SIASUN(SZ:300024) Hua Er Jie Jian Wen·2025-12-23 08:24Core Insights - Brain-Computer Interface (BCI) technology is emerging as the "ultimate physical embodiment" of artificial intelligence, aimed at addressing medical challenges and serving as a key bridge for human-AI coexistence, with significant long-term market potential attracting global capital and enterprises [1][4] Market Potential - Morgan Stanley's report estimates that the total addressable market (TAM) for BCI implant devices in the U.S. could reach $80 billion by 2035 and soar to $320 billion by 2045, primarily targeting treatments for various neurological disorders such as ALS, stroke, spinal cord injuries, epilepsy, and depression [1][12] Competitive Landscape - A global competitive landscape is forming, with key players including Neuralink, Synchron, Precision, and Paradromics. China has announced a BCI technology development roadmap aiming for key breakthroughs by 2027 and to become a global leader by 2030 [4][12] Historical Context - The development of BCI is not new, tracing back to the discovery of brain electrical activity by Hans Berger in 1924, with significant advancements occurring in the early 21st century, such as the demonstration by Duke University's Miguel Nicolelis in 2003, where a monkey controlled a robotic arm via BCI [5] Technological Pathways - Current BCI implantation techniques include Neuralink's robotic surgery to insert threads into the motor cortex, Synchron's vascular electrode array implantation, and micro-invasive techniques from Precision and Paradromics [5] Neuralink's Vision - Elon Musk has set a four-tiered vision for Neuralink: first, to alleviate human suffering (e.g., "mind-reading" implants for paralyzed patients); second, to enhance human capabilities (e.g., future "blindness" implants); third, to understand and expand consciousness; and finally, to achieve human coexistence with AI/robots to mitigate existential risks posed by AI [9][11] Investment Trends - Investment in neurotechnology, including BCI, surged to approximately $1.8 billion by the end of 2025, indicating high capital interest. Neuralink leads with a valuation of $9 billion and over $1.3 billion in funding [12] Future Outlook - The report outlines a shift from technological exploration to commercialization and large-scale application of embodied AI, redefining productivity and human capabilities, and presenting a vast, multi-layered market landscape for investors [23]