Q&A 心玮医疗 20260106 摘要 新微医疗脑机接口技术采用介入式路线，通过颈静脉穿刺采集运动皮层 信号，具有微创、安全性高、信号强度与半侵入式相当等优势，并计划 于 2026 年下半年启动人体实验，与头部医院合作。 新微医疗脑机接口产品已基本定型，但为满足临床需求，仍需进行局部 改善。公司计划在 2026 年上半年完成行检，并进行更多动物实验，为 后续临床试验做准备。 新微医疗脑机接口初期适应症主要针对卒中后上肢功能丧失患者，未来 计划扩展到渐冻症和瘫痪患者的运动功能恢复，以及消费类应用场景。 新微医疗的介入式脑机接口手术与传统脑卒中手术类似，医生学习曲线 较快，手术时间预计约为 30 分钟，且电极支架植入后能与血管壁结合， 保证信号长期稳定。 新纬医疗 2025 年主营业务收入预计超过 4 亿元，利润 7,000-8,000 万 元，缺血性取栓充气导管实现翻倍增长，出血性动脉瘤辅助支架收入超 过 6,000 万元，预计 2026 年收入增速为 35%左右。 新微医疗在脑机接口领域的布局情况如何？ 新微医疗自 2021 年开始布局脑机接口技术，最初处于探索阶段。公司借鉴了 国外 Synchron 公司 ...

"临床研究是脑机接口落地应用的关键。"南开大学杰出教授、江苏集萃介入脑机信息技术研究所所长段 峰表示，创新联合体的成立打通了技术研发与产业转化的壁垒。他透露，团队将与江苏省人民医院开展 深度合作，共建临床研究中心，围绕介入式脑机接口的原创研究成果，探索更多临床应用方向，为攻克 脑疾病难题提供新方案。 脑机接口是脑科学研究的重要一环，是解锁大脑奥秘的"钥匙"。近年来，南通积极谋篇布局未来赛道， 出台《关于加快培育发展未来产业的实施意见》，将未来生物医药作为六大主攻方向之一，积极布局细 胞和基因治疗、合成生物、高端植介入器械等细分赛道，与长三角区域的生物医药、医疗器械领军企 业，重点园区，相关高校、科研院所强强联手、同向发力，进一步推动创新链、产业链、资金链、人才 链深度融合，加速构建现代化生命健康产业体系。 本报讯(记者李世杰)12月18日，2025长三角脑机接口平台建设暨产业创新发展会议在南通创新区举办。 会上，由12家成员单位组成的长三角介入脑机接口产业创新联合体正式成立，与会嘉宾共同为江苏集萃 介入脑机信息技术研究所、江苏脑机接口研究院南通分院揭牌。 ...

Core Insights - The first clinical trial of an interventional brain-computer interface (BCI) in China has successfully assisted a stroke patient in regaining partial motor function [1][5] - The interventional BCI technology involves a minimally invasive procedure to implant electrodes via the neck's blood vessels, allowing for the collection of brain signals without the need for open surgery [8][6] - The technology has been integrated into a multi-center clinical trial and is included in the Ministry of Science and Technology's ethical guidelines for BCI research, indicating its potential for treating various motor function disorders [5][9] Technology Overview - The interventional BCI utilizes a titanium alloy stent that is smaller than a human hair, equipped with brain electrodes to capture brain signals [2] - It combines several technologies, including wireless transmission devices for brain signal communication, intelligent algorithms for decoding motor intentions, and synchronized electrical stimulation to enhance recovery efficiency [4][5] - The interventional method offers a balance between the high-quality signals obtained from invasive methods and the safety of non-invasive approaches [8][6] Industry Development - The Chinese government has issued implementation opinions to promote innovation and development in the BCI industry, outlining specific pathways for industrialization [9] - The application scenarios for BCI technology are expanding, moving from laboratory research to clinical applications, with ongoing trials in various hospitals [15] - Despite rapid advancements, the BCI industry faces challenges such as the need for standardized core components, algorithms, and ethical guidelines, as well as the necessity for a comprehensive industry chain layout [16]

