丨证券研究报告丨 请阅读最后评级说明和重要声明 行业研究丨点评报告丨软件与服务 [Table_Title] Neuralink 发布重大突破，关注脑机接口迭代进 展 %% %% 报告要点 %% %% [Table_Summary] 当地时间 6 月 27 日，马斯克旗下脑机接口公司 Neuralink 发布了一段长达一小时的视频，展示 了他们最新的研究成果及产品发展方向。此次，作为世界领先的脑机接口企业，Neuralink 试验 的实际进展展示了脑机接口的可能性，其未来规划有望明确产业发展方向，并加速脑机接口大 规模商业化落地进度。建议关注三条主线：1、侵入式脑机接口海外先进产业链的国内映射标 的；2、非侵入式脑机接口在消费场景的产品落地相关标的；3、脑机接口下游应用端相关标的。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 1 软件与服务 cjzqdt11111 [Table_Title Neuralink 发布重大突破，关注脑机接口迭代进 2] 展 [Table_Summary2] 事件描述 当地时间 6 月 27 日，马斯克旗下脑机接口 ...

Core Viewpoint - The article emphasizes the need to explore non-invasive brain-computer interface (BCI) technologies rather than invasive methods, as proposed by Chinese Academy of Sciences academician Zheng Hairong [2][3][9]. Industry Overview - The global BCI market is projected to grow from $2.35 billion in 2023 to $10.89 billion by 2033, indicating significant investment and interest in this sector [5]. - Major players in the BCI field include Neuralink, which focuses on invasive methods, and Synchron, which has developed a less invasive approach with support from tech giants like Apple and NVIDIA [2][7]. Technological Developments - Neuralink has reported advancements in its invasive BCI technology, with patients able to control complex devices using their thoughts, showcasing a leap from simple cursor control to intricate robotic manipulation [5][6]. - Synchron has achieved key safety milestones with its BCI devices, including FDA approval for temporary implants and successful long-term trials without severe adverse events [8]. Critique of Current Approaches - Zheng Hairong criticizes the invasive methods as "brute force engineering," arguing that they fail to understand the complexity of the human brain and its evolutionary history [3][9]. - He highlights the challenges of biological compatibility in invasive BCIs, noting that many electrodes fail due to the brain's natural resistance [6]. Alternative Approaches - Zheng advocates for a non-invasive approach that utilizes external technologies like ultrasound and fMRI to read and potentially write brain signals without penetrating the skull [9][10]. - This method aims to decode brain activity by observing the relationship between blood flow and neural activity, likening it to a soldier and their supplies [10]. Future of AI and BCI - Zheng outlines a three-stage evolution of AI, with the final stage being "biological intelligence" achieved through effective BCI integration [12][13]. - He envisions a future where hospitals transform into AI-driven data centers, moving away from traditional medical practices [14]. Ethical Considerations - The article raises concerns about the ethical implications of BCI technology, emphasizing the need for strong regulations to prevent misuse and ensure human control over technology [14][15]. - Global legislative efforts are underway to protect brain data, indicating a growing recognition of the ethical challenges posed by BCI advancements [15]. Timeline for Adoption - Zheng estimates that it may take 20 to 30 years for BCI technology to become a part of everyday life for the general public [17].

经济观察报记者 郑晨烨 2025年上半年，全球脑机接口（BCI）赛道持续升温。 2025年6月27日，埃隆·马斯克在其旗下脑机接口公司Neuralink的夏季进展更新会上宣布，该公司脑机接口的受试者数量已增至7人，并公开演示了通过意念 操控机械臂玩"石头剪刀布"的视频。而在稍早前的5月份，其主要竞争对手、获得苹果与英伟达支持的Synchron公司，则宣布通过一项名为BCI人机接口设备 （BCI HID）的新协议实现了与苹果设备的原生集成。 根据公开信息，目前美国企业在脑机接口领域的主流技术路径主要有两个：一是以Neuralink为代表的侵入式方案，需要通过开颅手术将微电极直接植入大脑 皮层；另一条则是Synchron公司采用的介入式方案，经由血管将传感器输送至颅内。 但在6月30日于深圳举办的科技创新院士报告厅活动上，中国科学院院士郑海荣对脑机接口进入人体的技术路径提出了不同看法。他认为，行业更应关注和 探索的，是无需手术的"无创"脑机接口技术。 "所以马斯克搞的那个东西我觉得太落后了，非得把人的大脑打开放一些芯片。"郑海荣说，"其实'道法自然'是最高的智慧。" 以Neuralink为代表的侵入式路径，更是将 ...

