摘要 湘雅医疗已推出脑机接口系列产品，包括脑电图机和搭载多模态技术的 新品，覆盖疾病诊疗和患者康复，预计 2026 年一季度将有 10 余款非 侵入式脑控产品取得注册证，并计划推出七八十款新产品，年底将有百 余款面市，加速产品迭代。 湘雅医疗的脑控产品已进入 500 多家头部医院，预计到 2027 年春节前 覆盖 1,000 余家，主要通过临床研究、科研项目或采购方式进入，并正 办理非侵入式脑机接口一体机注册，有望在 2026 年带来显著销售收入 提升。 新设备主要为二类医疗器械，无需临床试验，是对传统康复设备的升级， 加载脑机接口技术后实现主动康复，效果较传统被动康复提升 20%以上， 且这一比例还在不断提高，具有显著优势。 脑机接口设备在三甲医院等头部医院的需求和采购意愿强烈，各地政府 也出台相关产业政策支持，已有近 20 个省市公布了脑机接口相关收费 目录，推动了脑机接口设备在临床应用中的加速发展。 Q&A 请介绍一下湘雅医疗在脑机接口领域的最新进展和未来计划。 湘雅医疗在脑机接口领域的探索始于 2015 年，当时与天津大学现任副校长明 东教授联合申报了国家重点课题"脑机交互的康复机器人及脑控电刺激技术 ...

不过1月6日晚间翔宇医疗发布的股票交易异常波动公告提示，近期资本市场对人脑工程、脑机接口等概 念关注度较高，相关板块股价涨幅较大。公司目前主要聚焦非侵入式脑机接口技术，覆盖作业疗法、运 动疗法、认知言语、吞咽等康复全场景布局，与当前国际上的侵入式脑机接口技术路线存在差异。公司 在脑机接口方面的投入，目前在技术、产品、渠道市场等方面形成一定的布局，但招投标和销售等具有 滞后性，截至2025年末，相关产品尚未实现规模化销售，营收占比较小。 翔宇医疗称，2025年前三季度，公司实现营业收入5.37亿元，同比增长6%；归属于上市公司股东的净 利润4398.15万元，同比下降40.09%。公司近期日常经营情况、内部生产经营秩序正常，未发生重大变 化，市场环境或行业政策未发生重大调整。公司持续加大研发投入，2025年前三季度60%以上研发投入 投向与脑机接口相关方向，技术方面实现自研自产，已获得脑电图机、便携式脑电图机两项注册证。公 司具备行业内较全体系的康复装备基础和整体解决方案，可快速形成"脑机接口技术+自有康复设备"的 深度融合。公司脑机接口产品已进入500多家三甲医院，2026年目标覆盖超千家三甲医院，有望加速产 ...

一场无声却激烈的"脑机战争"，已在实验室、手术室和资本市场上全面打响。这场战争的核心，是对人类终极交互入口的争夺，其意义或许不亚于互联 网的诞生。而中国，正以前所未有的战略决心，投身其中。 01 如何"读取"你的思想？ 国家医保局给出了一个冷静而精准的定义：脑机接口是在大脑与外部设备之间建立直接连接的通路。 侵入式则需通过开颅手术将电极阵列直接植入大脑皮层灰质，这样可以获得高质量的神经信号，但存在显著临床风险和成本；此外，由于异物侵入，可 能会引发免疫反应和愈伤组织（疤痕组织）及手术并发症，导致电极信号质量衰退甚至是消失。 BCI正被寄予在医疗康复、辅助交流、智能控制、脑功能评估等场景中实现"突破性革命"的期望。同时作为神经科学/脑科学、计算机技术人工智能、人 机交互等多学科交叉融合的前沿领域，其近年来从研究到产业转化均受到高度重视。 02 资料来源：伏云发等《脑机接口（BCI）的技术成熟度与泡沫风险分析：从研究到产业转化的考量》 战略升维：从前沿探索到国家产业竞赛 2025年，是中国脑机接口产业的"战略清晰年"。 7月，工信部等七部门联合印发《关于推动脑机接口产业创新发展的实施意见》，设定了明确的产业冲锋号 ...

