2026年开年，脑机接口刷屏国内外市场。随着脑机接口公司Neuralink创始人埃隆·马斯克明确给出设备 的量产时间表，这一前沿赛道正从实验室的科学探索加速走向商业化落地，行业或将迎来从"医疗试验 品"向"大众消费品"跨越的关键转折点。不过，自2024年初完成首例脑机接口设备人体移植后，尽管 Neuralink展示了令人印象深刻的临床成果，但侵入式脑机接口仍需面对生物相容性、长期稳定性等科学 难题。 大规模量产 触发此轮行情的直接导火索是Neuralink的最新动态。当地时间1月1日，马斯克在社交媒体宣布， Neuralink将于2026年启动脑机接口设备的大规模生产，并推进几乎完全自动化的手术方案。与此同时， OpenAI首席执行官萨姆·阿尔特曼支持的Merge Labs正分拆独立，主攻利用超声波读取脑部活动的新技 术路线。 两大科技巨头的动作表明，脑机接口正从单一的科学实验走向多元化的商业竞速。脑机接口（Brain- Machine Interface，BMI，也称BCI）是指在人或动物大脑与外部设备之间创建的直接连接，实现脑与设 备的信息交换。Neuralink是马斯克于2016年创立的脑机接口公司，致 ...

Core Viewpoint - Brain-computer interfaces (BCIs) are transitioning from science fiction to practical applications in the medical field, with significant advancements in both the U.S. and China, leading to a competitive landscape in BCI technology [1][16]. Group 1: Technological Advancements - Neuralink, led by Elon Musk, plans to initiate high-volume production of its BCI devices in 2026, focusing on automated surgical processes [16]. - In China, the first clinical trial of a fully implanted BCI was completed, demonstrating significant recovery in motor functions for patients with spinal cord injuries [3][18]. - The "North Brain No. 2" system, equipped with high-throughput flexible microelectrodes, is set to enter clinical trials in 2026, targeting motor impairment patients [22]. Group 2: Market Dynamics - The global BCI market is projected to reach a potential value of $850 billion in serious medical applications and $600 billion in consumer healthcare [27]. - Non-invasive BCIs currently dominate the market, holding an 82% share, due to their clear approval pathways and flexible deployment in various settings [24]. - Investment in the BCI sector has surged, with 16 financing events totaling nearly 1 billion yuan in 2025, significantly surpassing the previous year's total [26]. Group 3: Competitive Landscape - Neuralink's technology is characterized by its ability to insert electrode wires directly into the dura mater without cutting, minimizing trauma [19]. - Chinese companies like JieTi Medical and BoRuiKang are emerging as competitors, with clinical trials underway, although they lag behind Neuralink in terms of technology and integration [22][29]. - The average valuation of Chinese BCI companies is around $300 million, significantly lower than Neuralink's valuation of $12 billion, reflecting a disparity in market perception [27]. Group 4: Challenges and Future Outlook - The commercialization of BCI technology faces hurdles such as lengthy validation processes, high costs, and the need for robust clinical evidence [29]. - Ethical concerns regarding data privacy and the potential for cognitive enhancement to exacerbate social inequalities are being addressed through the development of legal frameworks [30]. - The timeline for consumer-grade BCI devices is projected to be 15 to 20 years, indicating a long road ahead for widespread adoption [29].

Core Insights - The global vision of brain-computer interface (BCI) companies, including Neuralink, extends beyond helping individuals with motor disabilities to include enabling speech for the speech-impaired and vision for the blind [4][7] - The BCI technology is experiencing a significant wave of innovation in the medical field, with advancements in both invasive and non-invasive techniques [1][9] Group 1: Technological Developments - Neuralink plans to initiate "high volume" production and streamline automated surgical processes in 2026 [1] - In China, the first clinical trial of a fully implanted BCI was completed, demonstrating significant recovery in motor functions for a patient with spinal cord injury [3] - The "North Brain No. 2" system, featuring high-throughput flexible microelectrodes, is set to enter clinical trials in 2026, targeting motor impairment patients [8] Group 2: Market Dynamics - The BCI market is projected to grow significantly, with non-invasive products currently holding 82% of the market share [9][10] - The Chinese government has issued policies to support the BCI industry, aiming for accelerated application in various sectors by 2027 [11] - Investment in the BCI sector has surged, with 16 financing events reported in 2025, totaling nearly 1 billion yuan [12] Group 3: Competitive Landscape - Neuralink's invasive BCI technology is considered a global benchmark, with its 1024-channel flexible electrode array and automated implantation robot leading the industry [5][8] - Chinese companies like JieTi Medical and BoRuiKang are emerging as competitors, with clinical trials underway, although they currently lag behind Neuralink in technology [8][13] - The valuation of leading BCI companies in China is significantly lower than that of Neuralink, with estimates around 3 billion yuan compared to Neuralink's 120 billion yuan [13] Group 4: Challenges and Future Outlook - The commercialization of BCI technology faces hurdles such as lengthy validation periods and high development costs [15] - Ethical concerns regarding data privacy and the potential for cognitive enhancement to exacerbate social inequalities are being addressed through the establishment of regulations and standards [17]

