在A股市场，"脑机接口"也成为投资风口。以万得脑机接口概念指数（8841700.WI）为例，近一年涨幅高达52.13%，同期沪深300上涨 15.04%。据Wind，截至11月28日收盘，两只A股脑机接口概念股涨幅翻倍，分别是创新医疗、汉威科技。年内涨幅分别高达170%、139.48%。 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。 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？ 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。 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。产业规模不断壮大，打造2至3个产业发展集聚区， 开拓一批新场景、新模式、新业态。 到2030年，脑机接口产业创新能力显 ...

记者丨邓浩 编辑丨朱益民 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。以万得脑机接口概念指数（8841700.WI）为例，近一年涨幅高达52.13%，同期沪深300上涨15.04%。据 Wind，截至11月28日收盘，两只A股脑机接口概念股涨幅翻倍，分别是创新医疗、汉威科技。年内涨幅分别高达170%、139.48%。 | < 日 | | 脑机接口指数(8841700) | | | --- | --- | --- | --- | | | | 1752.80 16.44 0.95% | | | 盗お 成分 | 资讯 | 相关基金 | 月度收益 | | 名称 | | 年初至今▼ | 股息 -- | | 创新医疗 | | 170.60% | 0.00 | | 002173.SZ | | | | | 汉威科技 | | 139.48% | 0.08 | | 300 ...

Core Viewpoint - The article highlights the rapid development and investment opportunities in China's brain-computer interface (BCI) industry, which is expected to become a key focus area by 2025, supported by strong government policies and significant capital market activity [1][6][9]. Policy Support - The "14th Five-Year Plan" emphasizes BCI as one of the six key future industries, with increasing policy support and strategic importance [6][7]. - In July, multiple government departments released implementation opinions to promote BCI innovation, setting clear development milestones for the industry [6]. - By 2027, breakthroughs in key technologies are expected, with the establishment of advanced technical, industrial, and standard systems [6]. - Shanghai has initiated a plan to cultivate the BCI industry from 2025 to 2030, aiming for clinical applications of semi-invasive BCI products by 2027 [7][8]. Market Performance - The BCI concept index in the A-share market has seen a significant increase of 52.13% over the past year, outperforming the Shanghai and Shenzhen 300 index, which rose by 15.04% [1]. - Notable BCI-related stocks include Innovation Medical and Hanwei Technology, with year-to-date increases of 170% and 139.48%, respectively [2][1]. Industry Landscape - China is positioned to lead in the BCI sector, with over 800 core enterprises in the industry, primarily located in China and the U.S. [10]. - The first invasive clinical trial in China was successfully conducted in June, marking a significant milestone in the country's BCI technology development [10][11]. - The "North Brain No. 1" GCP multi-center clinical trial was launched in October, representing a new phase in large-scale clinical validation of BCI systems [11]. Financial Performance - In the A-share market, 24 companies related to BCI reported an average revenue of 3.428 billion yuan and an average net profit of 431 million yuan for the first three quarters [13]. - 18 companies have a gross margin exceeding 30%, indicating strong profitability, although many companies are facing challenges in revenue and profit growth [13]. - Companies like Lepu Medical and Aipeng Medical are actively working on commercialization and product development in the BCI space, with recent regulatory approvals and strategic partnerships [14].

Core Insights - Aipeng Medical announced the successful registration of its perioperative brain state monitoring product, the anesthesia depth monitor, which has received three registration certificates and has been launched in over 20 provinces, generating sales [2] - The company has introduced a new treatment system for refractory insomnia, which has begun clinical treatments in hospitals and is now being commercially promoted, with charges based on actual treatment projects [2] - Aipeng Medical has obtained registration certificates for two EEG collection products, which are core components of its "multimodal ADHD behavioral treatment management system," and has established a joint laboratory with Fudan University Children's Hospital to integrate research innovation with clinical applications for ADHD children [2] - The ADHD behavioral treatment has a corresponding fee schedule in hospitals, and regions like Hubei, Zhejiang, and Jiangsu have introduced pricing for non-invasive brain-computer interface services, with a fee of 966 yuan per session [2] - A new regulation from the National Healthcare Security Administration on September 24 has opened a "green channel" for insurance coding of innovative medical products like brain-computer interfaces, accelerating their clinical practice and application [2]

