一场无声却激烈的"脑机战争"，已在实验室、手术室和资本市场上全面打响。这场战争的核心，是对人类终极交互入口的争夺，其意义或许不亚于互联 网的诞生。而中国，正以前所未有的战略决心，投身其中。 01 如何"读取"你的思想？ 国家医保局给出了一个冷静而精准的定义：脑机接口是在大脑与外部设备之间建立直接连接的通路。 侵入式则需通过开颅手术将电极阵列直接植入大脑皮层灰质，这样可以获得高质量的神经信号，但存在显著临床风险和成本；此外，由于异物侵入，可 能会引发免疫反应和愈伤组织（疤痕组织）及手术并发症，导致电极信号质量衰退甚至是消失。 BCI正被寄予在医疗康复、辅助交流、智能控制、脑功能评估等场景中实现"突破性革命"的期望。同时作为神经科学/脑科学、计算机技术人工智能、人 机交互等多学科交叉融合的前沿领域，其近年来从研究到产业转化均受到高度重视。 02 资料来源：伏云发等《脑机接口（BCI）的技术成熟度与泡沫风险分析：从研究到产业转化的考量》 战略升维：从前沿探索到国家产业竞赛 2025年，是中国脑机接口产业的"战略清晰年"。 7月，工信部等七部门联合印发《关于推动脑机接口产业创新发展的实施意见》，设定了明确的产业冲锋号 ...

Core Insights - The brain-computer interface (BCI) industry is rapidly advancing, with significant clinical applications emerging, particularly for high-level paraplegics who can now control devices using their thoughts [4][5][6] - The establishment of the "Brain Intelligence World" in Shanghai marks a significant step in creating a hub for BCI technology, integrating research, clinical trials, and industry collaboration [9][11] - The industry is experiencing a surge in investment and innovation, driven by supportive policies, technological breakthroughs, and the integration of artificial intelligence [10][17] Industry Development - The BCI industry is transitioning from laboratory research to real-world applications, with a clear clinical pathway and increasing commercialization [4][5] - By 2025, China aims to be the second country globally to enter the clinical trial phase for invasive BCI technologies, with significant advancements already reported [5][6] - The market is witnessing a proliferation of innovative companies, with several expected to receive regulatory approval for their products by 2026 [6][11] Technological Advancements - Invasive BCI technologies have reached a critical development point, leading to a notable increase in clinical trials and applications [5][6] - Non-invasive BCI products are also becoming more accessible, with clinics opening in major cities to cater to patients with various neurological conditions [7][10] - Future applications of BCI technology are expected to expand into areas such as visual restoration for the blind and addiction treatment, with clinical trials anticipated to start by 2026 [8][14] Investment Trends - Investment in the BCI sector has intensified, with significant funding rounds reported, including a notable A-round financing of over 300 million RMB for a leading company [11][17] - The investment landscape is shifting towards a focus on clinical viability and regulatory compliance, reflecting a growing interest from both medical and tech investors [17] - The Shanghai government and various organizations are actively fostering the BCI ecosystem, aiming to position the region as a global leader in BCI innovation [11][16] Policy Support - The Chinese government has released multiple supportive policies to promote the BCI industry, emphasizing the importance of technological breakthroughs and the establishment of industry standards [9][13] - By 2027, the goal is to achieve significant advancements in BCI technology and establish a robust industrial framework, with a focus on creating globally influential companies [13][14] - The integration of BCI with artificial intelligence is seen as a critical factor for future growth, with expectations for deeper collaboration between the two fields [14][15]

