脑机接口硬件设备主要包括脑电采集设备、脑机接口芯片，以及电源、采集器、同步器、刺激器、解码 器等设备零部件。其中，脑机接口硬件设备最为核心的便是用于脑电信号采集或神经反馈的脑电采集设 备(即电极)，以及用于脑电信号处理的脑机接口芯片。脑机接口芯片分为侵入式和非侵入式两大类，其 中侵入式脑机接口芯片要求远高于非侵入式。在侵入式脑机接口中，芯片的主要功能包括数据读出和信 号激励，此外为了保证方便和外界沟通还需要使用无线传输。 | 数据或出 | 数据读出主要是指脑机接口从脑部该取特定区域的信号,并且在芯片上做一系列初步处理,包括滚波 | | --- | --- | | | 等。具体多少信号处理在芯片上做,多少传输到片外完成则取决于整个芯片的设计考量。例如,对于 | | | 一些需要做快速反应的脑机接口芯片(例如检测颠縮并快速介入),则需要把尽可能多的处理在芯片 | | | 上实现,以满足延迟的需求。此外,通常经过芯片处理的信号比起原始信号的数据量会小,因此脑机 | | | 接口片上处理部分和无线数据传输部分是一对重要的权衡对象;片上处理越简单,则相关电路逻辑面 | | | 积和功耗越小,但是需要无线传输的数据量就越 ...

脑机接口月谈——产业及公司篇 20260202 摘要 国家及地方政策积极推动脑机接口发展，七部委发布指导意见，多地医 保探索支持，目标是到 2030 年培育 2-3 家全球领军企业和一批专精特 新企业，解决支付端问题，推动商业模式从产品销售向服务转化。 高校和科研院所在脑机接口技术研发中扮演关键角色，清华大学、中科 院、浙江大学等团队在侵入式、非侵入式和介入式脑机接口研究上取得 进展，其临床试验方案对市场具有重要指导意义。 脑机接口产业链关键组件包括电极（价值量最高）、芯片和手术机器人， 微纳加工工艺复杂，技术壁垒高。Neuralink、阶梯医疗和脑虎科技等 公司在手术机器人领域有所布局。 多重因素驱动脑机接口产业发展，包括政策支持、技术研发和临床试验 推进、企业积极布局核心组件及配套设备，预计到 2030 年中国将涌现 一批全球领军企业。 脑接口技术上游环节涉及材料、算法、电极和微纳加工等，汉威科技、 科大讯飞、东威半岛等公司在柔性传感器、算法等领域有布局，值得重 点关注。 Q&A 脑机接口产业目前的发展状况如何？有哪些值得关注的政策和市场动态？ 脑机接口产业目前处于初期发展阶段，但未来空间巨大。自 202 ...

Summary of Exoskeleton Robot Industry Conference Call Industry Overview - The exoskeleton robot industry is experiencing significant growth due to increased policy support and market demand, particularly in the domestic market [1][2][3]. Core Insights - **Policy Support**: There has been a gradual increase in policy support for the exoskeleton robot industry, contributing to its robust development [2][3]. - **Commercialization Acceleration**: The industry is entering a phase of accelerated commercialization, driven by advancements in technology, payment systems, and application scenarios [4]. - **Market Potential**: If exoskeleton robots become widely adopted in medical rehabilitation, industrial, and consumer sectors, the potential market demand could reach millions of units, with a market size projected to reach hundreds of billions [4]. Key Components - The growth in demand for exoskeleton robots is expected to expand the market for core components such as motors, reducers, and posture sensors [5]. Company Focus - Attention is recommended on upstream component manufacturers like Xinjie Electric and Huayi Technology, as well as downstream companies such as Xiangyu Medical and Chengtian Technology, regarding their business developments and market positioning [1][2]. Additional Insights - Current products in the market are primarily focused on medical rehabilitation, with gradual expansion into consumer and industrial products [6].

Core Insights - Public fund institutions have significantly increased their research activities in January, focusing on AI computing power, high-end medical technology, and new energy as the three core investment themes [1][3][5] Group 1: Research Activity - A total of 156 public fund institutions participated in A-share research in January, covering 486 stocks across 17 industries, with a total of 3,992 research instances [1] - Leading institutions such as Bosera Fund, Huaxia Fund, and Penghua Fund conducted the most research, with Bosera Fund leading at 116 instances [2] - The most researched stocks included Zhongji Xuchuang in the communications sector with 61 instances, followed by Aipeng Medical and Xiangyu Medical in the medical sector with 57 and 47 instances respectively [2] Group 2: Industry Focus - The electronics industry was the most researched, with 603 instances covering 71 stocks, followed by the machinery equipment industry with 591 instances covering 67 stocks [2][3] - Other industries such as medical biology, electric equipment, and basic chemicals also saw significant research activity, each exceeding 276 instances [3] Group 3: Emerging Trends - Brain-computer interfaces have emerged as a key focus within the high-end medical sector, driven by technological breakthroughs and commercial progress [4] - Companies like Aipeng Medical and Meihai Medical are actively engaging in brain-computer interface developments, with Aipeng Medical discussing advancements in brainwave technology [4] - The year 2026 is anticipated to be pivotal for the commercialization of invasive brain-computer interfaces, with several companies already in clinical stages [4]

