2025年被产业界视为中国"脑机接口"的元年。 首先是政策端，"十五五"规划建议明确将"脑机接口"作为重点布局的六大未来产业之一；其次，资本市场投融资表现火热，据 动脉橙数据库不完全统计，截至今年11月，我国脑机接口领域今年已完成28起融资，融资总额超过50亿元。 在A股市场，"脑机接口"也成为投资风口。以脑机接口概念指数（8841700.WI）为例，近一年涨幅高达50.74%，同期沪深300上 涨17.64%。 喊了多年的脑机接口，产业到底发展如何？离商业化还有多远？A股业内公司业务进展情况又是怎样？ 记者此前也从上海市闵行区相关部门获悉，闵行已制定打造脑机接口未来产业生态的相关政策，着力引育一批技术突破显著、 创新融合紧密、应用拓展广阔，具备重大社会价值和市场潜力的脑机接口项目。 位于闵行的上海脑机接口未来产业集聚区，目前已入驻念通智能、博睿康、美生、岩思类脑、阶梯医疗、中科华意、联感微电 子、灵犀云等众多国内脑机接口领域知名领军企业。 政策持续加码 从"脑机接口"政策推动来看，今年以来力度不断加大，并且上升至国家战略。 7月，七部门发布关于推动脑机接口产业创新发展的实施意见，提出了明确的产业发展时间节点 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-11-20 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 21.23 | | --- | --- | | 总股本/流通股本（亿股）5.69 | / 3.73 | | 总市值/流通市值（亿元）121 | / 79 | | 52 周内最高/最低价 | 34.61 / 16.64 | | 资产负债率(%) | 11.3% | | 市盈率 | 23.59 | | 第一大股东 | 熊小川 | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈峻 SAC 登记编号:S1340525110002 Email:chenjun@cnpsec.com 美好医疗(301363) 三季度财务指标环比改善，新业务布局切入脑机接 口和人形机器人领域 l 业绩简评 公司发布 2025 年三季度报，2025 年前三季度公司实现营业收入 11.94亿元，同比上涨3.28%；实现归属于母公司所有者的净利润2.08 亿元，同比下降 19.25%；归属于母公司所 ...

Core Insights - The recent Shanghai Stock Exchange salon focused on "Brain-Computer Interfaces: Exploring the Digital Intelligence Era," discussing technology routes, commercialization, payment methods, and industry regulation [1] Group 1: Technology and Applications - Brain-Computer Interfaces (BCIs) create an information channel between the brain and external devices, enabling direct information exchange, with two main technical routes: invasive and non-invasive [1] - Non-invasive BCIs are wearable and highly safe, while invasive BCIs excel in precise control and clinical applications but face challenges in biocompatibility, long-term stability, and minimally invasive surgical techniques [2] - There is potential for the integration of algorithms, chips, and materials technology to enhance high-precision brain signal acquisition and real-time decoding, leading to a complete ecosystem from chips to clinical applications [2] Group 2: Commercialization and Market Challenges - Transitioning BCIs from an "information loop" to a "commercial loop" is a long-term goal, requiring laboratory development, clinical trials, and regulatory approval [3] - Neurorehabilitation and motor function restoration are expected to be among the first invasive BCI applications to achieve commercialization [3] - Market challenges include user acceptance and privacy protection, necessitating a prolonged market cultivation period, alongside efforts in ethical safety system construction and market education [3] Group 3: Industry Support and Development - The Shanghai Stock Exchange plans to implement a "three-door" initiative to align capital market reforms with industrial policies, providing a diverse capital tool matrix for quality tech companies [3] - The goal is to support the full lifecycle, product line, and business chain of technology enterprises, promoting the development of new productive forces [3]

