爱建证券认为，脑机接口作为连接大脑与外部设备的关键技术，形成了侵入式、半侵入式与非侵入式三 条核心发展路径，其中非侵入式凭借操作简单、成本低廉、风险可控的优势，在2024年全球市场中占据 绝对主导地位。据ASKCI数据显示，2024年全球脑机接口市场规模达26亿美元，同比增长8.3%；该机 构进一步预测，2026年全球市场规模将攀升至33亿美元，2024—2026年复合增长率为12.7%。中国作为 全球脑机接口市场的重要组成部分，2024年市场规模达4.6亿美元，同比增长18.5%，占全球市场份额的 17.6%。PrecedenceResearch数据显示，2022—2024年全球脑机接口市场中，非侵入式产品占比超八成， 占据主导地位；侵入式与半侵入式产品合计占比约18%。短期内，非侵入式脑机接口仍将是行业主流发 展方向。 光大证券认为，作为生命科学与信息技术融合前沿，脑机接口已迈入产业化临界点。全球层面，多国密 集出台支持计划，我国"十五五"规划建议将脑机接口明确为六大未来产业之一，七部门明确2027年技术 突破、2030年产业生态成型目标。 从下游需求端来看，医疗是目前脑机产业预期商业应用最成熟、产业规模 ...

Summary of New Wei Medical Conference Call Company Overview - New Wei Medical focuses on interventional brain-machine interface technology, utilizing a minimally invasive approach through the jugular vein to access brain vessels for signal collection, differentiating itself from invasive technologies like those developed by Musk's company [2][5] Key Points and Arguments - **Product Development Timeline**: New Wei Medical plans to complete type testing and animal experiments by mid-2026, initiate clinical enrollment in the second half of 2026, and expects to finish all patient enrollment and submit for regulatory approval by 2028 [2][3][4] - **Independent Subsidiary**: The company has established an independent subsidiary named "Wei Brain Technology" to focus on the development of interventional brain-machine interfaces and related investment collaborations, with plans to expand the team to 20 members [2][9] - **Technical Specifications**: The interventional brain-machine interface device uses a nickel-titanium alloy stent with electrode configurations of 4 or 16 channels, with signal processing chips placed subcutaneously beneath the clavicle [2][8] - **Animal Testing Results**: Animal experiments have shown stable signal strength, with a small-tailed sheep experiment maintaining 97%-98% signal strength after 18 months, validating the feasibility of the technology [2][11] Competitive Landscape - **Comparison with Musk's Technology**: New Wei Medical's approach avoids the need for craniotomy, which is required by Musk's invasive technology. This results in lower surgical risks and higher patient acceptance. The company claims its method ensures stable signal transmission due to the encapsulation of the electrode stent by the vessel wall, preventing displacement issues [5][10] Clinical Trial Plans - **First Patient Enrollment**: The company plans to conduct its first clinical trial in 2026, targeting 30-50 patients primarily for limb rehabilitation indications, with a follow-up period of approximately six months [4][10] - **Regulatory Recognition**: New Wei Medical is the only approved project for interventional technology routes in a national initiative co-hosted by the Ministry of Industry and Information Technology and the National Medical Products Administration, indicating recognition of its innovative technology [4][6] Challenges and Future Directions - **Technical Limitations**: The interventional approach may face challenges in accessing smaller, more distal blood vessels, necessitating the design of smaller electrode stents for broader brain area applications [11][12] - **Future Applications**: The company aims to extend its technology from motor function areas to visual and auditory functions, as well as explore emotional management and other research directions [11][12] Additional Insights - **Market Potential**: With 2,500 hospitals in China capable of performing the minimally invasive procedure, New Wei Medical is positioned to leverage a broad market for its technology [5] - **Investment and Collaboration**: The subsidiary aims to attract external partnerships and capital to enhance its operational capabilities and cover more consumer-level application scenarios [9]

