脑机接口是一项让大脑直接与外部设备建立通信通路的黑科技，既能帮助瘫痪患者重拾行动能力、视障患者恢复视觉感知，还在医疗、工业、交通等多个 领域逐步落地。 2025年，国家将脑机接口列入未来产业重点发展清单，政策支持密集加码，临床试验加速推进，资本市场持续火热。 （来源：东方财富） 元旦后首个交易日，资本市场便对该板块展开积极抢筹，板块指数当日大幅拉升13.24%，后续几日延续强势上涨态势，充分印证了资金持续流入的旺盛 动能。而近几日的缩量回调，更凸显出资金锁仓意愿强烈，筹码稳定性十足，进一步夯实了板块上涨的基础。 再者，全球巨头Neuralink即将启动设备规模化生产，国内企业也在技术研发上频频突破，脑机接口早已脱离实验室概念，成长为千亿级规模的黄金赛道， 新一轮投资机遇已然来临。 01 四重利好共振，脑机接口进入爆发前夜 脑机接口的崛起绝非偶然，政策、临床、融资、产业四大核心力量齐发力，推动行业迈入产业化关键阶段。 政策层面，国家从"中国脑计划"到"十五五"规划，持续将脑机接口列为重点发展方向，2025年更是密集出台支持政策，地方也纷纷设立专项资金，北京、 上海等城市还出台专项行动方案，为产业发展铺路。 临床 ...

Policy - The People's Bank of China has increased the loan quota for technological innovation and technological transformation from 800 billion to 1.2 trillion yuan, expanding support to private small and medium-sized enterprises with high R&D investment levels [1] - The Ministry of Industry and Information Technology has issued an action plan for the high-quality development of industrial internet platforms, aiming for over 450 influential platforms by 2028, with a resource connection capability enhancement and over 120 million industrial devices connected [1] Industry Development - Shanghai aims to achieve large-scale implementation of high-level autonomous driving application scenarios by 2027, establishing a competitive smart connected vehicle industry cluster with international influence [2] - Zhejiang Province plans to accelerate breakthroughs in large-scale intelligent computing clusters and support the construction of space computing facilities, enhancing the use of domestic computing chips [3] IPO - Suzhou Lianxun Instrument Co., Ltd. has received approval for its IPO on the Sci-Tech Innovation Board, aiming to raise approximately 1.711 billion yuan [4] Primary Market - Zivariable Robotics has completed a 1 billion yuan A++ round of financing, with investments from major firms including ByteDance, Meituan, and Alibaba [5] - Supermagnetic Energy has announced the completion of several hundred million yuan in angel round financing, primarily for R&D investment [6] - INMO has completed a C1 round of financing, raising nearly 500 million yuan over three rounds within a year [7] - Shanghai Shuli Intelligent Technology Co., Ltd. has completed a B+ round of financing, focusing on brain-computer interface products [8] - Luanqi Technology has completed nearly 100 million yuan in B round financing for production expansion and R&D [9] - Far East Excellence has completed several tens of millions in A round financing for facility expansion and market development [10] - Noumena has completed several tens of millions in Pre-A round financing [11] Secondary Market - Baiwei Storage's second-largest shareholder plans to reduce its stake by up to 2% [12] - Yongxi Electronics plans to invest up to 2.1 billion yuan in a semiconductor packaging and testing facility in Malaysia [13] - Bluetech Optical plans to raise up to 1.055 billion yuan through a private placement for various projects [14]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [6][13]. Core Insights - Merge Labs has successfully completed a seed round financing of approximately $250 million, achieving a valuation of $850 million. This financing was led by OpenAI, with its CEO Sam Altman participating as a co-founder and investor. Unlike mainstream brain-machine interface technologies, Merge Labs focuses on a non-invasive or minimally invasive approach centered on ultrasound, bypassing the traditional "electrode-neuron" paradigm [3][4]. - The brain-machine interface market is projected to grow rapidly, with the global market size expected to reach approximately $2.62 billion in 2024 and $2.94 billion in 2025, potentially growing to $12.4 billion by 2034, reflecting a compound annual growth rate (CAGR) of 17.35% over the next decade. In China, the market size is anticipated to be 3.2 billion yuan in 2024, increasing to 6.14 billion yuan by 2028 [5]. Summary by Sections Investment Highlights - Merge Labs' ultrasound-based technology aims to balance between non-invasive (safe but limited resolution) and invasive (clear signals but with surgical risks and ethical concerns) methods. The unique potential of ultrasound's deep penetration and "soft interface" concept is highlighted, although the technology is still in the laboratory research phase and faces multiple unresolved challenges [4]. Market Outlook - The report emphasizes the strategic importance of brain-machine interfaces as a key sector in the "14th Five-Year Plan," aiming to drive new economic growth points. The industry is expected to gain momentum over the next decade, potentially creating a new high-tech industry in China [5]. Recommended Companies - The report suggests monitoring companies such as Rock Mountain Technology, Hanwei Technology, Sanbo Brain Science, Innovation Medical, Dongfang Zhongke, Xiangyu Medical, Entropy Technology, Chengyitong, Weisi Medical, Meilan De, Aipeng Medical, and Beiyikang for potential investment opportunities [5].

