"未来五到十年间， 脑机接口的消费医疗属性会开始展现。" 文 ｜ 海若镜 来源｜ 36氪pro（ID：krkrpro） 封面来源 ｜ IC Photo 2025年下半年，硅谷科技圈与"脑机接口"相关的热点不断。 以下文章来源于36氪Pro ，作者海若镜 36氪Pro . 36氪旗下官方账号。深度、前瞻，为1%的人捕捉商业先机。 年中，马斯克主导的Neuralink再获6.5亿美元融资，估值达90亿美元；其开发适应症也从为渐冻症、脊髓损伤等严重运动功能障碍患者开发脑控装置，拓展 到失语、失明患者的功能重建。 8月，Sam Altman与其团队启动筹建脑机接口初创公司Merge Labs，计划从OpenAI 融资2.5 亿美元，利用超声技术读取大脑信号、进行调控。 11月，另一代表公司Synchron获2亿美金D轮融资；Paradromics获FDA批准，开启脑机接口用于言语功能重建的人体临床试验。 相比海外公司的明星光环与大额融资加身，中国脑机接口创业公司大多务实、低调，在医疗器械严格监管的框架下，借助国内临床资源和医疗优势，稳步推 进临床试验、产品优化。 在注册准入方面，以博睿康、阶梯医疗为代表的脑机接口公司 ...

21世纪经济报道记者闫硕 近日，我国首例执行政府指导价脑机接口手术在湖北武汉实施。这标志着植入式脑机接口技术正式被纳入规范化医疗服务体系。 加速走向临床应用 脑机接口政府指导价的落地，湖北又一次走在了前面。 据报道，三年前，小刘因意外导致高位截瘫，脑机接口技术的出现让他重燃希望。在充分知情同意的前提下，小刘及家属选择在同济医院接受 手术治疗。 此次手术采用的是武汉衷华脑机生产的植入式脑机接口设备，它具有64通道高通量柔性电极，精确监测大脑手部运动和感觉区域的脑电信号。 手术过程顺利，小刘术后情况稳定。 今年3月底，在国家医保局指导下，湖北省医保局出台全国首个脑机接口医疗服务价格项目，明确侵入式脑机接口置入费为6552元/次，侵入式 脑机接口取出费为3139元/次，非侵入式脑机接口适配费为966元/次，为技术合规、可控地进入临床提供了制度保障。 八个月后，湖北又率先完成首例执行政府指导价的脑机接口手术。手术费用不需患者自付，"现在脑机接口技术都属于临床研究阶段，还没有 进入到市场应用，因此小刘的手术费用由研究经费承担。"同济医院相关负责人表示。 脑机接口是一种在大脑与外部设备之间建立连接、交换信息的技术，是神经 ...

多个脑机接口大会将于12月举办。 根据上海市科委介绍，由上海市科学技术委员会、闵行区人民政府、脑机接口产业联盟单位共同主办 的"2025脑机接口大会"将于12月4日至5日在上海举行。本届大会实现多项"首次"突破：首次举办国内大 规模多赛道脑机接口竞技赛，首次设立脑机接口开发者大会，首次开设聚焦投融资的"投资合作"分论 坛。 12月11日至12日，由杭州市人民政府、浙江省科学技术厅、浙江大学及中国人工智能学会共同主办的 2025"智联·未来"脑机接口国际会议暨第二届中国脑机智能大会，定于杭州举行。本次大会以"脑机融合 智联未来"为主题，聚焦脑机智能的技术前沿与应用热点。 脑机接口市场空间广阔，尤其是在康复治疗领域。据麦肯锡测算，全球脑机接口在医疗应用领域的市场 规模2030年有望达到400亿美元，到2040年突破1450亿美元。 16只概念股获机构调研 从公开的信息来看，目前有两家上市公司将参与上述大会。其中，三博脑科董事长张阳将参加2025脑机 接口大会，并在"投资合作"分论坛发表主题演讲。爱朋医疗在投资者互动平台表示，公司有计划参加 2025深圳脑机接口与人机交互技术博览会。 12月28日至29日，由深圳市 ...

