Core Insights - Elon Musk has provided a timeline for mass production of brain-computer interface (BCI) devices, igniting interest in global capital markets, with related indices in A-shares rising over 13% on the first trading day of the year [1] - Strong Brain Technology recently completed a significant financing round of approximately 2 billion RMB, marking the second-largest financing in the global BCI sector after Neuralink [1] - The Chinese government has included BCI technology in its "14th Five-Year Plan," indicating a strong push towards commercialization and innovation in the industry [1][3] Company Overview - Strong Brain Technology was founded in February 2015 and has developed non-invasive BCI technologies, including smart bionic limbs and sleep aids, achieving FDA and CE certifications [2] - The company has a history of substantial financing, including a $400 million Series A round in 2019, and plans for an IPO in Hong Kong or mainland China with a valuation exceeding $1.3 billion [2] Market Dynamics - The Chinese BCI market is projected to exceed 3.8 billion RMB by 2025, with medical health applications accounting for 56%, and is expected to surpass 10 billion RMB by 2030 [3] - The government plans to invest over 50 billion RMB in the BCI industry during the "14th Five-Year Plan," aiming to cultivate 2-3 global leading companies by 2030 [3] Future Development - Strong Brain Technology aims to accelerate research and development in rehabilitation and consumer sectors, with a vision to assist 1 million individuals with physical disabilities and 10 million patients suffering from brain-related conditions over the next 5 to 10 years [4] - The company emphasizes the importance of making BCI technology accessible to the general public, aligning with the "technology for good" philosophy [4] Global Industry Landscape - Neuralink remains the highest-valued BCI company globally, with a valuation of $9 billion following its Series E funding round in 2025 [5] - The BCI technology is expected to achieve commercialization by 2026, with applications expanding from medical needs to AI and robotics [5] - The global BCI market is projected to grow to approximately $12.4 billion by 2034, indicating significant investment potential in both medical and technological sectors [5]

Core Viewpoint - The article highlights the significant financing of approximately 2 billion RMB by Strong Brain Technology, marking it as the second-largest disclosed financing in the global brain-computer interface (BCI) sector after Neuralink, drawing attention from both capital markets and the industry [2][3]. Financing Overview - Strong Brain Technology completed a financing round of about 2 billion RMB on January 6, 2026, with a diverse investor base including financial investors, industrial capital, and strategic investors such as IDG, Huaden International, and Lens Technology [2][14]. - This financing round reflects a continued interest in Strong Brain Technology's existing technology routes and product advancements, indicating confidence in the company's future [3][15]. - The company has a history of securing substantial capital, having previously completed multiple financing rounds, including a 20 million USD B round in 2025 and a 30 million USD Pre-B round [13][14]. Company and Product Development - Founded in February 2015, Strong Brain Technology has evolved into a key player in the BCI field, focusing on non-invasive BCI technology [7][9]. - The company has developed high-precision EEG signal acquisition and analysis technologies, achieving mass production of solid gel electrode materials in 2017, which improved the stability and accuracy of EEG signal collection [9]. - Strong Brain Technology has launched several BCI-related products, including smart bionic hands and legs, and a brain-machine intelligent sleep aid, with some products receiving FDA and CE certifications for international market entry [11][12]. Clinical and Market Progress - Strong Brain Technology's smart bionic hand is the first BCI product in China to receive FDA approval, allowing it to enter over 30 countries and regions by 2025 [12]. - The company holds over 200 core patents in the BCI field, with approximately 60% being invention patents, positioning it favorably in the domestic patent landscape [12]. Policy and Industry Support - The Chinese government has issued implementation opinions to promote innovation and development in the BCI industry, aiming for breakthroughs in key technologies by 2027 and establishing a robust industrial ecosystem by 2030 [16][17]. - Local governments, including Beijing and Shanghai, have introduced action plans to accelerate the application of BCI technologies across various sectors by 2030 [18][19]. Standardization and Ecosystem Development - The National Medical Products Administration released the first industry standard for BCI medical devices, effective January 1, 2026, to unify terminology and support regulatory and industrial collaboration [22]. - Various regions are also advancing infrastructure development to support BCI product research and application [23].