Summary of the Conference Call on Brain-Computer Interface Technology Company and Industry Overview - The conference focused on Shanghai Aoyi Information Technology, which has been in the brain-computer interface (BCI) field for ten years, specializing in BCI and neural signal decoding technology, as well as core components for robotics [2][19]. Core Insights and Arguments - **Market Positioning**: Shanghai Aoyi is actively involved in medical applications of BCI technology, particularly for treating neurological diseases such as stroke. The company provides EEG machines for signal acquisition and analysis, and has developed smart prosthetic hands for amputees using non-invasive techniques [2][3]. - **Government Support**: The BCI technology has been recognized by the government as one of the six key industries for the future. Recent policy changes in cities like Shanghai and Beijing have included certain surgical procedures under medical insurance, which is expected to accelerate the application of BCI technology in healthcare [4][14]. - **Applications of BCI**: Current applications of BCI technology include treatment for neurological diseases (e.g., stroke, Alzheimer's, epilepsy), rehabilitation training, and human-computer interaction in industrial and military settings, as well as AR/VR entertainment [5][10]. - **Signal Acquisition Methods**: There are three main methods for acquiring neural signals: invasive, non-invasive, and peripheral electromyography. Invasive methods provide high-quality signals but come with significant risks, while non-invasive methods are safer but yield lower quality signals [6][7]. - **AI Integration**: AI plays a crucial role in optimizing signal processing in BCI technology, enhancing system accuracy and efficiency, and enabling real-time feedback and adjustments [20][21]. Additional Important Points - **Challenges in BCI**: The industry faces challenges related to effectiveness, safety, material science, and technical issues. Each surgical procedure requires follow-up to assess outcomes, and materials used must be soft yet removable to avoid damage to brain tissue [15][17]. - **Future Prospects**: The BCI industry is expected to see significant advancements by 2026, with several important certifications anticipated to facilitate the application of both implanted and non-implanted devices in medical settings [13][14]. - **Commercialization of Non-Invasive Devices**: Non-invasive devices, such as exoskeletons, are being developed and are expected to enter the market soon. However, high costs may limit their initial penetration, although prices are expected to decrease with technological advancements [16][29]. - **Collaboration with Redick**: Shanghai Aoyi is collaborating with Redick on advanced technologies, including AI algorithms and electric control systems, with plans for comprehensive cooperation in prosthetics, exoskeletons, and robotics [30]. This summary encapsulates the key points discussed during the conference, highlighting the advancements, challenges, and future outlook of the brain-computer interface industry and Shanghai Aoyi Information Technology's role within it.

内容概要：近年来，我国人口老龄化进程加快，老年人脑血管疾病、认知障碍等神经系统疾病发病率较 高，而上述疾病诊断离不开脑电图机，同时，现代社会中睡眠障碍、精神压力相关的神经问题逐渐增 多，儿童神经系统发育相关的诊疗需求也在不断增长，此外，随着国民健康管理意识的不断增强，人们 不再局限于疾病发病后的治疗，而是更重视早期筛查与长期监测，脑电图机作为神经类疾病早期筛查的 重要设备，不仅在医院场景需求增加，在睡眠中心等专业机构的应用也在不断拓展，据比地招标网数据 显示，2024年我国脑电图机采购总量达986台，同比增长46.29%；采购均价为26.27万元/台；采购总金 额达2.59亿元，同比增长22.75%，其中，华东地区占比最大，高达24%，其次为华南地区和华北地区， 分别占19%和16%。 上市企业：翔宇医疗（688626） 相关企业：上海光电医用电子仪器有限公司、博睿康技术 (上海) 股份有限公司、内特斯医疗器械（苏 州）有限公司、深圳德力凯医疗电子股份有限公司、北京太阳电子科技有限公司、上海诺诚电气股份有 限公司、广州尼高力科学仪器有限公司、武汉智普天创科技有限公司、武汉格林泰克科技有限公司、燧 世（天津）智 ...