Core Insights - The establishment of Gestala Technology Co., Ltd. marks a significant opportunity for brain science innovation in China, focusing on non-invasive ultrasound brain-computer interface (BCI) technology, differentiating itself from Elon Musk's Neuralink [2][5][12] Group 1: Company Overview - Gestala was founded by Peng Lei, former co-founder and CEO of Brain Tiger Technology, and Chen Tianqiao, founder of Shanda Group and Tianqiao Brain Science Research Institute, indicating a strong leadership team with extensive experience in brain science [2][5] - The company aims to explore the brain's complexities through ultrasound technology, which can penetrate the skull and decode neural activity without invasive surgery, representing a new path in the BCI field [6][10] Group 2: Technology and Innovation - The ultrasound BCI technology allows for simultaneous monitoring of multiple brain regions, overcoming the limitations of traditional invasive methods that only capture localized signals [6][10] - This technology is expected to provide a more comprehensive understanding of brain functions, as it can cover 25% of the brain's volume and address the challenges of real-time response and whole-brain imaging [10][11] Group 3: Clinical Applications and Partnerships - Initial clinical data shows promising results in chronic pain management and depression intervention, with significant improvements observed after ultrasound treatment [11] - Gestala has established partnerships with major hospitals, including Huashan and Xiehe, and plans to initiate the NMPA registration process for its first product by the end of 2026 [11][12] Group 4: Market Context and Competitive Landscape - The global BCI competition is evolving, with a clear divergence in technological approaches, as non-invasive methods gain traction amid controversies surrounding invasive techniques like those used by Neuralink [5][10] - The substantial investment in brain science research by Chen Tianqiao, exceeding $1 billion, highlights the growing interest and potential in this sector [5][10]

Core Viewpoint - The brain-computer interface (BCI) market is poised for rapid growth driven by policy and technological advancements, with a projected market size reaching $7.63 billion by 2029 from $2 billion in 2023, indicating a significant opportunity in this emerging sector [4]. Group 1: Policy and Market Dynamics - Major countries are launching initiatives to support BCI development, with the U.S. investing approximately $4.5 billion in its "Brain Initiative" and China planning to allocate hundreds of billions in funding for brain science research [4]. - The Chinese government has set clear targets for BCI technology breakthroughs by 2027 and the establishment of a complete industry ecosystem by 2030 [4]. Group 2: Clinical Applications and Growth - The medical sector is currently the most developed application area for BCI technology, focusing on neurorehabilitation, functional replacement, and disease treatment [5]. - The integration of BCI devices into healthcare is expected to be facilitated by insurance pricing policies, which will enhance the commercialization of these technologies [5]. - Both invasive and non-invasive BCI products are entering clinical trials or receiving market approval, with invasive technologies showing promise in restoring motor functions for paralyzed patients [5]. Group 3: Domestic Industry Development - Despite the lead of foreign companies, domestic firms are accelerating the localization of BCI technologies, particularly in flexible electrodes and real-time language decoding [6]. - The industry chain is evolving with upstream breakthroughs, midstream integration of devices and algorithms, and downstream applications expanding into pediatrics and psychiatry [6]. - Cities like Shanghai and Beijing are expected to develop into industrial clusters for BCI technology [6].

