▍脑机接口进入3.0时代，百花齐放指日可待。 脑机接口（brain-computer interface，BCI）是指在大脑与外部设备之间建立直接交互的通信和控制通 道。据中国信通院，目前脑机接口进入3.0时代："感知+刺激+控制"深度融合。从产业发展维度看：脑 机接口进入突破落地阶段，脑机接口主要可分为有创和无创两大类，有创还可分为全侵入式、半侵入式 和介入式。在有创领域，国产厂商逐步推进临床转化；无创领域相关公司正逐步推进产品的上市注册， 商业化放量指日可待。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信证券研究 文|陈竹 宋硕 曾令鹏 陈逸飞 国产首款植入式脑机接口产品近期将申请上市注册，料国内脑机接口行业将迎来DeepSeek时刻。在"政 策+资本+技术"等多重因素催化下，国内脑机接口商业化进程加速推进，料未来将逐步从"神经康 复"到"认知提升"再到"脑机融合"时代迈进。上游技术瓶颈正突破，中游中美齐头并进，下游星辰大 海。我们综合梳理三条投资主线：1）有创领域取得技术突破或优异临床效果的龙头企业。2）无创领域 应用落地场景多元化，具备较强商业化销售能力的龙头企业。3 ...

Core Viewpoint - The company has a strong presence in the non-invasive brain-computer interface (BCI) field, with a comprehensive range of products and technologies, including group biofeedback, multi-parameter biofeedback, and neonatal EEG monitoring [1] Group 1: Product and Technology Development - The company has obtained dozens of patents related to brain-computer interfaces, covering core technologies such as EEG signal acquisition, interference signal correction, signal transmission analysis, and machine learning algorithms [1] - The company has also accumulated multiple patents and technological reserves in non-invasive BCI electrodes [1] Group 2: Neurological Rehabilitation Solutions - The company's technology layout in the neurological rehabilitation field has evolved from a single device to a full-cycle solution encompassing "diagnosis-treatment-rehabilitation" [1] - For closed-loop neurological rehabilitation systems, the company has developed technologies for EEG acquisition, non-invasive neural modulation, and rehabilitation robots, enabling a closed-loop rehabilitation chain that includes brain signal acquisition, intention analysis, magnetic stimulation modulation, and mechanical assistance execution [1] Group 3: Clinical Applications - For stroke patients, the company can capture motor imagery signals in real-time using EEG caps, triggering rehabilitation robots for training while utilizing transcranial magnetic stimulation (TMS) to enhance neural plasticity and accelerate motor function recovery [1] - For spinal cord injury patients, the company's surface electromyography analysis system can assess residual nerve function, combined with a pulsed magnetic field therapy device to intervene in damaged spinal segments, creating personalized rehabilitation plans [1] Group 4: Future Directions - The company will closely monitor the development and application of cutting-edge neuroscience technologies, actively exploring various forms of business and technical cooperation to promote the transition of rehabilitation medicine from traditional models to precision and intelligent development [1]

Core Viewpoint - The company has a strong presence in the non-invasive brain-computer interface (BCI) field, with a comprehensive range of products and technologies, including group biofeedback, multi-parameter biofeedback, and neonatal EEG monitoring [1] Group 1: Product and Technology Development - The company has obtained dozens of patents related to brain-computer interfaces, covering core technologies such as EEG signal acquisition, interference signal correction, signal transmission analysis, and machine learning algorithms [1] - The company has also accumulated multiple patents and technological reserves in non-invasive BCI electrodes [1] Group 2: Neurological Rehabilitation Solutions - The company's technology layout in the neurological rehabilitation field has evolved from a single device to a full-cycle solution encompassing "diagnosis-treatment-rehabilitation" [1] - For closed-loop neurological rehabilitation systems, the company has developed technologies for EEG acquisition, non-invasive neural modulation, and rehabilitation robots, enabling a closed-loop rehabilitation chain that includes brain signal acquisition, intention analysis, magnetic stimulation regulation, and mechanical assistance execution [1] Group 3: Clinical Applications - For stroke patients, the company can capture motor imagery signals in real-time using EEG caps, triggering rehabilitation robots for training while utilizing transcranial magnetic stimulation (TMS) to enhance neural plasticity and accelerate motor function recovery [1] - For spinal cord injury patients, the company's surface electromyography analysis system can assess residual nerve function, combined with a pulsed magnetic field therapy device to intervene in damaged spinal segments, creating personalized rehabilitation plans [1] Group 4: Future Directions - The company will closely monitor the development and application of cutting-edge neuroscience technologies, actively exploring various forms of business and technical cooperation to promote the transition of rehabilitation medicine from traditional models to precision and intelligent development [1]