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， ...

Summary of Neural Interface Technology Conference Industry Overview - The conference focused on the neural interface technology industry, particularly advancements made by Neuralink and domestic companies in China [1][3][4][5][10]. Key Points and Arguments Neuralink's Advancements - Neuralink has significantly reduced the cost of implantable devices, with fixture costs dropping by 95%, from approximately $5,000-$6,000 to a few hundred dollars [1][3][4]. - The electrode production cost remains high, at over $10,000 per electrode, but the implantation speed has improved from 20 seconds to 1.5 seconds per electrode, facilitating clinical applications [1][3][4]. - The company has entered clinical trials, utilizing BlackRock electrodes and developing its own implantation devices that combine electron microscopy and OCR systems for precise electrode placement [1][8][9]. Challenges in Neural Interface Technology - The industry faces challenges such as complex electrode production processes, low yield rates, and patent barriers, particularly regarding non-invasive puncture techniques patented by Musk [1][5][6]. - Domestic companies need breakthroughs in materials, processes, and patent strategies to compete effectively [1][5]. Comparison of Invasive and Semi-Invasive Techniques - Neuralink's fully invasive technology targets complex diseases, while domestic companies like BoruiKang focus on semi-invasive methods primarily for rehabilitation, which are less risky and costly [1][7][10]. - The main difference lies in the application: fully invasive techniques aim to treat severe conditions through deep neural stimulation, whereas semi-invasive methods are used for rehabilitation by repairing damaged nerves [1][7]. Domestic Industry Landscape - Domestic companies such as JieTi, Tiger Technology, and WeiLing have made progress in flexible electrodes but still lag behind international leaders like Neuralink in terms of channel count (128 channels vs. Neuralink's 1,024 channels) and other technical specifications [1][10]. - The downstream applications of the domestic neural interface industry account for 70% of the market share, focusing on rehabilitation devices and commercial products, while upstream investments in electrode and chip development are capital-intensive [1][10]. Clinical Applications and Future Directions - BoruiKang's semi-quantitative methods have been widely adopted in over 20 hospitals in China, with more than 200 clinical trials conducted in 2024 [12]. - The potential for interventionist neural interfaces is highlighted, with successful trials indicating a promising future if challenges like vascular blockage can be addressed [2][16]. Competitive Landscape - Companies like Medtronic have received FDA approval for their brain stimulators, showing significant efficacy in treating conditions like epilepsy, while competitors like Pinchi Medical face challenges due to patent restrictions [14][25]. - The market for deep brain stimulation (DBS) devices is still developing, with no fully mature embedded products available yet [25]. Additional Important Insights - The domestic neural interface industry is characterized by a high investment threshold in the upstream sector, with a typical investment ratio of 3:1 or 4:1 favoring downstream applications [10]. - The technology's application in treating neurological diseases is expanding, with potential uses in conditions like Alzheimer's and depression through adaptive neural regulation [19]. This summary encapsulates the key discussions and insights from the neural interface technology conference, highlighting both advancements and challenges within the industry.

Core Insights - The brain-computer interface (BCI) sector is experiencing significant growth, highlighted by the recent completion of approximately 2 billion yuan financing by Qiangnao Technology, marking it as the second-largest financing in the field globally, after Neuralink [1][2] Industry Overview - The BCI sector has become the hottest investment track in the A-share market since the beginning of 2026, with multiple stocks such as Innovation Medical, Aipeng Medical, and Xiangyu Medical achieving consecutive trading limits [1] - The industry is currently driven by both policy support and technological breakthroughs, with expectations for Neuralink's large-scale production and automated surgical solutions marking a transition from clinical validation to commercial viability [3] Company Highlights - Qiangnao Technology, founded in February 2015, focuses on non-invasive BCI technology and has received FDA and CE certifications, making it one of the largest investors in BCI R&D globally [2] - The company has launched several products, including smart bionic limbs and brain-machine intelligent sleep devices, and has been recognized by TIME magazine as one of the best inventions of the year [2] Recent Developments - On January 6, multiple BCI stocks, including Sanbo Brain Science and Maillande, issued announcements regarding abnormal trading fluctuations, warning investors of potential risks [4][5][6] - Sanbo Brain Science, while experiencing significant stock price increases, clarified that it does not engage in BCI product development, and its revenue from neuro-regulation technology is minimal [4] - Maillande and Xiangyu Medical also reported that their BCI products are still in the R&D phase and have not yet achieved significant sales impact [5][6]