Core Viewpoint - Chengdu aims to enhance its silver economy through a three-year action plan (2025-2027), targeting an industry scale of over 110 billion yuan and the establishment of a national-level silver economy industrial park by 2027 [1][4][9]. Group 1: Development Goals - By 2027, the silver economy's development layout will be established, with a focus on distinctive advantages, aiming for an industry scale exceeding 110 billion yuan, the creation of a national-level high-standard silver economy industrial park, and the establishment of over 15 nationally influential silver economy enterprises [4][5][9]. - The plan includes promoting over 30 products and services into the national promotion directory [4][5]. Group 2: Development Structure - The action plan proposes a "1+3+7+N" development structure, which includes creating one national-level industrial park, three main carrying areas (Wenjiang, Jinjiang, Wuhou), and seven collaborative development areas [1][5]. - Each district will focus on specific sectors, such as Wenjiang on pharmaceutical research and intelligent manufacturing, Jinjiang on finance and cultural tourism, and Wuhou on medical and cultural resources [5][6]. Group 3: Key Areas of Focus - The plan emphasizes the development of various sectors, including: - **Elderly Care Services**: Establishing a five-level urban and three-level rural elderly care service system [7]. - **Smart Elderly Care Industry**: Promoting the development of smart wearable devices and health monitoring systems [7]. - **Rehabilitation Aids Industry**: Focusing on the development of high-end rehabilitation products [7]. - **Anti-Aging Industry**: Encouraging research and development in anti-aging technologies and products [7]. - **Elderly Biomedicine Industry**: Supporting the development of innovative drugs for age-related diseases [7]. - **Health Tourism Industry**: Creating high-end health tourism destinations [8]. - **Traditional Chinese Medicine for the Elderly**: Strengthening the development of TCM products and services tailored for the elderly [8]. Group 4: Implementation Actions - The action plan outlines several key actions, including: - **Technology Innovation Empowerment**: Establishing innovation platforms and encouraging collaboration between enterprises and research institutions [9]. - **Leading Enterprises Growth**: Building a tiered enterprise cultivation system to support the growth of silver economy enterprises [9]. - **Brand Product Cultivation**: Promoting the development of iconic silver economy products and establishing a product directory [9]. - **Creation of Specialized Parks**: Encouraging the establishment of specialized silver economy parks [9]. - **Major Project Attraction**: Aiming to implement over 60 key projects with investments exceeding 30 billion yuan by 2027 [9].

Core Insights - Xiangyu Medical has received national medical device registration certificates for its EEG machines, entering the clinical application phase, with expectations to obtain multiple Class II medical device registration certificates for "brain-machine interface" products in the second half of the year, promoting the transformation of related technological achievements [1] - The brain-machine interface market is projected to exceed 3.8 billion yuan by 2025 and reach 5.58 billion yuan by 2027, with a growth rate of 20% [1] - Xiangyu Medical initiated brain-machine interface research in 2017, relying on the Sun-BCILab brain science laboratory, and plans to further develop five platforms by 2024, creating a comprehensive rehabilitation ecosystem [1] - The company focuses on non-invasive brain-machine interface technology, integrating self-developed EEG collection devices, brain-controlled products, lifestyle products, and proprietary algorithms to enhance rehabilitation medical scenarios [1] - Xiangyu Medical collaborates with universities and hospitals to establish a closed-loop system of "research-clinical-transformation" [1] Industry Outlook - The chairman of Xiangyu Medical emphasized a "clinical demand-oriented" research logic, focusing on deep collaboration with clinical experts to ensure products address real clinical pain points [2] - The company aims to actively build a "brain-machine interface+" rehabilitation industry ecosystem, promoting the establishment of industry technical standards and clinical application norms to support high-quality development in the rehabilitation medical industry [2] Product Showcase - During the recent event in Shanghai, Xiangyu Medical showcased 11 devices, including brain-machine interface lower limb exoskeleton robots, brain-machine interface thought typing systems, and microcurrent therapy devices [4]

