Core Viewpoint - Brain-computer interface (BCI) technology has made significant advancements in China, with the inclusion of BCI services in medical insurance and competitive pricing compared to international counterparts like Neuralink [2][3]. Group 1: Technological Advancements - In 2025, China successfully completed its first invasive BCI clinical trial, positioning itself as a key player alongside Neuralink [3]. - The development of ultra-flexible electrodes by companies like JieTi Medical has overcome traditional BCI limitations, allowing for enhanced patient experiences [3][8]. - Neuralink's high-precision invasive technology, while advanced, comes with exorbitant costs, making it less accessible [5][7]. Group 2: Cost and Accessibility - The cost of invasive BCI procedures in China is significantly lower, with prices for invasive surgeries around 6,552 RMB (approximately 912 USD) compared to Neuralink's estimated costs of 5,000 to 10,000 USD [2][3]. - Non-invasive BCI options in China are even more affordable, with prices ranging from 1,000 to 5,000 RMB, making them comparable to mid-range smartphones [15]. Group 3: Competitive Landscape - The competition between Neuralink and Chinese companies highlights differing technological approaches, with the latter focusing on practical, cost-effective solutions [4][8]. - Chinese companies are exploring both invasive and non-invasive technologies, aiming to broaden the application of BCI in various sectors, including healthcare and consumer markets [8][19]. Group 4: Data and Standards Control - The accumulation and analysis of brainwave data are crucial for establishing industry standards, which will determine future market leadership [16]. - Chinese companies are adopting a multi-faceted approach to data collection, enhancing their ability to set standards in the BCI industry [17]. Group 5: AI Integration and Future Prospects - The integration of AI with BCI technology is expected to create a significant data advantage, enabling the development of more sophisticated AI applications tailored to Asian cultural contexts [20]. - China's advancements in BCI technology not only focus on technical superiority but also aim to influence global standards and cultural practices [21].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, specifically focusing on the brain-computer interface (BCI) sector [1]. Core Insights - The brain-computer interface is recognized as a "disruptive technology of the 21st century," with strategic significance highlighted by multiple countries prioritizing its development [3]. - The global BCI market is in a critical phase of "technological breakthroughs, clinical validation, and commercial implementation," with significant advancements in various countries [4]. - The potential market size for BCI applications in the medical field is estimated to reach between $40 billion and $145 billion by 2030-2040, with serious medical applications projected at $15 billion to $85 billion [5]. Summary by Sections Section 1: Global BCI Industry Development - The BCI industry has evolved from concept to commercialization over the past fifty years, with significant milestones in research and application phases [8][9]. Section 2: Industry Growth and Company Numbers - The global BCI market reached $1.98 billion in 2023, with over 500 representative companies worldwide, primarily concentrated in the US and China [10]. Section 3: National Strategic Planning - Various countries have released strategic plans to accelerate BCI development, with differing focuses based on regional priorities [14]. Section 4: US BCI Development and Policy - The US has a comprehensive policy framework supporting BCI development, with significant investments from agencies like NIH and DARPA [16][18]. Section 5: European "Human Brain Project" - The EU's "Human Brain Project" aims to simulate human brain functions and has established a roadmap for future research and ethical considerations [20][23]. Section 6: Initiatives in Japan, South Korea, and Australia - Japan, South Korea, and Australia have launched their respective brain initiatives to support BCI research and applications, focusing on various neurological diseases [24]. Section 7: China's Policy Support for BCI - China's BCI industry has seen rapid growth due to supportive policies, with significant investments and plans at both national and local levels [25][29].

Core Viewpoint - The Chinese government aims to advance the brain-computer interface (BCI) industry, with key technological breakthroughs expected by 2027 and a goal to rank among the world's top players by 2030 [2] Industry Development - The BCI technology has a century-long history but has seen rapid advancements in recent years, with critical components like interface electrodes needing breakthroughs [5] - Major international tech companies are investing in BCI, indicating a growing market potential for treating conditions such as stroke and Parkinson's disease [4] Policy Initiatives - The recent policy document outlines a comprehensive roadmap for the BCI industry, focusing on key areas requiring technological breakthroughs [8] - Specific initiatives include accelerating the development of implantable devices and various product forms such as headsets and glasses [7] Key Projects and Engineering - The policy emphasizes core hardware and software projects, including the development of brain-controlled robots and emotion detection systems based on brain signals [9] - It also highlights the need for product testing standards and the establishment of pilot platforms for new product development [10] Support and Infrastructure - The document calls for the establishment of incubators and industrial parks to nurture leading companies in the BCI field and promote collaboration with sectors like AI and robotics [11] - A standardization framework for BCI technology is also proposed, along with a focus on ethical research and talent development in related disciplines [12] Regional and Regulatory Measures - Various regions, including Beijing and Shanghai, have introduced action plans to clarify regulatory policies and clinical trials in the BCI sector [13]

