Core Viewpoint - The article discusses the advancements in brain-computer interface (BCI) technology, highlighting its clinical applications and the support from national healthcare policies in China, particularly the first BCI surgery covered by insurance in the country [3][10][22]. Summary by Sections What is Brain-Computer Interface? - BCI is a cutting-edge system engineering that connects the brain with external devices, enabling bidirectional information exchange through neural signal acquisition and decoding [6]. Types of BCI Technologies - **Invasive Technology**: Involves surgical implantation of electrode arrays into the central nervous system, providing high-quality signals but with significant health risks [7]. - **Non-Invasive Technology**: Utilizes wearable devices to collect brain signals without surgery, dominating the market but with lower signal quality [8][9]. - **Semi-Invasive Technology**: Balances between invasive and non-invasive methods, implanting electrodes within the skull but not penetrating brain tissue, suitable for patients needing high signal quality without full surgery [11]. Domestic and International Technology Comparison - **China**: Dominates in non-invasive technology, with 70% market share in 2024, and is pushing for breakthroughs in implantable devices [13]. - **USA**: Leads in invasive technology, with companies like Neuralink advancing clinical applications for various medical conditions [14]. - **Other Countries**: Countries like Japan and Germany are exploring semi-invasive technologies to balance performance and clinical feasibility [16]. Market Growth - The BCI industry is rapidly expanding, particularly in medical rehabilitation and consumer electronics, with China's market expected to exceed 8 billion yuan by 2025 and reach 15 billion yuan by 2027, reflecting a compound annual growth rate of over 40% [17]. - Globally, the market is projected to grow from approximately $2.35 billion in 2023 to $10.89 billion by 2033, with medical applications accounting for over 50% [19]. Driving Factors Behind Growth - **Policy Support**: The establishment of BCI as an independent billing item by the National Healthcare Security Administration in 2025 has facilitated commercialization [22]. - **Technological Advancements**: Improvements in signal acquisition precision and processing efficiency are enhancing product performance and reducing costs [22]. - **Funding and Collaboration**: Local governments are fostering partnerships between academia and industry, accelerating innovation and increasing investment in the BCI sector [22]. Industry Chain Analysis - The BCI industry encompasses a complete ecosystem from core hardware to signal processing and application in medical and consumer sectors, forming a comprehensive technological framework [23].

今天（12月1日）下午，上海市科委举行2025脑机接口大会新闻通气会。市科委副主任屈炜介绍上海脑 机接口产业发展情况及2025脑机接口大会的有关情况，闵行区副区长谭瑞琮、脑机接口产业联盟秘书长 李文宇、上海市医疗器械检验研究院副院长顾楠、复旦大学附属华山医院神经外科医生吴泽翰、上海未 来产业基金投资总监刘通共同出席新闻发布会，并回答记者提问。 市科委副主任屈炜： 前期，在国家相关部委的支持与指导下，在市委、市政府坚强领导下，上海在全国率先发布了《脑机接 口未来产业培育行动方案（2025-2030年）》，以医疗级场景为核心，以战略产品为导向，坚持项目经 理团队主责、重点任务清单突破、未来产业基金赋能、未来产业集聚区支撑的"四位一体"未来产业培育 机制，持续强化脑机接口全链条联动、全过程创新和全产业链布局，聚力打造具有全球影响力的脑机接 口创新高地。 目前，上海在脑机接口技术领域取得了系列阶段性突破，诞生了多项具有里程碑意义的成果。一是标志 性创新产品研发迈入临床试验阶段。国内首个植入式脑机接口GCP临床试验、全球首例实时汉语言解码 IIT试验、国内首例脑脊接口IIT试验、国内首例侵入式脑机接口系统注册前前瞻性临 ...

Core Viewpoint - The company, China Merchants China Fund, has announced an investment of 15 million RMB in Boreas Technology (Shanghai) Co., Ltd. as part of its E-round financing, aiming to enhance its portfolio in the medical sector [1] Group 1: Investment Details - The investment agreement was signed on October 28, 2025, and the funding was completed on November 7, 2025 [1] - The investment amount is 15 million RMB, which is approximately 2.1 million USD [1] Group 2: Company Overview - Boreas Technology, established in November 2011, specializes in brain-machine interface technology and is recognized as a high-tech enterprise in mainland China [1] - The company focuses on the research, development, production, and sales of brain-machine interface systems and related technical services [1] Group 3: Market Applications - Boreas Technology's products are applicable in various fields, including neuroscience, psychology, human factors engineering, kinesiology, and management science [1] - The company's innovations also cater to clinical applications for diagnosing, treating, and rehabilitating neurological diseases, gaining recognition from experts in both domestic and international medical fields [1] Group 4: Strategic Implications - The investment in Boreas Technology is expected to increase the proportion of medical-related projects within the company's investment portfolio, optimizing its overall investment strategy [1]