Core Insights - The brain-computer interface (BCI) has been elevated to a "national strategy" and is recognized as one of the six future industries requiring forward-looking layout, as stated in the 14th Five-Year Plan [2] - Multiple large-scale BCI conferences are scheduled in December 2025 across various cities, showcasing significant advancements and investment opportunities in the sector [1] Industry Developments - Various local governments, including Shanghai, Beijing, Sichuan, Zhejiang, and Jiangxi, have introduced supportive policies for BCI development [3] - Shanghai's action plan aims for breakthroughs in semi-invasive BCI products by 2027, while Beijing's plan focuses on achieving major original results in key technologies by the same year [3] Clinical Application and Regulation - The National Medical Insurance Administration has opened a "green channel" for BCI and other innovative medical products to facilitate their approval [4] - The National Medical Products Administration has included a wireless implanted BCI system in its special review process for innovative medical devices [4] Investment Trends - Capital is rapidly flowing into the BCI sector, with 28 financing rounds completed in 2023, totaling over 5 billion yuan, and a record 350 million yuan raised by Ladder Medical [5] - The global market for BCIs in medical applications is projected to reach $40 billion by 2030 and exceed $145 billion by 2040 [5] Market Performance - BCI-related stocks have shown remarkable performance in 2023, with companies like Century Huatong rising over 250% and others doubling in value [6] - 16 BCI concept stocks have undergone institutional research, indicating strong interest from investors [6] Company Insights - Xiangyu Medical reported that 60%-70% of its R&D investment is related to BCI technology [7] - Lepu Medical plans to deepen its brainwave collection technology and integrate it with neural stimulation and intelligent algorithms [7] - Meihua Medical is collaborating with BCI clients to facilitate efficient commercialization from laboratory research to mass production [7]

Core Insights - The Waigaoqiao Group has launched the "Brain-Computer Interface Innovation Development Partnership Program" to enhance its position in the brain-computer interface (BCI) sector, aiming to become a preferred "landing point" and "accelerator" for BCI innovations [1] Group 1: Partnership Program Details - The partnership program aims to unite enterprises, hospitals, and government departments to collaboratively build an innovative ecosystem that addresses bottlenecks in clinical transformation, cross-border data, and market access for BCI technology [1] - Participating companies will receive the "Waigaoqiao Brain-Computer Interface Product Service Package," which includes comprehensive support from cross-border R&D pilot projects to clinical approval acceleration and market expansion [1] - Initial participants will also benefit from preferential support in terms of space and guidance on relevant industrial policies provided by the Waigaoqiao Group [2] Group 2: Industry Context and Developments - The BCI sector is on the verge of transitioning from laboratory research to clinical application, with companies aiming to establish a full-service capability from R&D to market entry to capture future industry opportunities [2] - Recently, Ladder Medical's "Implantable Wireless Brain-Computer Interface System" has entered the special review process by the National Medical Products Administration, marking a significant milestone for invasive BCI products in China [2] - Ladder Medical has developed the world's smallest brain-controlled implant and is progressing towards full domestic production, collaborating with Fudan University Huashan Hospital for prospective clinical trials [2] Group 3: Strategic Advantages - The development of BCI technology relies heavily on interdisciplinary collaboration, cross-border R&D, and international cooperation, which aligns with Waigaoqiao's strategic advantages [3] - Waigaoqiao offers "bonded R&D" policy functions and serves as a hub connecting domestic and international markets, facilitating data cross-border and personnel movement [3] - The company provides comprehensive policy adaptation services for BCI enterprises, covering the entire process from clinical trials to overseas registration [4]