1月7日，A股早盘高开高走冲高回落，随后窄幅震荡走高，截止午盘，沪指涨0.29%报4095.54点，深成 指涨0.35%报14071.35点，创业板指涨0.41%报3332.74点，创逾4年新高，科创50指数涨1.13%报1445.48 点。沪深两市半日成交额1.84万亿，较上个交易日放量538亿。 存储芯片概念强势 存储芯片概念再度强势，盈新发展2连板，普冉股份、恒烁股份、香农芯创、开普云、江波龙等跟涨。 消息面上，黄仁勋讲话点燃芯片与存储股，隔夜美股存储板块狂飙，闪迪大涨27%为十个月以来的最大 日内涨幅，美光科技涨超10%再创历史新高。国金证券认为，2026年全年全球存储芯片仍将供不应求， 有望持续涨价，预计2026年DRAM的位元供应量增幅约为15%至20%，而需求增速预计将达到20%至 25%左右。 有色镍概念拉升 有色镍概念震荡拉升，格林美涨停，中伟股份、伟明环保、华友钴业、寒锐钴业、盛屯矿业等跟涨。 消息面上，沪镍主力合约一度触及涨停，LME三个月期镍涨幅一度涨超10%，触及每吨18,735美元的高 位，为2024年6月以来最高。国联民生证券研报认为，展望2026年，美国降息周期延续，流动性宽松 ...

智通财经APP获悉，国信证券发布研报称，脑机接口已进入"技术突破向商业业化跃迁"的关键节点，锚 定"政策+技术+场景"三重主线。当前行业受益于十五五规划重点布局、医保赋码与医疗器械标准落地 等政策红利，叠加Neuralink量产预期与国内临床突破的催化，全球市场规模有望迎来爆发式增长。 该行建议聚焦产业链核心环节与技术路线，优先选择具备壁垒的标的。上游可关注脑电传感器、核心芯 片等硬件供应商，受益于设备量产带来的放量需求;中游重点布局拥有核心专利与临床资源的企业，尤 其是侵入式领域技术对标国际、非侵入式场景落地快的龙头;下游可跟踪在康复医疗、工业控制等细分 场景形成商业化闭环的标的，同时关注"AI+脑机""机器人+脑机"的生态协同机会。 报告中称，从产品端看，侵入式产品仍在临床试验，非侵入式产品已有部分上市，包括医疗端的脑机接 口运动康复系统，以及消费端的安睡仪等。随着芯片、电极、算法等技术的发展，法规标准的不断完 善，预计未来几年脑机接口产品将迎来密集商业化。 ...

东微半导 20260106 摘要 东威半岛的液态柔性电极技术通过液压注入使探针刚性化，无需钨针辅 助，小鼠实验显示创伤减少约 70%，猕猴实验正在进行中，有望显著降 低人体免疫反应和组织纤维化，提高信号有效性。 与 Neuralink 等公司相比，东威半岛的液态柔性电极能显著减少神经元 损伤和人体排异反应，提高长期可靠性，并已与华山医院等顶尖医院达 成战略合作，在动物实验中有效性提高 70%以上。 脑机接口芯片研发涉及数字、模拟、功率、传输、无线和射频等技术， 东威半岛计划通过资本运作收购或投资相关团队和技术，开发高性能、 低功耗且可靠的国产专用芯片，满足国内市场需求。 东威半岛定位为全产业链侵入式脑机接口公司，自主掌控电极、芯片、 算法和临床环节，已获上海市政府及华山医院支持，计划 2025 年展开 独家临床合作，并有望发布更多信息。 东威半岛坚持脑机接口技术完全自主可控，预计三年内芯片研发总投入 1.5 亿，电极、临床和算法等领域每年约 1 亿元，目标是两至三年内实 现大量临床应用，并在康复领域开展快速临床验证。 Q&A 请介绍一下东威半岛在脑机接口领域的液态柔性电极技术及其优势。 东威半岛在脑机接口领域 ...

