Huafu Securities·2026-01-25 05:28Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [14]. Core Insights - A breakthrough in Alzheimer's treatment was observed when a focused ultrasound surgery unexpectedly improved the cognitive function of a patient, challenging the traditional belief that Alzheimer's is irreversible. This condition affects nearly 17 million patients in China, leading to significant caregiving burdens [4][5]. - The research team led by Professor Sun Bomin is exploring a new approach using high-energy ultrasound to directly stimulate brain neural circuits, with initial clinical trials showing an average improvement rate of about 50% among seven moderate to severe patients [5]. - The global brain-computer interface (BCI) market is projected to grow rapidly, with an estimated size of approximately $2.62 billion in 2024, reaching $2.94 billion in 2025, and potentially growing to $12.4 billion by 2034, reflecting a compound annual growth rate of 17.35% over the next decade [6]. Summary by Sections Industry Overview - The report highlights the significant unmet medical need in Alzheimer's treatment and the potential for innovative therapies to emerge from recent clinical findings [4][5]. Market Potential - The brain-computer interface market is expected to see substantial growth, with specific projections for both global and Chinese markets, indicating a strategic focus on high-tech industries as outlined in national economic plans [6]. Investment Recommendations - The report suggests monitoring companies such as Yanshan Technology, Hanwei Technology, Sanbo Brain Science, and others, which are positioned to benefit from advancements in the BCI and related technologies [6].