Core Viewpoint - The article discusses the recent implementation opinions released by the Ministry of Industry and Information Technology and other ministries, aiming to promote the innovation and development of the brain-computer interface (BCI) industry, with specific targets set for 2027 and 2030 [4][5]. Group 1: Key Tasks and Projects - The implementation opinions outline five key tasks: strengthening basic software and hardware research, creating high-performance products, promoting the application of technological achievements, expanding innovative entities, and enhancing industrial support capabilities [5]. - Three key projects are highlighted: core software and hardware foundation project, high-quality machine project, and application expansion project [5]. Group 2: Local Action Plans and Medical Pricing - Local governments, such as Beijing and Shanghai, have introduced action plans to establish a BCI industry ecosystem by 2030, focusing on breakthroughs in foundational research, core technology, and product development [6]. - The medical service pricing for BCI has been released, with costs for invasive procedures set at 6,552 yuan for insertion and 3,139 yuan for removal, while non-invasive procedures are priced at 966 yuan [7]. Group 3: Product Development Progress - The development of non-invasive BCI products is progressing rapidly, with several companies expected to receive approvals for multiple products in the second half of the year [8]. - Invasive and semi-invasive BCI products are also advancing, with companies like Brain Tiger Technology and Ladder Medical leading in clinical trial progress [8].

Investment Rating - The report maintains an "Increase" rating for the companies involved in the brain-computer interface (BCI) industry, specifically recommending companies like Weisi Medical and Xiangyu Medical [5]. Core Insights - The recent "Implementation Opinions" issued by the Ministry of Industry and Information Technology and other ministries focus on five key tasks and three major projects aimed at accelerating the development of the BCI industry, with goals set for 2027 and 2030 [1][2]. - By 2027, the report anticipates achieving international advanced levels in electrodes, chips, and complete machines, as well as establishing 2-3 industrial development clusters [1]. - By 2030, the aim is to cultivate 2-3 global leading enterprises and build a competitive industrial ecosystem [1]. Summary by Sections Key Tasks and Projects - The five key tasks outlined include strengthening foundational software and hardware, creating high-performance products, promoting the application of technological achievements, expanding innovative entities, and enhancing industrial support capabilities [2]. - The three major projects consist of core software and hardware foundational projects, high-quality complete machine projects, and application expansion projects [2]. Local Action Plans - Local governments, such as Beijing and Shanghai, have introduced action plans to develop the BCI industry, with Beijing aiming to form an initial industrial ecosystem by 2030 and Shanghai targeting the completion of over five invasive and semi-invasive BCI products by 2027 [3]. - Sichuan Province plans to cultivate 10 leading enterprises and 200 innovative SMEs by 2030, with a target of performing 3,000 invasive BCI surgeries annually [3]. Product Development and Clinical Trials - The report notes that non-invasive BCI products are progressing rapidly, with several companies expected to receive approvals for their products in the second half of the year [4]. - Companies like Brain Tiger Technology and Ladder Medical are leading in the clinical trial progress for invasive and semi-invasive BCI products [4]. Investment Recommendations - The report recommends investing in companies that have early layouts in BCI products, such as Xiangyu Medical and Weisi Medical, while also suggesting attention to other companies like Chengyitong and Aipeng Medical [4].

Core Viewpoint - The brain-computer interface (BCI) sector is experiencing significant growth, driven by advancements from companies like Neuralink and recent breakthroughs in China, indicating a potential commercialization of BCI technology in the near future [2][4][5]. Group 1: Neuralink Developments - Neuralink has showcased its latest research and product development, with 7 participants currently using the device for an average of 50 hours per week, peaking over 100 hours [2]. - The company plans to implant devices in the speech cortex by the end of 2025 to decode silent speech from brain signals, and aims to increase electrode channels to 3,000 by 2026 to explore restoring vision [2][3]. - By 2028, Neuralink anticipates implanting over 25,000 electrodes to address mental health issues and explore integration with AI, potentially allowing humans to control robots directly [3]. Group 2: Market Potential and Growth - The global BCI market is projected to grow from $2.62 billion in 2024 to approximately $12.4 billion by 2034, with a compound annual growth rate (CAGR) of 17.35% [4]. - The BCI technology is recognized as one of the most disruptive technologies of the 21st century, with expectations for a surge in medical product applications over the next 5 to 10 years [4]. Group 3: Domestic Developments in China - Recent successful trials in China, including the first invasive BCI-assisted rehabilitation for a stroke patient, highlight the rapid advancement of BCI technology towards commercialization [4]. - The "Beijing Brain Institute" has developed a flexible, high-throughput, semi-invasive BCI system that has entered clinical trials, marking significant progress in the field [4]. Group 4: Industry Insights - The domestic BCI industry is benefiting from technological breakthroughs and supportive government policies, which are expected to accelerate the commercialization process [5]. - BCI products are categorized into non-invasive and invasive types, with non-invasive products leading in commercialization, while invasive products are still in clinical research stages [6]. - Despite the promising outlook, the BCI industry faces challenges related to safety, regulatory approval, and the need for foundational research [6][7].

