脑机接口行业近况更新 20251225 摘要 Q&A 脑机接口产业的发展历程及当前现状如何？ 脑机接口产业在全球范围内的发展历程可以分为几个主要阶段。美国是该领域 的先行者，早在 2004 年，罗得岛医院进行了全球首例嵌入式脑机接口临床试 验，为一名上肢瘫痪患者植入装置，使其能够控制机械臂。这标志着脑机接口 技术的重大突破。2013 年，美国正式颁布了"脑计划"，确立了七个优先研 究方向，主要集中在阿尔茨海默症、精神分裂症、孤独症、癫痫和创伤性脑损 伤等疾病的治疗。到 2018 年，该计划进入第二阶段，由美国国立卫生研究院 （NIH）主导组建 ACD 咨询委员会，对后续发展提供专业指导。2022 年，美 2024 年，美国 FDA 加入协作计划，构建技术验证、审批和商业化闭环体系。 截至 2024 年，美国政府累计投入超过 40 亿美元，资助了 1,300 多个研究项 国的研究方向转向应用验证，包括 DBS 和 SCS 等技术，并取得显著效果。 全侵入式脑机接口每例费用约 30-40 万元，半侵入式约 10-20 万元。大 规模商业化后，全侵入式成本预计降至 10 万元以内，半侵入式更低， 数据采集与建模时间 ...

脑机接口板块大涨，建议加强重视十五五规划医疗科技方 向 20251225 摘要 中国在脑机接口领域处于全球相对领先地位。中国拥有大量医院和病人资源， 积极推动先进疗法的临床试验。此外，中国在医疗器械制造方面积累了丰富经 验，有望实现厚积薄发。目前，中国有许多团队从事脑机接口研究，数量甚至 可能超过美国。未来，中国有望涌现出具有全球竞争力的脑机接口公司，并逐 步走向国际市场。 目前有哪些公司在布局脑机接口领域？ 在上游零部件供应方面，美好医疗等公司为脑机接口企业提供代工服务。在康 复医疗器械领域，公司如翔宇医疗、迈兰德、韦斯和诚益通等都在积极布局。 此外，下游医院如三博脑科也非常重视这一方向。在非侵入式脑机接口方面， 强脑科技等公司备受关注。一级市场中，如博瑞康等公司也被寄予厚望，有望 通过上市形成更强的板块效应。 明年（2026 年）可以期待哪些政策支持？ 中国脑机接口领域发展迅速，受益于庞大的医院和病人资源以及医疗器 械制造经验，涌现出众多研究团队，数量或超美国，未来有望出现具全 球竞争力的公司。 政策支持力度加大，预计 2026 年将迎来国家顶层设计、资金支持以及 药监局绿色通道等多方面政策利好，加速产品 ...

每周 一 景 ： 云南长江第一湾 金沙江 点击右上角菜单，收听朗读版 【医疗器械】脑机接口医疗器械工作推进会召开 2025年12月18日，国家药监局在北京召开脑机接口医疗器械工作推进会。 会议听取高等院校、科研院所、医疗机构相关专家学者和研发企业代表意见建议。 会议要求，要深入贯彻落实党的二十届四中全会精神，深刻领会脑机接口作为前瞻布局未来产业的重要战略意义；要 坚持安全有效为首要前提，创新审评监 管方法，构建标准体系，加强技术指导服务；要加强跨部门合作，联手产学研医各方，合力解决关键技术问题，完善产业链供应链；要落实企业主体责任，以 问题为导向，提升产品可靠性和整体竞争力，积极推动脑机接口器械更快更好服务临床、惠及患者。 此前， 于2025年7月工信部等七部门联合发布《关于推动脑机接口产业创新发展的实施意见》指出，脑机接口通过在脑与机器之间建立信息通道，实现生物智 能与机器智能的协同交互，是生命科学和信息科学融合发展的前沿技术。 今日报告精粹 1、医药：人工智能辅助诊断明确收费路径 2、非银：投融资再平衡持续，股权融资逐步回暖 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 脑机接口 ...

