核心技术：壁垒凸显，中外同步突破 智通财经APP获悉，东北证券发布研报称，当前脑机接口产业正处于"技术验证向商业化初期过渡"的关 键节点，医疗康复领域因需求刚性、政策支持，成为率先实现规模化落地的核心赛道。建议重点关注三 类标的：一是非侵入式产品商业化领先企业;二是侵入式/介入式技术临床突破标的;三是产业链核心部件 供应商。同时重点跟踪三大催化因素：医保支付范围扩围、海外头部企业技术路线映射、一级市场硬科 技企业上市进程。 东北证券主要观点如下： 脑机接口 脑机接口BCI作为突破生物神经边界的颠覆性人机交互技术，核心通过"读脑解码"与"写脑编码"的双向 通信机制，搭建大脑与外部设备的直接连接通道，是未来人机融合的核心载体。目前行业已形成侵入 式、半侵入式、非侵入式三大技术路径，历经百年技术积淀，已逐步从实验室研发阶段迈向临床落地与 产业规模化初期。 市场空间：医疗为核，增长明确 全球市场层面，2024年脑机接口市场规模已达26.2亿美元，据Precedence Research预测，2025-2034年行 业复合增长率将维持17.35%，至2034年市场规模有望突破124亿美元;国内市场呈现稳步扩容态势，20 ...

Core Insights - The development of future industries, particularly brain-computer interfaces (BCIs), is a strategic focus for China, emphasizing the need for scientific planning and comprehensive coordination [1] Group 1: Industry Development - The Chinese government aims to significantly enhance the innovation capabilities of the BCI industry by 2030, establishing a reliable industrial system and nurturing 2 to 3 globally influential leading enterprises [1] - Various regions in China, such as the Yangtze River Delta, Beijing-Tianjin-Hebei, and the Guangdong-Hong Kong-Macao Greater Bay Area, are leveraging their unique advantages to advance BCI technology and applications [1] Group 2: Challenges and Solutions - The BCI industry faces systemic challenges, including technological innovation gaps and a lack of unified standards for brain data collection, which hinder innovation among small and medium enterprises [2] - To address these challenges, a problem-oriented approach is recommended, focusing on multi-technology exploration, open scenarios, and regulatory adaptation to foster a collaborative development environment [2] Group 3: Application and Commercialization - There is a push to expand BCI applications across various sectors such as healthcare, industrial, and education, with an emphasis on market-driven technology iteration and innovative business models [3] - Financial support mechanisms, such as establishing an investment fund for the BCI industry, are being explored to mitigate early-stage investment risks for innovators [3] Group 4: Regulatory and Safety Framework - The establishment of a comprehensive standard system covering technology development, data security, and clinical applications is crucial for the BCI industry [3] - Innovative regulatory approaches, including regulatory sandboxes, are being considered to provide safe testing environments for new products [3] Group 5: Talent Development - Support for interdisciplinary education in fields like neuroengineering and the establishment of collaborative laboratories is essential for nurturing talent in the BCI sector [4] - A full-chain incubation system is proposed to foster the growth of various enterprises, from startups to established companies, enhancing the overall industry ecosystem [4]

技术端：仍需突破高精度信号采集与解码 在技术层面，脑机接口目前处于多路径并行探索阶段，整体关注度持续升温。上海交通大学计算机学院 通用人工智能研究所BCMI实验室副教授郑伟龙表示，从技术路线看，当前脑机接口主要分为侵入式、 半侵入式和非侵入式三大类，不同路径在信号质量、安全性与可推广性等方面各有侧重。 其中，侵入式脑机接口需要通过外科手术方式将电极植入大脑内部，记录神经元放电信号，再对信号进 行解析，用于运动控制、感知反馈等应用。这一技术路径当前仍有几方面核心问题亟须突破。比如，如 何实现长期、稳定、高质量的信号采集；如何解决电极材料的生物相容性等。 非侵入式脑机接口则通过声、光、电、磁等方式，在不破坏颅骨和脑组织的前提下获取大脑活动信号。 这一技术路径的优势在于成本相对较低、风险小、社会接受度高，更容易面向大众推广。但其技术难点 同样突出：由于信号需要穿过头皮、颅骨等多层组织，脑信号在传输过程中会显著衰减，信号解析难度 上升。 曾经，用思维控制机器、用意念进行交流，还只是科幻电影中的想象；如今，脑机接口技术作为连接大 脑与外部世界的桥梁，正加速将这一想象加速带入现实。它不仅为医疗康复带来新突破，也可能在未来 ...