Summary of Neuralink and Brain-Computer Interface Industry Insights Company and Industry Overview - **Company**: Neuralink - **Industry**: Brain-Computer Interface (BCI) Key Points and Arguments 1. **Neuralink's Technological Progress**: Neuralink has achieved 1,024-channel motor area decoding and completed 20 human implants, with surgery efficiency improved to 20 minutes per case, aiming to reduce infection risks and enable industrial-scale production to lower costs [1][2][4]. 2. **Diverse BCI Technology Paths**: BCI technology includes non-invasive, semi-invasive, and invasive methods. Non-invasive methods are suitable for simple applications, while semi-invasive methods, like those from Boryung, have completed clinical trials. Invasive methods, such as Neuralink's, are used for high-precision decoding of motor, language, and visual signals [1][5]. 3. **Domestic Material Gaps**: There is a technological gap between domestic and overseas companies in upstream materials like electrode sensors and signal chips. However, Chinese companies are narrowing this gap through independent research and international collaboration [1][6][7]. 4. **Embedded BCI Functionality**: Embedded BCIs capture neural signals through electrodes, which are then processed by backend devices. Domestic companies are making strides in all aspects of this technology, gradually closing the gap with international leaders [1][8][9]. 5. **Algorithm Performance Challenges**: The performance of brain signal decoding algorithms relies on data quality and quantity. Collaborating with hospitals to obtain clinical data is crucial for enhancing algorithm performance, but lightweight devices face challenges in data collection [1][9]. 6. **Accuracy of BCI Systems**: Invasive BCIs like Neuralink achieve a 99% accuracy rate, while non-invasive methods have lower accuracy rates (70%-80% for motor imagery). Domestic companies are making progress but still lag behind in data accumulation [3][10]. 7. **Commercialization Barriers**: The key barrier to BCI commercialization is obtaining medical device registration. Once achieved, products can be legally sold and potentially covered by insurance, significantly enhancing market acceptance [11][12]. 8. **Market Growth Projections**: The BCI market is expected to reach $10 billion to $40 billion by 2030, with rapid growth in non-invasive products initially, followed by invasive products. If human-computer interaction solutions become mainstream, the market potential could expand significantly [11][12]. 9. **Investment Opportunities**: The most valuable investment segments in the BCI supply chain are chips and batteries, which are costly and complex to produce. There are opportunities in the primary market, but the secondary market requires careful evaluation of companies' actual involvement in BCI [13]. 10. **Regulatory and Economic Considerations**: BCI products must undergo rigorous evaluations for clinical effectiveness, safety, and economic viability before being included in insurance coverage. The process involves assessing clinical value and cost-effectiveness [15][14]. 11. **Ethical Considerations**: Neuralink's technology raises ethical concerns, particularly regarding the stimulation functions that could influence human behavior. This necessitates careful consideration of the applications and implications of such technologies [17]. 12. **Future Milestones**: Key milestones for the BCI industry include policy developments, clinical trial completions, and significant advancements from companies like Neuralink and Boryung, which will attract market attention [18]. Additional Important Insights - **Risks in the Current Market**: While the market is filled with opportunities, investors should remain cautious to avoid overlooking potential risks due to excessive optimism [19].

脑机接口专家解读电话会议 20260106 摘要 脑机接口技术根据记录位置分为侵入式、半侵入式和非侵入式，各有优 缺点。侵入式可记录动作电位，半侵入式信噪比较高，非侵入式捕捉整 体大脑活动，但信号较弱，影响解码准确率。 非侵入式脑机接口主要应用于打字通信（基于 P300）、设备控制（基 于 SSVEP）和康复训练（基于运动想象电位），但受限于颅骨阻隔，脑 电波幅度低，解码准确率有待提高。 侵入式脑机接口在运动和语言解码、视觉和听觉重建等方面取得进展， 但存在创伤风险和设备可靠性问题，如出血感染和元器件故障，商业化 前景存在不确定性。 研究团队探索 EEG 与 EMG 混合方案，通过解析微弱肌电信号辅助解码 运动意图，已成功帮助臂丛神经损伤、肘关节受限和卒中患者恢复部分 肢体功能，预计 2025 年上半年投入使用。 中国肢体障碍患者数量庞大，手功能重建市场潜力巨大。非侵入性脑机 接口技术适用于肢体康复，可广泛推广，但尚无便携式智能辅具产品满 足日常佩戴需求。 Q&A 脑电在临床和脑机接口中的应用有何不同？ 在临床上，脑电图（EEG）主要用于诊断癫痫等神经系统疾病，通过检测异常 的电位变化来支持诊断。通常，临床使 ...