Core Viewpoint - In January, the global asset allocation logic shifted from valuation recovery to profit-driven, with A-shares continuing an upward trend supported by policies, funding, and valuation [1][2]. Group 1: A-share Market Performance - The A-share market showed a steady upward trend in January, with the Shanghai Composite Index rising by 3.76%, the ChiNext Index by 4.47%, and the Shenzhen Index by 5.03% by the end of January [2]. - The non-ferrous metals sector led the gains with a 22.59% increase, followed by media, oil and petrochemicals, construction materials, and basic chemicals with respective increases of 17.94%, 16.31%, 13.31%, and 12.72% [2]. Group 2: Fund Performance - Public FOFs (funds of funds) performed well, with some products achieving monthly returns exceeding 30%. For instance, the Guotai Industry Rotation A fund had a monthly return of 30.31%, while the Guotai Preferred Navigation fund reached 37.12% [3][5]. - A total of 35 FOFs had monthly performance exceeding 10%, with 4 funds surpassing 20% [3]. Group 3: Market Trends and Predictions - Analysts noted that the core drivers of asset performance in January were cross-year capital reallocation and sentiment recovery, with expectations of a "spring excitement" in the stock market in the first quarter [3][7]. - The transition from valuation-driven to profit-driven narratives in global asset allocation is expected to continue, with a focus on sectors showing clear performance improvements, particularly in technology and cyclical industries [7]. Group 4: Fund Issuance and Research Activity - The issuance of public funds accelerated in January, with a significant number of FOFs focusing on themes like technological innovation and high-end manufacturing, reflecting market interest in economic transformation opportunities [6][7]. - A total of 156 public fund institutions participated in A-share research activities in January, covering 486 stocks across 30 first-level industries, indicating high research engagement [7].

Core Insights - The external skeleton robot industry is entering a phase of accelerated commercialization driven by policy support, technological advancements, and expanding application scenarios [2][3] Policy Support - Recent years have seen increasing policy support for the external skeleton robot market, with various government departments releasing initiatives to promote the industry [2] - Key policies include the "Robot+" application action plan released in January 2023, which encourages the application of external skeleton robots in elderly care [2] - The National Medical Products Administration's announcement in July 2025 aims to expedite the establishment of standards for medical external skeleton robots, further supporting innovation in high-end medical devices [2] Commercialization Acceleration - The commercialization of external skeleton robots is being driven by advancements in technology, payment models, and application areas [3] - Technological improvements have addressed early product limitations, enhancing efficiency and reliability through better battery density, lightweight materials, and smart algorithms [3] - Innovative payment models, including insurance collaborations and leasing options, are reducing financial barriers for users [3] - The application landscape has expanded from medical rehabilitation to industrial and consumer sectors, significantly increasing market demand [3] Market Scale - The global external skeleton market is projected to reach approximately 3.9 billion RMB by 2025, with rapid growth expected over the next 6-8 years [4] - China's external skeleton robot market has grown from 0.045 billion RMB in 2018 to 1.06 billion RMB in 2023, reflecting a compound annual growth rate of 88% [4] - The potential long-term demand for external skeleton robots could reach tens of millions of units, with a market size potentially exceeding 100 billion RMB [4] Core Components - The growth in demand for external skeleton robots is expected to expand the markets for key components such as motors, reducers, and posture sensors [5] - Estimates suggest that the market for key components could see significant growth, with potential increases of 3.2 billion RMB for motors, 8 billion RMB for reducers, and 4 billion RMB for posture sensors [5] - Companies like Xinjie Electric and Lide Harmonic are highlighted as key players in the motor and reducer markets, respectively [5] Domestic Company Developments - Current products are primarily focused on medical rehabilitation, with plans to expand into consumer and industrial products [6] - Companies like Xiangyu Medical and Cheng Tian Technology are leading in the development and deployment of medical external skeleton robots [6][7] - Fourier and Maibu Robotics are also noted for their innovative approaches in rehabilitation and flexible drive technology, respectively [7]