在日前召开的江苏省政协十三届四次会议上，江苏省工商联提交了 21项团体提案，其中关于加强民营 企业接班人培养的呼吁引发社会关注。记者梳理发现，这些提案积极为经济社会发展建诤言、献良策。 江苏省工商联在《关于加快完善民营经济促进法配套法规政策的提案》中提及，建议落实民营经济促进 法，将法治优势转化为推动江苏民营经济高质量发展的实际效能。 《关于支持民营企业持续提升国际竞争力 有力应对外部风险挑战的提案》提出多维度协同施策稳外贸 稳企业，支持企业加快构建均衡多元的外贸市场，健全企业海外综合服务体系，苦练内功加快发展新质 生产力等建议，全面提升江苏民营企业国际竞争力，助推高水平对外开放。 《关于破除市场准入壁垒 加快推进基础设施竞争性领域向民企开放的提案》针对市场准入隐性壁垒、 平等获取资源要素、配套服务与保障机制等方面存在的问题，建议严格执行市场准入负面清单制度，细 化重点领域开放指引，规范招投标与资质管理，深入推进要素市场化配置改革，强化基础设施竞争性领 域向民企开放政策落实监管机制。 聚焦加快高水平科技自立自强，因地制宜发展新质生产力，江苏省工商联提出多项提案，包括《关于支 持民营企业持续提升国际竞争力 有力 ...

Group 1: Company Announcements - Chipway Technology will release its 2025 annual report on February 3, becoming the first listed company on the Shanghai Stock Exchange to do so [1] - ST Huawang will disclose its annual report on February 13, while Shangwei Co. will do so on February 14 [1] Group 2: Oil Price Adjustments - The next price adjustment window for refined oil products will open at 24:00 on February 3, based on the "ten working days" principle [2] - As of January 30, the average price of reference crude oil was $64.09 per barrel, with a change rate of 4.68%, leading to an expected increase of 190 yuan per ton in domestic gasoline and diesel prices [2] Group 3: Industry Conferences - The China Photovoltaic Industry Association will hold a seminar on February 5 in Beijing to review the development of the photovoltaic industry in 2025 and forecast trends for 2026 [3] - A Brain-Computer Interface Developers Conference will take place in Tianjin from February 3 to 4, organized by the Brain-Computer Interface Industry Alliance and Tianjin University [3] Group 4: Stock Unlocking Events - A total of 42 companies will have their restricted shares unlocked from February 2 to February 6, with a total of 4.657 billion shares and a market value of 103.669 billion yuan based on the closing price on January 30 [5] - February 2 is the peak unlocking day, with 18 companies unlocking shares worth a total of 60.71 billion yuan, accounting for 58.56% of the total unlocking scale for the week [5] - The top three companies by unlocking market value are Xinda Securities (44.879 billion yuan), Zhongwei Semiconductor (13.381 billion yuan), and Changjiang Power (12.151 billion yuan) [5] Group 5: New Stock Opportunities - Two new stocks, Aide Technology and Yisiwei, will be available for subscription on February 2 [9] - Aide Technology has a subscription price of 7.67 yuan, while Yisiwei is priced at 55.95 yuan, with respective P/E ratios of 14.98 and 90.39 [10]

中国省级地方两会近期陆续召开，脑机接口被写入多地政府工作报告中，围绕这一未来产业的区域竞逐 赛正加速展开。 随着创新成果不断涌现和应用探索不断深入，脑机接口市场或将迎来高速增长。据中国信通院测算， 2026年中国脑机接口产业规模预计达数十亿元，2030年的中国市场预计可达100亿元至140亿元。 面对这一未来产业，北京、上海、山东、四川等中国多地相继出台政策，加速产业布局。江西从强化科 技创新引领、推动成果转化应用、加快创新主体引育、提升产业支撑能力四个方面，部署11项重点任 务，推动脑机接口科技创新和产业创新深度融合。 江西省政协常委、农工党江西省委会专职副主委林凯表示，江西推动脑机接口技术产学研医融合起步发 展，已具备打造神经工程产业集聚区的基础条件，处于从技术突破到产业集聚的关键阶段。 尽管前景广阔，脑机接口从技术到产业仍面临诸多瓶颈。业内人士指出，对于一个从无到有的新兴行业 来说，建立标准至关重要。 中国工业和信息化部等七部门2025年联合印发的《关于推动脑机接口产业创新发展的实施意见》提出， 到2027年，中国脑机接口关键技术取得突破，初步建立先进的技术、产业、标准体系。脑机接口产品加 快应用，产业 ...

