日前，财信证券医疗器械行业分析师龙靖宁在接受中国证券报记者专访时表示，在政策强力支持、技术 持续突破、医保支付落地的三重驱动下，国内脑机接口行业正迈向规模化应用关键阶段。作为新质生产 力，脑机接口行业兼具社会价值与商业价值，中长期维度看，相关产业链有较好的投资机会。 估值贴合产业基本面 ● 本报记者 谭丁豪 今年以来，脑机接口赛道热度持续攀升，行情呈现震荡上行态势。值得关注的是，当前赛道估值既契合 技术爆发期新兴赛道的发展特征，又与同类成长型企业估值水平相当，同时通过与核心应用领域相关板 块的估值呼应，凸显其向产业基本面靠拢的核心逻辑。 Wind数据显示，今年以来，截至12月2日，万得脑机接口概念指数累计涨幅51.53%，年化收益率达 59.69%，期间最大回撤为23.74%。该指数1月至3月持续上行，4月初大幅回调后快速修复，随后一路走 高，于2025年9月16日站上1890.69点高位，此后进入横盘震荡调整。 对于行情走势原因，龙靖宁认为，今年前9个月，受脑机接口相关医疗服务获医保立项并明确收费标 准、国内研究进展积极、系列专项政策出台等利好推动，脑机接口指数震荡上行，后续受市场风格影 响，指数有所回落。 ...

Core Insights - The brain-computer interface (BCI) has been elevated to a "national strategy" and is recognized as one of the six future industries requiring forward-looking layout, as stated in the 14th Five-Year Plan [2] - Multiple large-scale BCI conferences are scheduled in December 2025 across various cities, showcasing significant advancements and investment opportunities in the sector [1] Industry Developments - Various local governments, including Shanghai, Beijing, Sichuan, Zhejiang, and Jiangxi, have introduced supportive policies for BCI development [3] - Shanghai's action plan aims for breakthroughs in semi-invasive BCI products by 2027, while Beijing's plan focuses on achieving major original results in key technologies by the same year [3] Clinical Application and Regulation - The National Medical Insurance Administration has opened a "green channel" for BCI and other innovative medical products to facilitate their approval [4] - The National Medical Products Administration has included a wireless implanted BCI system in its special review process for innovative medical devices [4] Investment Trends - Capital is rapidly flowing into the BCI sector, with 28 financing rounds completed in 2023, totaling over 5 billion yuan, and a record 350 million yuan raised by Ladder Medical [5] - The global market for BCIs in medical applications is projected to reach $40 billion by 2030 and exceed $145 billion by 2040 [5] Market Performance - BCI-related stocks have shown remarkable performance in 2023, with companies like Century Huatong rising over 250% and others doubling in value [6] - 16 BCI concept stocks have undergone institutional research, indicating strong interest from investors [6] Company Insights - Xiangyu Medical reported that 60%-70% of its R&D investment is related to BCI technology [7] - Lepu Medical plans to deepen its brainwave collection technology and integrate it with neural stimulation and intelligent algorithms [7] - Meihua Medical is collaborating with BCI clients to facilitate efficient commercialization from laboratory research to mass production [7]

《若干措施》指出，江西将鼓励在医疗、康养、工业、教育、国防、军民融合等领域开展脑机接口应 用，支持一批脑机接口项目建设。争取国家脑机接口产业工程和应用场景在赣落地。 《若干措施》还提出，江西将支持符合条件的脑机接口项目申报该省工业发展专项，加快脑机接口整机 产品迭代应用和规模化推广；遴选脑机接口创新应用项目，定期发布创新应用典型案例和创新成果，推 动开放应用场景；积极推进"人工智能+"行动，推动人工智能技术加速脑机接口研发。 公开资料显示，脑机接口通过在脑与机器之间建立信息通道，实现生物智能与机器智能的协同交互，是 生命科学和信息科学融合发展的前沿技术。 中新网南昌12月2日电 (记者吴鹏泉)当前，脑机接口正成为科技创新和产业创新深度融合的重要领域。 这一新兴赛道吸引了江西等地争相布局。 据江西省人民政府官方微信公众号2日消息，该省印发了《江西省加快脑机接口技术和产业发展若干措 施》(简称《若干措施》)。 江西将从强化科技创新引领、推动成果转化应用、加快创新主体引育、提升产业支撑能力四个方面，推 进11项重点任务。 其中，加快创新主体引育方面，《若干措施》提出，江西将支持脑机接口企业发展壮大，加速引育科技 型 ...

