Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Insights - Neuralink, a leading brain-computer interface company, showcased significant advancements in its technology, indicating a potential acceleration in the commercialization of brain-computer interfaces [2][10]. - The report suggests focusing on three main investment themes: 1) domestic mapping of the advanced overseas invasive brain-computer interface supply chain; 2) product deployment of non-invasive brain-computer interfaces in consumer scenarios; 3) downstream application targets related to brain-computer interfaces [10]. Summary by Sections Event Description - On June 27, Neuralink released a one-hour video demonstrating its latest research achievements and product development directions [3]. Event Commentary - The report highlights the impressive progress of Neuralink's brain-computer interface technology, which has significantly improved the quality of life for its seven trial participants, including patients with spinal cord injuries and ALS [10]. - Future plans include the development of a "full brain interface" with milestones set for 2025 to 2027, aiming to decode conscious speech and restore vision [10]. Product Overview - Neuralink currently has three products targeting different scenarios: 1) "Telepathy" for patients with motor disabilities; 2) "Blindsight" for visually impaired individuals; 3) "Deep" for neurological disorders [10].

Core Viewpoint - Neuralink is advancing brain-machine interface technology, showcasing significant progress in clinical applications and setting ambitious future goals for enhancing human capabilities through direct brain interaction with machines [1][5][10]. Group 1: Neuralink's Current Progress - Neuralink has conducted trials with 7 participants, including 4 with spinal cord injuries and 3 with ALS, who use the device for an average of 50 hours per week, with peaks over 100 hours [1][6]. - Participants can control video games and mechanical arms using brain signals, demonstrating the practical application of the technology [4][5]. Group 2: Product Lines and Future Plans - Neuralink has developed three main product lines: 1. Telepathy: Aimed at motor-impaired patients, enabling control of electronic devices and robotic arms [5]. 2. Blindsight: Focused on visual reconstruction, aiming for black-and-white contour perception by 2026 [5][8]. 3. Deep: Targeting neurological disorders like Parkinson's and depression, with animal trials underway [5]. - The ultimate goal is to achieve a full brain interface, allowing for deep integration between biological brains and machines, potentially enabling direct thought control of robots [5][8]. Group 3: Market Potential and Industry Trends - The global brain-machine interface market is projected to grow from $2.62 billion in 2024 to approximately $12.4 billion by 2034, with a compound annual growth rate of 17.35% [10]. - Various countries are intensifying their strategic investments in brain-machine interface technology, with China prioritizing this sector in its development plans [10]. - The industry is seeing advancements across invasive, semi-invasive, and non-invasive technologies, with non-invasive products leading in commercialization [10][11]. Group 4: Related Companies - Key players in the domestic industry include hardware manufacturers like Hanwei Technology and Jiake Intelligent, as well as application developers such as Zhongke Information and Keda Xunfei [11].