Core Viewpoint - China aims to achieve breakthroughs in key brain-computer interface (BCI) technologies by 2027 and to rank among the world's top in comprehensive strength by 2030, indicating a strong commitment to advancing this field for health benefits [1] Group 1: Policy and Development Goals - The implementation plan outlines a clear roadmap for the future of the BCI industry, emphasizing the need for technological breakthroughs and policy support to overcome existing bottlenecks [1][3] - The plan includes specific targets for the development of various BCI products, such as innovative electrode forms and integrated devices like helmets and glasses [3] Group 2: Application and Industry Expansion - The policy focuses on expanding applications in industrial manufacturing, healthcare, and consumer life, with pilot projects in critical sectors like hazardous materials and energy [4] - It aims to utilize BCI technology for real-time monitoring of brain activity to prevent health issues and enhance safety in driving [4] Group 3: Support and Infrastructure - The plan proposes the establishment of incubators and industrial parks to foster leading companies in the BCI field and to implement a nurturing program for emerging enterprises [5] - It emphasizes the need for a standardized development roadmap and the establishment of a technical standards system for BCI technologies [5] Group 4: Regulatory and Ethical Framework - The National Healthcare Security Administration has introduced pricing guidelines for invasive BCI procedures, indicating a structured approach to regulation [7] - Local governments, such as Beijing and Shanghai, have released action plans to clarify regulatory policies and clinical trials in the BCI sector [7]

笔者认为，《意见》的出台恰逢其时，有助于构建脑机接口产业发展的"热带雨林式"创新生态，推动中 国脑机接口产业从实验室探索加速迈向产业化。 脑机接口横跨脑科学、神经工程、微电子、人工智能、材料学等多个高精尖领域，其复杂性决定了单一 技术的突破难以支撑全产业链的繁荣。长期以来，该领域存在布局相对分散、缺乏系统性协同、技术转 化周期漫长的痛点，亟待构建一个多层次、共生共荣的"热带雨林式"创新生态系统，其中既有参天乔木 ——领军企业支撑产业骨架，也有灌木丛——创新型中小企业填补细分赛道，更需要阳光雨露——"政 策+资本"滋养。 其一，培育"参天乔木"，打造产业中坚与创新引擎。当前，我国脑机接口产业尚处发展早期，迫切需要 能整合资源、引领方向的"参天乔木"，即具有强大技术整合能力和雄厚资金实力的头部科研机构与领军 企业。《意见》明确提出，发展壮大脑机接口领域领军企业，支持组建产业创新联合体，牵头承担国家 科技重大专项等任务。 值得欣喜的是，在政策的强力牵引下，一批拥有核心技术、具备潜力的企业和机构正崭露头角。例如， 北京脑科学与类脑研究所联合北京芯智达神经技术有限公司研制的半侵入式"北脑一号"和侵入式"北脑 二号"两套 ...

Core Insights - The Ministry of Industry and Information Technology and six other departments have issued the "Implementation Opinions on Promoting the Innovation and Development of the Brain-Computer Interface Industry," aiming for breakthroughs in key technologies by 2027 and establishing an advanced technological, industrial, and standard system [1] Group 1: Industry Development - The issuance of the opinions is timely and aims to create a "tropical rainforest" innovation ecosystem for the brain-computer interface industry, facilitating the transition from laboratory exploration to industrialization [1] - The brain-computer interface field spans multiple advanced areas, including brain science, neuroengineering, microelectronics, artificial intelligence, and materials science, necessitating a collaborative ecosystem for comprehensive industry growth [1] Group 2: Key Players and Innovation - The development of leading enterprises, referred to as "tall trees," is essential for integrating resources and guiding the industry, with a focus on supporting major research institutions and leading companies in the brain-computer interface sector [2] - A number of promising companies and institutions are emerging, such as the Beijing Brain Science and Brain-like Research Institute and Beijing Chip Intelligence Neurotechnology Co., which have developed advanced brain-machine systems [2] Group 3: Policy and Capital Support - The ecosystem's prosperity relies on favorable "climatic conditions," with numerous policies introduced at both national and local levels to support the brain-computer interface industry [3] - Significant capital interest is growing in the brain-computer interface sector, exemplified by Shanghai Ladder Medical Technology Co. securing 350 million yuan in a Series B financing round, marking the highest single financing record in the domestic sector [3]

■张敏 值得欣喜的是，在政策的强力牵引下，一批拥有核心技术、具备潜力的企业和机构正崭露头角。例如， 北京脑科学与类脑研究所联合北京芯智达神经技术有限公司研制的半侵入式"北脑一号"和侵入式"北脑 二号"两套智能脑机系统，均达到世界领先水平；2025年3月份，中国首例侵入式脑机接口系统前瞻性临 床试验完成手术植入，该项研究由中国科学院脑科学与智能技术卓越创新中心，联合复旦大学附属华山 医院以及上海阶梯医疗科技有限公司合作开展。 近日，工信部等七部门联合发布的《关于推动脑机接口产业创新发展的实施意见》(以下简称《意见》) 提出，到2027年，脑机接口关键技术取得突破，初步建立先进的技术体系、产业体系和标准体系。 其二，激活"灌木层"，推动细分领域创新。一个健康的"热带雨林式"生态，绝非仅有几棵参天乔木。充 满活力的"灌木丛"，即众多在细分领域精耕细作的创新型中小企业，是生态多样性、稳定性和持续创新 力的源泉。《意见》指出，加快培育科技和创新型中小企业、高新技术企业、专精特新中小企业、专精 特新"小巨人"企业、制造业单项冠军企业以及瞪羚企业、独角兽企业等。 笔者认为，《意见》的出台恰逢其时，有助于构建脑机接口产业发展 ...