Core Insights - In 2025, China's pharmaceutical and healthcare industry enters a critical phase driven by "innovation deepening + global breakthrough," with emerging therapies like small nucleic acids, PROTAC, and CGT accelerating from clinical validation to commercialization [2][34] - The reports from the top ten Chinese securities firms provide authoritative insights into technological iterations, industry trends, and globalization strategies, serving as a guide for industry practitioners and investors [2][34] Group 1: Small Nucleic Acids - 2025 is a pivotal year for small nucleic acid drugs, driven by technological breakthroughs and expanding indications from rare diseases to chronic diseases like hyperlipidemia and hypertension [4][36] - The small nucleic acid sector is expected to see a surge in catalysts, including the commercialization of major products like Novartis' Inclisiran and the approval of Alnylam's Vutrisiran and Fitusiran [5][37] - The market for small nucleic acids is projected to reach approximately $30 billion, with significant growth anticipated in CNS diseases [10][42] Group 2: Brain-Computer Interface - The brain-computer interface industry is accelerating innovation with three main technical paths: invasive, semi-invasive, and non-invasive, each with distinct advantages and challenges [7][39] - The global brain-computer interface market is expected to reach approximately $2.6 billion by 2024, with a CAGR of about 13% from 2023 to 2027 [7][39] Group 3: PROTAC - PROTACs are gaining traction as targeted protein degradation drugs, with advantages such as high oral bioavailability and broad target range, making them popular in oncology and autoimmune disease research [19][51] - The first BTK PROTAC has entered Phase III trials, showcasing promising efficacy and safety data [19][51] Group 4: Chinese Innovative Drugs - Chinese innovative drugs are entering a "DeepSeek" moment, with domestic companies increasingly recognized overseas, and the number of license-out projects surpassing license-in projects for the first time in 2023 [16][48] - The market for innovative drugs in China is expected to exceed 2 trillion RMB by 2030, with a CAGR of 24.1% [29][63] Group 5: Peripheral Intervention Industry - The peripheral intervention industry is experiencing rapid growth, with a significant patient base and low treatment penetration compared to international standards [25][57] - The market for peripheral artery interventions is projected to grow at a CAGR of 15.6% from 2021 to 2030, while peripheral venous interventions may see a CAGR of 29.3% [25][57] Group 6: Weight Loss and Diabetes Treatment - The market for GLP-1RA drugs, such as semaglutide and tirzepatide, is expected to exceed $150 billion by 2031, with significant business development opportunities emerging for domestic companies [26][58] - Multi-target drug development is anticipated to overcome the limitations of single-target therapies, enhancing efficacy in weight loss and metabolic health [26][58]

人民财讯12月2日电，江西省人民政府办公厅印发《江西省加快脑机接口技术和产业发展若干措施》， 其中提出，强化资本金融支持。发挥江西省现代产业引导基金作用，支持各类投资基金以市场化方式投 向脑机接口项目，建立对投资决策包容的考核评价机制。鼓励脑机接口企业进入江西省区域性股权市场 专精特新专板培育。加强对脑机接口企业上市的辅导和支持，组织企业参加相关路演、培训与咨询等活 动，助力企业上市融资。 ...

经济观察网12月2日，江西省人民政府办公厅印发《江西省加快脑机接口技术和产业发展若干措施》。 其中提出，开拓重点应用场景。鼓励在医疗、康养、工业、教育、国防、军民融合等领域开展脑机接口 应用，支持一批脑机接口项目建设。争取国家脑机接口产业工程和应用场景在赣落地。 ...

人民财讯12月2日电，江西省人民政府办公厅印发《江西省加快脑机接口技术和产业发展若干措施》， 其中提出，加强创新产品推广。支持脑机接口医疗器械纳入创新产品推荐目录。支持符合条件的脑机接 口项目申报省工业发展专项，加快脑机接口整机产品迭代应用和规模化推广。遴选脑机接口创新应用项 目，定期发布创新应用典型案例和创新成果，推动开放应用场景。积极推进"人工智能+"行动，推动人 工智能技术加速脑机接口研发。依托省科技成果转移转化中心，组织脑机接口科技成果对接活动，加快 创新成果落地。支持牵头制修订相关标准的单位或个人申报"江西省省长质量奖和专利奖"标准项目奖和 个人奖。 ...

