证券研究报告 Neuralink带来的启示 ——脑机接口系列报告 行业评级：看好（维持） n Neuralink带来新启示：脑机接口有望成为人与机器交流的首选，触达更广阔市场。 n 脑机接口国内政策与产业窗口期共振，中国临床案例数大幅提升。 n 脑机接口与大模型、具身智能技术深入融合，大幅推进应用落地速度。 2 2026年2月 分析师 刘雯蜀 分析师 郑毅 分析师 刘静一 邮箱 liuwenshu03@stocke.com.cn 邮箱 zhengyi@stocke.com.cn 邮箱 liujingyi@stocke.com.cn 证书编号 S1230523020002 证书编号 S1230524070002 证书编号 S1230523070005 • 核心观点 Ø Neuralink的首款产品Telepathy（心灵感应）预计在今年量产，目前超10000人申请体验。Telepathy聚焦 "大脑功能正常，但运动 / 交流通路断裂" 的重症群体，例如脊髓损伤、渐冻症患者。量产的三个重要条件——N1性能提升、手术安全性提升、成本降低：1）预计2026年N1设备电极数量从 1000 个增加到 3000 个，提升神 ...

Core Insights - The brain-computer interface (BCI) technology is experiencing a critical breakthrough in China, with the National Healthcare Security Administration (NHSA) opening a "green channel" for BCI and surgical robots to enter the medical insurance coding system, facilitating faster clinical application and commercialization [2][3] Policy Developments - The NHSA's announcement allows BCI products with medical device registration to expedite their coding process, while products without registration can submit technical materials for preliminary review, significantly reducing the time from approval to clinical application [3][4] - This policy aims to accelerate the application of cutting-edge medical technologies in clinical settings and supports genuine innovation in high-level medical products [3][4] Market Growth - The global BCI market is projected to grow from $1.2 billion in 2019 to $2 billion in 2023, with an expected compound annual growth rate (CAGR) of 17.5%, reaching $7.63 billion by 2029 [4][5] - Investment in the BCI sector has exceeded $10 billion globally, with the U.S. accounting for over 50% and China over $2 billion [4][5] Clinical Applications - The medical rehabilitation sector is the primary area for BCI technology application, with a significant increase in clinical trials from 11 in 2023 to 31 in 2024, addressing various conditions such as stroke rehabilitation and depression [5][6] - The demand for BCI technology is driven by the high incidence of stroke and the large population of individuals with disabilities in China [5][6] Future Prospects - BCI technology is expected to expand beyond medical applications into industrial manufacturing, education, elderly care, and emergency safety, indicating a broad potential for growth [6][7] - The integration of BCI technology with home medical devices could lead to comprehensive health management solutions, enhancing the competitive landscape for home healthcare [7]