Summary of the Conference Call for Yijiahe Group Company Overview - Yijiahe Group operates through its subsidiary Tuodao Medical, focusing on brain-computer interface (BCI) technology and surgical robotics, with applications in healthcare and industrial sectors [2][3] Core Business Segments - The company’s business includes energy, surgical robots, commercial cleaning, and military humanoid robots [2][3] - Tuodao Medical is developing automated implantation technology for invasive BCIs and surgical robots, aiming to enhance the quality of life for individuals and expand applications in various work environments [2][3] Technological Accumulation - Tuodao Medical has made significant advancements in: 1. **Invasive Brain-Computer Interfaces**: Capable of capturing high-precision electrophysiological signals for complex control [5] 2. **Stereotactic Technology**: Transitioning from traditional frameworks to surgical robots to improve precision and reduce errors [5] 3. **Development of Domestic Surgical Robots**: Companies like Huazhi Weichuang and Baihui Yikang have introduced new products, expanding the range of applications and improving clinical outcomes [5][6] 4. **Application Processes**: Emphasizing precise positioning during invasive electrode implantation to minimize trauma and enhance success rates [5] Market Dynamics - The domestic market for neurosurgical robots is rapidly evolving, with leading companies like Huazhi Weichuang and Baihui Yikang replacing imported products, indicating strong domestic competitiveness [6] - The market has seen a shift from larger, complex systems to more compact and stable solutions, reflecting changing clinical needs [9] Importance of Surgical Robots - Surgical robots are essential for BCI procedures due to the complexity of the human brain, providing personalized solutions and overcoming limitations of manual operations [7] Development History - The introduction of ROSA in 2014 marked the beginning of neurosurgical robots in China, but adoption was slow due to operational complexities. Recent years have seen a surge in new entrants and technological advancements [8][9] Key Considerations for BCI Implantation - Successful BCI implantation requires careful consideration of imaging analysis, multimodal image fusion, robotic navigation, and automated execution mechanisms [10] Competitive Advantages - Tuodao Medical's comprehensive product line and integration of advanced technologies like force feedback provide a competitive edge in the neurosurgery and BCI sectors [15] Future Outlook - The BCI industry is expected to grow rapidly, with automation being a prerequisite for mass production. The company is closely monitoring market trends and planning accordingly [16][17] - The timeline for widespread adoption remains uncertain, but the company is preparing for future developments in automated surgical procedures [16][17]

Group 1 - The core viewpoint of the article emphasizes the importance of interdisciplinary integration in accelerating technological innovation, which is expected to yield more disruptive technologies and original achievements [1][19]. - In March 2025, Chinese scientists released the world's largest protein sequence dataset, "Qimingxing," containing 500 million functional labels, enabling a nearly tenfold increase in research and development efficiency through automated experimental systems [3]. - In August 2025, a new generation of neuromorphic brain-computer interface was developed, featuring the smallest implantable device globally, with a diameter of 26mm and a thickness of less than 6mm, achieving a control latency of under 100 milliseconds [6][8]. Group 2 - A new generation of retinal prosthetics was developed in 2025, measuring about one-twentieth the size of a fingernail, capable of generating a photoelectric current density of up to 30 A/cm² without external power [10]. - Micro-nano robots are being developed for precise drug delivery in complex lung structures, utilizing advanced algorithms for real-time path planning and feedback, achieving micron-level precision in movement [11][15][16]. - The integration of artificial intelligence with life sciences is expected to enhance protein structure prediction and aid in the development of new drugs, while the fusion of materials science, clinical neuroscience, and engineering technology is anticipated to lead to breakthroughs in brain-computer interface technology [19].

Group 1 - The core viewpoint of the articles highlights the significant advancements in brain-computer interface (BCI) technology in China, particularly its application in enhancing the quality of life for patients with severe disabilities [1][2] - A recent experiment demonstrated a paralyzed patient controlling an electric wheelchair and a robotic dog using an invasive brain-computer interface, marking a shift from basic interaction capabilities to real-world applications [1] - The research emphasizes the importance of addressing patients' multidimensional life needs, moving beyond mere functional restoration to enabling autonomy and social participation [1] Group 2 - China's development path in BCI technology is becoming clearer, with national guidelines and multi-departmental initiatives promoting ethical research and clinical application [2] - The collaborative model of "research-clinical-industry" is accelerating the translation of scientific discoveries into real-world benefits for patients [2] - Challenges remain in ensuring the long-term safety, system stability, and affordability of invasive BCIs, as well as improving the interpretation of neural signals and human-computer interaction [2]

Core Insights - The recent successful experiment involving a paralyzed patient controlling an electric wheelchair and a robotic dog through an invasive brain-computer interface (BCI) marks a significant advancement in China's BCI research, moving beyond basic interaction capabilities to enhancing patients' real-life experiences [1][2] Group 1: Technological Advancements - The experiment demonstrates a shift from controlling symbols on a screen to interacting with physical entities, indicating a broader application of BCI technology [1] - The technology aims to restore dignity, autonomy, and social participation for patients, transforming their quality of life by enabling them to engage in everyday activities [1] Group 2: Policy and Development Path - China's development path in BCI is becoming clearer, with national ethical guidelines and multi-departmental initiatives promoting innovation while ensuring ethical standards [2] - The collaborative model of "research-clinical-industry" is accelerating the transition from scientific discovery to real-world benefits for patients [2] Group 3: Future Challenges - Despite the progress, challenges remain in ensuring the long-term safety, system stability, and affordability of invasive BCIs, as well as improving the precision of neural signal interpretation and human-machine interaction [2]

Core Viewpoint - Recent breakthroughs in invasive brain-machine interface clinical trials by Chinese scientists enable patients with motor disabilities to control wheelchairs and robotic dogs using their thoughts, moving beyond traditional two-dimensional screens to real-world three-dimensional actions [1] Group 1: Technological Advancements - Scientists have developed a neural data compression technology combined with a mixed decoding model, enhancing the overall performance of the brain control system by 15%-20% [1] - The implementation of neural manifold alignment technology allows for interference resistance, ensuring that the decoder consistently understands the core intentions of the user [1] - Online recalibration technology enables real-time parameter adjustments, making the tools increasingly user-friendly over time [1] - The system boasts a high synchronization rate with minimal latency, allowing machines to respond even more effectively than the user's own body [1]

