Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report emphasizes that the brain-computer interface (BCI) industry is experiencing continuous innovation and rapid growth, becoming a crucial area for the integration of technological and industrial innovation [8] - The report highlights the government's recent policy initiatives aimed at enhancing the innovation capabilities of the BCI industry, which are expected to drive high-quality development and create new industrial pathways [8] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry, particularly the advancements in brain-computer interface technology [1] Recent Developments - A joint document from seven government departments outlines plans to boost the BCI industry, aiming for breakthroughs in key technologies by 2027 and establishing a robust industrial ecosystem by 2030 [3][4] Investment Recommendations - The report suggests monitoring companies such as Aipeng Medical, Innovation Medical, and Xiangyu Medical, which are positioned to benefit from the growth in the BCI sector [8]

记者了解到，脑机接口技术是一种通过采集大脑电信号来与外部的机器设备进行信息传输的前沿技术。 根据连接大脑的方式不同，一般分为侵入式和非侵入式两种类型。当前，其应用场景主要是在医疗、教 育等领域。不久前，工信部等七部门也刚刚印发《关于推动脑机接口产业创新发展的实施意见》，相关 产业迎来新一轮发展机遇。 （央视财经《第一时间》）在每年世界机器人大赛期间，现场都会举办一场脑控机器人大赛。来自各方 的参赛队伍，带着自己在脑机接口技术方面的最新成果前来参赛展示。那么，这一前沿技术现在发展到 了什么程度？ 总台央视记者 宁坤：我所在的区域里，一台台小型无人机正在陆续进行穿越圆环的飞行比赛。正在飞 行的无人机，完全是由另一侧的工作人员通过一个小型的脑机接口装置来控制的。 元思科技脑控无人机参赛队选手 李厚赟：它是用硬件采集脑电波，发给软件之后，软件对信号进行分 类。因为我们在注视屏幕上不同方块的时候，它的波形是不一样的。映射给一个控制无人机的命令，再 通过WiFi发给无人机。装置是非侵入式的，贴在后脑的位置上，不对人体做任何破坏。 华东理工大学脑机接口及控制实验室研究生 陈亦新：脑电信号传输到我们的电脑，进行解码来判别它 ...

戴上脑电极帽，背上装有主控模块的小包，电脑上跳跃出经算法解码的脑电信号。在天津大学脑机交互 与人机共融海河实验室（以下简称"海河实验室"）里，工作人员向记者展示脑机接口如何实现"读心 术"。 "现在想象，右手腕长出了一根'第六指'，用它去抓握。"海河实验室团队成员王壮，正在和同事进行"读 心术"测试。佩戴机械"第六指"，测试人员右手不断接近桌面，只见机械手指缓缓张开，并稳稳抓住桌 子上的小球。 这款来自天津大学脑机交互与人机共融海河实验室团队研发的手指穿戴设备，也叫"神工-灵犀指"。 这条路径如今正得到产业资本的强力推动，天津市已设立国内首支脑机接口专项基金，首期规模10亿 元，该基金已储备了20余个优质项目。 2024年7月，海河实验室与南方科技大学等协同合作，研发全球首个片上脑机接口智能交互系统，创造 出有生物智能的"类脑器官"；2025年2月，与清华大学联合研发出"双环路"脑机接口系统，实现人脑对 无人机的高效四自由度控制；4月，与天津市环湖医院合作的全国首个脑机接口综合临床试验病区，将 体系化布局各类神经重症的脑机接口临床综合解决方案。 天津市为脑机接口产业构建"雨林式"产业生态。在这几年政策支持和技 ...

央广网北京8月11日消息(记者冯仪)日前，工业和信息化部、国家发展改革委、教育部、国家卫生 健康委、国务院国资委、中国科学院、国家药监局发布《关于推动脑机接口产业创新发展的实施意见》 (以下简称《意见》)。 此外，还要优化人才培养。加强相关学科专业人才培养，布局建设未来技术学院、现代化产业学院 等特色学院。鼓励企业与高校、科研院所、医疗机构等合作，共同培养跨学科的复合型工程型人才，增 强高水平人才供给。建设卓越工程师实践基地，加强职业教育和技术培训，大力培育产业应用型技能型 人才。加强海外人才交流引进，健全人才服务体系，确保人才引得来、留得住。 《意见》提出，到2027年，脑机接口关键技术取得突破，初步建立先进的技术体系、产业体系和标 准体系。电极、芯片和整机产品性能达到国际先进水平，脑机接口产品在工业制造、医疗健康、生活消 费等加快应用。产业规模不断壮大，打造2至3个产业发展集聚区，开拓一批新场景、新模式、新业态。 到2030年，脑机接口产业创新能力显著提升，形成安全可靠的产业体系，培育2至3家有全球影响力 的领军企业和一批专精特新中小企业，构建具有国际竞争力的产业生态，综合实力迈入世界前列。 ...