Core Insights - The core viewpoint of the article highlights that Tongren Alliance has been recognized by Fortune magazine as one of the "50 Institutions Changing the World" for 2024, ranking 22nd and being the only investment institution from the Asia-Pacific region to make the list this year [1] Group 1: Investment Achievements - Tongren Alliance has invested in 73 foundational technology projects, with notable success in the NeuLink brain-machine interface project, which achieved clinical breakthroughs for paralyzed patients in 2024 and is now being applied in 12 medical institutions globally [2] - The organization has developed a "technology transformation accelerator" mechanism that connects over 2,000 global technology experts, solving 53 critical technical challenges for enterprises [2] Group 2: Green Investment Impact - The renewable energy sector has significantly contributed to Tongren Alliance's recognition, with its portfolio companies having reduced carbon emissions by 20.47 million tons, equivalent to the environmental benefit of planting 110 million trees [3] - The "County Green Energy Plan," in collaboration with the United Nations Environment Programme (UNEP), aims to promote integrated photovoltaic and energy storage projects in 100 developing countries over the next five years [3] Group 3: International Collaboration and Innovation - Tongren Alliance's international strategy has been praised, with the establishment of a "Technology Transformation Center" in Central and Eastern Europe facilitating six cross-border projects, resulting in a signing amount of €1.2 billion in 2023 [10] - The organization has introduced a "DAO + enterprise dual-ring drive" governance model that maintains innovation while managing risks through entities like Hong Kong Dingmei Industrial [10][11] Group 4: Future Focus and Funding - The organization plans to invest $5 billion in an innovation fund over the next three years, focusing on three key areas: AI healthcare, zero-carbon technology, and space economy [12] - The AI healthcare sector has initiated a "Grassroots Diagnosis Empowerment Plan," aiming to equip 500 county-level hospitals with AI-assisted diagnostic systems by 2026 [12] Group 5: Organizational Background - Founded in 2012 by five cross-disciplinary investors, Tongren Alliance focuses on long-term value investments in hard technology, beauty industry, and renewable energy [15] - As of 2025, the organization has established an investment matrix covering 43 countries and manages an innovation fund of $5 billion, nurturing 12 unicorn companies [15]

每经记者｜兰素英 每经编辑｜高涵 "就在那一刻，这项技术在我眼中彻底变成了科幻般的存在。" 当诺兰·阿博（Noland Arbaugh）第一次仅凭意念移动电脑光标时，发出了这番感慨。 2016年，诺兰·阿博因跳水事故导致肩部以下失去活动能力。2024年1月28日，他接受了埃隆·马斯克旗下脑机接口公司Neuralink的Link芯片植入手术，成为 实验的"一号受试者"。 23个月后，这枚被他命名为"Eve"的硬币大小的设备，不仅让他重新连接了数字世界，更重要的是，正让他从"家人的累赘"一步步走向生活的独立，并有 望成为首位"双植入"患者。 近日，诺兰·阿博接受了《每日经济新闻》记者（以下简称NBD）独家专访。从最初仅凭意念移动光标的"科幻时刻"，到脑机接口技术带给自己的变化， 再到该技术的伦理问题，这位"脑机人"分享了他的独特经历、心路历程与深层思考。 谈意念控制初体验：太科幻了 诺兰·阿博 图片来源：受访者供图 NBD：当你第一次仅凭意念操控电脑光标时，有什么感受？ 诺兰·阿博：这种体验分成两个阶段。 第一阶段，我并没有像大家想象的那样感到无比震撼。 日前，Neuralink技术迭代加速，植入单根电极线的时间 ...

Core Insights - The official launch of the Hainan Free Trade Port's full island closure operation on December 18, 2025, marks a significant milestone in China's high-level opening-up strategy and the development of the Hainan Free Trade Port [1] Institutional Developments - The full island closure will implement a new institutional arrangement of "one line open, two lines controlled, and free flow within the island," enhancing the free movement of goods, capital, personnel, and information [1] - This arrangement aims to position Hainan as a high-level open gateway for international trade, investment, and talent flow, while also providing practical experience for domestic free trade port construction [1] Policy Enhancements - The "zero tariff" policy will expand significantly to cover approximately 6,600 tax items, accounting for 74% of all goods, thereby reducing operational costs for enterprises and facilitating industrial restructuring [2] - The policy will also lower market access thresholds for all eligible market entities on the island, creating a more free and convenient production and trading environment [2] - A comprehensive policy system characterized by "zero tariffs, low tax rates, and simplified tax systems" will be optimized, including tax reductions and simplified tax administration [2] Economic and Industrial Growth - Hainan Free Trade Port aims to enhance its policy system to align with high-level free trade standards, improving trade and investment liberalization and facilitating a globally leading business environment [3] - The port will focus on optimizing its economic structure, promoting the development of tourism, modern services, high-tech industries, and tropical agriculture towards clustering and high-end directions [3] Technological Innovation - Hainan will establish a multi-level technological innovation system, focusing on key areas such as seed industry, deep sea, and aerospace, to integrate technological innovation with industrial development [4] Regional Development - The port will integrate deeply with major national regional strategies, promoting urban coordination and balanced regional development, injecting new momentum into the comprehensive development of the island [4] Environmental and Social Progress - Hainan will advance green development and ecological civilization, aiming to become an international model for ecological protection and sustainable development [5] - The port will enhance public service systems to improve residents' income and quality of life, ensuring that all citizens benefit from the development of the free trade port [5] Security and Future Industries - Hainan will strengthen risk prevention and social governance to ensure a stable environment for the construction of the free trade port, which is essential for industrial upgrades and high-quality development [5] - The port will strategically position itself in emerging industries such as biomanufacturing, hydrogen energy, and brain-computer interfaces, aiming to secure a competitive edge in global markets [5]