Core Insights - The company Aipeng Medical has received three registration certificates for its perioperative brain state monitoring product, the anesthesia depth monitor, and has completed network access in over 20 provinces, generating sales [1] - A new treatment system for refractory insomnia has been launched and is currently undergoing clinical treatment in hospitals, with commercialization efforts initiated based on actual treatment project execution [1] - The company has established a joint laboratory for brain-machine interface behavioral therapy in collaboration with the Children's Hospital affiliated with Fudan University, focusing on cognitive behavioral therapy for children with ADHD [1] - The core component of the multimodal ADHD behavioral management system has received registration certification, and non-invasive brain-machine interface adaptation fees have been set at 966 yuan per session in regions such as Hubei, Zhejiang, and Jiangsu [1] - The National Medical Insurance Administration has opened a "green channel" for innovative products like brain-machine interfaces, facilitating the acceleration of clinical application [1]

Group 1: Company Overview - Aipeng Medical focuses on medical devices, particularly in pain management and nasal airway management, while also exploring brain-computer interface innovations [4] - The company has established a partnership with Ruishen'an Medical, a leading player in the domestic neuroregulation field [4] Group 2: Product Development and Market Position - The company has launched a perioperative brain state monitoring product, which has received 3 registration certificates and is generating sales across over 20 provinces [5] - The newly introduced treatment system for refractory insomnia has begun clinical applications, with pricing based on specific treatment projects [5] - The non-invasive brain-computer interface adaptation fee is set at 966 RMB per session, with recent regulations facilitating insurance coverage for innovative medical products [5] Group 3: Technological Advancements - The anesthesia depth monitoring device utilizes a proprietary index, collecting EEG data at 2,000 times per second, providing a comprehensive analysis of anesthesia depth [8] - The company’s new generation ADM series anesthesia depth monitor offers enhanced performance, usability, and stability, with features including EEG spectrum analysis and anesthesia depth assessment [8] Group 4: Strategic Collaborations - Aipeng Medical's investment in Ruishen'an in 2019 was driven by strategic synergies in chronic pain treatment, particularly with the development of implantable vagus nerve stimulators [9][10] - The collaboration has expanded to include various products for epilepsy and pain management, achieving significant sales [10] Group 5: Future Research and Development Plans - The company aims to deepen research in sensors, electrodes, and EEG signal processing, focusing on clinical applications for sleep disorders, ADHD, and epilepsy [11] - An Artificial Intelligence and Brain-Computer Engineering Research Institute has been established to drive innovation in pain management, anesthesia, and mental health treatment [11]

Core Viewpoint - Aipeng Medical (300753) is focusing on the medical device sector, particularly in pain management and upper airway management, while also expanding into brain-computer interface innovations [1] Group 1: Business Focus - The company is engaged in two main segments: acute and chronic pain management, and nasal and upper airway management [1] - Aipeng Medical is actively developing brain-computer interface applications, including perioperative brain state monitoring and treatment systems for insomnia and ADHD [1] Group 2: Product Development - The company has developed a multimodal ADHD behavior management system that connects data from in-hospital training centers to home training environments, utilizing scientific EEG monitoring and multimodal intervention training [1] - Aipeng Medical possesses advanced technology in anesthesia depth monitoring, which is crucial for perioperative monitoring, diagnosis, and early warning applications [1] Group 3: Future Innovations - The company is researching a seizure warning platform and aims to advance clinical applications for perioperative brain state monitoring, ADHD, sleep disorders, and epilepsy [1] - Aipeng Medical has invested in Ruishen'an Medical, which specializes in the development, production, and sales of brain nerve regulation and intracranial electrode medical devices [1]

