首项脑机接口医疗器械行业标准落地，建议关注脑机接口相关标的：医药生物行业跨市场周报（20250921）-20250922

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [5]. Core Insights - The first industry standard for brain-computer interface (BCI) medical devices has been established, suggesting a focus on BCI-related stocks [22][24]. - The global BCI market size grew from USD 1.2 billion in 2019 to nearly USD 2 billion in 2023, with a compound annual growth rate (CAGR) exceeding 13% from 2019 to 2023 [22]. - The report emphasizes a dual focus on "technical barriers + clinical implementation," recommending attention to medical scene integrators such as Xiangyu Medical, Weisi Medical, and Chengyitong, which are expected to benefit from the implementation of medical insurance payments and growing rehabilitation demand [24]. Summary by Sections Market Review - Last week, the A-share pharmaceutical and biotechnology index fell by 0.67%, underperforming the CSI 300 index by 0.23 percentage points and the ChiNext index by 1.97 percentage points, ranking 18th among 31 sub-industries [1][16]. - The H-share Hang Seng Medical Health Index dropped by 1.95%, underperforming the Hang Seng Index by 3.1 percentage points [1][16]. Industry Developments - On September 15, the National Medical Products Administration (NMPA) officially released the YY/T 1987-2025 standard for medical devices using BCI technology, which establishes a unified technical language for the industry [22]. - The multi-departmental collaboration in China, involving the Ministry of Industry and Information Technology, National Development and Reform Commission, and others, aims to provide comprehensive support for the BCI industry [24]. Investment Recommendations - Focus on companies with strong technical barriers and clinical application potential, such as Brain Tiger Technology, Ladder Medical, and Borui Kang, which are expected to have strong commercialization certainty for invasive BCI technologies [24]. - The report suggests that the integration of medical scenes will be beneficial for companies like Xiangyu Medical and Weisi Medical due to the anticipated growth in rehabilitation needs and medical insurance payment implementations [24]. Financial Projections - Key companies' earnings per share (EPS) projections for 2024, 2025, and 2026 are provided, with Weisi Medical projected at CNY 1.06, 1.37, and 1.58 respectively, and Xiangyu Medical at CNY 0.64, 0.86, and 1.07 respectively [4].