国信证券：技术突破与商业化共振 关注脑机接口未来产业

Core Insights - The report from Guosen Securities indicates that brain-computer interfaces (BCIs) have reached a critical juncture for transitioning from technological breakthroughs to commercial viability, anchored by the "policy + technology + scenario" framework [1] - The industry is benefiting from policy incentives such as the 14th Five-Year Plan, medical insurance coding, and the establishment of medical device standards, alongside the anticipated mass production by Neuralink and breakthroughs in domestic clinical applications, suggesting a potential explosive growth in the global market [1] Product Development - In terms of product offerings, invasive products are still in clinical trials, while non-invasive products have seen some market entry, including medical brain-computer interface systems for motor rehabilitation and consumer sleep aids [1] - With advancements in chips, electrodes, and algorithms, along with the continuous improvement of regulatory standards, it is expected that brain-computer interface products will experience intensive commercialization in the coming years [1] Investment Recommendations - The report suggests focusing on core segments of the industry chain and technological pathways, prioritizing companies with competitive advantages [1] - For upstream investments, attention should be given to hardware suppliers of EEG sensors and core chips, which will benefit from the demand surge due to equipment mass production [1] - Midstream investments should target companies with core patents and clinical resources, particularly those in the invasive sector that can benchmark against international standards and those in the non-invasive sector that can quickly implement solutions [1] - Downstream, it is advisable to track companies that form commercial closed loops in rehabilitation medicine and industrial control, while also considering synergistic opportunities in "AI + brain-computer" and "robotics + brain-computer" ecosystems [1]