Core Insights - The Beijing Brain Science and Brain-like Research Institute is making significant advancements in brain-machine interface (BMI) technology, which is crucial for improving the quality of life for patients with severe neurological conditions [2][4][6] - The institute has developed the "North Brain No. 1" system, which is the first high-throughput, wireless, fully implanted BMI system with over 100 channels, and it has entered clinical verification stages [2][4] - The research focuses on four main areas: brain cognitive principles, major brain diseases, new technologies in neuroscience, and neural decoding and computation [6][7] Group 1: Brain-Machine Interface Developments - The "North Brain No. 1" system allows for real-time decoding of brain signals, enabling patients to control devices through thought, with a notable accuracy of 63% in decoding common phrases for patients with speech impairments [3][4] - The institute has successfully completed surgeries for five patients with spinal cord injuries and ALS, demonstrating significant improvements in motor functions and the ability to perform tasks previously impossible [3][4] - The upcoming "North Brain No. 2" system aims to implant electrodes deeper into brain tissue for more precise signal capture, enhancing the control capabilities for patients [4] Group 2: Gene Therapy Innovations - The institute is also pioneering gene therapy techniques to treat conditions such as severe epilepsy and vision loss, with a new drug that can be injected directly into the epilepsy focus area to control seizures while preserving normal neural function [7] - A novel light-sensitive protein has been developed for visual restoration in patients with retinal diseases, showing significant improvements in vision for treated patients [6][7] - The institute has established a biotechnology company to facilitate the transition from basic research to clinical applications, aiming to shorten the time for technology commercialization [7]

Core Insights - The brain-computer interface (BCI) sector is experiencing significant advancements, with both domestic and international developments highlighting its potential [1][2][3] Industry Development - The BCI technology is a crucial intersection of neuroscience and brain-like computing, categorized into invasive, semi-invasive, and non-invasive types based on signal acquisition and output methods [2] - The market size for BCIs in China is projected to reach 3.2 billion yuan in 2024, exceeding 5.5 billion yuan by 2027; globally, the medical application market for BCIs is expected to reach between 40 billion to 145 billion USD from 2030 to 2040 [2] - Various local governments in China are actively promoting BCI industry development, with plans to establish a robust ecosystem by 2030, including breakthroughs in foundational research and technology [2][3] Company Initiatives - Companies in China are leading in the development of intelligent BCI systems, with "Beijing Brain No. 1" and "Beijing Brain No. 2" systems currently in clinical validation stages [4] - Sanbo Brain Hospital recently completed a successful trial using an invasive BCI to assist a hemiplegic patient in regaining motor function [4] - Chengyi Tong is focusing on non-invasive BCI technologies while also preparing for potential invasive applications [4] - Entropy Technology has launched a non-invasive BCI product aimed at enhancing focus among youth, utilizing scalp electrodes and flexible sensors [4]

Core Insights - Beijing has launched 132 large models, accounting for nearly 35% of the national total, showcasing significant advancements in AI, brain science, and embodied intelligence [1][2] Group 1: AI and Technological Advancements - The city has developed notable large models such as Doubao, Zhipu, and Kimi, which are recognized as part of the global leading tier [2] - The "North Brain No. 1" intelligent brain-machine system has successfully completed the world's first flexible high-throughput semi-invasive wireless fully implanted brain-machine system surgeries, now entering clinical validation [2] - The "Tiangong" robot recently won the world's first humanoid robot half-marathon championship [2] Group 2: Infrastructure Development - Beijing has established a new infrastructure system with a total of 141,200 5G base stations, averaging over 64 per 10,000 people [2] - The city has built four E-level public intelligent computing centers with a total computing power of 33,000 P [2] - The industrial internet has recorded over 290 billion identification resolutions and has connected more than 160,000 enterprise nodes [2] Group 3: Data Market and Digital Economy - Beijing is accelerating the market-oriented reform of data elements, establishing the first AI data training base in the country [3] - The city has introduced a data sandbox regulatory system and upgraded it from version 1.0 to 3.0, incorporating over 100 high-quality datasets [3] - The digital economy is expanding, with over 2,400 AI companies generating core industry revenues exceeding 350 billion [3] Group 4: International Collaboration and Future Plans - Beijing is fostering a dual open development pattern, enhancing its position as a global resource hub [5] - The city has attracted over 110 professional teams into its overseas innovation service base, gradually building a comprehensive international service system for enterprises [5] - Future plans include focusing on key areas of the digital economy, enhancing data resource integration, and encouraging R&D investment to cultivate leading digital economy enterprises [5]