脑机接口是国家"十五五"规划建议提出的六大未来产业之一。广州在脑机接口的科研、产业、生态方 面，均具备一定的发展根基。广州市政协委员、广东法丞汇俊律师事务所高级合伙人胡桂芬建议，广州 应系统性施策补齐短板，推动产业从基础积累向规模突破跨越，可分别在海珠区和黄埔区打造非侵入和 侵入式的产业集聚区。 广州市政协委员、广东法丞汇俊律师事务所高级合伙人胡桂芬。 胡桂芬在今年广州市两会上拟提交的提案，对广州市的脑机接口产业进行了系统梳理。 在科研端，琶洲实验室牵头承担国家科技创新2030"脑科学与类脑研究"重大项目，获近1.2亿元经费支 持，其非侵入式脑机接口共性技术平台获批国家重点项目。 在产业端，广州已经孵化出华南脑控、宁脑智能、析芒医疗等优质企业，非侵入式和侵入式技术均有布 局。 在生态端，粤港澳大湾区脑机接口创新产业联盟（筹）启动，珠江医院设立华南首个脑机接口临床研究 病房，结合雄厚医疗资源与大湾区协同优势，构建起"科研—临床—产业"初步体系。 在现有发展基础上，胡桂芬指出，广州的脑机接口产业面临两大核心瓶颈，制约其高质量进阶，分别 是：缺乏专项政策、中期投资断层。 在政策层面，胡桂芬在提案中指出，广州对脑机接 ...

这款由脑机海河实验室团队研发的手指穿戴设备，被称为"神工—灵犀指"。据介绍，用意念控制该设备，可以配合人手完成辅助抓握，唤醒患 者的功能障碍中枢与外周神经系统，助力手部运动功能康复。脑机接口通过采集脑部神经信号，转换成特定指令。该技术能够在大脑与外部设 备之间创建连接，实现"脑"与"机"之间的信息交换。 天津大学副校长、脑机海河实验室主任明东说，实验室团队聚焦无创脑机接口领域，持续推动科技创新与产业化落地，在航空航天领域，设计 开发五代空间站在轨脑机交互系统，完成"太空脑机接口实验"。 "现在想象，右手腕长出了一根'第六指'，用它去抓握眼前的小球。"在天津大学脑机交互与人机共融海河实验室（以下称脑机海河实验室） 里，科研人员王壮使用"读心术"，操作机械指稳稳抓住桌子上的小球。 据了解，脑机海河实验室将聚焦基础元件、航空航天、康复医疗等多个领域继续深挖技术潜力，推动相关技术尽快落地应用。 在培养室中，小小的一片人工培育"大脑"不断接收并反馈信号，"指挥"着机械小车在沙盘上躲避障碍物。 作为天津市7家聚焦前沿科技领域的海河实验室之一，由天津大学牵头建设的脑机海河实验室2023年3月27日正式揭牌。"实验室聚焦脑机 ...