Group 1 - The first brain-computer interface (BCI) industrial cluster in China, named "Brain Intelligence World," is officially operational as of December 10, announced during the National Brain-Computer Interface Conference [1] - The cluster is located in the core area of the Hongqiao International Central Business District and aims to gather approximately 150 medical device companies by 2027, achieving an industrial scale of about 10 billion yuan [2] - The cluster will focus on two strategic engines: the BCI future industrial cluster and a global innovative medical device exhibition and training center, along with four functional platforms [2] Group 2 - The development path for the cluster includes three phases: building three core platforms and nurturing 2-3 leading companies by 2025-2026, breaking through key technologies and reaching a fund scale of 1 billion yuan by 2027-2028, and striving to create a national technology innovation center by 2029-2030 [2] - The area has already attracted clinical resources, including Huashan Hospital's Hongqiao branch, which has an annual outpatient volume exceeding 1 million, providing significant clinical transformation scenarios for BCI technology [2] Group 3 - The Central Committee of the Communist Party of China has included BCI as one of the six major directions for future industries in the 15th Five-Year Plan, elevating the field to a national strategic level [3] - With rapid advancements in neuroscience, artificial intelligence, and microelectronics, BCI technology is transitioning from laboratory research to commercial applications, with the global market for medical applications projected to reach $40 billion by 2030 and exceed $145 billion by 2040 [3] Group 4 - The Ministry of Industry and Information Technology and other departments have issued implementation opinions to promote innovation in the BCI industry, aiming for breakthroughs in key technologies by 2027 [4] - Related companies have seen stock price increases, with Innovation Medical and Xiangyu Medical experiencing significant gains following the announcement [4] Group 5 - Zhongke Information is developing a closed-loop BCI system for smart anesthesia and rehabilitation, while Sanbo Neuroscience is collaborating with Tsinghua University on a precision medicine research center [7] - Hanwei Technology is focusing on flexible micro-nano sensor development for BCI applications, and Yingqu Technology is the largest seller of BCI devices in China [7] - Chengyitong is leading BCI hardware and signal decoding algorithm development, while Yanshan Technology has successfully implemented non-invasive BCI in gaming and is working on invasive applications [8]

Core Insights - Brain-computer interface (BCI) technology has achieved a significant breakthrough in policy, with Shanghai Ladder Medical Technology Co., Ltd. announcing that its "implantable wireless brain-computer interface system" has entered the special review process for innovative medical devices by the National Medical Products Administration, marking a transition from laboratory to clinical application [1] - Interest in companies related to brain-computer interfaces has surged, with over ten brokerages and several investment funds conducting joint research on Xiangyu Medical [1] Company Developments - Xiangyu Medical reported a total R&D investment of 49.0947 million yuan in the third quarter, representing a year-on-year increase of 27.67%, with approximately 60%-70% allocated to brain-computer interface-related fields [2] - The company has established strategic partnerships with over 260 large hospitals to develop brain-computer interface treatment centers and research-oriented wards, aiming to cover 500 top-tier hospitals by the Spring Festival and expand to over 1,000 hospitals next year, with progress ahead of expectations [2] - Xiangyu Medical's innovative products, including those utilizing brain-computer interface technology, present new opportunities for collaboration with high-level hospitals, enhancing the company's brand positioning and influence in the high-end hospital market [2]