Core Insights - The article highlights the successful demonstration of China's second invasive brain-computer interface (BCI) clinical trial, showcasing its ability to allow a paralyzed individual to control a smart wheelchair and a robotic dog using only their thoughts, marking a significant advancement in rehabilitation technology [1][3]. Technological Breakthroughs - The BCI system developed by the Brain Intelligence Excellence Center and related enterprises enables patients to control electronic devices like computers and tablets after a brief training period [3][10]. - The technology has evolved from controlling 2D screens to interacting with 3D physical objects, requiring precise and stable control in real-world environments [10][11]. - Innovations in neural signal extraction and compression techniques have improved the efficiency of information retrieval from the brain, enhancing BCI performance by 15% to 20% [10][11]. Patient Experience - The second clinical trial patient, who suffered from spinal cord injury, reported that controlling the devices felt as natural as moving their own limbs, with minimal delay in response [12][14]. - The BCI system has significantly enriched the patient's daily life, allowing them to perform tasks independently and reducing the burden on their family [3][12]. Future Prospects - The research team is optimistic about the future of BCI technology, envisioning applications that could restore motor and sensory functions, and even enhance capabilities beyond normal human abilities [15][18]. - Upcoming advancements include a new generation of BCI systems with increased channel capacity and improved functionality, which are expected to undergo clinical trials soon [15][16]. - The integration of artificial intelligence with BCI technology is anticipated to create more complex and capable external devices, further expanding the potential applications of this technology [16][20].

Core Viewpoint - The recent clinical trial of an invasive brain-computer interface (BCI) in China marks a significant advancement, transitioning from 2D control to 3D interaction with the physical world, enhancing the quality of life for patients with severe disabilities [1][5][11] Group 1: Clinical Trial Details - The trial involved a middle-aged male patient who suffered from quadriplegia due to spinal cord injury, with limited movement capabilities [1] - After implantation of the BCI system in June 2025, the patient was able to control electronic devices using thought within 2 to 3 weeks of training, similar to the first trial's outcomes [3] - The BCI system has now expanded its application from 2D screens to 3D physical interactions, allowing the patient to control devices like wheelchairs and robotic dogs with minimal latency [5][7] Group 2: Technical Aspects of the BCI - The BCI system consists of a front-end sensor, which is a fine wire inserted into the brain, and a back-end processor embedded in the skull, making the procedure minimally invasive [11][13] - The front-end sensor connects the brain to the external world, while the back-end processor converts neural activity into digital signals for device control [13][15] - The system features continuous, stable, and low-latency control, with advancements in neural data compression technology improving performance by 15% to 20% even in noisy environments [20] Group 3: Future Applications and Innovations - The research team is exploring further applications, including decoding language information from the brain and expressing internal intentions through external devices [19] - Key technologies such as cross-day stability and online recalibration have been developed to enhance user experience, allowing real-time adjustments to decoding parameters [20] - The end-to-end latency of the system has been reduced to under 100 milliseconds, providing a seamless control experience for the user [20]

Core Viewpoint - The article discusses the advancements in invasive brain-computer interface (BCI) technology in China, highlighting its successful clinical trials and the collaborative ecosystem that supports its development [1][15]. Group 1: Clinical Trial and Technology Breakthrough - China's first invasive BCI clinical trial was successfully conducted, making it the second country after the United States to enter this phase [1][4]. - The trial participant, a male who lost his limbs due to an accident, can control a computer using his thoughts, demonstrating the technology's potential [1][2]. - The invasive BCI system is expected to receive regulatory approval by 2028, aiming to significantly improve the quality of life for patients with severe disabilities [4]. Group 2: Technical Challenges and Solutions - The invasive BCI technology faces three main scientific challenges: signal acquisition hardware, decoding technology, and safety verification [10][11]. - The system utilizes ultra-flexible electrodes to capture high-quality neural signals without damaging brain tissue, achieving a significant reduction in electrode size compared to competitors [11]. - Real-time decoding algorithms enable the system to translate neural signals into computer commands, adapting dynamically to the user's brain activity [12][13]. Group 3: Ecosystem and Collaborative Support - The rapid advancement of China's BCI technology is attributed to a well-structured ecosystem that includes top-level design and collaboration between medical and engineering fields [15][16]. - National initiatives like the "China Brain Project" and local support from Shanghai's government have created a robust framework for BCI research and development [16][18]. - Collaborative efforts among leading hospitals and research institutions have led to numerous clinical trials and the establishment of data-sharing alliances to enhance BCI technology [17][18].

