中邮证券称，目前世界各国纷纷加大战略布局，我国也高度重视脑机接口产业的发展，十四五规划明确 将脑机接口列为未来产业重点攻关方向，中央到地方陆续出台各项政策加快脑机接口产业发展，推动商 业化规模落地，应用场景持续拓展。 据证券时报报道，6月28日，马斯克的Neuralink在一场发布会上发布了全脑脑机接口计划，要在2028年 实现将人类大脑与AI全面集成，实现意识层面的互联。 目前Neuralink的受试者已经达到7人，且患者独立使用脑机接口BCI设备的时长显著增加，前5位志愿者 平均每周超50小时，峰值超过100小时。技术方面，Neuralink光标校准时间缩短至15分钟，新一代手术 机器人植入单根电极线程时间从17秒缩至1.5秒，速度提升11倍，且能植入大脑皮层下50毫米以上的区 域，实现与99%人类的兼容。 发布会上，Neuralink还披露了其未来几年的发展计划：在今年第四季度，Neuralink计划在言语皮层进行 植入，目标是直接解码无声的"意图言语"。到2026年，植入芯片的电极数量将提升至3000个，首位"盲 视"（Blindsight）项目参与者也将加入。 2027年，电极数将进一步提升至1万个 ...

Core Insights - Neuralink, founded by Elon Musk, aims to develop brain-machine interfaces to enable direct communication between the human brain and machines [1][3] - The company has successfully implanted its N1 chip in 7 participants who lost mobility due to injury or illness, allowing them to control a computer cursor using only their thoughts [3][4] - Neuralink plans to attempt to implant a "blind vision" device next year, which could potentially restore sight to blind individuals by directly stimulating the brain's visual cortex [3][4] Company Developments - The N1 chip has shown sustained neural activity, stability, and biocompatibility, which are crucial for long-term applications [3] - By 2028, Neuralink anticipates implanting over 25,000 electrodes in the human brain to address mental health issues and explore deeper integration with AI [4] - The company has previously demonstrated the ability to make a monkey perceive virtual images using its technology, indicating potential future applications for vision restoration [3][4] Industry Context - While Neuralink focuses on medical applications initially, its long-term vision includes complete human-machine integration, potentially allowing humans to control humanoid robots [4] - There is skepticism within the scientific community regarding Neuralink's technology, with calls for more clinical data and peer-reviewed research before widespread adoption [4]

Group 1: Robotics and AI in Sports - The first domestic 3V3 AI robot football match concluded on June 28, 2025, with Tsinghua Fire God team winning the championship by defeating China Agricultural University team 5:3 [1] - This event is part of the 2025 World Humanoid Robot Games and marks a significant advancement as robots operated autonomously without remote control, closely mimicking human football matches [1] - Current robot players are at a skill level comparable to a five-year-old child, indicating that further breakthroughs in software development are necessary for robots to perform at a level similar to human players in football [1] Group 2: Automotive Technology and Safety - Xiaomi responded to an incident where the brake pads of the YU7 caught fire during track testing, attributing it to extreme conditions without a cooling lap, which caused high temperatures leading to ignition [2] - The overall braking system remained functional and did not experience any failures, highlighting the importance of user education regarding the physical characteristics of electric high-performance vehicles in extreme scenarios [2] - Xiaomi emphasized that this incident reflects material properties under extreme conditions and serves as a reminder for the need for comprehensive user guidance to prevent misuse during high-performance experiences [2] Group 3: Neuralink and Brain-Machine Interface - Neuralink announced significant progress with seven participants in their brain-machine interface trials, including four with spinal cord injuries and three with ALS, who are using the devices extensively [3] - Notably, a spinal cord injury patient is set to connect with Tesla's humanoid robot, Optimus, for more complex operations, indicating a potential future where individuals can fully control robotic bodies through Neuralink [3] - The integration of brain-machine interfaces with robotics is pushing the boundaries of human capabilities, but it also raises critical issues regarding data privacy, autonomy, and social equity that require global regulatory frameworks [3]

来源：中国新闻网 脑机接口作为实现大脑与外部设备信息交互的交叉前沿技术，具有广阔的应用前景。 前期，上海开展脑机接口关键技术的系统性布局，积极打通优质科研资源、临床机构等上下游，培育产 学研医深度融合的创新生态。 上海市科委相关负责人当天在受访时表示，集聚区把不同的创新生态主体集聚在一个地方，降低沟通成 本，让合作更加紧密，把创新的浓度和密度提升上去。 现场，系列"新动作"力撑上海脑机接口领域发展，包括上海市脑机接口临床试验与转化重点实验室揭 牌、华山医院脑机接口临床试验与转化创新联合体启动建设等。 今年1月，上海发布了《上海市脑机接口未来产业培育行动方案(2025-2030年)》，进一步加速产品研发 与临床试验。 中新网上海6月29日电 (记者 郑莹莹)上海脑机接口未来产业集聚区"脑智天地"(以下简称：集聚区)29日 在闵行区正式启动建设。 6月29日，上海脑机接口未来产业集聚区"脑智天地"在闵行区启动建设。中新网记者 郑莹莹 摄 当天，上海脑机接口未来产业集聚区建设推进会在上海新虹桥国际医学中心医技中心举办。 目前，上海在侵入式、半侵入式和非侵入式赛道相继涌现出创新成果和创业企业，布局建设了相关重点 实验 ...

