财信证券认为，脑机接口行业作为融合多学科前沿技术的高成长赛道，在政策强力支持、医保支付落地 与技术持续突破的驱动下，正迈向规模化应用关键阶段。国内企业在部分领域已实现与国际领先水平并 跑，在设备小型化、信号传输速率、安全性能等方面表现突出，中长期相关产业链有较好投资机会。 据脑机接口产业联盟消息，脑机接口产业联盟、脑机交互与人机共融海河实验室、天津大学拟于2026年 2月3日至4日在天津举办"2026脑机接口开发者大会"。 国信证券认为，脑机接口已进入"技术突破向商业业化跃迁"的关键节点，锚定"政策+技术+场景"三重主 线。当前行业受益于"十五五"规划重点布局、医保赋码与医疗器械标准落地等政策红利，叠加Neuralik 量产预期与国内临床突破的催化，全球市场规模有望迎来爆发式增长。从产品端看，侵入式产品仍在临 床试验，非侵入式产品已有部分上市，包括医疗端的脑机接口运动康复系统，以及消费端的安睡仪等。 随着芯片、电极、算法等技术的发展，法规标准的不断完善，预计未来几年脑机接口产品将迎来密集商 业化。 ...

智通财经APP获悉，国信证券发布研报称，脑机接口已进入"技术突破向商业业化跃迁"的关键节点，锚 定"政策+技术+场景"三重主线。当前行业受益于十五五规划重点布局、医保赋码与医疗器械标准落地 等政策红利，叠加Neuralink量产预期与国内临床突破的催化，全球市场规模有望迎来爆发式增长。 该行建议聚焦产业链核心环节与技术路线，优先选择具备壁垒的标的。上游可关注脑电传感器、核心芯 片等硬件供应商，受益于设备量产带来的放量需求;中游重点布局拥有核心专利与临床资源的企业，尤 其是侵入式领域技术对标国际、非侵入式场景落地快的龙头;下游可跟踪在康复医疗、工业控制等细分 场景形成商业化闭环的标的，同时关注"AI+脑机""机器人+脑机"的生态协同机会。 报告中称，从产品端看，侵入式产品仍在临床试验，非侵入式产品已有部分上市，包括医疗端的脑机接 口运动康复系统，以及消费端的安睡仪等。随着芯片、电极、算法等技术的发展，法规标准的不断完 善，预计未来几年脑机接口产品将迎来密集商业化。 ...

证券研究报告 | 2026年1月6日 脑机接口专题报告—— 技术突破与商业化共振，关注脑机接口未来产业 行业研究 · 深度报告 医药生物 · 医疗器械 投资评级：优于大市（维持） 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：彭思宇 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 证券分析师：张超 0755-81982940 zhangchao4@guosen.com.cn S0980522080001 证券分析师：凌珑 021-60375401 linglong@guosen.com.cn S0980525070003 联系人：贾瑞祥 021-60875137 jiaruixiang@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 1 报告摘要 请务必阅读正文之后的免责声明及其项下所有内容 2 n 脑机接口已进入"技术突破向商业业化跃迁"的关键节点，锚定 "政策+技术+场景"三重主线。当前行业受益于十五五规划重点布局、 医保赋码与医疗 ...

Core Insights - Sanqi Interactive Entertainment has made a strategic investment of $20 million in BrainCo, aiming to explore the commercialization of brain-computer interface (BCI) technology in entertainment and XR fields [1] - The partnership is expected to enhance the application of BCI technology, which has a potential market size reaching trillions [1] - Sanqi Interactive has previously invested in the BCI sector, indicating a long-term commitment to this technology as a new generation of human-computer interaction [1][2] Investment Details - The investment in BrainCo is part of Sanqi Interactive's broader strategy to integrate technology into its core gaming business [1] - BrainCo specializes in non-invasive BCI technology and has developed various smart products, including bionic limbs and sleep aids [1] - The collaboration aims to enrich the consumer application matrix, enhancing user interaction in gaming and entertainment [1] Market Trends - The BCI technology is transitioning from laboratory research to industrial application, with significant policy support in China [2] - The market is witnessing a shift towards non-invasive BCI solutions, contrasting with the invasive approaches seen in companies like Neuralink [2] - The gaming industry is poised to leverage BCI technology to create new interactive experiences and potentially new game genres [2]

Core Insights - Company completed a $20 million investment in BrainCo, aiming to explore the commercialization of brain-computer interface (BCI) technology in entertainment and XR fields [3][4][6] - The investment is part of a strategic layout to position BCI as the "next generation human-computer interaction entry point," aligning with the company's goal of "technology empowering entertainment" [3][6][7] Investment Details - The investment in BrainCo is not the first for the company in the BCI sector; it previously invested in Huazhong Brain Control, holding a 10% stake [6] - The collaboration aims to expand the application scenarios of BCI technology, targeting a market potential that could reach trillions [3][4] Market Potential - BCI technology is expected to have a massive market space, potentially reaching a trillion-dollar scale, particularly in the entertainment and XR sectors [3][4] - The global market for BCI in the medical field is projected to reach $400 billion by 2024 [7] Technological Applications - BCI technology is anticipated to revolutionize traditional gaming interactions, allowing players to control virtual characters through brain signals, enhancing immersion and creating competitive advantages [4][6] - The technology is also being explored for applications in mental health, such as sleep and meditation, which could complement existing entertainment IPs [5][6] Competitive Landscape - The company is strategically positioned in the BCI landscape, focusing on non-invasive technologies and leveraging existing gaming IPs for integration [8][9] - The investment strategy emphasizes ecological collaboration and the ability to implement BCI technology in practical applications, differentiating the company from competitors focused solely on research [8][9]

Core Insights - Sanqi Interactive Entertainment has made a strategic investment in BrainCo, focusing on the application of brain-computer interface (BCI) technology in entertainment and XR fields, indicating a commitment to becoming a leader in the next generation of human-computer interaction [1][2][5] Investment Details - The company has completed a $20 million investment in BrainCo, aiming to explore commercialization paths for BCI technology while enhancing business upgrades and expanding application scenarios in entertainment and XR [2][5] - This investment follows a previous investment in Huazhong Brain Control, where Sanqi Interactive Entertainment acquired a 10% stake, demonstrating a consistent strategy in the BCI sector [5] Market Potential - The BCI technology is projected to have a market potential reaching trillions, with significant opportunities in various applications, including gaming and healthcare [2][3] - The global market for BCI in the medical field is estimated to reach $400 billion by 2024, highlighting the economic significance of this technology [6] Technological Advancements - BCI technology is expected to revolutionize traditional gaming interactions by enabling players to control virtual characters through brain signals, enhancing immersion and creating competitive advantages [3][7] - The collaboration with BrainCo is anticipated to enrich the consumer application matrix, particularly in sleep and meditation products, aligning with entertainment IPs [4][5] Competitive Landscape - The investment signals a long-term commitment to BCI as a strategic focus, aligning with national policies supporting the BCI industry and aiming to capture the core of future entertainment industry transformations [5][8] - Sanqi Interactive Entertainment's competitive edge lies in its ability to integrate existing gaming IPs with BCI technology, leveraging its operational experience to facilitate commercial applications [8]