Core Insights - The National Healthcare Security Administration (NHSA) has established a pricing mechanism for newly launched drugs and medical devices, specifically supporting the clinical application and pricing of brain-computer interface (BCI) technologies [1][2] - The introduction of standardized pricing for BCI services is expected to facilitate the adoption of these technologies in clinical settings, indicating that BCI technology is nearing clinical usability [3] Industry Developments - Over 100 new pricing items related to medical technologies have been added, including specific fees for invasive and non-invasive BCI procedures [1] - Provinces such as Jiangsu, Zhejiang, and Hubei have published their BCI service pricing, with fees for non-invasive BCI adaptation set at approximately 966 RMB per session, invasive BCI implantation at around 6,600 RMB, and extraction fees ranging from 3,139 to 3,200 RMB [2] - The NHSA's guidelines emphasize the integration of artificial intelligence in rehabilitation, setting a target for AI-assisted rehabilitation services to be implemented nationwide by 2025, which aligns with the development of BCI technologies [2] Market Potential - Analysts predict significant growth in the global BCI medical application market, estimating it could reach $40 billion by 2030 and $145 billion by 2040 [3] - The BCI industry in China is transitioning from laboratory research to commercial application, indicating a high growth potential and the need for long-term investment strategies focused on technology stability and production capabilities [3] Related Companies - MicroPort NeuroScience (02172) has achieved a significant market share in China's neuro-interventional medical device sector, ranking fourth based on 2023 sales revenue [4] - HeartVue Medical-B (06609) successfully completed animal trials for China's first interventional BCI, with expectations of turning a profit by mid-2025 [4] - Nanjing Panda Electronics (00553) is actively developing a multimodal human-computer interaction system based on BCI technology as part of a key provincial research project [4]

Group 1 - The National Healthcare Security Administration (NHSA) has established a pricing mechanism for newly launched drugs and medical devices, including over 100 price items related to new medical technologies, particularly supporting the clinical application and pricing of brain-computer interface (BCI) technology [1][2] - The NHSA issued the "Guidelines for the Pricing of Neurological Medical Services (Trial)" on March 12, which specifically includes pricing items for BCI technologies such as "invasive BCI implantation fee," "invasive BCI removal fee," and "non-invasive BCI adaptation fee" [1][2] - The pricing standardization for BCI projects provides clarity for companies on how to charge, which is expected to facilitate the implementation of new technologies in medical institutions [3] Group 2 - Provinces such as Hubei, Zhejiang, and Jiangsu have announced BCI-related medical service pricing, with fees for non-invasive BCI adaptation set at 966 yuan per session, invasive BCI implantation at 6,600 yuan per session, and invasive BCI removal at 3,200 yuan per session in Jiangsu [2] - The global market for BCI medical applications is projected to reach $40 billion by 2030 and $145 billion by 2040, indicating significant growth potential in the downstream application market [3] - Companies like MicroPort NeuroScience and Heartway Medical are actively involved in the BCI sector, with MicroPort holding a significant market share in China's neuro-interventional medical device market and Heartway recently completing animal trials for an invasive BCI [4]

Core Insights - The article discusses a groundbreaking intervention using a brain-machine interface (BMI) to assist patients with motor function recovery after a stroke, allowing them to control their movements through thought alone [1][10]. Group 1: Technology Overview - Brain-machine interfaces connect the brain directly to external devices, bypassing peripheral nerves and muscles, which has been a focus of research for years [2]. - The intervention described is the first of its kind to use an invasive BMI for motor function rehabilitation, developed by a team led by Professor Duan Feng from Nankai University [1][4]. - The invasive BMI is implanted in the blood vessels surrounding the motor cortex, improving signal accuracy compared to non-invasive methods while avoiding the risks associated with traditional invasive procedures [4][5]. Group 2: Clinical Trials and Results - The team conducted successful animal trials before moving to human clinical trials, demonstrating the safety and efficacy of the invasive BMI [5][6]. - The first human trial involved a 67-year-old stroke patient who was able to perform tasks like grasping and manipulating objects with the assistance of the BMI [10]. - The BMI was implanted for several days without complications, and the patient showed improved control over their movements, indicating the potential for significant rehabilitation outcomes [10]. Group 3: Future Implications - The research aims to provide new treatment options for various motor function disorders, including stroke sequelae, spinal cord injuries, Parkinson's disease, and amyotrophic lateral sclerosis (ALS) [10]. - The increasing prevalence of stroke in China highlights the urgent need for innovative rehabilitation technologies like the BMI [10]. - Several hospitals across the country are beginning to establish clinical research units for BMIs, indicating a growing interest and investment in this technology [10].

