东北证券：脑机接口聚焦落地 把握三大主线

Core Insights - The brain-computer interface (BCI) industry is transitioning from "technology validation to early commercialization," with the medical rehabilitation sector being the first to achieve large-scale implementation due to rigid demand and policy support [1] - The report suggests focusing on three categories of targets: leading companies in non-invasive product commercialization, clinical breakthrough targets in invasive/interventional technologies, and core component suppliers in the industry [1] Market Space - The global BCI market is projected to reach $2.62 billion in 2024, with a compound annual growth rate (CAGR) of 17.35% from 2025 to 2034, potentially exceeding $12.4 billion by 2034 [2] - The domestic market is also expanding steadily, with an expected size of 3.2 billion yuan in 2024, where non-invasive products will account for 82%. The China Electronic Information Industry Development Research Institute forecasts the domestic market to grow to 5.58 billion yuan by 2027 [2] Core Technology - The industry faces significant technological barriers concentrated in three areas: signal acquisition, decoding algorithms, and neural stimulation [3] - Leading overseas companies are advancing in clinical applications, with Neuralink completing 21 human implant surgeries and Synchron's vascular interventional BCI product receiving FDA approval. Domestic companies are catching up, achieving global breakthroughs such as the "Beinao No. 1" 128-channel semi-invasive system and the first interventional BCI human trial [3] Policy and Ecosystem - Continuous policy support is evident, with national "14th Five-Year" and "15th Five-Year" plans highlighting BCI as a key development area. 29 provinces and cities, including Zhejiang and Hubei, have included BCI rehabilitation projects in their medical insurance payment scope, accelerating clinical adoption [4] - The upstream core component localization process is speeding up, with domestic analog chips showing a 60% reduction in power consumption compared to similar overseas products. Downstream applications in medical rehabilitation and consumer electronics are beginning to form initial scales [4]