Group 1: Monetary Policy and Economic Support - The People's Bank of China emphasized the need to implement incremental policies to stimulate economic recovery and support technology innovation and consumption [1] - The meeting highlighted the importance of financing support in key areas such as "two new" and "two heavy" sectors, and maintaining capital market stability through various financial instruments [1] Group 2: Trade Relations and Tariffs - The Chinese Ministry of Commerce condemned the unilateral imposition of "reciprocal tariffs" by the U.S., asserting that it undermines multilateral trade systems [2] - The U.S. has indicated it may set tariffs unilaterally on countries that do not reach trade agreements by July 9, which China firmly opposes [2] Group 3: Corporate Developments - The China Securities Regulatory Commission announced severe penalties for Nanjing Yuebo Power System Co., Ltd. for information disclosure violations, indicating a crackdown on corporate misconduct [5] - Xiaomi responded to media reports regarding a fire incident involving its YU7 Max vehicle, clarifying that the incident was due to high temperatures during testing and did not affect the vehicle's braking system [13] Group 4: Market Adjustments - The Shanghai and Shenzhen stock exchanges proposed to adjust the price fluctuation limits for risk-warning stocks from 5% to 10%, which is currently in the feedback stage [6][7] - The Hong Kong Stock Exchange announced an increase in transaction fees from 0.002% to 0.0042%, affecting trading costs for mainland investors [9] Group 5: Investment Insights - Analysts from Everbright Securities expect the market index to remain volatile, with a focus on domestic consumption and the impact of U.S. policies [18] - Dongwu Securities predicts a significant possibility for the index to surpass last year's high, with a focus on growth stocks in sectors like AI and commercial aerospace [19]

Core Viewpoint - Neuralink aims to achieve a full-brain machine interface by 2028, integrating human consciousness with AI for enhanced information exchange [1][4]. Group 1: Product Overview - Neuralink has developed three key products: - Telepathy, focused on information output, assisting individuals with movement disorders to regain independence [2]. - Blindsight, aimed at information input, helping visually impaired individuals to reconstruct writing abilities [2]. - Deep device, which will insert electrodes into any brain region, with an expected increase to 10,000 channels by 2028, targeting treatment for neurological disorders and facilitating human-AI integration [2]. Group 2: Clinical Applications and Results - During a recent presentation, Neuralink showcased the performance of seven patients who had undergone the N1 device implantation, demonstrating the ability to control a computer cursor using only their thoughts [3]. - The results from the seven volunteers, all with severe movement impairments, indicate that the technology is safe and effective, with potential for data and algorithm generalization as more individuals are implanted [3]. Group 3: Expert Opinions - Industry experts, such as the CEO of Brain Tiger Technology, acknowledge Neuralink's consistent vision since its inception in 2016, focusing on high-bandwidth connections between human intelligence and AI [3]. - Experts express skepticism regarding the feasibility of decoding consciousness with current technology, suggesting that while advancements in basic sensory capabilities may be achieved by 2028, higher cognitive functions like consciousness and memory may take until 2035-2045 to develop [5][6]. - The current state of brain-machine interface technology is still in its early stages, primarily addressing clinical issues, with significant breakthroughs unlikely in the near term [6][7].

Core Viewpoint - Neuralink, led by Elon Musk, is making significant advancements in the brain-computer interface (BCI) field, with plans to enhance its technology and expand its applications in the coming years [2][3][20]. Company Developments - As of June 27, Neuralink has seven participants in its trials, including four with spinal cord injuries and three with amyotrophic lateral sclerosis (ALS), who are using the devices for an average of 50 hours per week, with peaks exceeding 100 hours [5][10]. - The company aims to implant devices in the speech cortex by Q4 2025 to decode silent "intent speech" and plans to increase the number of electrodes in implants to 3,000 by 2026 [12][13]. - By 2027, the number of electrodes is expected to reach 10,000, allowing for multiple device implants across different brain areas [14]. - The ultimate goal is to create a "full brain interface" that connects biological brains with external machines, potentially revolutionizing the treatment of neurological diseases and enhancing human capabilities [16][17]. Industry Insights - The global BCI market is projected to grow at a compound annual growth rate (CAGR) of 25.22%, reaching $7.63 billion from 2025 to 2029 [3][22]. - The market size increased from $1.2 billion in 2019 to $1.98 billion in 2023, with expectations to reach $2.48 billion in 2024, reflecting a growth rate of 25.25% [21]. - The medical health sector is currently the most developed area for BCI applications, with potential market sizes ranging from $15 billion to $85 billion for serious medical applications and $25 billion to $60 billion for consumer medical applications [22]. - In China, over 2,000 patents related to BCI have been filed, indicating a growing interest and investment in this technology [23].

