Group 1 - The brain-computer interface (BCI) sector in A-shares has seen an average increase of 48.67% this year, with leading companies like Innovative Medical doubling their stock prices [1][3] - The Chinese government has outlined a ten-year plan for the BCI industry, aiming for key technological breakthroughs by 2027 and the cultivation of 2-3 global giants by 2030 [3][4] - The National Medical Insurance Administration has included BCI-related costs in its reimbursement scheme, which is expected to drive market growth as technology matures [3] Group 2 - Institutional investors are actively researching BCI stocks, with 27 stocks under their scrutiny and 6 stocks being investigated more than five times [3][4] - Notable companies include Beilu Pharmaceutical, which has been investigated 22 times and holds neuro-regulatory drugs that complement BCI treatments for depression [3][4] - Other companies like Hanwei Technology and Xiangyu Medical are also attracting institutional interest due to their innovative products and growing order volumes [3][4] Group 3 - The BCI sector is witnessing significant technological advancements, such as the world's first invasive brain-machine surgery conducted by Sanbo Neuroscience, which has boosted institutional confidence [4] - Companies are advised to focus on upstream components like chips and sensors, as these are critical to the BCI ecosystem [5][7] - The market is also seeing a surge in demand for medical devices that are covered by insurance, with companies like Pinchi Medical capturing a significant share of the Parkinson's market [7][8] Group 4 - There are risks associated with the BCI sector, including companies that may be overvalued or lack genuine technological advancements [6][8] - Investors are cautioned against speculative stocks that merely rebrand themselves as BCI-related without substantial business models [6][8] - The importance of clinical data and real-world applications is emphasized, as speculative claims without evidence can mislead investors [8]

www.leadleo.com 中国医疗科技行业调研简报 | 2025/05 Q1：脑机接口柔性电极有哪些分类？ 图表1：柔性电极内部构造 报告标签：柔性电极、信号监测、微电极 2025年5月 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 头豹调研简报 | 2025/05 医疗科技行业 柔 性 聚 合 物 基 底 金 属 导 电 层 绝 缘 封 装 层 ◼ 根据放置位置不同，颅内柔性电极可分为侵入式 电极和半侵入式电极，颅外柔性电极则包括干电 极、半干电极以及湿电极。每一种电极类型在脑 机接口应用中承担着不同的角色，且各自具备独 特的优势和适用场景 ➢ 颅内电极 侵入式电 ...

Group 1 - Neuralink, founded by Elon Musk, secured $600 million in funding, setting a record for brain-computer interface financing globally [1] - The FDA granted Neuralink's device "breakthrough medical device" designation, indicating positive recognition for its clinical application prospects [1] - The brain-computer interface (BCI) technology aims to allow direct control of computers and devices through thought, potentially impacting millions of people in the future [2][3] Group 2 - The concept of brain-computer interfaces was introduced in 1973, with significant advancements made since the establishment of Neuralink in 2016 [2] - The industry is witnessing an influx of participants, including companies like BrainCo, Biorobotics, and others, focusing on invasive BCIs for central nervous system diseases [2][4] - By 2025, invasive BCIs are expected to achieve significant breakthroughs, transitioning from laboratory research to clinical trials [2][4] Group 3 - In 2023, several hospitals in China reported a surge in clinical trials for wireless implanted BCIs, with successful surgeries conducted on patients with various conditions [4][12] - Companies like MicroLink and Step Medical are developing flexible electrodes that enhance the safety and efficacy of BCI systems [8][9] - The development of flexible electrodes is crucial for minimizing damage to brain tissue and improving signal quality [7][8] Group 4 - The global market for BCIs in serious medical applications is estimated to be between $15 billion and $85 billion [10] - Investment in the BCI sector is increasing, with significant funding rounds reported in early 2023, indicating a growing interest in the commercialization of this technology [10][19] - The Chinese government is actively working on regulatory frameworks for BCI medical devices, which is expected to facilitate faster clinical applications [14][20] Group 5 - The clinical applications of BCIs are primarily focused on motor control, sensory restoration, and neural modulation [15] - Companies are exploring various use cases, including helping paralyzed patients regain control over their movements and improving communication for those with speech impairments [11][15] - The industry is still in the early stages of development, with many technologies remaining in experimental phases [17][18]

这恐怕是科幻距离现实最近的一次。近日，上海阶梯医疗科技有限公司展示了一段受试者通过植入大脑 的脑机接口设备玩"马里奥赛车"游戏的视频。熟练地通过大脑控制小车避障，受试者的操作速度已经可 以比拟普通人用电脑触屏操作的速度。这一事件受到社会广泛关注。 继脑机接口公司Neuralink之后，今年3月，阶梯医疗成为全球第二家进入临床阶段的侵入式脑机接口公 司，产品有望于2028年上市。脑机接口技术正以惊人的速度突破科学边界，不仅将为医疗提供新的解决 方案、改善人类生活质量，也会对社会结构、经济模式等方面产生深远影响。 面对技术爆发的需求，要以市场为导向驱动脑机接口科技成果应用转化和新质生产力生成，推进完善产 业化、体系化发展途径，推动我国在脑机接口领域实现加速发展。引导高水平高校通过设置交叉学科等 方式，培育高质量复合型人才。构建"政产学研医金介用"协同创新机制，统筹攻关共性技术。鼓励校企 共建高水平科研创新平台，联合承接脑机接口领域重点攻关任务，解决产业化落地难题。带动相关行业 尽快打通技术链、补全人才链，构筑脑机接口产业链高质量发展的可靠底座。 此外，还需构建相应的治理框架。推动脑机接口标准化及标准化组织建设，鼓 ...