehabilitation products leading the commercialization efforts [3] - Invasive BCIs are targeting high-precision and high-value areas such as epilepsy and neurodevelopmental disorders, with ongoing clinical advancements in rehabilitation and language decoding [3]