Core Insights - Neuralink, a brain-machine interface company founded by Elon Musk, has showcased its latest research achievements and product development direction [1] Group 1: Clinical Trials and Patient Outcomes - Neuralink has implanted its N1 brain-machine interface in 7 patients, including 4 with spinal cord injuries and 3 with amyotrophic lateral sclerosis (ALS), enabling them to control computers using their thoughts [2] - One patient successfully controlled a cursor and performed tasks such as typing, browsing the web, managing emails, and playing games through the brain-machine interface [2] - Another patient utilized the brain-machine interface for professional work, including using CAD software for design tasks [2] Group 2: Funding and Financial Developments - In June, Neuralink completed a $650 million Series E funding round, with major investors including Ark Invest, DFJ Growth, Founders Fund, Lightspeed Venture Partners, Sequoia Capital, and Xingsheng Capital [2] - The funding aims to accelerate the dissemination of brain-machine interface technology to patients and promote future device innovations [2] Group 3: Market Potential and Growth Projections - The global brain-machine interface market is projected to reach $1.98 billion in 2023 and exceed $6 billion by 2028, with a compound annual growth rate (CAGR) of 25.22% [3] - In China, the brain-machine interface market is currently around 1 billion yuan, accounting for less than 10% of the global market share, but is expected to exceed 120 billion yuan by 2040, with an annual CAGR of approximately 26% [3] - Non-invasive brain-machine interfaces dominate the market, holding an 86% share, while invasive interfaces present significant potential due to high barriers to entry [3] Group 4: Regulatory and Policy Support - Recent policies in China are expected to accelerate the development of the brain-machine interface industry, including the establishment of national standards for non-invasive medical devices using brain-machine interface technology [4] - The National Medical Products Administration has proposed measures to optimize the regulatory process for high-end medical devices, including those based on brain-machine interface technology [5] - Action plans from Beijing and Shanghai aim to cultivate influential tech companies and promote the commercialization of brain-machine interface products across various sectors by 2030 [6]

Core Viewpoint - Neuralink's recent presentation showcased significant advancements in brain-machine interface technology, with a bold three-year roadmap aiming to enhance human capabilities and integrate AI with human consciousness by 2028 [2][11]. Group 1: Current Developments - Neuralink has successfully implanted devices in seven individuals, allowing them to interact with the physical world through thought, including playing video games and controlling robotic arms [4][11]. - The N1 implant enables individuals with severe disabilities, such as spinal cord injuries, to regain control over their environment, exemplified by a participant who can now play games and design 3D parts using CAD software [14][21]. Group 2: Future Goals - The ultimate goal of Neuralink is to create a full-brain interface that allows for high-bandwidth communication between the human brain and external machines, potentially transforming human interaction and capabilities [60][63]. - The three-year plan includes milestones such as implanting devices in the speech cortex to decode conscious words by Q4 2025, increasing electrode counts to 25,000 by 2028, and achieving multi-device implants for comprehensive brain access [75][78]. Group 3: Technological Innovations - The second-generation surgical robot has improved the speed of electrode implantation from 17 seconds to just 1.5 seconds per electrode, enhancing the efficiency of the procedure [80][82]. - Neuralink's N1 implant introduces a new mode of brain data transmission, effectively linking human neural networks to machine learning models, which could revolutionize human-computer interaction [83][84].

Core Insights - Neuralink has made significant advancements in brain-machine interface technology, with 7 human subjects currently using their devices for an average of 50 hours per week, with some reaching up to 100 hours [1][3] - The company recently raised $650 million from top-tier investors, indicating strong market interest in the brain-machine interface sector [3] - Neuralink's "blind vision" plan aims to enable blind individuals to perceive images through their brains by 2026, potentially revolutionizing medical and sensory technology [4] Investment Perspective - The brain-machine interface sector is gaining momentum, with companies like Neuralink attracting substantial investment, leading to significant stock price increases in related companies [3] - The industry is still in its early stages, with challenges such as the lack of standardization in upstream devices and the need for advancements in chips and algorithms [3] - Long-term commercialization of applications, such as treatments for conditions like ALS, may take 5 to 10 years [3] Ethical and Regulatory Considerations - The ambition of merging human consciousness with machines raises ethical and legal questions, particularly regarding data privacy and potential misuse of technology [5] - Monitoring the speed of technological iterations and regulatory developments will be crucial for the industry's growth [5]