Investment Rating - The report indicates a positive outlook for the brain-computer interface (BCI) industry, driven by technological advancements and market demand, with specific investment recommendations for various segments [5][46]. Core Insights - The brain-computer interface industry is experiencing rapid innovation across different technological paths, including invasive, semi-invasive, and non-invasive methods, each with distinct performance and risk profiles [2][3]. - The global BCI market is projected to reach approximately $2.6 billion by 2024, with a compound annual growth rate (CAGR) of about 13% from 2023 to 2027, while the domestic market in China is expected to reach around 3.2 billion RMB, with a CAGR of approximately 19% from 2024 to 2027 [3][33]. - Non-invasive methods currently dominate the market, accounting for 82% of the total market share due to their safety, ease of use, and diverse application scenarios [41][43]. Summary by Sections Technology Comparison - Invasive BCIs provide the best signal quality but involve significant surgical risks, while non-invasive BCIs are safer and more widely applicable, albeit with lower signal quality [14][15]. - Semi-invasive methods balance signal quality and surgical risk, showing potential for future medical applications [22][26]. Market Dynamics - The BCI industry is characterized by a complex supply chain where upstream components like electrodes and chips are critical for performance, midstream focuses on system integration, and downstream applications are expanding from healthcare to consumer markets [44][45]. - The report highlights the urgent demand for rehabilitation solutions in the medical field, particularly for stroke and disability recovery, which presents a substantial market opportunity [40][41]. Policy and Regulatory Environment - The Chinese government has issued clear policies to support the BCI industry, including the "Implementation Opinions on Promoting the Innovative Development of the BCI Industry," which outlines development goals for 2027 and 2030 [46][48]. - The establishment of reimbursement policies for BCI projects is expected to alleviate financial barriers and promote industry growth [46][48]. Investment Recommendations - The report suggests focusing on leading companies in the invasive segment, particularly those innovating in flexible electrodes and specific algorithms, such as JieTi Medical and Brain Tiger Technology [5][6]. - For semi-invasive methods, attention should be given to companies that enhance data reading and patient enrollment, such as BoRuiKang and SanBo Neuroscience [5][6]. - In the non-invasive sector, companies that integrate medical and consumer applications, like QiangNai Technology and WeiSi Medical, are recommended for investment [5][6].