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7]. Core Insights - The AI wave is reshaping the industry landscape, accelerating technological innovation in infrastructure. The server operating system is becoming a crucial foundation for AI algorithms, models, and applications, transitioning from a background role to a key driver of AI capability democratization [6][45]. - The report highlights several areas of focus: AI Infrastructure, AI Agent-related companies, China's inference computing industry chain, and CSP manufacturers benefiting from inference demand [6][57]. Summary by Sections Market Performance - The computer sector experienced a decline of 3.13% last week, ranking 30th among primary industries in the Yangtze River region, with a market turnover share of 5.62% [2][4][13]. Key Developments 1. **Brain-Computer Interface (BCI)**: The "Implantable Wireless Brain-Computer Interface System" has entered the special review process for innovative medical devices, marking a significant step towards commercialization in China [20][23]. 2. **Energy IT**: The National Energy Administration issued guidelines to promote the integrated development of renewable energy, aiming to enhance market competitiveness and reliability by 2030 [25][28]. 3. **openEuler Operating System**: The openEuler operating system was launched, designed to meet the demands of the AI era, particularly for super-node architectures [35][40]. Investment Recommendations - The report suggests focusing on investment opportunities in the following areas: 1. AI Infrastructure, which is expected to benefit significantly [6][57]. 2. Companies related to AI Agents [6][57]. 3. The inference computing industry chain in China [6][57]. 4. CSP manufacturers responding to inference demand [6][57].

Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,990.49, down 0.97%, and the Shenzhen Component Index at 13,216.03, down 1.93% [2] Industry Commentary - The non-bank financial sector is experiencing a positive trend, with the capital market's dual opening deepening and broker fundamentals improving [4][7] - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention and high-quality development while planning more substantial opening measures for the capital market [7] - Brokerages have seen significant improvements in performance in Q3 2025, with expectations for steady growth through both external and internal development strategies [7] Company Performance Yuanyuan Group - In Q3 2025, Yuanyuan Group reported revenues of $6.017 billion, a year-on-year decrease of 1.0%, and a net profit of $279 million, down 16.0% [6][9] - The company maintains its profit forecast for 2025-2027, expecting revenues of $8.135 billion, $8.588 billion, and $9.051 billion, with corresponding net profits of $353 million, $380 million, and $411 million [9] Huace Navigation - Huace Navigation reported a revenue of $2.618 billion in Q1-Q3 2025, reflecting a year-on-year increase of 15.47%, with a net profit of $493 million [11] - The manufacturing business saw a revenue of $4.232 billion, up 2.3%, with a production capacity utilization rate of 93% [11] Investment Recommendations - The report suggests focusing on investment opportunities in the brokerage sector due to improving fundamentals and potential for growth [7] - For Yuanyuan Group, the recommendation is to maintain a "Buy-A" rating based on its stable profit forecasts and market positioning [9] - The report highlights the importance of companies with technological barriers and clinical implementation capabilities in the brain-computer interface sector, suggesting a "Buy-A" rating for key players [15]

Core Insights - Two brain-computer interface (BCI) companies in Shanghai have made significant advancements in their research, with one company, JieTi Medical, having its "implantable wireless brain-computer interface system" enter the special review process of the National Medical Products Administration, marking it as the first invasive BCI product to enter the "green channel" in China [1] - The other company, Boda Medical, is developing an "ultrasound brain-computer interface" that aims to achieve high spatiotemporal resolution for comprehensive brain function analysis [1] Company Developments - JieTi Medical has invented ultra-flexible electrodes that are 1/100th the diameter of a human hair, significantly reducing the risk of tissue damage and immune response when implanted in the brain [1] - JieTi Medical is collaborating with Huashan Hospital for prospective clinical trials, which have shown initial success in restoring some self-care abilities in patients [1] - Boda Medical's founder introduced a new ultrasound technology with a frame rate of 10,000 frames per second, which surpasses traditional imaging techniques like fMRI and PET in sensitivity [2] - Boda Medical has developed an ultrasound brain blood flow imaging system that is currently being used in clinical settings, showing promising results [2] Industry Trends - The brain-computer interface sector is identified as a key future industry in China, gaining global attention since the establishment of Neuralink by Elon Musk in 2016 [1] - The advancements in BCI technology are expected to facilitate broader applications in areas such as motor and language function replacement, treatment of neurological diseases, and sensory restoration [2] - The 2025 "Innovation in Shanghai" international entrepreneurship competition aims to attract investment for the development of hard-tech startups, including Boda Medical's ultrasound BCI technology [4]