Group 1 - The core viewpoint of the news is the implementation of the "Advance Payment and Equity" funding model in Chengdu's Qingyang District to support the transformation of technological achievements, with a total funding pool of 100 million yuan [1][3] - The funding model aims to guide diverse social capital investments, facilitating the transition of technological achievements from laboratories to production lines, particularly in emerging industries such as aerospace and equipment manufacturing [1][3] - The funding will be allocated based on principles of risk-sharing, full-cycle support, capital circulation, and tolerance for failure, with phased financial support for the growth of startup tech companies [1][3] Group 2 - The "Advance Payment" funding pool will have an annual budget of no less than 25 million yuan, with individual project support generally not exceeding 5 million yuan and special projects up to 20 million yuan [3] - The program will focus on supporting projects in key sectors such as aerospace, equipment manufacturing, electronic information, artificial intelligence, low-altitude economy, new materials, advanced energy, and brain-computer interfaces [3] - Project sources include various initiatives like "Sci-tech Innovation Tianfu," "School-Enterprise Dual Progress," major talent plans, national innovation centers, and projects incubated by key innovation platforms [3]

Investment Rating - The industry investment rating for the medical biology sector is "Hold" [2]. Core Insights - The report highlights significant advancements in the brain-computer interface (BCI) industry, emphasizing the acceleration of industrial development and the establishment of a robust innovation ecosystem [3][4]. - The Shanghai Municipal Government has released a plan to cultivate the BCI industry, aiming for clinical applications of semi-invasive and invasive BCI products by 2027, with a comprehensive application by 2030 [4]. - The report suggests that the BCI field is entering a rapid development phase, driven by the release of industry standards and supportive government policies [7]. Summary by Sections Industry Overview - The BCI industry is experiencing accelerated industrialization, with recent breakthroughs in invasive devices and the establishment of new treatment paradigms for conditions like epilepsy [4][6]. - The report notes the importance of integrating BCI technology with artificial intelligence and virtual reality to enhance product offerings and market reach [4]. Government Initiatives - The Shanghai action plan outlines key milestones, including the development of over five invasive and semi-invasive BCI products for clinical trials and the establishment of a national-level BCI industry development zone [4]. - The plan also emphasizes the need for collaboration between innovative entities and medical institutions to foster product development in various applications, including rehabilitation and education [4]. Investment Recommendations - The report recommends focusing on companies such as Innovation Medical, Aipeng Medical, and Sanbo Brain Science, which are positioned to benefit from the growing BCI market [7].

新华社天津1月16日电 题：一间实验室，何以攀登"脑机接口"高峰？ 新华社记者郭方达、梁姊、杨文 "现在想象，右手腕长出了一根'第六指'，用它去抓握眼前的小球。"在天津大学脑机交互与人机共融海河实验室（以下称脑机海河实验室）里， 科研人员王壮使用"读心术"，操作机械指稳稳抓住桌子上的小球。 这款由脑机海河实验室团队研发的手指穿戴设备，被称为"神工—灵犀指"。据介绍，用意念控制该设备，可以配合人手完成辅助抓握，唤醒患者 的功能障碍中枢与外周神经系统，助力手部运动功能康复。脑机接口通过采集脑部神经信号，转换成特定指令。该技术能够在大脑与外部设备之 间创建连接，实现"脑"与"机"之间的信息交换。 天津大学副校长、脑机海河实验室主任明东说，实验室团队聚焦无创脑机接口领域，持续推动科技创新与产业化落地，在航空航天领域，设计开 发五代空间站在轨脑机交互系统，完成"太空脑机接口实验"。 在培养室中，小小的一片人工培育"大脑"不断接收并反馈信号，"指挥"着机械小车在沙盘上躲避障碍物。 有别于过去使用生物脑作为研究对象，这项名为片上脑机接口的技术，作为脑机接口领域的又一新兴技术分支，在脑机海河实验室走出了关键一 步。 作为片上 ...