Core Insights - Jiangsu Aipeng Medical Technology Co., Ltd. conducted a conference call with 13 institutions, including Cinda Securities and Southern Fund, to discuss its business and future strategies [1] Company Overview - Aipeng Medical focuses on medical devices, particularly in chronic pain management and upper airway management, while also expanding into brain-computer interface (BCI) innovations [1] - The company's BCI applications include perioperative brain state monitoring, treatment systems for refractory insomnia, and multi-modal ADHD behavior management systems [1] Product Development - In the non-invasive sector, Aipeng has developed a multi-modal ADHD behavior management system that connects data from hospital to home, utilizing scientific EEG monitoring and multi-modal interventions [2] - The company has launched an anesthesia treatment system for refractory insomnia and is in the preliminary research phase for an epilepsy warning platform [2] - Aipeng has established a partnership with Changzhou Ruishen'an, focusing on the development and production of neuro-regulation and intracranial electrode medical devices [2] Market Expansion - Hospitals in provinces such as Hubei, Zhejiang, and Guangdong have announced pricing for BCI medical services, facilitating clinical application [2] - The new generation ADM series anesthesia depth monitoring device has received three registration certificates and is now available for sale in over 20 provinces [2] - The refractory insomnia anesthesia treatment system has been implemented in hospitals for clinical treatment and promotion [2] Consumer Product Strategy - The refractory insomnia anesthesia treatment system and multi-modal ADHD behavior management system target both hospital and consumer markets [2] - The multi-modal ADHD behavior training products include UMind (hospital version) and SE (home version), initially promoted in serious medical settings before expanding to consumer markets [2] Data Infrastructure - The refractory insomnia anesthesia treatment system is designed to meet clinical needs, incorporating smart interaction between doctors and patients, and tracking clinical data [2] - The multi-modal ADHD behavior training system integrates multi-source data collection and analysis, collaborating with Fudan University Children's Hospital to enhance data infrastructure and clinical application [2] Research and Development - Aipeng is building a BCI technology application platform to advance clinical innovations in mental health diagnosis and treatment [2] - The company aims to enhance its R&D capabilities and strengthen collaborations with renowned universities and research institutions to promote technological innovation and industry integration [2]

Company Overview - Aipeng Medical focuses on medical devices, particularly in pain management and nasal airway management, while also exploring brain-computer interface (BCI) innovations [4] - The BCI applications include perioperative brain state monitoring, treatment systems for chronic insomnia, and ADHD behavior management systems [4] Product Development - The company has developed a non-invasive ADHD behavior management system that connects data between clinical and home settings, utilizing EEG monitoring and multimodal interventions [5] - Aipeng Medical possesses a depth of technology in anesthesia depth monitoring, being one of the few companies in China to master this technology [6] - The chronic insomnia treatment system is designed to meet clinical needs and supports both in-hospital and remote patient interactions [6] Market Expansion - Several provinces in China, including Hubei, Zhejiang, and Guangdong, have begun to reimburse BCI medical services, facilitating the clinical application of BCI technologies [7] - The new generation ADM series anesthesia depth monitors have received three registration certificates and have been launched in over 20 provinces [7] - The company has established a joint laboratory with Fudan University to integrate research and clinical applications for ADHD treatment [7] Consumer Products - The chronic insomnia treatment system and ADHD behavior management system are designed for both clinical and consumer markets, with specific products for hospital and home use [8] - The ADHD training products include both hospital and home versions, with a focus on serious medical applications before expanding to consumer markets [8] Data Construction and R&D Investment - The chronic insomnia treatment system includes comprehensive data tracking for patient interactions, treatment monitoring, and ongoing data collection [9] - Aipeng Medical is committed to enhancing its R&D capabilities and fostering collaborations with academic institutions to drive innovation in BCI applications [10]

Group 1 - The core viewpoint of the articles highlights the advancements made by Aipeng Medical in the commercialization of brain-computer interface technology, particularly in the treatment of refractory insomnia and ADHD [1][4]. - Aipeng Medical has developed a comprehensive system for managing refractory insomnia, which includes both hardware and software components, addressing clinical needs through digital interactions between patients and healthcare providers [1][2]. - The refractory insomnia treatment system integrates various functionalities such as assessment, drug titration, monitoring of sedation depth, and life sign tracking, creating a complete treatment loop from hospitalization to long-term recovery [1][2]. Group 2 - Refractory insomnia, defined as chronic insomnia lasting over two years and resistant to multiple treatments, represents a significant market opportunity, accounting for 20% to 30% of insomnia cases [2]. - The National Health Commission of China has recognized the potential for anesthesia departments to explore treatments for sleep disorders, indicating a supportive regulatory environment for such innovations [2]. - The collaboration between Aipeng Medical and Sun Yat-sen University Sun Yat-sen Memorial Hospital showcases the integration of neuro-regulation and pharmacological treatments, providing a model for other medical institutions [3][4]. Group 3 - Aipeng Medical has initiated a joint laboratory with Fudan University Children's Hospital to focus on ADHD treatment, emphasizing the importance of brain-computer interface technology in developing innovative therapeutic solutions [4]. - The company is actively pursuing clinical applications of its brain-computer interface technology across various mental health conditions, positioning itself as a leader in this emerging field [4].