Group 1 - Brain-computer interface (BCI) technology is expected to lead a new revolution in medical care, particularly in rehabilitation, addressing significant medical needs in the future [1] - Current research focuses on understanding brain functions and mechanisms related to diseases, with potential applications for stroke patients and the visually impaired [1][2] - The next generation of BCI breakthroughs will depend on advancements in new electrode materials, precise decoding of complex neural information, and efficient non-invasive neural modulation techniques [1][2] Group 2 - Multiple research teams in China have announced that BCI technology has entered clinical stages, showing promise in helping patients regain motor functions [2] - Despite progress, significant technical challenges remain in translating BCI technology into safe and effective clinical solutions, requiring rigorous clinical validation [2] - Neuralink, founded by Elon Musk, is a leading company in invasive BCI clinical advancements, achieving notable tasks with spinal cord injury patients, but faces challenges related to biocompatibility and electrode lifespan [2] Group 3 - The development of non-invasive BCI technology, which interprets and translates neural signals without surgery, is a key research direction due to the complexity of brain cell functions [2] - BCI tools are anticipated to significantly enhance disease diagnosis and treatment, necessitating a re-evaluation of disease causes and therapies [3] - The evolution of AI is seen as progressing from data intelligence to physical intelligence and ultimately to biological intelligence through BCI, enabling deep integration of human-machine intelligence [3][6] Group 4 - Biological intelligence and BCI technology are viewed as core breakthroughs in artificial intelligence, expected to reshape future industrial forms, scientific paradigms, and social structures [6]

证券研究报告·策略报告·策略点评 策略点评 20250701 布局未来产业：重视脑机接口蓝海机遇—— 主题掘金（250701） [Table_Summary] ◼ 脑机接口领域加速发展 脑机接口是指在生物脑与智能机器之间建立信息交流的直接通道，根据技 术路径可以分为输出式和输入式两大类。输出式设备解读脑部信号、控制 外部设备，而输入式主要是将信息编码输入大脑。按脑信号采集方向分类 可分为侵入式、半侵入式及非侵入式。 脑机领域全球市场规模持续增长，国内市场重要性显著提升。根据《脑机 接口技术发展现状及未来展望》，到 2030 年全球脑机接口市场规模将达到 约 70 亿美元，2025-2030 年 CAGR 达到 16.4%，近两年脑机领域投融资也 有明显增加。国内脑机市场规模占比近年来持续提升，2023 年国内脑机市 场规模达到 17.3 亿元，占全球市场比重较 2020 年提升超 5pct。 国内非侵入式路线领先，同时侵入式技术近期实现临床试验突破。技术路 线上，侵入式涉及到芯片轻量化、柔性电极人脑适配等多项难题壁垒整体 较高，而非侵入式赛道比较分散，核心是如何以脑机技术赋能垂直领域实 现商业化。欧美主要采取 ...

脑机接口板块延续活跃，际华集团（601718）3连板，翔宇医疗、创新医疗（002173）涨超7%，乐普医 疗（300003）、荣泰健康（603579）跟涨。 暗盘资金正涌入这些股票，点击速看>>> ...

Core Insights - Neuralink has achieved a significant milestone with the ability to implant electrodes in the brain at a speed of 1.5 seconds per electrode, showcasing advancements in brain-machine interface (BMI) technology [26][66]. - The company has outlined an ambitious three-year roadmap aiming to restore vision to the blind by 2026 and integrate human consciousness with AI by 2028 [26][64]. - Seven volunteers have successfully used the Neuralink device to control games and robotic arms through thought, demonstrating the practical applications of this technology [28][34]. Group 1: Shenzhen's Breakthrough in Brain-Machine Interface - Shenzhen Second People's Hospital has successfully completed the first real-time decoding surgery in South China using high-density flexible film electrodes, marking a significant advancement in BMI technology [2][5]. - The surgery involved a 40-year-old patient with a brain vascular malformation, utilizing a 128-channel flexible electrode to achieve 97% accuracy in motion intention decoding with a 60-millisecond latency [2][10]. - This achievement represents a full cycle of "research-manufacturing-clinical validation" in Shenzhen's BMI technology, showcasing local innovation and collaboration [5][20]. Group 2: Clinical Application and Innovation - The high-density film electrodes developed by a local company, MicroLing Medical, are only 0.01 mm thick and provide excellent flexibility and biocompatibility, significantly improving signal acquisition quality [2][12]. - The establishment of the "Brain-Machine Interface Clinical Evaluation and Transformation Center" at Shenzhen Second People's Hospital aims to accelerate the clinical application of BMI technology, integrating research and clinical practice [22][24]. - The center will focus on standardizing data collection and management throughout the entire process from pre-operative assessment to post-operative rehabilitation, creating a closed-loop transformation path [24][22]. Group 3: Future Directions and Industry Impact - The successful application of BMI technology in Shenzhen is expected to serve as a model for the integration of medical and engineering resources, promoting innovation in treating neurological diseases [18][19]. - The collaboration between Shenzhen Second People's Hospital and MicroLing Medical exemplifies the synergy between academia, industry, and healthcare, aiming to enhance the clinical translation of advanced technologies [4][16]. - The advancements in BMI technology not only promise to improve patient outcomes but also position Shenzhen as a leader in the global neurotechnology landscape [20][19].