消息面上，多家脑机接口概念股出降温公告。其中，航天长峰称公司未实际开展脑机接口等相关业务； 伟思医疗称在脑机接口领域的新产品仍处于市场培育初期。 格隆汇1月7日｜A股市场部分脑机接口概念股明显回调，其中，麦澜德、熵基科技跌超10%，诚益通、 雷迪克跌超7%，博拓生物、爱朋医疗跌超6%，可孚医疗、翔宇医疗跌超5%，狄耐克、伟思医疗跌超 4%。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

光大期货金融期货日报 | 品种 | 点评 市场全天震荡走强，沪指重返 4000 点上方，创业板指涨近 3%。中证 A500 | 观点 | | --- | --- | --- | | | 指数涨逾 2%，创 2022 年 1 月以来新高。个股涨多跌少，沪深京三市超 4100 | | | | 股飘红，今日成交 2.57 万亿。资金情绪继续高涨，据统计，宽基型 ETF12 月 | | | | 净申购 1100 亿元，其中近 1020 亿元为 A500ETF。A500 指数长期与沪深 300 | | | | 走势高度相关，相关系数超过 0.98，细微差别在于 A500 指数成长标的稍多， | | | | 例如电力设备、电子等板块。在 A500ETF 获得大幅申购的同时，我们关注 | | | 股指 | 到 Top5 会员单位 IF 净空头近期显著上涨，二者可能存在对冲关联。因此， | 震荡 | | | 相关资金可能并不会因为跨年的结束而大幅净流出。短期来看，预计股指短 | | | | 期仍在 10 月以来构建的震荡中枢内震荡。以中证 1000 为例，其三季度营业 | | | | 收入累计同比增速 2.6%左右，对其当前 ...

新华财经北京1月7日电（丁晶、董道勇）新年伊始，脑机接口概念股集体"沸腾"，近20只个股连续两个交易日涨停。板块"开门红"缘 于市场对脑机接口巨大潜在需求、产业化进展提速及国家战略支持的叠加效应。 值得注意的是，新华财经数据显示，2026年1月5日该板块主力净流入29亿元，而6日主力资金开始净流出，规模近20亿元，但创新医 疗、爱朋医疗仍受主力资金追捧，继续保持净流入。分析认为，脑机接口行业正迎来"技术与商业化共振"的时刻，2026年脑机接口商 业化进程有望加速，并从医疗刚需向AI应用、机器人等多领域渗透。 长期来看，技术与合规双壁垒及业务联动长期看好头部企业形成技术与合规双壁垒，技术上具备核心专利、领先的研发能力，合规上 符合医疗行业严格的监管要求，如通过国家药监局的行业标准认证等。此外，关注传统业务与脑机接口业务具备联动性的企业，这类 企业可借助原有资源加速脑机接口业务的发展，同时脑机接口业务也能为传统业务带来新的增长极。 对于脑机接口加速"接入"现实，需要关注哪些细分领域？ 国信证券陈曦炳团队指出， 这是一个从0到1的增量市场。短期内，市场情绪受Neuralink量产预期和国内政策利好驱动，具备高爆发 ...

格隆汇1月7日｜A股市场部分脑机接口概念股明显回调，其中，麦澜德、熵基科技跌超10%，诚益通、 雷迪克跌超7%，博拓生物、爱朋医疗跌超6%，可孚医疗、翔宇医疗跌超5%，狄耐克、伟思医疗跌超 4%。 消息面上，多家脑机接口概念股出降温公告。其中，航天长峰称公司未实际开展脑机接口等相关业务； 伟思医疗称在脑机接口领域的新产品仍处于市场培育初期。 | 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 688273 | 麦澜德 | 1 | -10.68 | 54.68亿 | 28.60 | | 301330 | 熵基科技 | + | -10.13 | 101亿 | 29.41 | | 300430 | 诚論通 | + | -7.55 | 69.85 69 | 33.09 | | 300652 | 雷迪克 | + | -7.14 | 83.61亿 | 14.25 | | 688767 | 博拓生物 | 源 | -6.37 | 67.63 Z | 19.88 | | 300753 | 爰朋医疗 | → | -6.38 | ...