Core Viewpoint - The company has announced an investment in BoRuiKang Technology (Shanghai) Co., Ltd., focusing on brain-machine interface technology, which is expected to enhance its medical-related project portfolio [1] Group 1: Investment Details - China Merchants China Fund's wholly-owned subsidiary, Shenzhen Tianzheng Investment Co., Ltd., signed a share purchase agreement with BoRuiKang Technology, agreeing to invest 15 million RMB in its E-round financing [1] - The investment was completed on November 7, 2025 [1] Group 2: Company Overview - BoRuiKang Technology, established in November 2011, specializes in the research, development, production, and sales of brain-machine interface systems and related equipment [1] - The company aims to provide comprehensive solutions for innovative research in neuroscience and clinical diagnosis, treatment, and rehabilitation of neurological diseases [1] Group 3: Market Position and Recognition - BoRuiKang Technology has accumulated significant technical reserves and development experience in the brain-machine interface field over the years [1] - Its products are applicable in various research fields, including neuroscience, psychology, human factors engineering, kinesiology, and management, as well as in clinical medicine for diagnosing and treating neurological diseases [1] - The company's research achievements and technical capabilities have been widely recognized by experts in the fields of neural engineering and clinical medicine both domestically and internationally [1] Group 4: Strategic Implications - The investment in BoRuiKang Technology is expected to increase the proportion of medical-related projects within the company's investment portfolio, optimizing its overall investment strategy [1]

Core Viewpoint - China Merchants China Fund (00133.HK) announced that its wholly-owned subsidiary, Shenzhen Tianzheng Investment Co., Ltd., has signed a share purchase agreement with Boryeong Technology (Shanghai) Co., Ltd. to invest 15 million RMB in its E-round financing [1] Company Overview - Boryeong Technology, established in November 2011, focuses on the research, development, production, sales, and technical services of brain-machine interface systems, positioning itself as a high-tech enterprise in mainland China [1] - The company aims to provide comprehensive solutions for innovative research in neuroscience and clinical diagnosis, treatment, and rehabilitation of neurological diseases [1] Technological Expertise - Boryeong Technology has accumulated significant technical reserves and development experience in the brain-machine interface field over the years [1] - Its products are applicable in various research fields, including neuroscience, psychology, human factors engineering, kinesiology, and management science, as well as in clinical medicine for diagnosing, treating, and rehabilitating neurological diseases [1] - The company's research achievements and technical capabilities have gained recognition from experts in the fields of neuroengineering and clinical medicine both domestically and internationally [1]

12月1日，创业板医药ETF国泰（159377）涨超0.7%，脑机接口技术突破引关注。 （文章来源：每日经济新闻） 财信证券指出，国内脑机接口行业蓬勃发展，技术水平核心指标取得突破。在神经信号检测方面，上海 脑虎科技的256通道柔性电极阵列实现了最高4.15比特/秒的信息传输速率，性能已与国际头部企业相 当；设备小型化方面，中国科学院开发的侵入式脑机接口植入体尺寸仅为Neuralink的一半，是全球最小 的植入体之一。政策层面，我国自"十三五"起将脑科学与类脑研究纳入国家战略，2025年《关于全面深 化药品医疗器械监管改革促进医药产业高质量发展的意见》明确对脑机接口设备等高端医疗装备予以优 先审评审批。支付端取得关键突破，脑机接口相关医疗服务项目获医保立项并明确收费标准。应用端， 脑机接口在医疗领域已实现卒中康复、截瘫行走等突破性治疗；在非医疗领域拓展至疲劳监测、身份认 证等场景。麦肯锡预计2030年脑机接口在医疗应用领域的全球规模有望达到400亿美元，2040年将突破 1450亿美元。国内企业在设备小型化、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 较好发展机会。 创业板医药ETF国泰（159 ...

Group 1 - Public fund self-purchase enthusiasm has increased, with net subscriptions for equity funds reaching 2.1 billion yuan in November, and total net subscriptions for the year exceeding 4.5 billion yuan, more than double the same period last year [1] - The public fund issuance market saw a "small spring" in November, with new fund establishment totaling 966.16 billion yuan, indicating strong investor interest and increased demand for year-end capital allocation [1][2] - The scale of public funds has reached nearly 37 trillion yuan, growing over 4 trillion yuan this year, reflecting the industry's maturation and the potential for further breakthroughs in serving the real economy and enhancing residents' wealth [1] Group 2 - The pilot program for commercial real estate REITs has made significant progress, with the China Securities Regulatory Commission seeking public feedback on the draft announcement, indicating a key period for the development of the REITs market [2] - The launch of commercial real estate REITs is expected to support a new model for real estate development and inject new vitality into the REITs market by revitalizing trillions of yuan in existing assets [2] Group 3 - The importance of the energy storage industry is increasing as the demand for AI computing power surges, with energy storage becoming a key driver for electricity supply in the AI era [3] - By 2025, China's energy storage industry is expected to shift to a market-oriented profit model, with installed capacity surpassing 100 million kilowatts, highlighting the growing market potential of energy storage [3] Group 4 - The first automatic nuclear power calibration system in China's nuclear power industry has been put into operation, significantly reducing calibration time from 8 hours to 70 seconds, enhancing operational efficiency [2] - The launch of the "Heqi No. 1" nuclear energy industrial steam project provides a low-carbon solution with a carbon footprint only 1/600 of that of coal, supporting industrial structure upgrades and energy transition [2] Group 5 - The valuation of Teslian Smart Technology has increased by approximately 310 times over nine years, with participation from SenseTime and JD.com, although the company has not yet achieved profitability [5] - Dongpeng Beverage is in the process of issuing H-shares and has received a filing notice from the China Securities Regulatory Commission, with plans to issue no more than 66.45 million shares [6]