Group 1 - Xibei's Vice President has resigned, and 102 stores will close nationwide, affecting approximately 4,000 employees, due to previous losses exceeding 500 million [2][7] - Central University of Finance and Economics' He Qiang warns of excessive speculation in the stock market, suggesting regulatory measures to prevent a "crazy bull" market [2][7] - Muyuan Foods expects a net profit of 15.1 to 16.1 billion yuan for 2025, with a significant reduction in production costs and plans for international expansion [2][7] Group 2 - Some brokerage firms face a shortage of margin trading quotas, leading to a potential slowdown in leveraged investments as the financing balance exceeds 2.6 trillion yuan [3][8] - Nvidia has lowered its copper demand forecast from 500,000 tons to 200 tons, causing a nearly 3% drop in copper prices, indicating a shift in market expectations [3][8] - A-shares show three signals indicating a cooling market, with a focus on maintaining a "slow bull" market through regulatory actions [3][8] Group 3 - Brain-computer interface company NaoHu Technology has begun construction of a "super factory," indicating a move towards large-scale production in the sector, with related stocks seeing increased investment [4][9] - The China Securities Regulatory Commission has outlined tasks for 2026, focusing on market stability, regulatory enforcement, and promoting company development [4][10] - CITIC Securities predicts an influx of 1.5 trillion yuan in new capital for A-shares in 2026, supporting a slow bull market [4][10] Group 4 - Multiple A-share companies have reported positive earnings forecasts for 2025, with SAIC Motor expected to see a profit increase of 438% to 558%, reflecting a recovery in industry conditions [5][10]

Core Viewpoint - The brain-computer interface (BCI) sector in the A-share market has shown significant activity at the beginning of 2026, with a cumulative increase of 18.04% in the BCI theme index as of January 16, 2026, indicating a strong interest and potential for commercialization in this emerging industry [2][4]. Industry Overview - The BCI industry is projected to reach a market size of trillions, transitioning from laboratory research to commercial applications, driven by advancements in technology and supportive government policies [3]. - The Ministry of Industry and Information Technology and other departments have emphasized the importance of BCI in their strategic plans, including its inclusion in the "14th Five-Year Plan" for future industrial development [3]. Market Performance - As of January 16, 2026, the total market capitalization of 26 listed companies in the BCI sector has increased by approximately 108.7 billion yuan over ten trading days [8]. - Notable companies like Innovation Medical and Meihua Medical have experienced significant stock price fluctuations, reflecting the volatile nature of the market and investor sentiment towards BCI technologies [5][7]. Company Developments - Innovation Medical's subsidiary, Boling Brain Machine Technology, has launched products aimed at rehabilitation for stroke patients, although it reported operating losses of 6.6 million yuan and 8.66 million yuan in 2023 and 2024, respectively [6]. - Meihua Medical, a leader in cochlear implants, is actively collaborating with BCI clients to facilitate the transition from laboratory research to commercial production, highlighting the interconnectedness of BCI and existing medical technologies [7]. Strategic Collaborations - Companies like Yahui Long and Shenzhen Brain Machine Star Chain Technology have entered strategic partnerships to develop BCI-related products, aiming to enhance diagnostic and treatment capabilities in central nervous system diseases [9]. - Aipeng Medical is also expanding its business into BCI applications, focusing on pain management and sleep disorders, indicating a broader trend of diversification within the medical device sector [9]. Technical Insights - The core technological barriers in the BCI industry are concentrated in the upstream supply chain, including hardware components and surgical techniques, with significant potential for growth in domestic market penetration and localization [10].