脑机接口专家解读电话会议 20260106 摘要 脑机接口技术根据记录位置分为侵入式、半侵入式和非侵入式，各有优 缺点。侵入式可记录动作电位，半侵入式信噪比较高，非侵入式捕捉整 体大脑活动，但信号较弱，影响解码准确率。 非侵入式脑机接口主要应用于打字通信（基于 P300）、设备控制（基 于 SSVEP）和康复训练（基于运动想象电位），但受限于颅骨阻隔，脑 电波幅度低，解码准确率有待提高。 侵入式脑机接口在运动和语言解码、视觉和听觉重建等方面取得进展， 但存在创伤风险和设备可靠性问题，如出血感染和元器件故障，商业化 前景存在不确定性。 研究团队探索 EEG 与 EMG 混合方案，通过解析微弱肌电信号辅助解码 运动意图，已成功帮助臂丛神经损伤、肘关节受限和卒中患者恢复部分 肢体功能，预计 2025 年上半年投入使用。 中国肢体障碍患者数量庞大，手功能重建市场潜力巨大。非侵入性脑机 接口技术适用于肢体康复，可广泛推广，但尚无便携式智能辅具产品满 足日常佩戴需求。 Q&A 脑电在临床和脑机接口中的应用有何不同？ 在临床上，脑电图（EEG）主要用于诊断癫痫等神经系统疾病，通过检测异常 的电位变化来支持诊断。通常，临床使 ...

调研基本情况 2026年1月4日，熵基科技（股票代码：301330）以"反路演"形式接待了机构投资者调研，活动分为上午 10:00-12:00及下午15:00-16:00两个时段，地点为公司会议室及线上会议。天风证券（维权）、易方达基 金、西部利得基金、广发基金等4家机构参与了本次调研。公司副总经理兼董事会秘书郭艳波、投资总 监陈川、智能创新研究院院长仲崇亮、生物识别及脑机事业部负责人叶峰出席接待，就公司业务进展、 业绩规划及技术布局等问题与投资者进行了深入交流。 在非侵入式脑机业务的核心竞争力方面，公司强调，其脑机业务继承了在AI认知空间计算领域的长期 积累，聚焦BioCV TinyML边缘模型研发，将空间理解、自主决策与脑电信号处理深度融合。通过将感 知、分析与决策能力下沉至边缘设备，持续优化"人、车、物、环境"多要素协同下的脑机交互表现，为 非侵入式脑机接口的可穿戴化、场景化应用奠定技术基础。 核心调研要点解读 合作方神念科技优势：20年数据积累+跨领域团队+清晰商业路径 对于为何选择神念科技作为合作方，公司指出，神念科技在行业深耕20余年，积累了消费级场景下的稳 定数据，指标针对性强；其创始人及研发团 ...

Group 1: Company Overview and Business Focus - The company is focused on developing next-generation edge brain-machine interface algorithm chips and advancing mixed biometric and brain signal collaborative analysis [2] - The joint venture is currently in the preparation stage for business registration [2] Group 2: Performance Guidance and Targets - The company has set performance assessment targets for 2026 based on the 2025 restricted stock incentive plan and employee stock ownership plan [2] - Strategies to achieve growth include deepening technology applications, expanding market reach, enhancing brand influence, and increasing product and service competitiveness [2] Group 3: Incentive Plan and Acquisitions - The stock incentive plan specifies that the operating results of newly acquired companies will not be included in the performance assessment during the incentive period [3] - The impact of these acquisitions on the company's net profit and operating income will be calculated separately [3] Group 4: Competitive Advantages - The company leverages long-term accumulation in cognitive space computing and focuses on AI BioCV TinyML edge model development [3] - The integration of perception, analysis, and decision-making capabilities into edge devices establishes a solid technical foundation for wearable and scenario-based applications of non-invasive brain-machine interfaces [3] Group 5: Team Strengths and Market Position - The team has extensive experience in the industry, with a strong data accumulation in consumer scenarios and a stable performance indicator [3] - The founding and R&D team includes members from Silicon Valley and renowned U.S. institutions, covering multiple fields such as chip design and algorithm development [3] Group 6: Currency and Risk Management - The company has not yet adopted digital RMB for cross-border settlements, and foreign income constitutes a significant portion of its revenue [3] - To mitigate currency fluctuation risks, the company employs global supply chain strategies and local operations of subsidiaries, along with forward foreign exchange contracts [3]

