Investment Rating - The report maintains an "Outperform" rating for the brain-computer interface (BCI) industry [1] Core Insights - The brain-computer interface industry is rapidly developing, enabling direct communication between the brain and external devices, with significant advancements in technology and market potential [2][3] - China holds multiple advantages in developing the BCI industry, including technological leadership in non-invasive interfaces, a growing industrial base, and increasing market demand driven by an aging population and industrial upgrades [22][18] - The BCI technology involves four core steps: neural signal acquisition, signal processing and feature extraction, decoding and machine learning, and feedback and control [27][24] - The BCI industry has a complete supply chain covering upstream (materials, chips, electrodes), midstream (signal acquisition and processing), and downstream (medical health, consumer life, industrial production) applications [58][71] Summary by Sections Industry Investment Rating - The report maintains an "Outperform" rating for the BCI industry [1] Industry Overview - The BCI technology allows for a new communication channel between the brain and external devices, with applications expanding due to advancements in neuroscience and artificial intelligence [2][3] - The global BCI market is projected to grow from approximately $2.62 billion in 2024 to $2.94 billion in 2025, and is expected to reach $12.4 billion by 2034 [2] Technological Development - BCI technology is evolving through three main paths: invasive, semi-invasive, and non-invasive methods, each with distinct advantages and applications [28][30] - Invasive interfaces provide the most precise neural signal acquisition but come with higher risks, while non-invasive interfaces are safer and more user-friendly [41][45] Market Applications - The BCI industry is witnessing rapid growth in various application scenarios, including medical rehabilitation, consumer electronics, and industrial production [58][71] - The medical health sector is currently the largest application area for BCI technology, accounting for approximately 47.62% of the market, with significant potential in rehabilitation and neurodiagnostics [71]

9月16日，证券时报记者从南京市江宁区获悉，近日，该区企业南京山海医疗科技有限公司自主研发 的"功能神经外科电生理记录和刺激设备"(商品名：明瞳)正式获得国家药品监督管理局批准上市。 该产品是国内首个获批上市的脑机接口Ⅲ类医疗器械，也是国产首款侵入式深脑电生理记录与刺激设 备。它成功实现了脑深部电刺激(DBS)术中神经电生理记录系统的国产化替代，填补了国内在该类高端 医疗装备领域的空白。 脑机接口(BCI)作为融合神经科学、工程学与临床医学的前沿交叉领域，旨在建立大脑与外部设备之间 的直接通信通路，实现对神经信号的解码与调控。"明瞳"是应用于功能神经外科手术中的高端电生理设 备，作为一款脑机接口医疗器械，主要用于脑深部电刺激手术过程中对脑深部核团信号进行实时采集、 定位与调控。 在山海医疗产品展示中心，公司产品经理喻子眈现场演示了"明瞳"的使用方法。他介绍，该设备的信号 采集模块搭配纤细电极，如同为大脑装上"精准导航"，在脑深部电刺激手术中能精准植入患者脑内特定 核团。 设备配套屏幕能实时显示脑区靶点信号数据，动态标注电极位置，帮助医生清晰掌握治疗电极植入路径 与深度，避免损伤健康脑组织。 "此前国内类似产品 ...