北交所策略专题报告 2025 年 12 月 21 日 脑机接口政策强势赋能，关注北证医疗新质标的 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 脑机接口：政策强势赋能，技术产业化落地快速推进中 脑机接口作为十五五规划明确布局的未来产业，政策持续加码，2024 年首次被 列为未来产业，2025 年专项实施意见设定 2027 年核心技术突破、2030 年产业实 力跻身世界前列的目标；山西、河南、四川等多地积极跟进。作为神经科学、人 工智能与计算机多学科交叉的前沿技术，脑机接口上游涵盖脑电采集设备、芯片、 算法等软硬件供应，中游为采集平台与设备集成，下游广泛应用于医疗健康、军 事等领域。政策与技术的双重催化下，脑机接口市场规模持续扩容。2021 年全 球规模达 15 亿美元，预计 2027 年将达 33 亿美元；2024 年国内市场规模 32 亿 元，同比增长 18.81%，预计 2026 年将增至 46 亿元。北交所上市企业倍益康为 参与"植入式脑机接口四川省工程研究中心"联合申报企业之一。倍益康依托康复 设备研发经验构建多 ...

位于观澜文化小镇的贵湖塘老围老龄康旅产业园，成功获评深圳市首批"银发经济产业园"。 为加快推进深圳"一园多区"银发经济产业园体系建设，深圳市民政局近日公布15家"2025年深圳市银发 经济产业园区级分园入库单位"，其中宝安区3家、龙华区2家、光明区2家、福田区2家、大鹏新区2家、 南山区1家、坪山区1家、龙岗区1家、盐田区1家等，以及3家首批"深圳市银发经济产业园区级分园"。 这也意味着深圳已多维度布局"一园多区"银发经济体系，抢占先机激活万亿级市场新动能。 宝安区入选数量最多 聚焦智能智造、医疗器械等领域 在此背景下，深圳凭借雄厚的制造业基础、浓厚的科技创新氛围与丰富的养老产业资源，正加速推进智 慧健康养老产业发展。一批头部企业纷纷布局深圳银发经济相关领域，通过"垂直整合"模式，将人工智 能、机器人、灵巧手、毫米波雷达等成熟技术与前沿技术向养老领域延伸，培育出一批具有市场竞争力 的品牌与产品。 为推动产业高质量发展，深圳政策扶持体系持续完善。深圳先后出台《深圳市养老服务投资扶持政策措 施清单》等政策文件，制订银发经济高质量发展若干措施、养老服务高质量发展行动方案。结合深圳市 产业集群战略，深圳市民政局聚焦养 ...

Core Viewpoint - The article outlines the implementation opinions on promoting and regulating the application of "Artificial Intelligence + Healthcare," aiming to enhance the quality of healthcare services through AI integration by 2027 and 2030 [2][21]. Overall Requirements - The guiding ideology emphasizes government guidance, multi-party participation, innovation-driven, and safety control principles to promote the standardized application of AI in healthcare, meeting the growing health service demands of the public [3][20]. - By 2027, a high-quality dataset and trusted data space in the healthcare sector will be established, with widespread application of AI-assisted decision-making in clinical specialties and patient services [4][25]. Key Application Areas - **AI + Grassroots Applications**: Focus on enhancing intelligent applications in community healthcare, including intelligent diagnostic support for common diseases and chronic disease management [5][6]. - **AI + Clinical Diagnosis**: Promotion of intelligent diagnostic services in medical imaging and clinical decision support for specialized diseases [6][7]. - **AI + Patient Services**: Optimization of patient service processes through intelligent appointment systems and referral services [7][8]. - **AI + Traditional Chinese Medicine**: Development of intelligent applications in TCM diagnosis and management of herbal medicine [8][9]. - **AI + Public Health**: Strengthening infectious disease monitoring and emergency management through AI applications [9][10]. - **AI + Research and Education**: Enhancing medical research efficiency and expanding health education services through intelligent applications [11][12]. - **AI + Industry Governance**: Promoting intelligent management in healthcare institutions and enhancing regulatory frameworks [12][13]. - **AI + Health Industry**: Encouraging the development of new service models and innovative medical equipment through AI [13][14]. Strengthening Application Foundations - **Infrastructure Development**: Establishing a nationwide health information platform to connect all healthcare institutions [14][32]. - **Data Supply Enhancement**: Promoting data sharing across departments and optimizing data collection processes [14][33]. - **AI Algorithm Optimization**: Supporting the establishment of public service platforms for AI computational power [14][35]. - **Pilot Base Construction**: Building national AI application pilot bases to support various healthcare applications [14][37]. - **Talent and Standards Support**: Strengthening the training of AI professionals and establishing relevant policies and ethical guidelines [15][39]. Regulatory Safety Standards - **Industry Management Optimization**: Improving the governance mechanism for AI applications in healthcare [16][40]. - **Innovative Regulatory Approaches**: Establishing monitoring and evaluation systems for AI applications to ensure safety and privacy [16][41]. - **Data Security and Privacy Protection**: Enhancing security measures for healthcare data and personal information [16][41]. Organizational Support - **Institutional Development**: Encouraging local governments to strengthen AI research support and establish funding mechanisms [17][41]. - **Pilot Demonstrations**: Utilizing AI application pilot bases to promote high-quality data collection and sharing [17][42]. - **Public Awareness and Cooperation**: Enhancing policy promotion and international cooperation in AI applications [17][42].