Core Viewpoint - Xiangyu Medical (688626.SH) has shown significant growth in the rehabilitation medical device industry, with a focus on brain-computer interface technology and a strong commitment to research and development [1][2][4]. Financial Performance - In the first half of 2025, the company achieved total revenue of 359 million yuan, with 173 million yuan in the second quarter, and a net profit attributable to shareholders of 35.39 million yuan [1]. Industry Position - Xiangyu Medical is one of the few comprehensive enterprises in China's rehabilitation medical device sector, providing products, integrated clinical rehabilitation solutions, and professional technical support [1]. - The company is recognized as one of the first "little giant" enterprises in the national specialized and innovative category [1]. Technological Development - The company has made early investments in brain-computer interface technology, focusing on non-invasive applications in rehabilitation [2]. - In the first half of 2025, the company invested 91.15 million yuan in research and development, accounting for 25.39% of total revenue, with a year-on-year increase of 38.8% [4][5]. - The company has filed for 117 new patents, bringing the total to 1,933, including 22 new invention patents [5]. Market Outlook - The rehabilitation medical device industry is projected to exceed 220 billion yuan in total revenue by 2025, indicating strong market demand [7]. - The brain-computer interface market is expected to reach 3.8 billion yuan by 2025 and 5.58 billion yuan by 2027, with a compound annual growth rate of 20% [7]. - Long-term projections suggest that the brain-computer interface market in China could surpass 120 billion yuan by 2040, with a compound annual growth rate of 26% [7]. Strategic Collaborations - The company has established partnerships with universities and research institutions for the development and transformation of brain-computer interface technologies [3]. - Xiangyu Medical has launched 13 brain-computer interface devices at recent industry forums, gaining significant attention [6].

Group 1 - The brain-computer interface (BCI) concept stocks have been active, with multiple stocks rising significantly, and several exceeding 100% increase in price year-to-date [1][3][4] - A recent policy document issued by seven government departments aims to accelerate the BCI industry's development, proposing 17 specific measures to enhance hardware and software capabilities, application of technological achievements, and support for innovation [2][4] - The document outlines a roadmap for BCI development, with milestones set for 2025 and 2027, including the establishment of a comprehensive support system and the cultivation of leading enterprises [5][6] Group 2 - The policy encourages various application scenarios, including industrial manufacturing, healthcare, and consumer applications, aiming to break down departmental barriers and enhance collaboration across the industry [7][8] - The BCI industry is transitioning from research to commercialization, with significant advancements in non-invasive technologies and ongoing efforts to develop core components domestically [8][9] - The medical sector is identified as the fastest-growing area for BCI commercialization, with a projected global market size of $40 billion by 2030, driven by the treatment of central nervous system diseases [9][10] Group 3 - Recent developments include the establishment of pricing for BCI medical services, with specific costs outlined for invasive and non-invasive procedures, providing a foundation for clinical application [12][13] - Several listed companies are actively engaging in the BCI sector, with ongoing research and product development in invasive and semi-invasive BCI applications [13][15] - Companies are also preparing to establish funds and partnerships to support innovation and investment in the BCI field, indicating a strong interest in the sector's growth [14][15]

Core Insights - The establishment of the brain-computer interface (BCI) outpatient clinic at Huazhong University of Science and Technology's Tongji Hospital marks a significant advancement in the application of neuroscience and artificial intelligence in medical treatment in Hubei province [1][6] Group 1: Patient Experience - The first patient, Ms. Xia, successfully underwent non-invasive brain signal collection, expressing confidence in her future rehabilitation [1][2] - Ms. Xia suffered from left-side paralysis due to a brain hemorrhage and sought better treatment options after limited success with various therapies [2][4] Group 2: Clinical Procedures - The outpatient clinic employs both invasive and non-invasive BCI methods, with a team of neurologists and neurosurgeons assessing patients to determine the most suitable treatment [4][10] - Ms. Xia underwent a series of evaluations, including a behavioral assessment where she scored 13 out of 57, indicating moderate paralysis [4][5] Group 3: Technology and Methodology - The BCI clinic utilizes a dual-signal collection system, combining 32-channel electrical signals and a 90-channel near-infrared signal system, improving accuracy to 75% [5] - The brain signal collection process took approximately 30 minutes, with data analyzed through artificial intelligence algorithms and manual review [5][10] Group 4: Future Developments - The hospital plans to conduct clinical trials for semi-invasive BCI procedures, targeting conditions such as spinal cord injuries and aiming to enhance patient functionality through thought-controlled movements [6][10] - The BCI outpatient clinic will provide nationwide access to BCI technology assessments and treatment consultations, establishing a long-term follow-up database to support ongoing technology optimization [10]