Core Insights - The brain-computer interface (BCI) industry in China has entered a critical phase of "clinical value verification and early industrialization" with significant policy support and upcoming major conferences [2][3][4] - The industry is characterized by three parallel paths: "invasive" breakthroughs, "non-invasive" popularization, and "semi-invasive" exploration, with a focus on integrating AI with non-invasive technologies [7][8] - The market for brain-computer interfaces is expected to reach 5.58 billion yuan by 2027, with a growth rate of 20% as applications expand beyond healthcare into various sectors [7] Industry Developments - The "2025 Brain-Computer Interface Conference" will take place in Shanghai on December 4-5, featuring competitions that demonstrate the transition of BCI technology from laboratory to application [3] - Following this, additional conferences in Hangzhou and Shenzhen will further explore BCI applications and innovations [3] - The industry is transitioning from a focus on technical novelty to meeting specific clinical needs and establishing quantifiable clinical endpoints [4] Technological Landscape - BCI technology is categorized into three types: invasive, non-invasive, and semi-invasive, with non-invasive methods being the mainstream due to their safety and ease of use [5][6] - Invasive methods are seen as the future competitive edge due to their ability to capture higher quality neural signals, essential for functional restoration [6][7] - AI is opening new commercial opportunities for non-invasive BCIs, particularly in diagnosing and monitoring brain diseases [6][7] Challenges and Solutions - The BCI industry faces a "technology-cost-ethics" triangle dilemma, requiring solutions that address technical challenges, cost reduction, and ethical concerns regarding data privacy [8][9] - Proposed solutions include developing a data governance framework, promoting open-source communities for algorithm development, and creating collaborative networks among government, industry, academia, and medical sectors [9]

Group 1 - The core viewpoint emphasizes the importance of technological innovation in driving industrial innovation and developing new productive forces in Tianjin [1][2] - Nankai University's research team has developed perovskite solar cells that address issues of short battery life and high costs, while also improving stability in high-temperature environments [1] - Tianjin University’s neuroengineering team has focused on non-invasive brain-computer interfaces, achieving significant technological breakthroughs over a decade [1] Group 2 - Galileo (Tianjin) Technology Co., Ltd. has developed a digital twin intelligent operation and maintenance platform that serves over 85% of national rail transit lines, enhancing safety and efficiency in train operations [2] - The Tianjin High Education Science and Technology Innovation Park has incubated over 3,900 enterprises, reflecting nearly double growth in national key laboratories and sustained high R&D investment intensity [2] - The development of new productive forces in Tianjin is aligned with the goal of improving the quality of life for citizens, showcasing a commitment to transforming technological breakthroughs into tangible benefits [2]

Core Insights - Brain-computer interface (BCI) technology is transitioning from laboratory research to practical applications, establishing a connection between the human brain and the digital world [1][2] - The Chinese government has identified BCI as a key emerging industry in its 14th Five-Year Plan, aiming to foster new economic growth points over the next decade [1][3] - Various cities, including Shanghai, Beijing, and Shenzhen, are actively developing BCI industry clusters to accelerate the technology's growth and application [3][10] Industry Development - BCI technology enables direct communication between the brain and external devices, bypassing peripheral nerves and muscles [2] - The technology is categorized into three types: invasive, semi-invasive, and non-invasive, with invasive BCI primarily used in medical scenarios [2][4] - Shanghai's action plan aims for BCI to become a core component of strategic emerging industries by 2030, targeting a market scale of hundreds of billions to trillions [3][10] Clinical Applications - BCI is showing promise in medical applications, particularly in rehabilitation and recovery for patients with motor and speech impairments [4][6] - Clinical trials have demonstrated successful applications of invasive BCI in restoring functions for patients with severe disabilities, such as those resulting from high-voltage accidents [6][7] - Non-invasive BCI technologies are being developed to provide less risky treatment options for conditions like depression and eating disorders [6][7] Technological Innovations - New advancements in BCI technology include wireless, minimally invasive systems that avoid direct damage to neural cells while providing reliable communication with the brain [7][9] - Companies are exploring innovative solutions for visual restoration using BCI, aiming to help patients with severe vision loss regain some level of sight [8][9] - Collaborative efforts among academic institutions and companies are enhancing the development of BCI technologies, focusing on personalized treatment approaches for neurological disorders [10]

