开源证券：脑机接口进入产业化快车道 非侵入式产品商业化路径明确

Core Insights - The brain-computer interface (BCI) industry is in its early commercialization stage, with a focus on thematic investment opportunities and the progress of invasive clinical trials [1] - The Chinese BCI market is projected to reach approximately 1.73 billion yuan in 2023, accounting for 12.5% of the global market [2] Group 1: Industry Trends - BCI technology is experiencing a period of accelerated transformation, with various technical paths available, including invasive, semi-invasive, and non-invasive methods, each having distinct advantages in signal quality, safety, and operational difficulty [1] - The development trend in BCI is towards multimodal applications, with existing paradigms categorized into interactive control and state detection types [1] Group 2: Policy Support - The Chinese government has outlined clear support for the BCI industry through planning, payment, and standardization, with a strategic goal set for 2027 and 2030 to foster industry clusters and leading enterprises [2] - In March 2025, the National Healthcare Security Administration established an independent billing item for BCI, providing institutional support for clinical applications [2] - Standards for BCI terminology and data formats have been introduced, reducing costs and risks in technical development and clinical applications [2] Group 3: Technological Advancements and Applications - Core technological barriers in the BCI industry are concentrated in the upstream segment, including hardware (electrodes, chips), surgical procedures, and EEG signal processing [3] - The primary functions of BCI technology encompass monitoring, replacement, recovery enhancement, and supplementation, with a wide range of applications, particularly in the medical field [3] - In 2023, medical applications accounted for 56% of the BCI market in China, focusing on diagnosing consciousness and cognitive disorders, mental illnesses, motor disabilities, and sensory deficits [3]