Investment Rating - The report maintains an "Overweight" rating for the computer industry [1] Core Insights - The brain-computer interface (BCI) technology is a key focus in the "14th Five-Year Plan," with continuous technological breakthroughs expected [1][4] - The market for brain-computer interfaces in China is projected to grow from 3.2 billion yuan in 2024 to 6.14 billion yuan by 2028, indicating a broad market potential [11][12] - The report highlights significant policy support and the establishment of standards for BCI technology, which will facilitate its integration into the healthcare system [9][10][12] Summary by Sections 1. Policy and Industry Development - Frequent policies are promoting the standardization and development of the BCI industry, with the National Development and Reform Commission listing BCI as one of the ten iconic products for future industries [9] - The National Medical Insurance Administration's announcement in September 2025 aims to expedite the approval process for innovative medical consumables, including BCIs, facilitating their entry into hospitals [10] 2. Technological Breakthroughs - Clinical trials for invasive BCIs have been conducted in major hospitals, with over 30 experiments related to spinal cord injuries and ALS patients [13] - Non-invasive BCI products are gaining regulatory approval, with companies like Shaonao Technology and Aipeng Medical making significant strides in commercialization [16][19] 3. Investment Recommendations - The report suggests focusing on companies actively involved in the BCI sector, including Innovation Medical, Chengyitong, Sanbo Brain Science, and others, due to the accelerating clinical and commercial progress [21]

Core Insights - Shanghai has made significant advancements in the field of artificial intelligence (AI), particularly with the successful long-term implantation trial of an invasive brain-computer interface system, marking a breakthrough in the intersection of AI and life sciences [1] - The AI industry in Shanghai has grown substantially, with a reported scale exceeding 118 billion yuan in the first quarter of this year, reflecting a year-on-year growth of 29% and a profit increase of 65%, positioning it as a key driver of the city's economic growth [2] Group 1: Industry Development - Shanghai has integrated AI into its three leading industries and has implemented various policies to enhance its technological innovation capabilities, aiming to establish itself as a global technology innovation hub [1] - The city has formed a new AI industry landscape with over 400 large model enterprises in the Xuhui Model Speed Space and nearly 200 related companies in the Pudong Model Power Community, focusing on model application incubation [1] - The establishment of key areas like the Lingang Intelligent Computing Center is accelerating the development of a multi-support, interconnected intelligent industry network along the Huangpu River [1] Group 2: Talent and Collaboration - Shanghai has gathered over 250,000 AI talents, ranking among the top in the country, supported by initiatives like the "Talent Peak Project" launched in 2017 [3][4] - The World Artificial Intelligence Conference has become a significant platform for global AI exchange, attracting over 6,550 top scientists and Turing Award winners, with new sections like the "Elite Meeting" to foster youth talent development [3] - The city is building a city-level intelligent computing scheduling platform and promoting typical applications of "AI + industry," showcasing practical implementations of AI in various sectors, such as health reminders for elderly individuals and enhanced container throughput at unmanned terminals [5]