Core Insights - The hosting of the 15th National Games in Guangdong, Hong Kong, and Macau is driving significant urban transformation and development in the region, showcasing a shift from superficial improvements to deep structural changes in cities [1][2][3] Urban Transformation - The event is catalyzing a comprehensive urban renewal across Guangdong, with cities focusing on enhancing infrastructure, public spaces, and transportation systems to create a safer and more efficient urban environment [2][3] - Cities like Guangzhou and Shenzhen are prioritizing micro-renovations and the creation of pocket parks, while also upgrading night lighting and waterfront areas to enhance the overall urban experience [3][4] Infrastructure Development - Major infrastructure projects are being accelerated, such as the extension of coastal roads and the development of new high-speed rail stations, which are enhancing connectivity and urban appeal [4] - The integration of sports, culture, and tourism is being emphasized, with cities like Dongguan and Zhaoqing leveraging the event to boost their manufacturing and service sectors [6][7] Economic Impact - The National Games are acting as a catalyst for industrial upgrades, with local businesses showcasing innovative products and technologies, thus enhancing brand value and market presence [5][6] - The event is expected to stimulate local economies, with cities like Zhaoqing attracting numerous manufacturing projects and enhancing their urban influence [7] Cultural and Tourism Integration - The event is promoting a blend of sports and tourism, with various cities launching initiatives to convert event-related traffic into long-term tourism benefits [8][9] - Cities are creating themed tourism routes and cultural events to engage visitors, thereby enhancing the overall experience and boosting local economies [9][10][11]

Core Viewpoint - The establishment of the Capital Medical University Medical Technology College represents a strategic integration of resources, aiming to enhance clinical capabilities and technological innovation in response to evolving healthcare trends [1][7]. Group 1: Trends in Medical Technology - Trend 1: Medical technology is shifting from a supportive role to a leading role, driving precision medicine. Advanced technology platforms are essential for precise disease prediction, diagnosis, treatment, and rehabilitation [4]. - Trend 2: Deep "medical-engineering integration" is becoming a necessary path for innovation. The new college will serve as a platform for collaboration between clinical needs and engineering principles, potentially leading to breakthroughs in high-end medical equipment and AI-assisted diagnosis [5]. - Trend 3: The demand for high-quality, interdisciplinary talent is increasing. The college aims to address the talent gap by developing a systematic and high-level training system for future medical technology experts [6]. Group 2: Institutional Overview - Capital Medical University, established in 1960, is a key medical institution supported by the Beijing government and national health authorities, with over 16,000 full-time students [10]. - The university boasts a robust clinical platform with 21 affiliated hospitals, providing over 20,000 beds, which facilitates extensive case studies and clinical training [10][11]. - The institution has a strong faculty, including seven academicians from the Chinese Academy of Sciences and the Chinese Academy of Engineering, and has achieved significant academic recognition with multiple national key disciplines [11].