【导读】脑机接口概念持续火热，多家上市公司回应 中国基金报记者 牛思若 1月6日，A股延续前一日的"开门红"，脑机接口概念板块成为最亮眼的"明星"。 当日，伟思医疗、三博脑科、爱朋医疗、翔宇医疗、熵基科技、美好医疗、麦澜德、诚益通、创新医疗 等17只概念股相继涨停，多只个股斩获两连板。 成都华微在投资者互动平台上表示，公司在脑机接口技术领域已基于自身集成电路设计优势开展布局， 主要聚焦于提供信号处理的基础硬件器件，包括信号采集的高精度ADC及信号后处理的低功耗FPGA和 MCU，为客户提供集成解决方案和信号链系统级产品。该方向与上海交通大学、天津大学等高校合作 的重点项目已完成结题。 英集芯则披露，其通过早期投资布局，已涉足脑机接口芯片领域。公司推出的IPA1299是一款8通道、 低噪声24位的ADC芯片，专用于人体生物电信号的高精度测量，可适用于脑电信号采集等脑机接口相 关场景。IPA1299芯片已量产出货，性能参数可媲美海外头部芯片产品。 值得注意的是，"脑机接口+具身智能"也成为近期讨论的热门组合。 产业链上多家上市公司回应 从披露信息看，康复医疗器械企业是本轮最受关注的细分方向之一。 翔宇医疗在调研交 ...

来源：21世纪经济报道 作者：特约记者庞华玮 1月6日，A股市场写下两项历史纪录：上证指数收于4083.67点，创下近十年收盘新高；同时，其连续13 个交易日的上涨，打破了尘封33年的最长连阳纪录。 格上基金数据显示，从板块来看，1月6日，有色金属、非银金融、基础化工、国防军工领涨。 对此，格上基金研究员托合江分析，在全球供应链重构的预期下资源品走强，在2026年"开门红"资金预 期下券商、保险板块强势。 当日市场放量至2.83万亿元，资金做多热情高涨。投资人戏称："4000点从收费站变成了加油站。" 机构分析，本轮上涨的核心动力在于保险、融资及外资的持续流入。 在"开门红"资金预期下，业内人士认为，春季行情开启，2026年A股市场风格正在向更均衡的全面牛市 演进。 历史突破 1月6日，A股三大指数全线上涨。上证指数涨1.50%，报4083.67点，不仅突破去年11月高点，也创逾十 年新高；深证成指涨1.4%，创业板指涨0.75%。 上证指数当日实现日线13连阳，创史上最长连阳纪录。上一次纪录是1992年2月25日至1992年3月11日， 上证指数日线曾实现12连阳，这一连阳纪录保持了33年之久。 盘面上，脑 ...

开盘阶段， 上证指数小幅高开，报4083.84点，较前收盘价微涨。热门板块中， 人脑工程、 商业航天、 北斗导航等表现活跃，人脑工程板块的 美好医疗涨停，北斗导航板块的 南京熊猫涨停，商业航天板块 的ST铖昌亦有上涨，市场局部赚钱效应显现。 1月7日，沪深京三市连板股开盘情况一览: ① 晋级： 浙 江世宝（14天7板， 小米汽车、 长安汽车概念）涨停晋级15天8板、 胜通能源（13天13板， 天然气、股 权转让(并购重组)概念）涨停晋级14连板、 锋龙股份（8天8板，长安汽车概念、 新能源汽车概念）涨 停晋级9连板、 鲁信创投（8天6板，创投、 代糖概念）涨停晋级9天7板、 友邦吊顶（4天4板）涨停晋 级5连板、 城建发展（3天3板， 新型城镇化、参股券商概念）涨停晋级4连板、 索菱股份（3天3板， 车 联网(车路协同)、无人驾驶概念）涨停晋级4连板、 岩山科技（2天2板， AI PC、多模态AI概念）涨停 晋级3连板、 创新医疗（2天2板， 脑机接口、 高压氧舱概念）涨停晋级3连板、美好医疗（2天2板，脑 机接口、PEEK材料概念）涨停晋级3连板、 普利特（2天2板，脑机接口、 碳纤维概念）涨停晋级3连 板 ...