脑机接口行业点评：脑机接口首次写入政府工作报告，行业发展提速

Investment Rating - The report maintains a "Recommended" rating for the brain-computer interface industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [2][8]. Core Insights - The brain-computer interface (BCI) has been included in the government work report for the first time, highlighting its status as one of the five future industries alongside future energy, quantum technology, embodied intelligence, and 6G, suggesting a significant policy shift and increased investment opportunities [1][5]. - The report emphasizes the importance of government policies in guiding the development of the BCI industry, with historical data showing that sectors mentioned in government work reports tend to perform well post-announcement [5][6]. - The BCI industry is expected to enter a critical period of accelerated technological iteration and diversified application scenarios in 2026, with a strong recommendation for investment in companies like Daozhi Technology and attention to firms like Leidi Ke and Hanwei Technology [6]. Industry Overview - The industry comprises 266 listed companies with a total market capitalization of 4,646.9 billion and a circulating market value of 4,012.1 billion, indicating a substantial presence in the market [2]. - The absolute performance of the industry shows a decline of 3.3% over one month but an increase of 10.5% over six months and 27.2% over twelve months, reflecting a positive long-term trend despite short-term fluctuations [4].