经济观察网 《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，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，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。 近日，工业和信息化部、国家发展改革委等七部门联合印发《关于推动脑机接口产业创新发展的实施意 见》，首次在国家层面系统部署脑机接口产业发展战略，旨在把握科技革命和产业变革新机遇，"加快 形成新质生产力，高水平赋能新型工业化"。 ...

Core Insights - The brain-computer interface (BCI) sector is experiencing significant activity and market interest, driven by supportive government policies and advancements in AI healthcare applications [1][5][10] - The Chinese BCI market was valued at 3.2 billion yuan in the previous year, with an 18.8% growth rate, and is projected to reach 6.14 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 17.7% from 2024 to 2028 [5] - Lenovo Group is positioned as a key player in the BCI industry, leveraging its technological capabilities and investments to enhance its market presence and drive innovation [7][9][10] Industry Developments - The Chinese government is actively promoting the development of the BCI industry, with a two-step development goal set for 2027 and 2030, focusing on breakthroughs in key technologies and the establishment of advanced technical and industrial systems [5] - The BCI technology is expected to see large-scale clinical applications, particularly in the medical field, as the commercial viability of its business models is validated [6][10] - The integration of BCI technology with AI and other emerging technologies is creating a competitive landscape for future industrial development [3] Company Positioning - Lenovo Group is enhancing its role in the BCI value chain by providing smart devices and AI-driven infrastructure that support data collection and processing for BCI applications [7][8] - The company is also investing in startups like ZhenTai Intelligent, which focuses on BCI medical applications, providing comprehensive support through its computing platforms and service networks [9] - Analysts are optimistic about Lenovo Group's future growth, with several institutions raising their target prices and maintaining positive ratings based on the company's strategic positioning in the AI and BCI sectors [10]

Core Insights - Strong Brain Technology, a brain-computer interface company, is negotiating a pre-IPO financing of approximately $100 million at a valuation exceeding $1.3 billion, potentially paving the way for an IPO in Hong Kong or mainland China [1][2][14] - The company is part of the "Six Little Dragons of Hangzhou," which are rapidly rising tech firms in fields like robotics and artificial intelligence, with Strong Brain Technology being a representative in the brain-computer interface sector [3][15] - The founder, Han Bicheng, is recognized for his innovative approach and is often compared to Elon Musk, as both companies are leaders in their respective non-invasive and invasive technology routes [3][14] Company Overview - Strong Brain Technology was founded in 2015 by Han Bicheng, who was inspired by Nobel laureate Linda Buck's work on olfaction during his time at Harvard [6][7] - The company focuses on non-invasive brain-computer interface technology, aiming to impact a wide range of diseases and improve the quality of life for many individuals [7][14] - The company has successfully developed a smart prosthetic hand that allows users to control each finger independently, marking a significant advancement in brain-computer interface technology [13][14] Market Position - Strong Brain Technology has completed approximately $300 million in financing, making it one of the largest unicorns in the brain-computer interface field alongside Neuralink [14] - The company’s latest generation of smart prosthetic hands has received FDA approval and is now available in the U.S. market, showcasing its global reach and technological advancements [13][14] Industry Context - The "Six Little Dragons of Hangzhou" collectively have a valuation exceeding 300 billion yuan, representing a significant force in the tech industry [18] - Other companies in this group, such as Qunhe Technology and Yushu Technology, are also pursuing IPOs, indicating a competitive landscape for tech firms in Hangzhou [4][19] - The involvement of Hangzhou Capital in funding multiple companies within this group highlights the supportive ecosystem for tech innovation in the region [22][24]

Core Insights - The implementation opinions released by seven departments, including the Ministry of Industry and Information Technology, aim to promote the innovation and development of the brain-computer interface (BCI) industry by 2027, targeting breakthroughs in key technologies and establishing advanced technical, industrial, and standard systems [1][2] Group 1: Industry Development Goals - By 2027, the BCI industry is expected to achieve breakthroughs in key technologies, with products such as electrodes, chips, and complete systems reaching international advanced levels [1] - The BCI industry is projected to grow significantly, with the establishment of 2 to 3 industrial development clusters and the exploration of new scenarios, models, and business formats [1] Group 2: Application in Healthcare - The implementation opinions emphasize accelerating the application of BCI technology in healthcare, particularly for neurodegenerative and mental diseases, enhancing diagnostic and therapeutic effects [1] - New solutions for rehabilitation needs of patients with limb movement, speech, and sensory deficits will be developed, improving the quality of patient recovery [1] - BCI products will be utilized for real-time monitoring and analysis of brain activity to prevent potential health issues and reduce severe patient risks [1] Group 3: Policy Support and Investment - The opinions call for strengthening technological breakthroughs and application demonstrations in the BCI field, promoting the implementation of major projects and enhancing collaborative research capabilities [2] - Increased investment from national funds, such as the National Manufacturing Transformation and Upgrade Fund and the National SME Development Fund, is encouraged to support the BCI industry [2] - Priority support will be given to the registration of key products like implantable BCI medical devices, along with policies to accelerate industrialization [2]