Core Viewpoint - The successful initiation of China's first invasive brain-computer interface (BCI) clinical trial marks the country as the second globally, after the United States, to enter this phase of clinical testing [3][4]. Group 1: Clinical Trial Overview - The clinical trial is a collaborative effort involving the Chinese Academy of Sciences' Center for Excellence in Brain Science and Intelligence Technology, Fudan University Huashan Hospital, and related enterprises [3][4]. - The research team progressed from animal testing to human trials, ensuring the technology's maturity, safety, and functional effectiveness, achieving a breakthrough from laboratory to clinical application [3][4][5]. Group 2: Technical Innovations - The BCI system utilizes a minimally invasive "embedded" surgical method, requiring only a small recess in the skull rather than full craniotomy, which reduces recovery time and infection risks [7][8]. - The flexible neural electrodes developed are significantly smaller and more flexible than existing products, such as those from Neuralink, with a cross-sectional area only 1/7 to 1/5 of Neuralink's electrodes, minimizing tissue damage and inflammatory responses [7][8][9]. Group 3: Patient Experience and Outcomes - A 37-year-old male participant, who lost all four limbs due to an accident, successfully used the BCI to play chess and racing games, achieving a performance speed comparable to that of able-bodied individuals [3][9]. - After just 2-3 weeks of adaptive training, the participant was able to type, send messages, and play computer games, regaining a sense of "hand" functionality and reconnecting with the world [9][10]. Group 4: Future Prospects - The project team plans to enable the participant to control robotic arms for physical tasks such as grasping and holding objects, expanding his capabilities in daily life [10]. - The BCI system is expected to assist individuals with complete spinal cord injuries, upper limb amputations, and amyotrophic lateral sclerosis in regaining motor functions and improving their quality of life once it receives regulatory approval for market entry [10].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The integration of multiple disciplines is leading to a technological explosion in brain-computer interface (BCI) systems, with China being a global leader in semi-invasive and non-invasive technologies [2][20] - 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% [2][45] - Various countries are accelerating their strategic layouts for BCI technology, with significant government support and policies in place to promote its development [2][40] Summary by Sections 1. Brain-Computer Interface: Multi-Disciplinary Integration and Technological Explosion - BCI systems involve a complex integration of neuroscience, signal processing, computer science, artificial intelligence, and electronic engineering [11] - BCI can be categorized into three types based on signal acquisition methods: invasive, semi-invasive, and non-invasive, with non-invasive methods being the mainstream choice due to their zero trauma and low cost [12][17] - The technology is in a rapid development phase, with significant advancements made since the concept was first introduced in the 1970s [18][20] 2. Accelerated Global Layout and Broad Commercial Applications - Countries like the US, EU, Japan, and South Korea are heavily investing in BCI technology, with the US committing $4.5 billion to its "Brain Initiative" [39][40] - China has also prioritized BCI in its national strategy, with various local governments implementing supportive policies to foster industry growth [41][42] - The BCI market is expected to see diverse applications, primarily in healthcare, but also in entertainment, smart homes, and military sectors [46][50] 3. Stock Selection and Industry Analysis - Key companies in the hardware sector include Hanwei Technology, Jiahe Intelligent, and Gaode Infrared, while application-focused companies include Zhongke Information, iFlytek, and Yingqu Technology [2] - The medical sector represents the largest share of BCI applications, with nearly 200 companies involved, of which 25% focus on invasive methods and 75% on non-invasive methods [50]

Core Insights - The establishment of the first brain-computer interface (BCI) outpatient clinic in Central China marks a significant step in the development of BCI technology, providing assessment and treatment consultations for patients nationwide [1] - The BCI industry is experiencing rapid growth driven by favorable policies and technological breakthroughs, with 2023 being a pivotal year for transitioning from research to clinical applications [1][2] - The global market for BCIs in the medical field is projected to reach $40 billion by 2030 and exceed $145 billion by 2040, with China's market expected to grow from 3.2 billion yuan in 2024 to over 5.5 billion yuan by 2027, maintaining an annual growth rate of around 20% [3] Policy Developments - The establishment of a BCI standardization technical committee by the Ministry of Industry and Information Technology aims to develop industry standards across various domains, including ethics and safety [2] - The National Healthcare Security Administration has introduced guidelines for pricing BCI services, paving the way for clinical applications [2] - Local governments are actively promoting BCI industry cultivation plans, with Beijing and Shanghai aiming to become global leaders in BCI technology and applications by 2030 [2] Clinical Applications - BCI technology is rapidly advancing from laboratory research to clinical applications, with several hospitals already implementing BCI systems [4] - Shanghai's Shuli Intelligent Technology has reported its AI multimodal BCI platform entering clinical use in multiple top-tier hospitals [4] - The first long-term implantation clinical trial of an invasive BCI system was completed at Fudan University, with plans for market launch by 2028 [4] Corporate Strategies - Companies are increasingly investing in BCI applications, with Sanbo Neuroscience collaborating with research institutions to bridge innovation and clinical application [5] - Cheng Yi Tong is pursuing a dual-track strategy for invasive and non-invasive BCI technologies, positioning BCI as a key growth area [5] - Yike De is working on a collaborative project to develop an implantable speech synthesis BCI product aimed at helping patients with speech impairments [5] Industry Challenges - Experts highlight several key challenges to large-scale BCI commercialization, including technical standardization, ethical concerns, and the need for interdisciplinary talent [6] - Issues such as biocompatibility, signal interference, and the lack of unified standards hinder the scalability of BCI devices [6] - The high costs of invasive systems and limited insurance coverage pose significant barriers to market entry [6] Recommendations - It is suggested to accelerate the establishment of a technology, standards, and regulatory framework for BCIs, along with exploring diverse payment models for clinical applications [7] - Enhancing collaboration between industry and academia is crucial for developing interdisciplinary talent and reducing redundant efforts in BCI research [7]