Core Insights - The article emphasizes the mission of scientists and technology workers to advance science and technology in alignment with the "four orientations": global technological frontiers, economic main battlefields, national major needs, and people's health [1][4] Group 1: Technological Advancements - Recent technological progress showcases the commitment of scientists to the "four orientations," with significant achievements in space exploration and quantum technology [2] - The successful zero-height escape flight test of the "Dream Boat" manned spacecraft marks a new milestone in spacecraft development [2] - The first superconducting quantum computing measurement and control system designed for a thousand-bit scale has been delivered to multiple research and industry units, providing over 5000 bits of measurement and control services [2] Group 2: Innovations in Chemical and Energy Sectors - Researchers have developed a new catalyst that directly synthesizes para-xylene from carbon dioxide and hydrogen, expanding new pathways for carbon utilization [2] - A student team from Dalian University of Technology has overcome key technical bottlenecks in perovskite solar cells, creating a new type of battery with high efficiency and stability, suitable for energy supply in near-space vehicles [2] Group 3: Focus on Health and Social Development - The Comprehensive Research Facility for Fusion Technology (CRAFT) has made significant progress, with its low-noise current drive system passing expert testing and acceptance [3] - The first major technological equipment project in the energy sector, a 300 MW variable-speed pumped storage motor's full-size AC collector system, has successfully completed verification tests, filling a gap in domestic manufacturing [3] - Scientific research increasingly targets major public health issues, with breakthroughs in anti-aging stem cell therapy and brain-machine interface technology aiding in the recovery of motor functions in patients [3]

Core Insights - The article discusses a groundbreaking brain-machine interface surgery conducted by a team of experts, aiming to restore motor functions in a paralyzed patient [2][3][4] - The surgery involved the insertion of an electrode chip through blood vessels into the patient's brain, marking a significant advancement in the field of neurotechnology [2][6] - The patient showed improvement in grip strength post-surgery, highlighting the potential of brain-machine interfaces in rehabilitation [2][11] Group 1: Surgical Procedure - The surgery was led by Lin Zhixiong, with collaboration from other experts, focusing on patient selection, safety, and electrode placement [3][4] - The procedure was performed on a 67-year-old male patient suffering from paralysis due to a cerebral infarction, who had previously undergone ineffective conventional treatments [4][9] - The surgery was completed successfully, with the only complication being a temporary spike in the patient's blood pressure post-operation [4][5] Group 2: Technological Context - The article outlines three main types of brain-machine interface technologies: invasive, non-invasive, and interventional, with the latter being the focus of this study [6][7] - The interventional approach allows for the device to be delivered through blood vessels, which is less invasive than traditional methods [6][7] - The technology is still in its early stages, and further clinical trials are necessary to evaluate its effectiveness and safety [7][8] Group 3: Patient Selection and Challenges - Strict criteria were established for patient selection, requiring that conventional rehabilitation methods had failed and that the patient had a specific type of paralysis [8][9] - The recruitment process was challenging, with many potential candidates either not meeting the criteria or declining participation due to the lack of precedent for such surgeries in China [8][9] - The successful recruitment of a suitable patient was a significant milestone for the research team [8][9] Group 4: Rehabilitation and Future Goals - Post-surgery, the patient began rehabilitation training, with the goal of achieving basic self-sufficiency in daily activities [9][11] - The research team aims to enhance neural plasticity and improve motor functions through a combination of brain-machine interface technology and functional electrical stimulation [11] - The long-term objective is to enable patients to regain independence and improve their quality of life through advanced neurotechnological interventions [11]