Group 1 - The core point of the article highlights that Jingzhida (精智达) received the highest number of institutional research visits among listed companies, with 170 institutions conducting research during the last working week of January [1][2] - Jingzhida signed a significant sales contract worth 1.311 billion yuan (including tax) for semiconductor testing equipment, which has garnered considerable market attention [1][3] - The order is seen as a strong validation of the company's long-term investments and its solid market position, especially amid tight delivery schedules from international suppliers [3] Group 2 - In January, over 600 listed companies disclosed records of institutional investor research, with Dajin Heavy Industry (大金重工) receiving the most visits at 209 institutions [3][4] - The electronic and mechanical equipment sectors have shown high levels of interest from institutional investors, with these industries leading in the number of research visits [5] - The overall trend indicates a sustained enthusiasm for institutional research in the machinery and computer sectors, with a notable focus on electronic and mechanical equipment industries [5]

行 机械设备 2026 年 01 月 31 日 业 研 究 机械设备 超声脑机接口启新篇，中国方案破解脑病治疗困局 投资要点： "十五五"重点赛道，脑机接口市场规模有望快速增长 根据 precedence research，2024 年全球脑机接口市场规模约为 26.2 亿美元，预计 2025 年将达到 29.4 亿美元，到 2034 年有望增长至 124 亿美元，十年间复合年增长率为 17.35%；据工信微报，2024 年中国脑 机接口市场规模为 32.0 亿元，预计到 2028 年将达 61.4 亿元。《中共 中央关于制定国民经济和社会发展第十五个五年规划的建议》提出前 瞻布局未来产业，推动脑机接口等成为新的经济增长点。这些产业蓄 势发力，未来 10 年将再造一个中国高技术产业。 建议关注 岩山科技、汉威科技、三博脑科、创新医疗、东方中科、翔宇医 疗、熵基科技、诚益通、伟思医疗、麦澜德、爱朋医疗、倍益康等。 风险提示 证 市场竞争加剧、政策支持力度不及预期、技术研发及新产品开发 不利、脑机产品造成病患受伤等风险 技术突破创新，超声精准打开血脑屏障 行 业 定 期 报 告 近日，复旦大学联合华山医院在国家重 ...

行 机械设备 2026 年 01 月 31 日 业 研 究 机械设备 超声脑机接口启新篇，中国方案破解脑病治疗困局 投资要点： 技术突破创新，超声精准打开血脑屏障 行 业 定 期 报 告 近日，复旦大学联合华山医院在国家重点研发计划项目启动会上， 发布国内首例采用自主研制超声诊疗一体化装置"UltraBrainPad"的临 床试验成果。该半侵入式技术为全球第三种方案，通过手持式探头结 合 AI 图像识别，3 分钟即可打开胶质母细胞瘤患者血脑屏障，药物浓 度平均提升 8 倍，6 小时后屏障自动关闭，操作便捷、成本可控且安全 性优于国际水平，成功破解传统技术感染风险高、精度不足等难题。 赛道拓展赋能，惠及多种脑病治疗场景 作为国家重点研发计划项目，该技术已启动复发胶质母细胞瘤临 床研究，未来将打造超声脑机接口新赛道。除脑肿瘤药物治疗外，其 科研成果还将向神经调控、脑机融合方向转化，有望为阿尔兹海默病、 头痛、失眠等多种脑病提供全新治疗路径，凭借基层可及的优势，让 更多患者受益于这一"中国方案"。 岩山科技、汉威科技、三博脑科、创新医疗、东方中科、翔宇医 疗、熵基科技、诚益通、伟思医疗、麦澜德、爱朋医疗、倍益康等。 ...

强脑科技仿生手现场展示，脑机接口赋能残障群体 1月29日，"为中国经济点赞——企业家之夜"在北京举行。浙江强脑科技有限公司创始人兼CEO韩璧丞出席接受致敬。 活动现场，强脑科技仿生手受益人、假肢售后负责人古月与韩璧丞共同展示了前沿脑机接口技术如何深刻改变残障人士的 生活。古月展示了其佩戴的智能仿生手。他介绍，这只手无需手术植入，可通过直观的意念进行操控，感觉"仿佛我的左手 重新回来了"。随后，他先后完成了抓举10公斤及5公斤哑铃、弹钢琴、远程操控仿生手抓橘子的展示。 【机构观点】 截至2026年1月30日 13:25，医疗设备ETF(159873)换手6.47%，成交1616.21万元。跟踪的中证全指医疗保健设备与服务指数 (H30178)下跌1.22%。成分股方面涨跌互现，澳华内镜领涨10.79%，振德医疗上涨2.65%，华强科技上涨1.83% 截至1月29日，医疗设备ETF(159873)最新规模创近1年新高。医疗设备ETF(159873)近1周份额增长3000.00万份，实现显著 增长。 资金流入方面，医疗设备ETF(159873)近20个交易日内有16日资金净流入，合计"吸金"超1.4亿元。 【产品亮 ...