计算机行业深度报告：脑机接口技术和应用

Industry Investment Rating - Overweight (Maintained) [1] Core Views - Brain-computer interface (BCI) technology enables direct communication between electronic devices and certain parts of the brain, enhancing and extending brain functions [1] - Non-invasive BCI technology is rapidly commercializing, with a global market size of $2.35 billion in 2023, projected to reach $10.89 billion by 2033, with a CAGR of 16.55% [2] - Invasive BCI is entering clinical trials, with significant advancements from companies like Neuralink and Synchron [3] - Policy support is increasing, with China's Ministry of Industry and Information Technology listing BCI as one of the top ten innovative products [1] Summary by Sections 1. What is Brain-Computer Interface (BCI) - BCI is a technology that establishes a communication and control channel between the brain and external devices, using bioelectrical signals to directly control devices or regulate brain activity [1] - BCI is classified into three types based on electrode placement: non-invasive, semi-invasive, and invasive [21] - Non-invasive BCI is the most common in China, while invasive BCI is still in clinical and animal testing stages [45] 2. Policy Support and Technological Breakthroughs - China has increased its focus on BCI, with the Ministry of Industry and Information Technology issuing policies to promote innovation in BCI, brain fusion, and brain-like chips [1] - The US Brain Initiative has entered its 2.0 phase, with a total investment expected to reach $5 billion by 2026 [37] - South Korea plans to invest 400 billion KRW over the next decade in digital bio-innovation, including BCI [37] 3. Non-Invasive BCI: Rapid Commercialization - Non-invasive BCI applications are widely used in medical rehabilitation, with products like the IpsiHand Upper Limb Rehabilitation System and Muse 2 headband already commercialized [40][41] - The sleep aid market alone has a potential market size exceeding 15 billion yuan at a 1% penetration rate [2] - Non-invasive BCI devices are also being used for attention enhancement and sleep improvement, with products like Muse 2 and sleep aids from companies like BrainCo [41][42] 4. Invasive BCI: Entering Clinical Trials - Invasive BCI is in the clinical trial phase, with companies like Neuralink and Synchron leading the way [3] - Neuralink aims to implant 1,000 brain chips by 2026, while Synchron's Stentrode device has shown promising results in clinical trials [57][62] - In China, companies like Borui Kang and Tsinghua University are also making progress in invasive BCI clinical trials [65] 5. Investment Recommendations and Related Companies - Non-invasive BCI has already achieved commercial success, while invasive BCI is still in the clinical validation stage [4] - Companies with leading BCI technology or investments in BCI, such as Yanshan Technology, Chengyitong, and Sanbo Brain, are recommended for investment [69] - The BCI industry chain is still in its early stages, with self-developed BCI chips and algorithms being the core technological barriers [49] 6. BCI Industry Chain - The BCI industry chain includes upstream components like EEG acquisition devices and BCI chips, midstream product providers, and downstream applications in healthcare, education, and entertainment [49] - The industry is still in its infancy, with most companies offering complete solutions rather than specialized components [69]