Investment Rating - The report maintains an investment rating of "Outperform" for the brain-computer interface (BCI) industry [1] Core Insights - Continuous policy support is evident, with the Ministry of Industry and Information Technology and six other departments releasing implementation opinions to promote BCI innovation [2] - Significant technological and clinical breakthroughs have been achieved, including China's first invasive clinical trial for BCI technology [2] - The global BCI market is projected to exceed $10 billion, with a compound annual growth rate (CAGR) of over 13% from 2019 to 2023 [2] Summary by Sections What is Brain-Computer Interface? - BCI is defined as a communication system that establishes a direct connection between the brain and external devices, enabling interaction through brain wave recognition [7][10] - The technology is expected to revolutionize medical rehabilitation, assistive communication, and intelligent control [7] Why is BCI at a Critical Turning Point for Industrialization? - Policy support has intensified, with a clear roadmap for BCI standardization and development outlined by various government bodies [35][41] - The industry is expected to see significant advancements in technology and clinical applications, with a focus on creating a robust ecosystem by 2030 [35][46] Investment Recommendations - Companies to watch include Sanbo Brain Science, Zhongke Information, Entropy Technology, and Yanshan Technology, which are involved in clinical applications or product development [2]

Core Insights - A significant breakthrough in brain-computer interface (BCI) technology has been achieved with the development of a universal implantable flexible BCI system by BrainTiger Technology, enabling long-term stable implantation and precise control of over 20 digital/physical devices [1][2] - The research, conducted by the Shanghai Institute of Microsystem and Information Technology, BrainTiger Technology, and Huashan Hospital affiliated with Fudan University, represents the first long-term clinical trial article based on high-throughput, high-resolution flexible BCIs [1] Technical Innovations - The research team utilized semiconductor micro-nano processing technology to create an ultra-flexible 256-channel electrode array with a density of 64 channels per square centimeter, enhancing traditional electrode performance by 64 times [1] - The ultra-thin mesh recording area closely adheres to the brain cortex, ensuring high-fidelity signal acquisition, while the thickened lead area guarantees mechanical stability for long-term implantation [1] - The system features a customized titanium alloy waterproof shell and low-power processing unit, achieving breakthroughs in high throughput, high resolution, and low invasiveness [1] Performance Metrics - In clinical trials, subjects completed a total of 25,412 training tasks, achieving a maximum bit rate of 4.15 bits per second, comparable to the performance levels of subjects from Elon Musk's Neuralink [2] - The electrode array is placed subdurally, adhering to the surface of the brain cortex without penetrating brain tissue, significantly reducing implantation risks while maintaining performance on par with Neuralink [2]

Group 1 - The research published in the journal "Advanced Science" presents a significant breakthrough in brain-computer interface technology, developed by BrainTiger Technology, achieving long-term stable implantation and solving the generalizability issue [1][2] - The flexible brain-computer interface system can precisely control over 20 digital and physical devices, with an information transmission rate comparable to that of Neuralink's subjects after similar training times [1][2] - The research was a collaboration between the Shanghai Institute of Microsystem and Information Technology, BrainTiger Technology, and Huashan Hospital affiliated with Fudan University [1] Group 2 - The innovative use of semiconductor micro-nano processing technology led to the creation of a super-flexible 256-channel electrode array, with a density of 64 channels per square centimeter, enhancing traditional electrode performance by 64 times [1] - The ultra-thin recording area closely adheres to the brain cortex for high-fidelity signal acquisition, while the thicker lead area ensures mechanical stability for long-term implantation [1] - The product's electrode array is placed subdurally, adhering to the brain surface without penetrating brain tissue, significantly reducing implantation risks while achieving performance comparable to Neuralink [2]

Core Viewpoint - A significant research achievement has been made in developing a versatile implantable flexible brain-machine interface (BMI) system, which has demonstrated compatibility with over 20 digital and physical devices, achieving information transmission rates comparable to those of Neuralink [1][4]. Group 1: Technical Innovations - The research team has addressed the longstanding challenge of balancing high performance and safety in brain-machine interface technology by developing a highly flexible, high-density 256-channel μECoG electrode array, which has a density of 64 channels per square centimeter, enhancing the signal acquisition capabilities significantly [2][5]. - The μECoG electrode system has shown excellent long-term stability in a 203-day in vivo experiment, maintaining a signal-to-noise ratio above 20dB, which is essential for real-time decoding [3]. Group 2: Clinical Applications - The system has been clinically validated, allowing a patient to control brain activity and complete tasks such as playing games with high accuracy after only 7 minutes of model training, achieving a decoding accuracy of 90% for a one-dimensional task [4]. - In a clinical trial with a participant who completed 25,412 tasks over 19.87 hours, the participant achieved a peak bit rate of 4.15 bits per second, indicating performance on par with Neuralink subjects, showcasing the system's potential for various applications including smart homes and assistive devices [4][5]. Group 3: Future Implications - This breakthrough in high-throughput flexible brain-machine interfaces not only enhances clinical feasibility but also opens new avenues in neurorehabilitation, potentially providing home-based solutions for patients with motor function impairments [5].