华福证券：下游潜在应用场景广泛 脑机接口有望迎来新机遇

Core Insights - The brain-computer interface (BCI) industry is rapidly developing, allowing direct communication between the brain and external devices, driven by advancements in brain science, artificial intelligence, and related fields [2][3] - China has multiple advantages in developing the BCI industry, including technological leadership in non-invasive interfaces, a growing number of specialized enterprises, and significant market demand driven by aging populations and industrial upgrades [2][3] - The global BCI market is projected to grow from approximately $2.62 billion in 2024 to $2.94 billion in 2025, and is expected to reach $12.4 billion by 2034 [4] Industry Overview - The BCI industry has established a complete industrial chain, covering upstream (materials, chips, electrodes), midstream (signal acquisition and processing), and downstream (medical health, consumer life, industrial production) sectors [4] - The technology development process involves four core steps: neural signal acquisition, signal processing and feature extraction, decoding and machine learning, and feedback and control [3] - BCI technology can be categorized into three implementation paths: invasive (for precise neural signal acquisition), semi-invasive (balancing signal quality and safety), and non-invasive (easier public acceptance) [3] Market Potential - The BCI industry is witnessing a shift from laboratory research to clinical and commercial applications, with significant growth in market size anticipated due to advancements in artificial intelligence, neuroscience, and computer science [4] - The increasing demand for medical rehabilitation and industrial automation presents vast opportunities for BCI technology implementation in China [2] Investment Opportunities - Recommended companies to watch in the BCI sector include: - Yanshan Technology (002195.SZ) - Hanwei Technology (300007.SZ) - Sanbo Brain Science (301293.SZ) - Innovation Medical (002173.SZ) - Dongfang Zhongke (002819.SZ) - Xiangyu Medical (688626.SH) - Entropy Technology (301330.SZ) - Chengyitong (300430.SZ) - Weisi Medical (688580.SH) - Mailande (688273.SH) - Aipeng Medical (300753.SZ) - Beiyikang (920199.BJ) [5]