Core Viewpoint - The article highlights the significant role of insurance capital in supporting technological innovation and the development of the "Six Little Dragons" in Hangzhou, showcasing a shift from traditional investment to a more integrated approach that combines capital with services [1][5][9]. Group 1: Investment Landscape - The "Six Little Dragons" of Hangzhou include several innovative tech companies that have attracted attention from capital markets, with plans for some to go public [2][3]. - Major insurance companies like China Life and Pacific Insurance are using indirect investment methods, becoming financial backers through a multi-layered investment structure involving private equity funds [2][3]. - Insurance capital has invested over 600 billion yuan in technology enterprises, reflecting a growing commitment to supporting the entire lifecycle of tech companies [5][6]. Group 2: Investment Models - Insurance funds primarily participate as limited partners in private equity funds, often collaborating with government or state-owned funds to invest in technology firms [4][5]. - The investment approach of insurance capital has evolved to include a mix of indirect equity investments and direct funding, aiming to balance safety and strategic value [4][8]. - The establishment of funds like the National SME Development Fund illustrates how insurance capital is leveraging government-led initiatives to invest in technology [3][4]. Group 3: Challenges and Solutions - Insurance capital faces challenges in aligning its traditional investment strategies with the high-risk, high-reward nature of technology innovation [7][8]. - To address these challenges, insurance asset management companies are innovating their investment models, such as using S-funds to better match long-term insurance capital with the needs of tech innovation [7][8]. - The shift towards a more proactive role as "active capital" reflects a broader trend of insurance funds becoming integral partners in the technology sector, moving beyond mere financial investors [9].

Core Viewpoint - The brain-computer interface (BCI) sector is experiencing significant growth, driven by recent policy support and technological advancements, with several companies in the field seeing substantial stock price increases. Group 1: Company Performance - QiSheng Technology (麒盛科技) saw its stock price rise by 10.01% to 14.40, with a market capitalization of 5.08 billion, focusing on sleep-related technologies and brain-machine interaction [2] - Innovation Medical (创新医疗) increased by 9.99% to 20.59, with a market cap of 8.57 billion, holding a 40% stake in BoLing Brain-Machine Technology, which is developing core BCI technologies [2] - Xiangyu Medical (翔宇医疗) surged by 13.72% to 65.97, with a market cap of 10.56 billion, having completed several key projects in the BCI field and holding numerous patents [2] - Chengpin Technology (诚品通) rose by 8.60% to 23.23, with a market cap of 6.04 billion, collaborating with Tsinghua University on both non-invasive and invasive BCI technologies [2] Group 2: Industry Developments - On August 7, the Ministry of Industry and Information Technology and six other departments released guidelines to promote BCI innovation, aiming for breakthroughs in key technologies by 2027 [3] - The establishment of the Hubei BCI Industry Innovation Development Alliance was announced on August 9, indicating a collaborative effort to advance the sector [3] - The 2025 World Robot Competition showcased non-invasive BCI products for nerve injury treatment, highlighting the practical applications of BCI technology [3] Group 3: Institutional Insights - The guidelines emphasize the establishment of an advanced technology, industry, and standard system for BCI by 2027, with expectations for BCI applications in healthcare, rehabilitation, and skill replacement [4] - BCI technology is positioned at the intersection of life sciences and information sciences, facilitating collaboration between biological and machine intelligence [4] - Various provinces and cities in China are implementing policies to support BCI development, with significant potential for commercialization in healthcare and other sectors [5]

Core Insights - The article discusses a groundbreaking intervention using a brain-machine interface (BMI) to assist patients with motor function recovery after a stroke, allowing them to control their movements through thought alone [1][10]. Group 1: Technology Overview - Brain-machine interfaces connect the brain directly to external devices, bypassing peripheral nerves and muscles, which has been a focus of research for years [2]. - The intervention described is the first of its kind to use an invasive BMI for motor function rehabilitation, developed by a team led by Professor Duan Feng from Nankai University [1][4]. - The invasive BMI is implanted in the blood vessels surrounding the motor cortex, improving signal accuracy compared to non-invasive methods while avoiding the risks associated with traditional invasive procedures [4][5]. Group 2: Clinical Trials and Results - The team conducted successful animal trials before moving to human clinical trials, demonstrating the safety and efficacy of the invasive BMI [5][6]. - The first human trial involved a 67-year-old stroke patient who was able to perform tasks like grasping and manipulating objects with the assistance of the BMI [10]. - The BMI was implanted for several days without complications, and the patient showed improved control over their movements, indicating the potential for significant rehabilitation outcomes [10]. Group 3: Future Implications - The research aims to provide new treatment options for various motor function disorders, including stroke sequelae, spinal cord injuries, Parkinson's disease, and amyotrophic lateral sclerosis (ALS) [10]. - The increasing prevalence of stroke in China highlights the urgent need for innovative rehabilitation technologies like the BMI [10]. - Several hospitals across the country are beginning to establish clinical research units for BMIs, indicating a growing interest and investment in this technology [10].