Market Performance - The market experienced a morning rebound, with the ChiNext Index leading the gains. As of the midday close, the Shanghai Composite Index was at 3831.43 points, up 0.17%, with a trading volume of 419.1 billion yuan; the Shenzhen Component Index was at 13021.35 points, up 0.83%, with a trading volume of 605.8 billion yuan; and the ChiNext Index was at 3108.80 points, up 1.21%, with a trading volume of 281.4 billion yuan [1]. Company Highlights - Muxi Co., Ltd. debuted on the STAR Market, with its stock price soaring from the issue price of 104.66 yuan to 824.50 yuan at midday close, marking an increase of 687.79% and a market capitalization of 329.9 billion yuan [1]. Sector Performance - Energy metals, tourism, and battery sectors showed significant gains, while military and power grid equipment sectors experienced declines [1]. - Lithium mining concepts strengthened, with Jinyuan Co. achieving two consecutive trading limits, and Shengxin Lithium Energy hitting the daily limit. The electrolyte concept also rebounded, with Tianji Co. reaching the daily limit. The computing hardware concept was active, with Huanxu Electronics hitting the daily limit, and the three major optical module companies rising collectively [1]. Financing and Investment Trends - As of December 16, the financing balance of the Shanghai Stock Exchange was reported at 12,610.42 billion yuan, an increase of 55.43 billion yuan from the previous trading day, while the Shenzhen Stock Exchange's financing balance was 12,193.15 billion yuan, a decrease of 60.41 billion yuan, resulting in a total financing balance of 24,803.57 billion yuan, down by 4.98 billion yuan [4]. - A total of 1,147 A-share listed companies invested over 944 billion yuan in financial products this year, with a year-on-year decrease of 18.76%. Among these, structured deposit products were the most popular, with a total subscription amount of 563.83 billion yuan, accounting for 59.72% [4].

Core Insights - The "2025 (23rd) China Entrepreneur Influence Entrepreneur Annual Conference" is held in Beijing from December 5 to 7, focusing on the theme "Emergence·Infinity - Co-creating New Forms of Intelligent Business" [1][6] - Li Xue, founder of Ladder Medical, presented at the conference, discussing the company's mission to develop invasive brain-machine interfaces to address various medical conditions [3][8] Company Overview - Ladder Medical was established four years ago with the aim of creating a foundational software and hardware platform for invasive brain-machine interfaces [3][8] - The company targets three main groups: patients with motor function disorders and aphasia, patients with blindness and deafness, and patients with neurological diseases [3][4][8] Product Development - The company developed its first prototype of the invasive brain-machine interface three years ago and received China's first inspection report for such devices two years ago [5][8] - After four iterations of the prototype, the product was finalized, and the company received its first inspection report last year [5][8] - This year, Ladder Medical completed clinical verification for the first three product-level invasive brain-machine interfaces in China [5][8] Market Position - Currently, Ladder Medical is one of only two companies globally capable of developing invasive brain-machine interfaces, the other being Neuralink, founded by Elon Musk [5][8] - Ladder Medical is also the first company to obtain the green channel for innovative medical devices in China [5][8]

Core Insights - The brain-computer interface (BCI) industry in China has entered a critical phase of "clinical value verification and early industrialization" with significant policy support and upcoming major conferences [2][3][4] - The industry is characterized by three parallel paths: "invasive" breakthroughs, "non-invasive" popularization, and "semi-invasive" exploration, with a focus on integrating AI with non-invasive technologies [7][8] - The market for brain-computer interfaces is expected to reach 5.58 billion yuan by 2027, with a growth rate of 20% as applications expand beyond healthcare into various sectors [7] Industry Developments - The "2025 Brain-Computer Interface Conference" will take place in Shanghai on December 4-5, featuring competitions that demonstrate the transition of BCI technology from laboratory to application [3] - Following this, additional conferences in Hangzhou and Shenzhen will further explore BCI applications and innovations [3] - The industry is transitioning from a focus on technical novelty to meeting specific clinical needs and establishing quantifiable clinical endpoints [4] Technological Landscape - BCI technology is categorized into three types: invasive, non-invasive, and semi-invasive, with non-invasive methods being the mainstream due to their safety and ease of use [5][6] - Invasive methods are seen as the future competitive edge due to their ability to capture higher quality neural signals, essential for functional restoration [6][7] - AI is opening new commercial opportunities for non-invasive BCIs, particularly in diagnosing and monitoring brain diseases [6][7] Challenges and Solutions - The BCI industry faces a "technology-cost-ethics" triangle dilemma, requiring solutions that address technical challenges, cost reduction, and ethical concerns regarding data privacy [8][9] - Proposed solutions include developing a data governance framework, promoting open-source communities for algorithm development, and creating collaborative networks among government, industry, academia, and medical sectors [9]