创新医疗股价坐上"过山车" 2026年开年以来，A股市场脑机接口概念股表现异常活跃。 Wind数据显示，截至1月16日，脑机接口主题指数年内累计涨幅为18.04%，多只概念股走出连板行情。 当"意念打字"照进现实、当"思维控物"登陆临床，脑机接口这条规模或达万亿级的未来产业赛道，正从 实验室加速迈向商业化。 政策层面，国家持续加大重视。2025年7月，工信部等七部门联合发布《关于推动脑机接口产业创新发 展的实施意见》；2025年10月，脑机接口被列入"十五五"规划建议中需要前瞻布局的未来产业之一。技 术方面，有券商研报显示，脑机接口可分为侵入式、半侵入式和非侵入式三类，根据Precedence Research统计数据，2022年至2024年，非侵入式脑机接口市场收入占据80%以上的市场份额，预计未来 三到五年是非侵入式脑机接口技术产业化与应用的快速发展期，也是侵入式脑机接口技术开发的一个突 破发展期。 记者注意到，在政策、技术、资本三重共振下，A股脑机接口概念板块年初表现活跃，但行业也面临概 念炒作与真实业务分化的挑战，步入商业化验证关键期。 脑机接口板块开年涨超18% 和创新医疗一样，美好医疗也在2026 ...

2022年的冬季残奥会上，失去左臂及大部分右臂的运动员贾红光，佩戴着智能仿生手，通过非侵入式脑 机接口技术识别大脑意图，顺利完成火炬交接和传递。 2025年的冬天，马斯克宣布，脑机接口公司"神经连接（Neuralink）"将启动大规模脑机接口输出，并计 划转向近乎全自动化手术，引爆全球医疗行业热度。 新年伊始，A股脑机接口概念板块接连两个交易日掀涨停潮，超50亿元资金流入。1月6日，近20只脑机 接口概念个股涨停或涨超10%，倍益康、三博脑科、爱朋医疗等多只个股股价超过2025年最高水平。 千亿美元市场风口 去年末，马斯克称，Neuralink将于2026年开始对脑机接口设备进行"大规模生产"，并同步推进流程高度 精简、几乎完全自动化的手术方案。这一方案有望避免传统侵入式设备的创伤性瓶颈，还可以实现效率 与成本的双向优化。 脑机接口（BCI）是连接大脑与外部设备实现信息交互的新型技术。机构整理显示，根据信号采集方 式，脑机接口可分为三类：侵入式，即通过手术将电极植入大脑皮层，信号质量高但风险大；半侵入 式，即电极植入颅骨下但不穿透皮层，平衡信号质量与安全性；非侵入式，即电极贴附头皮，操作简便 但信号易受干扰。 ...

记者丨雷若馨 编辑丨孙超逸 2022年的冬季残奥会上，失去左臂及右臂大部分的运动员贾红光，佩戴着智能仿生手，通过非 侵入式脑机接口技术识别大脑意图，顺利完成火炬交接和传递。 2025年的冬天，马斯克宣布，脑机接口公司"神经连接（Neuralink）"将启动大规模脑机接口 输出，并计划转向近乎全自动化手术，引爆全球医疗行业热度。 新年伊始，A股脑机接口概念板块接连两个交易日掀涨停潮， 超50亿元资金流入。 Wind数据 显示，最近三个交易日，脑机接口指数累计涨幅超过14%。 | 名称 | 现价 | 涨跌幅 ▼ | 换手率 | 市盈率 | 年初至今 | | --- | --- | --- | --- | --- | --- | | 美好医疗 | 41.49 | 19.81% | 20.53% | 75.1 | 72.52% | | 创新医疗 | 28.63 | 9.99% | 1.65% | -206 | 33.10% | | 开立医疗 | 28.56 | 3.48% | 2.34% | 185 | 8.10% | | 航天长峰 | 26.15 | 2.75% | 20.31% | -54.7 | 24.29% ...