Core Viewpoint - The article highlights the rapid growth and global competitiveness of China's "hard technology" sector, emphasizing the role of financial innovation in supporting technological breakthroughs and industrial transformation [1][2][3][4] Group 1: Technological Advancements - The "M20" quadruped robot symbolizes the transition of China's "hard technology" from laboratories to global markets, showcasing advancements in various fields such as artificial intelligence and life sciences [1] - Companies like "Yun Shen Chu" have captured half of the global bipedal robot market within six years, indicating significant progress in the robotics sector [1] Group 2: Financial Innovation - The journey of "hard technology" companies is fraught with challenges, particularly during the "valley of death" phase, where traditional financing methods often fall short [2] - Financial innovations, such as the 5 million yuan pure credit loans without collateral, have emerged to support technology firms, focusing on the long-term viability of these companies rather than short-term profits [2] - Initiatives like "Zhe Ke United Loan" promote collaboration among banks, enhancing financial support for technology firms and addressing credit bottlenecks [2] Group 3: Comprehensive Financial Ecosystem - Various financial innovations across regions, such as the "Co-Growth Plan" in Anhui and "Tengfei Loan" in Shenzhen, are creating a comprehensive financial service ecosystem that supports companies throughout their lifecycle [3] - The integration of risk investment, bank credit, and capital markets fosters a virtuous cycle of technological breakthroughs, capital support, and industrial upgrades [3] - Financial institutions are evolving from mere fund providers to partners that accompany technology firms through their research and development phases [3] Group 4: Future Outlook - The transformation of technology finance continues, moving from reliance on lists to data-driven approaches, and from policy-driven to professional-driven models [4] - The synergy between policy, finance, and technology is enabling more "hard technology" companies to emerge on the global stage, contributing to a redefined innovation ecosystem in China [4]

江西省人民政府印发《江西省"人工智能+"行动方案》，其中提出，健全省基层人工智能辅助智慧医疗 系统，推动医疗数据合法合规安全有序利用。打造养老高质量数据集，开展人工智能技术的适老化设 计，加强脑机接口、养老机器人等智能产品在养老场景的推广力度。 上海证券认为，国内脑机接口技术领域不断突破，国际认可度持续提升，侵入式脑机接口从"实验室"走 向"市场"的注册审批快车道、应用场景拓展。 财信证券认为，脑机接口行业作为融合多学科前沿技术的高成长赛道，在政策强力支持、医保支付落地 与技术持续突破的驱动下，正迈向规模化应用关键阶段。国内企业在部分领域已实现与国际领先水平并 跑，在设备小型化、信号传输速率、安全性能等方面表现突出，中长期相关产业链有较好投资机会。 西南证券认为，脑机接口行业加速创新，无论是何种技术路径，本质上都是连接人类意识(第一步是捕 捉脑信号，通过装置采集动作电位、局部场电位、脑电图等，然后进行信号处理和特征提取，再进行编 解码信号输出并控制外部设备和应用)。在采集信号的这一步，由于对信号强弱、需求定义、与目标定 位的不同，衍生出了侵入式、半侵入/介入式以及非侵入式等技术路径，也带来了产品设计全链条的不 ...

Investment Rating - The industry investment rating for the pharmaceutical and biotechnology sector is "Hold" [2]. Core Insights - The report highlights significant breakthroughs in the domestic brain-computer interface (BCI) technology, indicating an acceleration in industry development and international recognition [5]. - The report emphasizes the transition of invasive brain-computer interfaces from laboratory settings to market approval processes, suggesting a rapid expansion of application scenarios [6]. Summary by Relevant Sections Industry Overview - The report discusses the recent advancements in invasive brain-computer interface technology, including the first domestic medical device entering the FDA's breakthrough therapy pathway, which enhances the international recognition of China's BCI technology [5]. - It mentions successful clinical trials using high-throughput wireless invasive BCI systems, enabling patients with high-level paralysis to control smart wheelchairs and robotic dogs through brain signals, achieving a 15%-20% improvement in brain control performance [5]. Investment Recommendations - The report suggests focusing on companies such as Innovation Medical, Aipeng Medical, and Sanbo Brain Science, as they are positioned to benefit from the advancements in the BCI sector [6].

格隆汇12月24日｜A股市场脑机接口概念股拉升，其中，南京熊猫一度触及涨停，狄耐克、爱朋医疗、 创新医疗、岩山科技、诚益通等跟涨。 ...