Core Viewpoint - The recent policy document issued by multiple government departments aims to promote the innovation and development of the brain-computer interface (BCI) industry in China, outlining five key tasks and specific measures to achieve significant growth by 2027 and 2030 [2][10]. Group 1: Key Tasks and Goals - The document identifies five key tasks: strengthening foundational hardware and software, developing high-performance products, promoting the application of technological achievements, expanding innovation entities, and enhancing industrial support capabilities [4][16]. - By 2027, breakthroughs in key BCI technologies are expected, establishing an advanced technical, industrial, and standard system, with products achieving international standards in various fields [3][15]. - By 2030, the BCI industry is projected to have significantly improved innovation capabilities, nurturing globally influential leading enterprises and a competitive industrial ecosystem [14][15]. Group 2: Market Growth and Projections - According to research data, the BCI market in China is expected to reach a scale of 3.2 billion yuan in 2024, with a growth rate of 18.8%, and is projected to grow to 6.14 billion yuan by 2028, reflecting a compound annual growth rate of 17.7% [3][10]. Group 3: Regional Development Initiatives - Various regions, including Beijing, Shanghai, and Nanjing, have launched initiatives to accelerate the development of the BCI industry, aiming to establish demonstration zones and achieve large-scale commercialization of BCI products in sectors such as healthcare and education by 2030 [5][6]. - The recent clinical trials of invasive BCI technology in China mark a significant milestone, positioning the country as the second globally to enter this phase [6][10]. Group 4: Specific Measures and Innovations - The document details 17 specific measures, including the development of high-channel, high-speed brain signal acquisition chips, and the creation of innovative non-invasive products such as headsets and glasses [4][24]. - Emphasis is placed on enhancing the performance of implantable devices and integrating advanced features for improved control and response speed [22][23]. Group 5: Collaborative Ecosystem and Standards - The policy encourages collaboration among government, academia, and industry to foster an innovative ecosystem, while also establishing a standard system for BCI technology to ensure quality and safety [36][40]. - The document highlights the importance of talent cultivation and the establishment of specialized institutions to support the growth of the BCI sector [41][42].

Core Viewpoint - The brain-computer interface (BCI) sector is experiencing significant growth due to favorable government policies and advancements in technology, leading to increased market activity and investment opportunities [1][3]. Policy Support - The Ministry of Industry and Information Technology, along with six other departments, issued an implementation opinion aimed at promoting innovation in the BCI industry, setting construction goals for the next five years [3]. - By 2027, key technologies in BCI are expected to achieve breakthroughs, establishing an advanced technical, industrial, and standard system, with products reaching international advanced levels [3]. - By 2030, the BCI industry is anticipated to have a significantly enhanced innovation capability, fostering 2 to 3 globally influential leading enterprises and a number of specialized small and medium-sized enterprises [3]. Market Activity - Several companies in the BCI sector have seen substantial stock price increases, with notable gains including: - Jihua Group up 10% to 5.28 - Innovation Medical up 7.33% to 18.75 - Sanbo Brain Science up 9.51% to 59.78 - Botao Biology up 9.49% to 35.75 [1][2]. Insurance Integration - The National Medical Insurance Administration has standardized pricing for BCI-related procedures, such as "BCI implantation fees" and "BCI adaptation fees," facilitating quicker clinical application and reimbursement once the technology is approved [5][4]. Commercialization Outlook - The BCI technology is maturing, with the first BCI outpatient clinic in Central China operational and successful surgeries conducted [6]. - Analysts from Open Source Securities and Zheshang Securities express optimism about the commercialization of BCI technology, highlighting the rapid expansion of the market and encouraging attention to companies within the BCI supply chain [6]. - Key players in the upstream hardware and software sectors include Entropy Technology, iFlytek, and others, while downstream medical solution providers include Aipeng Medical, Xiangyu Medical, and others [6].