Investment Rating - The report maintains an "Overweight" rating for the biomedical sector [4] Core Insights - The brain-computer interface (BCI) industry is at a critical stage of policy support, rapid technological iteration, and accelerated commercialization, with a global market approaching $10 billion [3][9] - The industry is driven by both policy and technology, with significant investments from major countries, including approximately $4.5 billion from the U.S. BRAIN Initiative and hundreds of billions in China [1][51] - The medical application of BCI technology is the most mature segment, focusing on neurorehabilitation, functional replacement, and disease treatment, with a dual growth curve emerging from medical and consumer applications [2][45] Summary by Sections Industry Overview - BCI is defined as a technology that creates a communication channel between the brain and external devices, enabling direct information exchange [16] - BCI can be categorized into invasive, semi-invasive, and non-invasive types, each with distinct applications in medical rehabilitation, consumer interaction, and military use [17][19] - The global BCI market is projected to grow from $1.2 billion in 2019 to approximately $7.63 billion by 2029, with a compound annual growth rate (CAGR) exceeding 13% [24] Policy Guidance - Major countries have launched BCI-related initiatives, with the U.S. and EU leading in funding and research efforts [52][53] - China's "Brain Plan" aims to enhance brain science and BCI technology, with significant funding expected in the coming years [54][57] Clinical Applications - The medical sector is the primary focus for BCI applications, with significant demand driven by conditions such as stroke and disabilities [45][48] - Clinical trials for BCI products are accelerating globally, with notable advancements in both invasive and non-invasive technologies [3][19] Industry Progress - The report highlights the competitive landscape, noting that while foreign companies like Neuralink and Synchron have a head start, domestic firms are making significant strides in key areas such as flexible electrodes and real-time language decoding [2][4][30] - The BCI industry is characterized by a complex supply chain, with upstream components like electrodes and chips, midstream product supply, and downstream applications across various sectors [30][33] Investment Recommendations - Investors are advised to focus on companies with strong technological barriers and clinical application capabilities, particularly in the medical sector, which is the most developed area for BCI commercialization [3][9] - Specific companies to watch include medical scene integrators and leaders in invasive/semi-invasive technologies, such as Xiangyu Medical, Weisi Medical, and Brain Tiger Technology [3][9]

Core Viewpoint - The approval of the invasive brain-computer interface (BCI) product by Jingyu Medical Technology marks a significant milestone in the treatment of drug addiction, particularly for opioid dependence, showcasing the potential of BCI technology in serious medical applications [1][2][3]. Group 1: Product and Technology - Jingyu Medical's invasive brain deep stimulation system is the first globally approved BCI product for treating addiction-related mental disorders, specifically targeting difficult-to-treat moderate to severe opioid addiction [1][2]. - The system utilizes a dual-target technology to stimulate key brain areas, namely the nucleus accumbens and the anterior limb of the internal capsule, providing a new treatment option for patients [2][3]. - Clinical studies indicated that after implantation, patients showed improvements in negative emotions associated with addiction, with a 62.5% non-recurrence rate after 10 years of follow-up for the first batch of cases [2][3]. Group 2: Industry Landscape - The BCI industry is characterized by a diversified competitive landscape, with invasive and non-invasive technologies being developed for various applications, including medical and consumer sectors [4][6]. - Invasive BCIs are primarily focused on medical applications, while non-invasive BCIs are being utilized in consumer products and industrial applications [4][6]. - The global BCI market is projected to reach approximately $2.46 billion in 2024 and exceed $10.8 billion by 2033, with a compound annual growth rate (CAGR) of 16.5% [5]. Group 3: Future Trends and Challenges - The BCI industry is expected to experience rapid development, with trends including accelerated technology integration, expanded application scenarios, and improved industry chain collaboration [7]. - Despite the promising outlook, the industry faces challenges such as technical barriers, ethical considerations, and the need for regulatory compliance [8]. - Jingyu Medical plans to initiate international multi-center clinical trials to contribute to global addiction treatment solutions, aiming for BCI technology to become a standard treatment method for neurological disorders [9].

Core Viewpoint - The article discusses the emerging potential of brain-computer interfaces (BCIs) in consumer healthcare over the next five to ten years, highlighting significant advancements and investments in the field, particularly in the context of medical applications and the integration of AI technologies [5][10]. Group 1: Industry Developments - In mid-2025, notable advancements in BCIs include Neuralink's $650 million funding round, raising its valuation to $9 billion, and expanding its applications to include speech and vision restoration for patients [5]. - Synchron secured $200 million in Series D funding, while Paradromics received FDA approval for clinical trials focused on speech function restoration [6]. - Chinese companies like JieTi Medical are progressing steadily in clinical trials and product optimization under strict regulatory frameworks, with their invasive BCI systems entering the "green channel" for innovation review by the National Medical Products Administration [6][7]. Group 2: Applications and Future Prospects - BCIs are categorized into three main application areas: brain-controlled output (e.g., decoding movement intentions), neural modulation (e.g., deep brain stimulation for Parkinson's), and sensory reconstruction (e.g., restoring hearing and vision) [9]. - The clinical value of BCIs in treating diseases is expected to be validated within the next three to five years, improving patients' quality of life and work capabilities [10]. - The consumer healthcare aspect of BCIs is anticipated to emerge in the next five to ten years, transforming human-machine interaction and enhancing efficiency through direct brain control of devices [10]. Group 3: Technological Innovations - The second-generation high-throughput wireless BCI system developed by JieTi Medical features 256 electrode channels, expanding its application from motor control to language reconstruction [7]. - The implantation process involves minimally invasive techniques, allowing for stable signal collection from the brain with low latency, comparable to natural brain function [13]. - Accumulating single-cell data from BCIs is crucial for advancing neuroscience and enhancing product design, with the potential for significant breakthroughs in understanding brain functions [14][15]. Group 4: AI Integration and Future Implications - AI and algorithms are expected to play a vital role in processing complex brain data, with the potential to create foundational models that improve the performance of BCIs for new patients [17][18]. - The relationship between BCIs and AI is seen as a dynamic interplay, where human intentions can guide AI actions, leading to more sophisticated control of devices [18]. - The integration of BCIs could enable humans to exceed current physical capabilities, with examples showing that BCI users can achieve faster control speeds than average individuals [19][20]. Group 5: Ethical Considerations and Human-Machine Fusion - The development of BCIs is viewed as a necessary step towards deep human-machine integration, serving as a bridge for communication between humans and AI [20][21]. - Concerns about AI potentially evolving beyond human control highlight the importance of maintaining human agency in the development of these technologies [21].