Important Market News - China successfully launched the Shijian-28 satellite using the Long March 7 rocket on November 30, 2025, marking the 611th flight of the Long March series [1] - The establishment of the Commercial Space Administration by the National Space Administration signifies dedicated regulatory oversight for China's commercial space industry, which is expected to drive high-quality development across the industry chain [2] Industry Insights - The National Space Administration has announced a plan to promote high-quality and safe development in the commercial space sector from 2025 to 2027, integrating commercial space into the national space development framework [2] - There are currently over 600 commercial space enterprises in China, with potential for growth as safety measures are prioritized [2] - The satellite internet market is projected to grow from approximately 40-50 billion yuan to over 200-400 billion yuan by 2030, with an annual compound growth rate of 10%-28% [3] - The brain-computer interface (BCI) medical application market is expected to reach $40 billion by 2030 and $145 billion by 2040, indicating significant potential for treating neurological disorders [4] - Quantum computing is seen as a transformative technology with the potential to create a market exceeding $100 billion by 2030, driven by technological breakthroughs and market demand [5]

行 业 研 究 华福证券 机械设备 2025 年 11 月 30 日 首例"医保价"脑机接口手术完成，前沿疗法惠及患者 "十五五"重点赛道，脑机接口市场规模有望快速增长 根据 precedence research，2024 年全球脑机接口市场规模约为 26.2 亿美元，预计 2025 年将达到 29.4 亿美元，到 2034 年有望增长至 124 亿美元，十年间复合年增长率为 17.35%；据工信微报，2024 年中国脑 机接口市场规模为 32.0 亿元，预计到 2028 年将达 61.4 亿元。《中共 中央关于制定国民经济和社会发展第十五个五年规划的建议》提出前 瞻布局未来产业，推动脑机接口等成为新的经济增长点。这些产业蓄 势发力，未来 10 年将再造一个中国高技术产业。 建议关注 华福证券 风险提示 政策破冰推动技术规范化普及 今年 3 月 31 日，湖北省医保局在国家医保局指导下发布全国首个 脑机接口医疗服务价格，破解了该技术因缺乏收费标准难以进入常规 医疗服务体系的难题。此次同济医院的临床实践，标志着植入式脑机 接口技术正式纳入规范化医疗服务体系，为其大规模临床应用奠定制 度基础，助力技术普惠化与产 ...

Core Insights - The year 2025 is viewed as a pivotal year for China's "brain-computer interface" (BCI) industry, with significant policy support and investment activity driving growth [2][5][7] Policy Support - The "14th Five-Year Plan" emphasizes BCI as one of the six key future industries, indicating strong governmental backing [7] - In July, multiple departments released implementation opinions to promote innovation and development in the BCI sector, establishing clear timelines for industry growth [5] - By 2027, breakthroughs in key technologies are expected, with the establishment of advanced technical, industrial, and standard systems [6] Market Performance - As of November, the BCI sector in China has seen 28 financing rounds totaling over 5 billion yuan [2] - The BCI concept index in the A-share market has surged by 52.13% over the past year, significantly outperforming the CSI 300 index, which rose by 15.04% [2] - Notable A-share companies in the BCI space, such as Innovation Medical and Hanwei Technology, have seen stock price increases of 170% and 139.48%, respectively [2] Industry Development - Shanghai has proactively laid out plans for BCI development, aiming for high-quality brain control and clinical applications by 2027 [8] - The BCI industry in China is rapidly advancing, with over 800 core enterprises identified, primarily located in China and the U.S. [9] - China is positioned to potentially lead in the BCI sector, with significant clinical advancements, including the first invasive clinical trial conducted in June [9][10] Financial Performance - In the A-share market, 24 companies related to BCI reported an average revenue of 3.428 billion yuan and an average net profit of 431 million yuan for the first three quarters [11] - Despite high gross profit margins, with 18 companies exceeding 30% and 9 over 60%, some companies are facing negative growth in revenue and net profit [12] Company Initiatives - Companies like Lepu Medical and Meihua Medical are actively pursuing commercialization of BCI products, with Lepu focusing on deep brain stimulation devices and Meihua collaborating with leading cochlear implant firms [13][14] - Aipeng Medical has received regulatory approval for its EEG collection products, which are part of a new ADHD treatment system, and is working with hospitals to implement these solutions [14]