人民财讯12月2日电，江西省人民政府办公厅印发《江西省加快脑机接口技术和产业发展若干措施》， 其中提出，开展有组织的科研攻关。以打造高性能产品为导向，开展有组织的科研。鼓励省内科研单位 牵头承担"脑科学与类脑研究"国家科技重大专项、国家重点研发计划项目和课题，统筹省级科技计划资 金，按有关要求给予一定比例配套经费支持。部署实施省科技重大专项"2030先锋工程"脑机接口专项 和"2030启航计划"脑科学与类脑研究项目；在省重点研发计划中加强任务衔接，部署脑机接口系统集 成、临床试验、应用示范等攻关任务。创新任务组织模式，探索以目标导向、直达研发主体的任务管理 机制。 ...

Core Insights - The 2025 Brain-Computer Interface (BCI) Conference will be held in Shanghai from December 4 to 5, focusing on technological breakthroughs and industry development in the BCI sector [1] Group 1: Event Overview - The conference theme is "Brain Link World · Wisdom Gathering Shanghai," aiming to establish Shanghai as a global hub for BCI innovation and industry [1] - The event will feature a comprehensive format including a main forum, developer conference, BCI competition, exhibition, eight sub-forums, and multiple product launches, creating an ecosystem for deep integration of technology, industry, and capital [1] Group 2: BCI Competition - A total of 63 teams registered for the competition, with 40 teams advancing to the finals, showcasing the active participation of young talent in the BCI field, with an average age of participants being 25 [2] - The competition includes four specific tracks: emotion perception, fatigue monitoring, brain-controlled robotic arms, and brain-controlled racing cars, testing the performance and stability of BCI systems in real-time [1][2] Group 3: Developer Conference and Investment Forum - The developer conference will gather developers and technical teams to share insights on development tools, datasets, and hardware customization [2] - The investment cooperation sub-forum aims to create a new paradigm for BCI industry development by integrating technology, capital, and clinical applications, facilitating connections between enterprises, clinical sectors, and investors [2] - A report titled "Brain Science Technology Map and Talent Map" will be released to guide overseas Chinese scientists in their return to China, along with early-stage project roadshows in six specific areas of BCI technology [2]

Group 1: Brain-Computer Interface Industry - The 2025 Brain-Computer Interface (BCI) Conference will be held in Shanghai from December 4-5, featuring various events including a main forum, developer conference, and BCI competition [1] - Domestic policies are actively promoting the BCI industry, with accelerated clinical and commercialization progress, indicating a positive outlook for the sector [1] - The BCI industry in China has developed a complete industrial chain covering upstream (materials, chips, electrodes), midstream (signal acquisition and processing), and downstream (medical health, consumer life, industrial production) [1] Group 2: Stock Market Performance - The U.S. stock market saw declines across major indices, with the Dow Jones down 427.09 points (0.9%), S&P 500 down 36.46 points (0.53%), and Nasdaq down 89.77 points (0.38%) [2] - Notable tech stocks experienced mixed results, with Broadcom down over 4% and companies like Nvidia and Apple gaining over 1% [2] - Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index up 0.87%, led by gains in companies like NetEase and Alibaba [2] Group 3: Precious Metals Market - COMEX gold futures increased by $10.10 (0.24%) to $4265.0 per ounce, while international silver prices reached a historical high, rising 2.8% to $57.99 per ounce [3] Group 4: Pharmaceutical Developments - The World Health Organization highlighted the potential of GLP-1 weight loss drugs, such as Mounjaro, in addressing the global obesity crisis, with an estimated 2 billion people affected by obesity by 2030 [4] Group 5: Corporate Investments - CATL announced its participation in the investment of the "Boyu New Intelligence New Industry Equity Investment Partnership," committing RMB 5 billion, representing a 12.497% stake in the fund [5] - China Mobile received approval to transfer 41,981,348 A-shares to China National Petroleum Corporation, which will not significantly impact its operations or change its controlling shareholder [6] Group 6: Technology Advancements - Apple is accelerating the development of its first foldable iPhone, expected to launch in fall 2026, featuring key technological advancements and a projected price of around $2400 [7] Group 7: Fundraising Activities - Three Life Pharmaceutical is seeking to raise approximately $400 million through a share placement, with a price range of HKD 29.46-30.10 per share, representing a discount of 5%-7% from the latest closing price [8] Group 8: Business Adjustments - Oriental Selection announced a normal operational adjustment by adding food delivery and catering services to its business scope, with no specific details disclosed yet [9] Group 9: Automotive Sales Data - BYD reported approximately 4.182 million electric vehicle sales in the first 11 months, a year-on-year increase of 11.3%, while Geely's total sales reached 2.78775 million units, up 42% [10] Group 10: Mining Exploration Results - Minmetals Resources reported positive results from resource expansion drilling at High Lake, confirming multiple mineralization occurrences and planning further exploration [11]