Core Insights - The year 2025 is viewed as a pivotal year for China's "brain-computer interface" (BCI) industry, with significant policy support and investment activity driving growth [2][5][7] Policy Support - The "14th Five-Year Plan" emphasizes BCI as one of the six key future industries, indicating strong governmental backing [7] - In July, multiple departments released implementation opinions to promote innovation and development in the BCI sector, establishing clear timelines for industry growth [5] - By 2027, breakthroughs in key technologies are expected, with the establishment of advanced technical, industrial, and standard systems [6] Market Performance - As of November, the BCI sector in China has seen 28 financing rounds totaling over 5 billion yuan [2] - The BCI concept index in the A-share market has surged by 52.13% over the past year, significantly outperforming the CSI 300 index, which rose by 15.04% [2] - Notable A-share companies in the BCI space, such as Innovation Medical and Hanwei Technology, have seen stock price increases of 170% and 139.48%, respectively [2] Industry Development - Shanghai has proactively laid out plans for BCI development, aiming for high-quality brain control and clinical applications by 2027 [8] - The BCI industry in China is rapidly advancing, with over 800 core enterprises identified, primarily located in China and the U.S. [9] - China is positioned to potentially lead in the BCI sector, with significant clinical advancements, including the first invasive clinical trial conducted in June [9][10] 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 [11] - Despite high gross profit margins, with 18 companies exceeding 30% and 9 over 60%, some companies are facing negative growth in revenue and net profit [12] Company Initiatives - Companies like Lepu Medical and Meihua Medical are actively pursuing commercialization of BCI products, with Lepu focusing on deep brain stimulation devices and Meihua collaborating with leading cochlear implant firms [13][14] - Aipeng Medical has received regulatory approval for its EEG collection products, which are part of a new ADHD treatment system, and is working with hospitals to implement these solutions [14]

Core Insights - The brain-computer interface (BCI) industry in China is expected to enter a significant development phase by 2025, driven by strong policy support and capital investment [1][5][6] - The BCI sector has seen substantial investment activity, with 28 financing rounds completed in 2023, totaling over 5 billion yuan [1] - The A-share market has recognized BCI as a hot investment trend, with the BCI concept index rising by 52.13% over the past year, significantly outperforming the Shanghai and Shenzhen 300 index [1] Policy Support - The "14th Five-Year Plan" emphasizes BCI as one of the six key future industries, with a clear timeline for technological breakthroughs and industry development by 2027 and 2030 [5][6] - In July, a joint initiative from seven departments outlined strategies for BCI innovation and development, aiming to establish a robust industry ecosystem [5] - Shanghai has proactively developed a BCI action plan, targeting clinical applications and technological advancements by 2027 and 2030 [6] Market Performance - The BCI concept index (8841700.WI) has shown a remarkable increase, with notable stocks like Innovation Medical and Hanwei Technology experiencing gains of 170% and 139.48% respectively [2][1] - A total of 24 A-share companies are involved in the BCI sector, with an average revenue of 3.43 billion yuan and an average net profit of 431 million yuan for the first three quarters of the year [11] Industry Landscape - The BCI industry in China is rapidly evolving, with over 800 core enterprises identified, positioning China among the leading countries in this field [8] - Recent clinical trials, including the first invasive clinical trial in China, indicate significant advancements in BCI technology [8][9] - The launch of the "North Brain No. 1" GCP multi-center clinical trial marks a new phase in large-scale clinical validation of BCI systems [9] Company Developments - Companies like Lepu Medical and Aipeng Medical are actively pursuing commercialization of BCI products, with Lepu focusing on deep brain stimulation devices and Aipeng on EEG collection products [12][13] - Aipeng Medical has established a joint laboratory for ADHD treatment, indicating a focus on integrating BCI technology into clinical applications [13] - Recent regulatory changes, including the establishment of a "green channel" for insurance coding of innovative medical products, are expected to accelerate the clinical application of BCI technologies [13]

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]