Group 1 - The brain-computer interface sector experienced significant gains today, with companies like Sino Medical and Guangdian Co. hitting the daily limit, and Lepu Medical rising over 8% [1] - The Ministry of Industry and Information Technology, along with six other departments, issued the "Implementation Opinions on Promoting the Innovative Development of the Brain-Computer Interface Industry" [1] - According to Zhongtai Securities, the brain-computer interface sector is receiving strong policy support, entering an accelerated growth phase, with non-invasive products expected to commercialize more quickly under this support [1] Group 2 - Zhongtai Securities highlights that implantable devices are likely to provide technical support for high-precision medical scenarios due to their higher signal resolution and operational precision [1] - Xiangcai Securities notes that as a cutting-edge technology in the medical field, the applications of brain-computer interfaces will gradually be implemented in areas such as state detection, disease rehabilitation, and skill replacement [1] - Companies actively investing in brain-computer interface technology are recommended for attention [1]

本报记者 许林艳 8月8日，脑机接口概念股进一步上涨。截至午间收盘，际华集团（601718）涨停，麦澜德涨停超10%， 三博脑科（301293）、乐普医疗（300003）涨超8%，爱朋医疗（300753）、诚益通（300430）等纷纷 跟涨。 福州公孙策公关咨询有限公司合伙人詹军豪表示，目前我国脑机接口技术已取得显著进展，非侵入式技 术在医疗康复等领域实现初步应用，侵入式技术也进入了临床试验阶段。 根据中国电子信息产业发展研究院数据，2024年中国脑机接口市场规模为32亿元，同比增长18.8%；预 计到2027年将达到55.8亿元。 多地均在积极推进脑机接口产业发展。今年年初，北京印发《加快北京市脑机接口创新发展行动方案 （2025-2030年）》，其中提出，到2030年打造1-2个脑机接口产业发展集聚示范区，实现脑机接口创新 产品在医疗、康养、工业、教育等领域的规模化商用。 同期，上海印发《上海市脑机接口未来产业培育行动方案（2025-2030年）》，其中提出2030年前，实 现高质量控脑，脑机接口产品全面实现临床应用，打造全球脑机接口产品创新高地，产业链核心环节实 现自主可控。 政策利好不断，脑机接口产业 ...

Investment Rating - The industry investment rating is "Increase Holdings" [2][6] Core Insights - The brain-computer interface (BCI) industry is entering a phase of accelerated growth due to strong policy support, with key technological breakthroughs expected by 2027 and a robust industrial ecosystem anticipated by 2030 [5][6] - The report emphasizes the development of both hardware and software components, with non-invasive devices likely to achieve commercialization first, while invasive devices will provide high precision for medical applications [5][6] Summary by Sections Industry Overview - The industry comprises 494 listed companies with a total market value of 73,522.83 billion and a circulating market value of 66,271.42 billion [2] Policy Support - The Ministry of Industry and Information Technology and other departments have issued implementation opinions to promote innovation in the BCI industry, aiming to establish advanced technology, industrial, and standard systems by 2027 [5] Technological Development - Hardware advancements include the development of various electrode types and integrated signal processing systems, while software improvements focus on enhancing signal decoding and device control accuracy [5] - The report highlights the importance of developing auxiliary devices and surgical robots to improve precision in BCI applications [5] Investment Opportunities - The report suggests focusing on companies with rapid advancements in non-invasive product development, such as Chengyitong, Xiangyu Medical, and Weisi Medical, among others [5]

Market Overview - The Hong Kong stock market indices experienced declines, with the Hang Seng Index down by 98.39 points or 0.39%, closing at 24,983.24 [3] - Notable declines were observed in companies such as SMIC and Kingdee International, both dropping over 4% [4] Sector Performance - The commercial aerospace sector continued its strong performance, with significant gains in stocks like Aerospace Intelligent Equipment, which hit a 20% limit up, and other companies such as Shanghai Huguang and Aerospace Science and Technology also reaching their daily limits [5][6] - The brain-computer interface sector showed volatility but trended upwards, with stocks like Sainuo Medical achieving a 20% limit up, alongside gains in Innovative Medical and Optical Electric [8][10] - Other sectors such as power generation equipment, gas, and precious metals saw positive performance, while AI application sectors, including intelligent agents and software, faced declines [2] Notable Stocks - SMIC's current price is 50.50, down 4.72%, with a market capitalization of 494.6 billion [4] - Kingdee International is priced at 17.86, down 4.54%, with a market cap of 63.4 billion [4] - Sainuo Medical reached a price of 20.44, up 20.02%, with a market cap of 85.17 billion [10] - Aerospace Intelligent Equipment is priced at 21.42, up 20%, with a market cap of 15.4 billion [6] Policy and Industry Development - The Ministry of Industry and Information Technology and six other departments issued guidelines to promote the brain-computer interface industry, setting development goals for 2027 and 2030, and outlining five key tasks and 17 specific measures to foster high-quality development in this sector [10][11]