Core Viewpoint - The article discusses the collaborative efforts of various Chinese financial institutions, particularly China Life, to support the innovation and development of the brain-computer interface (BCI) industry, highlighting significant investments and advancements in technology [1][2][5]. Group 1: Policy and Financial Support - The Ministry of Industry and Information Technology and six other departments issued implementation opinions to promote the innovation of the BCI industry [1]. - China Life has actively responded to this policy by integrating financial resources with technological innovation, aiming to accelerate the development of BCI technologies [1][2]. - As of June 2025, China Life's investment in technology self-reliance has exceeded 40 billion yuan, with over 20 projects funded in various advanced fields [2][5]. Group 2: Technological Advancements - A significant breakthrough in BCI was achieved with a clinical trial using high-throughput flexible electrodes developed by Beijing Zhirun Medical Technology Co., which allows for minimal damage during implantation and precise monitoring of neural signals [2][3]. - The BCI technology is being applied in medical, rehabilitation, and nursing fields, enabling patients to perform actions through thought, thus enhancing rehabilitation training [3][4]. Group 3: Investment in Emerging Companies - China Life's dual-carbon fund participated in a recent A-round financing for Zhirun Medical, raising over 300 million yuan to support the development of next-generation invasive flexible BCIs [2]. - Guangfa Bank, a member of China Life Group, provided tailored financial services to Lizi Intelligent Technology, offering a credit intention of 170 million yuan to support its application for national industry funds [4]. - The China Life Health Investment Fund has invested in over 60 projects, focusing on high-tech companies that address critical technological challenges [6].

Core Insights - The Shenzhen Sports Medicine and Rehabilitation Concept Verification Center was officially inaugurated to enhance the innovation and development of the sports medicine industry in Shenzhen [1][2] - The center aims to bridge the gap between research, clinical application, and industry, addressing challenges such as technology implementation and collaboration between medical institutions and enterprises [1][2] Group 1: Center Objectives - The center will serve as an "innovation testing ground" to promote technology validation and optimization, providing a preclinical validation platform for early-stage sports medicine technologies [2] - It will act as a "cooperation incubator" to facilitate collaborative innovation between medical institutions and enterprises, matching medical needs with technological capabilities [2] - The center will function as a "resource linker" to connect capital with industry, attracting investment and resources to accelerate the commercialization of mature technologies [2] Group 2: Industry Context - The establishment of the center is part of a broader initiative to create a comprehensive ecosystem for the transformation of sports medicine research into practical applications [2] - The collaboration involves various stakeholders, including government, universities, enterprises, and investment institutions, to foster a synergistic development model [2]

Core Insights - Jiangsu Province has released the "Smart Transformation and Networking Guide for Robot Reducers," providing a future roadmap for the robot industry, with 21 key projects and nearly 6 billion yuan in investment aimed at boosting the second half of the robot industry [1][8] Group 1: Industry Development - Changzhou is evolving from traditional manufacturing to intelligent equipment, establishing a comprehensive industrial ecosystem with 37 out of 41 national industrial categories covered [2] - The robot industry in Changzhou has surpassed 30 billion yuan, supported by high-end equipment and new energy vehicle industries [2][3] - By 2026, Changzhou aims to produce 100,000 robots annually and exceed 50 billion yuan in total industry scale, positioning itself as a national robot industry hub [3] Group 2: Technological Advancements - Changzhou's robot industry features a complete upstream supply chain, including global leaders in servo motors and reducers, enhancing precision and application across various sectors [4] - Innovative applications include AI visual inspection systems and intelligent rehabilitation devices, demonstrating the versatility of robots in industrial, medical, and logistics fields [4][9] Group 3: Policy and Support - The launch of the Embodied Intelligent Robot Innovation Center signifies increased support for major projects and platforms in the robot industry [5] - The release of the "Smart Transformation and Networking Guide" aims to address core component challenges and foster the development of the embodied intelligent robot industry in Jiangsu [8] Group 4: Future Outlook - Changzhou is committed to building a modern industrial system through a "full-chain ecosystem," inviting global partners to participate in the intelligent manufacturing revolution [9]