脑机接口专题报告：技术突破与商业化共振，关注脑机接口未来产业

Investment Rating - The investment rating for the brain-computer interface (BCI) industry is "Outperform the Market" (maintained) [1] Core Insights - The BCI industry is at a critical juncture of transitioning from technological breakthroughs to commercialization, driven by policies, technology advancements, and application scenarios. The global market is expected to experience explosive growth due to favorable policies, production expectations from companies like Neuralink, and clinical breakthroughs in China [3] - The report emphasizes focusing on core segments of the industry chain and technology routes, prioritizing companies with competitive advantages. Upstream, attention should be on hardware suppliers like EEG sensors and core chips; midstream, companies with key patents and clinical resources, especially in invasive technologies; and downstream, tracking companies that form commercial closed loops in rehabilitation and industrial control [3] Summary by Sections 1. Definition and Classification of BCI - BCI is defined as a direct communication link between brain electrical activity and external devices, used for reading or writing neural signals. It is categorized into invasive, semi-invasive, non-invasive, and interventional types [12][10] 2. Relevant Policies - The BCI industry is increasingly recognized in China, with policies like the "Implementation Opinions on Promoting the Innovation and Development of the BCI Industry" issued in July 2025, indicating a strategic focus on BCI as a national emerging industry [19][20] 3. Industry Overview - The BCI industry is transitioning from clinical trials to commercialization, with significant advancements in invasive BCI technologies led by companies like Neuralink. The report highlights the rapid development of non-invasive BCIs due to algorithm improvements and data accumulation [26][34] 4. Relevant Companies - Key players in the invasive BCI sector include Neuralink, which has conducted clinical trials and aims to decode language intentions by 2025. Other notable companies include Precision Neuroscience and Synchron, which are also making strides in the BCI field [46][49] 5. Investment Opportunities - The report identifies investment opportunities in companies that are developing BCI technologies across various applications, including rehabilitation, consumer electronics, and industrial safety. The focus is on companies that can navigate the regulatory landscape and demonstrate clinical efficacy [32][48]