地球知识局 . 人文+地理+设计，全球视野新三观。 合作请联系：xiaobaibai_9999（注明品牌和需求） 以下文章来源于地球知识局 ，作者地球知识局 爆发元年。 作者/浮森黑子 来源/地球知识局 (ID：diqiuzhishiju) 前几天，马斯克抛出一个极具争议的预测：人类能在2 0年内将意识数字化，并上传到特 斯拉的人形机器人Op t imu s 中，达到类似"赛博克隆"的效果。 马斯克这发言在科学界堪称激进，看来未来数年是要死磕脑机接口。 现如今，AI如日中天，但在2 0 2 0年爆发之前，很少有人能预见它今天的盛况。这种现 象在科技前沿并不罕见，许多技术前景远大，但发展时间难以判断，直到爆发临界点到 来，行业外的人才会突然意识到原来它已经完成了蓄力。 今年，类似的迹象再次出现，又一个前沿领域——脑机接口——正被点燃。 脑机接口的爆发 2 0 2 4年至2 0 2 5年，是脑机接口从实验室走向现实的关键两年。 2 0 2 4年1月，马斯克的Ne u r a l i n k公司完成首例人类脑机植入手术。几个月后，受试者 仅凭意念就能控制电脑。这一成果的出现，让脑机接口首次从学术议题变成了可量化、 ...

Core Insights - The brain-computer interface (BCI) sector is experiencing significant advancements and investments, particularly in Silicon Valley, with companies like Neuralink and Merge Labs leading the charge [1][2] - Chinese companies in the BCI space are taking a more pragmatic approach, focusing on clinical trials and product optimization within a regulated medical framework [1][2] Investment and Financing - Neuralink secured $650 million in funding, reaching a valuation of $9 billion, expanding its focus from severe motor function disorders to include conditions like aphasia and blindness [1] - Merge Labs, founded by Sam Altman, aims to raise $250 million to develop ultrasound technology for reading and modulating brain signals [1] - Synchron raised $200 million in Series D funding, while Paradromics received FDA approval for clinical trials in speech function restoration [1] Clinical Applications - The BCI technology is categorized into three main application areas: brain-controlled output, neural modulation, and sensory reconstruction [4] - The first prospective clinical trial of an invasive BCI system in China was completed by Ladder Medical at Huashan Hospital, with the product entering the "green channel" for expedited regulatory approval [2][4] Future Prospects - The next 5-10 years are expected to see BCI technology transition from medical applications to consumer healthcare, enhancing human-machine interaction and efficiency [5][12] - The potential for BCIs to enable users to control devices through thought alone is highlighted, with implications for both medical recovery and enhanced human capabilities [12][13] Technological Development - Ladder Medical's BCI system utilizes ultra-flexible electrodes, allowing for stable signal collection from the brain, with a minimally invasive implantation process [7] - The second-generation BCI system was recently launched, increasing electrode channels to 256 and expanding application scenarios beyond motor control to include language reconstruction [7] Data and AI Integration - The accumulation of single-cell data from BCIs is crucial for advancing neuroscience and improving product design [8][10] - AI and algorithms are expected to play a significant role in enhancing BCI performance, with the potential to create a foundational model for future patients [10][11] Human-Machine Integration - The relationship between BCIs and AI is seen as a dynamic process, where human intent can guide AI actions, leading to a more integrated human-machine experience [11][14] - The concept of BCIs serving as a bridge between carbon-based and silicon-based life forms is discussed, emphasizing the importance of maintaining human agency in the face of advancing AI [14]