Core Insights - The brain-computer interface (BCI) sector is experiencing significant advancements, with both domestic and international developments highlighting its potential [1][2][3] Industry Development - The BCI technology is a crucial intersection of neuroscience and brain-like computing, categorized into invasive, semi-invasive, and non-invasive types based on signal acquisition and output methods [2] - The market size for BCIs in China is projected to reach 3.2 billion yuan in 2024, exceeding 5.5 billion yuan by 2027; globally, the medical application market for BCIs is expected to reach between 40 billion to 145 billion USD from 2030 to 2040 [2] - Various local governments in China are actively promoting BCI industry development, with plans to establish a robust ecosystem by 2030, including breakthroughs in foundational research and technology [2][3] Company Initiatives - Companies in China are leading in the development of intelligent BCI systems, with "Beijing Brain No. 1" and "Beijing Brain No. 2" systems currently in clinical validation stages [4] - Sanbo Brain Hospital recently completed a successful trial using an invasive BCI to assist a hemiplegic patient in regaining motor function [4] - Chengyi Tong is focusing on non-invasive BCI technologies while also preparing for potential invasive applications [4] - Entropy Technology has launched a non-invasive BCI product aimed at enhancing focus among youth, utilizing scalp electrodes and flexible sensors [4]

今天刚上市的云知声(09678)也大涨，公司是港股 AGI 第一股，专注于在中国销售用于日常生活及医疗 相关应用场景的对话式 AI 产品及解决方案。于 2023 年，公司推出了山海大模型，2024 年，按收入 计，公司在中国日常生活 AI 解决方案排名第三，在医疗 AI 解决方案排名第四。有产品有业绩，2022- 2024 年营收复合增长率为 25%，高于同期中国市场 18.7% 的平均增速。今天大涨超 44%。 除了新股，还有一些资金在炒所谓的"保通"，如友宝在线（02429），如果要保住明哥不退通，需要市 值维持在一定水平。当然也有认为今年赢利有望转正。今天大涨近 54%。类似的还有汽车街（02443） 【解剖大盘】 今天是 6 月底又是半年度的最后一天，港股大资金继续在调整仓位，大金融持续走弱，恒指收跌 0.87%。而 A 股反而集体上涨，有一个理由很"玄学"：6 月 30 日，证监会官网与官方微博悄然换上新 LOGO。新标识摒弃了以往三个红色三角嵌套的"连环套"，转而采用线条简洁的三个 V 字形环抱设计。 投资者解读是"三赢"：股市、上市公司、投资者。 港股市场实际上担忧的还是关税，临近特朗普政府设下 ...

脑机接口行业点评 Neuralink 发布会公布三年计划，关注脑机接口进展 2025 年 06 月 30 日 ➢ 完成 E 轮融资加快研发，Neuralink 公布未来三年的发展计划。今年 6 月 上旬，Neuralink 宣布完成 6.5 亿美元的 E 轮融资，主要投资者包括方舟投资、 德丰杰成长基金、创始人基金、光速创投、红杉资本、兴盛资本等。发布会上 Neuralink 公布了未来的三年计划——2025 年第四季度：在言语皮层植入设备， 直接从大脑信号中解码有意识的词语，转换为语音。2026 年：将电极数量增加 到 3000 个，让首位「盲视」参与者重获视觉，初期是低分辨率导航，最终达到 超人多波段视觉。2027 年：增加通道数量至 10000 个，首次实现多设备植入 （运动皮层、言语皮层或视觉皮层）。2028 年：每个植入物达到超过 25000 个 通道，拥有多个植入物，能访问大脑的任何部分，治疗精神疾病、疼痛、失调， 并且与 AI 集成。马斯克宣称要在 2028 年实现将人类大脑与 AI 全面集成，实现 意识层面的互联。 ➢ 事件：6 月 28 日，马斯克召开 Neuralink 线上发布会，公布脑 ...