Group 1: Industry Overview - Brain-computer interface (BCI) technology is advancing rapidly due to breakthroughs in artificial intelligence, neuroscience, and sensing technologies [1] - The Sichuan Provincial Economic and Information Technology Department has launched a plan to develop BCI products, aiming to complete the R&D of 3 invasive and 5 non-invasive BCI products by 2027 [1] - The plan also targets to serve over 50,000 medical patients annually by 2027 and to establish Sichuan as a national leader in BCI and human-computer interaction by 2030 [1] Group 2: Non-Invasive BCI Applications - Non-invasive BCI technology is expected to significantly improve the early diagnosis and treatment efficiency of Alzheimer's disease [2] - The technology aims to manage chronic diseases in the elderly through early screening and outpatient rehabilitation [2] - A project named "Swan Lake" has been developed for community-based early screening and non-drug interventions for mild cognitive impairment (MCI) [2][3] Group 3: Research Findings - Research involving over 3,000 elderly participants has shown that MCI patients exhibit abnormal frequency bands and network patterns [3] - Non-invasive BCI screening can achieve over 90% sensitivity using just 4 electrodes in a 5-10 minute test, enhancing the efficiency of MCI screening [3] - Non-invasive BCI techniques like transcranial magnetic stimulation (TMS) and transcranial electrical stimulation (TES) are being explored for outpatient rehabilitation of MCI [3] Group 4: Invasive BCI Innovations - Invasive BCI technology has achieved a breakthrough in the surgical treatment of gliomas, marking a significant advancement in neurosurgery [5][6] - The technology allows for real-time analysis of brain signals to differentiate tumor tissue from normal brain tissue, improving tumor resection rates [6] - The first successful application of invasive BCI technology for glioma surgery in China has been reported, showcasing its potential to enhance surgical outcomes [6][7] Group 5: Future Prospects - Invasive BCI technology not only maximizes safe tumor removal but also predicts tumor recurrence, potentially extending patient survival [7] - The industry is awaiting the development of mature products and technologies that could lead to transformative changes in medical practices [7]

Group 1: Technology Developments - Manus has opened registration for its AI agent platform, allowing users to perform one free task daily and offering a one-time bonus of 1000 points [2] - Alipay has launched a new voice call feature, ensuring user privacy and security by not storing call content [2] - Huawei and UBTECH signed a comprehensive cooperation agreement to enhance humanoid robot technology for industrial and home applications [6] Group 2: Market Trends - Reports indicate that Apple may reduce prices for the iPhone 16 series, with the iPhone 16 Pro Max seeing a price drop of approximately 1313.06 RMB [4] - Canalys reported an 8.5% year-on-year increase in global tablet shipments in Q1 2025, reaching 36.8 million units, driven by consumer demand and government subsidies [7] Group 3: Investment Activities - SoftBank's $100 billion investment plan in U.S. AI infrastructure is facing delays due to tariff concerns and economic risks, affecting financing negotiations [5] - Meituan led a multi-million A-round financing for the robotics company Self-Variable, which aims to accelerate the development of intelligent models and robotic applications [8] Group 4: Innovative Products - Shanghai Ladder Medical Technology showcased a brain-computer interface that allows a participant to play video games using thought alone, marking a significant advancement in invasive brain-machine interface technology [9] - Tencent's Hunyuan T1-Vision has launched a feature that enhances image understanding capabilities, improving response and completion times significantly [9]