Group 1 - The brain-computer interface sector experienced a significant increase of 3.02% on August 11 [1] - Among the constituent stocks, Sainuo Medical reached the daily limit increase [1] - David Medical rose by 11.98%, Optoelectronic Co. increased by 7.27%, Innovative Medical grew by 6.53%, and Kunlun Wanwei saw a rise of 4.93% [1]

Core Viewpoint - The Chinese government aims to advance the brain-computer interface (BCI) industry, with key technological breakthroughs expected by 2027 and a goal to rank among the world's top players by 2030 [2] Industry Development - The BCI technology has a century-long history but has seen rapid advancements in recent years, with critical components like interface electrodes needing breakthroughs [5] - Major international tech companies are investing in BCI, indicating a growing market potential for treating conditions such as stroke and Parkinson's disease [4] Policy Initiatives - The recent policy document outlines a comprehensive roadmap for the BCI industry, focusing on key areas requiring technological breakthroughs [8] - Specific initiatives include accelerating the development of implantable devices and various product forms such as headsets and glasses [7] Key Projects and Engineering - The policy emphasizes core hardware and software projects, including the development of brain-controlled robots and emotion detection systems based on brain signals [9] - It also highlights the need for product testing standards and the establishment of pilot platforms for new product development [10] Support and Infrastructure - The document calls for the establishment of incubators and industrial parks to nurture leading companies in the BCI field and promote collaboration with sectors like AI and robotics [11] - A standardization framework for BCI technology is also proposed, along with a focus on ethical research and talent development in related disciplines [12] Regional and Regulatory Measures - Various regions, including Beijing and Shanghai, have introduced action plans to clarify regulatory policies and clinical trials in the BCI sector [13]

【环球网财经综合报道】日前，湖北脑机接口产业创新发展联盟宣布在武汉光谷成立。此外，湖北率先发布全国首个 脑机接口医疗服务价格标准，加速技术向临床转化。 8月7日工信部等七部门印发《关于推动脑机接口产业创新发展的实施意见》，要求发展壮大脑机接口领域领军企业， 支持组建产业创新联合体，牵头承担国家科技重大专项等任务。促进脑机接口中小企业创新供给，加快培育科技和创 新型中小企业、高新技术企业、专精特新中小企业、专精特新"小巨人"企业、制造业单项冠军企业以及瞪羚企业、独 角兽企业等，实施启航企业培育工程，完善企业梯度培育体系。推动大中小企业融通创新，鼓励领军企业开放算法框 架、公共数据和共性技术，为企业共同成长营造良好环境。 根据Precedence的数据，2024 年全球脑机接口市场规模达到26.2亿美元，2025年有望增长到29.4亿美元，其中医疗健康 领域仍是脑机接口应用最大的细分领域。 对此华福证券研报分析提到，此次工信部等七部门再次提出2030年培育2-3家全球领军企业的目标，彰显卡位全球新质 生产力的迫在眉睫；脑机接口政策再次联合发布支持，未来有望政策、资本、技术三振，产业曙光更亮，研发与商业 化趋势有望 ...

Core Insights - The Chinese government has issued a roadmap for the brain-computer interface (BCI) industry, aiming for breakthroughs in key technologies by 2027 and positioning itself among the world's leaders by 2030 [1][2] Group 1: Industry Development Goals - The roadmap outlines clear objectives for the BCI industry, emphasizing the need for technological advancements and the potential benefits for patients and families [1] - Key milestones include the development of various BCI products such as headsets, glasses, and other integrated devices, as well as advancements in communication chips and software for brain signal processing [3] Group 2: Application and Implementation - The initiative focuses on accelerating the development of testing and evaluation institutions, establishing product testing standards, and creating platforms for product trials to expedite new product development and industrial application [4] - Specific applications are planned in industrial manufacturing, healthcare, and consumer life, including real-time monitoring of brain activity in critical industries and health prevention measures [4] Group 3: Support and Infrastructure - The plan includes building incubators and industrial parks to foster leading companies in the BCI field, as well as implementing programs to nurture emerging enterprises [5] - Establishing a standardization framework for BCI technology and promoting ethical research are also key components of the initiative [5] Group 4: Regulatory and Ethical Framework - The National Healthcare Security Administration has introduced pricing guidelines for invasive BCI procedures, while local governments in cities like Beijing and Shanghai have outlined regulatory policies and action plans for the BCI sector [6][7] - The establishment of ethical guidelines for BCI research is being pursued to ensure responsible development in this transformative field [7]

Core Viewpoint - The brain-computer interface (BCI) sector has diverse application scenarios and rich product and research paths, indicating significant potential for future growth. With support from product registration and medical insurance policies, commercialization is expected to accelerate [1] Group 1: Market Potential - The BCI market is characterized by a multitude of global companies involved in product development, with leading domestic firms achieving significant breakthroughs in non-invasive products, suggesting a large commercial potential [1] Group 2: Investment Recommendations - Companies with a rich pipeline of non-invasive BCI products are recommended, as these products are expected to be implemented in both clinical and home consumer markets, with a relatively fast commercialization speed [1] - Companies demonstrating outstanding innovative capabilities and progress in invasive, semi-invasive, and interventional product fields are likely to gain competitive advantages through differentiation [1]

Core Viewpoint - The brain-computer interface (BCI) sector has diverse application scenarios and rich product and research paths, indicating significant potential for future growth. With product registration and medical insurance policy support, commercialization is expected to accelerate [1] Group 1: Market Potential - The BCI market is characterized by a multitude of global companies engaged in product research and development, particularly in the non-invasive sector where domestic leading firms have achieved multiple technological breakthroughs [1] - The commercialization potential for BCI products is substantial, especially in clinical and home consumer markets, with a faster commercialization speed anticipated for non-invasive products [1] Group 2: Investment Focus - Attention is recommended on companies with a rich product pipeline in the non-invasive BCI field, as these products are expected to be implemented in both clinical and home settings [1] - Companies demonstrating outstanding innovative capabilities and rapid progress in invasive, semi-invasive, and interventional product fields are likely to gain competitive advantages through differentiation [1]