麦澜德 20260106 摘要 中国脑计划推动脑机接口基础研究突破，正加速产业化落地。迈安德依 托国家重点研发计划，聚焦帕金森和阿尔兹海默症等认知功能障碍，已 积累多模态生理信号采集和神经调控技术。 迈安德选择非侵入式脑机接口技术路线，虽信号精度低于侵入式，但安 全性高、适用人群广，更易于医疗场景应用。公司已开发出脑机接口手 功能系统，并在多家医院进行临床应用。 迈安德在认知功能障碍领域，通过多模态生理信号采集识别患者情感状 态，结合神经调控与认知训练，干预大脑病灶。该项目预计 2027 年结 题，并推广应用。 在精神与心身疾病方面，迈安德完善生物反馈装备，结合外周训练与中 枢刺激，提升治疗效果。公司将传统单模态脑电拓展为加近红外双模态 信号采集，实现更立体的大脑观测。 国家政策支持力度加大，如 2025 年出台的政策文件规范医疗服务价格 及耗材引进，为脑机接口行业扫清障碍。中国脑机接口领域未来发展前 景广阔，应用场景将拓展至消费和教育领域。 Q&A 请介绍一下迈安德在脑机接口领域的布局及其未来规划。 迈安德在脑机接口领域的布局主要集中在康复和盆底业务板块。我们致力于通 过脑机接口技术实现身心同治，解决许多疾 ...

Summary of the Conference Call for Yijiahe Group Company Overview - Yijiahe Group operates through its subsidiary Tuodao Medical, focusing on brain-computer interface (BCI) technology and surgical robotics, with applications in healthcare and industrial sectors [2][3] Core Business Segments - The company’s business includes energy, surgical robots, commercial cleaning, and military humanoid robots [2][3] - Tuodao Medical is developing automated implantation technology for invasive BCIs and surgical robots, aiming to enhance the quality of life for individuals and expand applications in various work environments [2][3] Technological Accumulation - Tuodao Medical has made significant advancements in: 1. **Invasive Brain-Computer Interfaces**: Capable of capturing high-precision electrophysiological signals for complex control [5] 2. **Stereotactic Technology**: Transitioning from traditional frameworks to surgical robots to improve precision and reduce errors [5] 3. **Development of Domestic Surgical Robots**: Companies like Huazhi Weichuang and Baihui Yikang have introduced new products, expanding the range of applications and improving clinical outcomes [5][6] 4. **Application Processes**: Emphasizing precise positioning during invasive electrode implantation to minimize trauma and enhance success rates [5] Market Dynamics - The domestic market for neurosurgical robots is rapidly evolving, with leading companies like Huazhi Weichuang and Baihui Yikang replacing imported products, indicating strong domestic competitiveness [6] - The market has seen a shift from larger, complex systems to more compact and stable solutions, reflecting changing clinical needs [9] Importance of Surgical Robots - Surgical robots are essential for BCI procedures due to the complexity of the human brain, providing personalized solutions and overcoming limitations of manual operations [7] Development History - The introduction of ROSA in 2014 marked the beginning of neurosurgical robots in China, but adoption was slow due to operational complexities. Recent years have seen a surge in new entrants and technological advancements [8][9] Key Considerations for BCI Implantation - Successful BCI implantation requires careful consideration of imaging analysis, multimodal image fusion, robotic navigation, and automated execution mechanisms [10] Competitive Advantages - Tuodao Medical's comprehensive product line and integration of advanced technologies like force feedback provide a competitive edge in the neurosurgery and BCI sectors [15] Future Outlook - The BCI industry is expected to grow rapidly, with automation being a prerequisite for mass production. The company is closely monitoring market trends and planning accordingly [16][17] - The timeline for widespread adoption remains uncertain, but the company is preparing for future developments in automated surgical procedures [16][17]

Q&A 脑机接口产业目前的市场行情如何？有哪些关键因素推动了这一领域的发展？ 最近脑机接口市场行情非常火爆，主要是由于国内出台了利好政策，以及马斯 克在社交媒体上表示 Neuralink 将在 2026 年大规模生产脑机接口设备。这些 因素共同引爆了整个板块的情绪。脑机接口产业的发展关键在于快速商业化落 地，尤其是在非侵入式领域，企业需要具备强大的销售渠道能力、品牌力以及 与原有医疗业务的协同效应，以促进商业化落地速度和后续发展。 脑机接口产业更新及重点标的推荐 20260106 摘要 脑机接口产业正快速发展，商业化落地是关键，尤其在非侵入式领域， 企业需具备强大的销售渠道、品牌力及与原有医疗业务的协同效应，以 加速商业化进程。预计到 2025 年全球市场规模将达 30 亿美元，医疗 端应用将在 2030 年超过 400 亿美元。 脑机接口技术路径包括侵入式、半侵入式和非侵入式。侵入式信号质量 高但风险大，适用于重症患者；非侵入式安全性高，商业化快但竞争激 烈；半侵入式介于两者之间。美国企业多布局半侵入式，中国企业则以 非侵入式为主。 Neuralink 在侵入式脑机接口领域领先，已完成约 20 例人体植入， ...