Core Insights - The brain-computer interface (BCI) market is gaining significant attention following Elon Musk's announcement of large-scale production plans for his company Neuralink starting in 2026, shifting perceptions from skepticism to optimism about commercialization [1] - Current applications of BCI technology are still in clinical trial phases, facing ethical and social acceptance challenges, leading to varied growth forecasts from different institutions [1] - Grand View Research reports that the BCI market size grew from $1.2 billion in 2019 to nearly $2 billion in 2023, with a compound annual growth rate (CAGR) exceeding 13%, and is expected to reach $7.63 billion by 2029 with a CAGR of 25.2% from 2024 to 2029 [1] Market Overview - The domestic BCI industry in China has advanced from a "follower" to a "co-runner and partial leader" position globally, with the market size increasing from approximately 1 billion RMB in 2020 to about 1.73 billion RMB in 2023, capturing 12.5% of the global market [3][5] - The CAGR for China's BCI market is reported at 20%, significantly higher than the global average of 14% [3] Drivers of Growth - Policy support includes the inclusion of brain science in China's 14th Five-Year Plan and local subsidies reaching up to 30 million RMB, alongside the development of national standards for BCI expected by 2025 [5] - Capital investment in the domestic BCI sector exceeded 6.5 billion RMB from 2021 to 2023, accounting for 28% of global financing, with notable single-round financing records [5] - Technological advancements include breakthroughs in electrode channel counts by Chinese universities and significant reductions in power consumption and costs for non-invasive BCI technologies [6] Application and Market Segmentation - Medical rehabilitation remains the largest segment, accounting for approximately 65% of the current market, with the average price of domestic "brain-controlled robotic arms" decreasing from 1.2 million RMB in 2019 to 450,000 RMB in 2023 [6] - Consumer applications in education, entertainment, and industrial safety are emerging, with the consumer segment's market share increasing to 18% in 2023 and expected to exceed 30% by 2026 [6] Future Projections - The Chinese BCI market is projected to reach approximately 5 billion RMB by 2026 and aim for 20 billion RMB by 2030, potentially capturing 25% of the global market [7] - China is expected to not only expand its market but also to set standards and solutions, positioning itself as a "second pole" in the global BCI industry [7] Investment Opportunities - The BCI sector's complexity suggests that investing in ETFs could be a strategic approach to capture the full spectrum of opportunities across the value chain, including software algorithms and medical technology [8] - The software segment, which translates neural signals into machine language, is critical for BCI commercialization, with 15% of the CSI Software Service Index now associated with BCI [8] - The medical technology segment is highlighted as the most immediate commercial application for BCI, with significant representation in the CSI Medical Device Index, which includes leading companies in the field [11]

Core Insights - The "14th Five-Year Plan" emphasizes the development of brain-computer interfaces (BCIs) as a new economic growth point, facilitating the transition from laboratory research to industrial application [1] - BCIs are defined as technologies that capture subtle changes in brain electrical signals, decode intentions, and enable control of machines without physical interaction [2] - The recognition of BCIs in the "14th Five-Year Plan" highlights their interdisciplinary nature, involving neuroscience, materials science, AI, and clinical medicine, and indicates their readiness for application trials after years of academic exploration [3] Industry Applications - BCIs are currently being applied in various fields, with healthcare being the most dynamic application area [4] - A notable case is the successful implantation of "North Brain No. 1" in a patient with ALS, allowing the patient to decode and output nearly a hundred common phrases [5] Market Potential - The BCI market in China is expected to exceed 5.5 billion yuan by 2027, indicating significant growth potential [6] Policy Support - The government is actively promoting BCI innovation, with plans for key technological breakthroughs by 2027 and aims for global competitiveness by 2030 [7] - Recent policy initiatives include pricing guidelines for invasive BCI procedures and action plans from major cities to support regulatory frameworks and industry clusters [7]

Group 1 - The core viewpoint of the article emphasizes the strategic importance of brain-computer interfaces (BCIs) as a new economic growth point, as highlighted in the "14th Five-Year Plan" [1] - BCIs are defined as technologies that capture subtle changes in brain electrical signals, decode intentions, and enable control of machines without physical interaction [2] - The "14th Five-Year Plan" specifically mentions BCIs due to their interdisciplinary nature, involving neuroscience, materials, chips, AI, and clinical medicine, indicating strong potential for development [3] Group 2 - BCIs are currently being applied in various fields, with healthcare being a particularly vibrant area; for instance, a patient with ALS was able to communicate using a BCI implant [4] - The BCI market in China is projected to exceed 5.5 billion yuan by 2027, indicating significant growth potential [4] - Policy initiatives are being implemented to support the BCI industry, including a plan for key technological breakthroughs by 2027 and a goal for comprehensive strength to rank among the world's top by 2030 [5]

Group 1 - The "14th Five-Year Plan" emphasizes the forward-looking layout of future industries, specifically highlighting brain-computer interfaces (BCIs) as new economic growth points, facilitating the transition from laboratory research to industrialization [1] - BCIs are defined as interdisciplinary technologies that involve neuroscience, materials science, chips, AI, and clinical medicine, showcasing strong development potential and collaborative opportunities [3] - The BCI market in China is projected to exceed 5.5 billion yuan by 2027, indicating significant growth and application potential, particularly in the medical health sector [4] Group 2 - Policy initiatives are actively supporting the BCI industry, with the Ministry of Industry and Information Technology and other departments outlining plans for technological breakthroughs by 2027 and aiming for global leadership by 2030 [5] - Regulatory frameworks and pricing guidelines for invasive BCI procedures have been established, indicating a structured approach to industry development and market entry [5] - The ongoing exploration and innovation in BCI applications are expected to create new high-tech industries, contributing to economic growth and transforming science fiction into reality [5]