Group 1 - The core viewpoint is that brain-computer interface (BCI) technology is primarily focused on clinical applications, with significant breakthroughs in consumer-level applications unlikely in the near term [1] - 2025 is anticipated to be the "year of BCI" in China, with multiple research teams announcing clinical trials and achieving "world's first" clinical treatments to help patients regain motor functions [1][3] - Investment in BCI technology is gaining momentum, with notable funding rounds such as Neuralink's $650 million financing, valuing the company at $9 billion, and a domestic company raising 350 million RMB [1][5] Group 2 - The first successful clinical trial of an interventional BCI was completed by a team from Nankai University, helping a 67-year-old male patient regain motor function after a stroke [3] - The interventional BCI technique minimizes surgical risks by placing electrodes via blood vessels, offering advantages like reduced trauma and shorter recovery times [3] - A prospective clinical trial for an invasive BCI system was successfully conducted, allowing participants to perform tasks similar to controlling a computer touchpad within 2-3 weeks of training [3][4] Group 3 - Semi-invasive BCI technology is also entering clinical stages, with the "Beijing Brain No. 1" system completing its first human implants and set to undergo clinical validation [4] - Investors express concerns about high valuations of leading BCI companies, with some stating that the first-tier companies are too expensive while second-tier companies lack sufficient technological value [5][6] - The highest valuations for leading BCI companies in China have reached several billion RMB, with many investors hesitant to invest at current price levels due to unclear commercialization prospects [6] Group 4 - The industry is still in its early development stage, with a focus on clinical problem-solving rather than consumer applications, which are expected to take much longer to mature [6][7] - A new wave of financing is anticipated as BCI companies enter clinical phases, with clinical trial sample sizes typically ranging from dozens of patients [7] - Investors are particularly interested in technologies like "brain-spinal interfaces," which are seen as more likely to achieve commercialization compared to entirely new BCI technologies [7]

Group 1: Brain-Computer Interface - The world's first invasive brain-computer interface successfully restored motor function in a hemiplegic patient in China, led by Professor Duan Feng's team from Nankai University [2] - The trial was conducted at Sanbo Brain Hospital, with no reported infections or thrombosis post-surgery, indicating stable system operation and precise brain signal acquisition [2] - The brain-computer interface medical products are expected to experience explosive growth in the next 3 to 5 years due to favorable policies and technological breakthroughs [2] Group 2: Cross-Border Payment System - The launch of the Cross-Border Payment System marks the interconnectivity of the rapid payment systems between mainland China and Hong Kong, allowing real-time cross-border remittances for residents [3] - This innovation is expected to enhance the efficiency and service level of cross-border payments, providing cheaper and more convenient services [3] - The new payment system may accelerate the formation of new cross-border payment models, aiding banks in accessing global clearing networks and expanding offshore RMB business [3] Group 3: Carbon Fiber Material Expansion - Carbon fiber materials, once exclusive to aerospace, are now expanding into civilian applications, with significant opportunities arising in various industries [4] - The demand for carbon fiber in electric vertical takeoff and landing aircraft is projected to reach 11,700 tons by 2030, creating a new market worth over 10 billion [4] - The price of T300-grade carbon fiber has dropped from around 200,000 yuan per ton to approximately 60,000 yuan, a decrease of 70%, facilitating broader usage in various sectors [5] Group 4: Solid-State Battery Development - Solid-state batteries are entering a critical phase of development, with multiple companies disclosing advancements and production timelines [6] - The technology is expected to become a mainstream battery solution due to its high energy density, safety, and rapid charging capabilities [6] - By 2030, global solid-state battery shipments are predicted to reach 614.1 GWh, with a market size exceeding 250 billion yuan, driven by supportive policies and industry advancements [6]