证券研究报告 Neuralink带来的启示 ——脑机接口系列报告 行业评级：看好（维持） n Neuralink带来新启示：脑机接口有望成为人与机器交流的首选，触达更广阔市场。 n 脑机接口国内政策与产业窗口期共振，中国临床案例数大幅提升。 n 脑机接口与大模型、具身智能技术深入融合，大幅推进应用落地速度。 2 2026年2月 分析师 刘雯蜀 分析师 郑毅 分析师 刘静一 邮箱 liuwenshu03@stocke.com.cn 邮箱 zhengyi@stocke.com.cn 邮箱 liujingyi@stocke.com.cn 证书编号 S1230523020002 证书编号 S1230524070002 证书编号 S1230523070005 • 核心观点 Ø Neuralink的首款产品Telepathy（心灵感应）预计在今年量产，目前超10000人申请体验。Telepathy聚焦 "大脑功能正常，但运动 / 交流通路断裂" 的重症群体，例如脊髓损伤、渐冻症患者。量产的三个重要条件——N1性能提升、手术安全性提升、成本降低：1）预计2026年N1设备电极数量从 1000 个增加到 3000 个，提升神 ...

记者丨 季媛媛 编辑丨包芳鸣 视频丨柳润瑛 马斯克官宣量产，彻底引爆脑机接口概念！1月5日，A股脑机接口指数飙涨12%，脑机接口概念30多股集体涨停，港股南京熊猫电子股份涨超 39%。截至18时发稿，中概股脑再生科技(RGC.US)美股盘前飙涨近44%。 此外，各地政府纷纷行动布局脑机接口产业，以上海为例，其出台的《脑机接口未来产业培育行动方案（2025—2030年）》提出了清晰的时 间表和量化目标： 到2027年，推动5款以上侵入式、半侵入式产品完成临床试验；到2030年，实现脑机接口产品的全面临床应用。 技术层面上，全球脑机接口领域正呈现出中美竞逐、多路线并行的格局。2025年6月，Neuralink公布了夏季的阶段性进展，在一场长达一个小 时的发布会中展示了已植入设备的志愿者如何仅靠脑信号控制电脑光标、绘图、打游戏，甚至操作Tesla旗下Optimus机器人手臂的画面。 据新华社消息，美国企业家埃隆·马斯克2025年12月31日在社交媒体上表示，其脑机接口公司"神经连接"（Neuralink）将于 2026年开始对脑 机接口设备进行"大规模生产" ，并转向"更加精简和几乎完全自动化的外科手术流程"。马斯 ...

Core Viewpoint - The brain-computer interface (BCI) technology is transitioning from experimental research to commercial application, with significant advancements expected in the coming years, particularly driven by Neuralink's plans for mass production and automated surgical processes [1][3][5]. Group 1: Company Developments - Neuralink plans to begin large-scale production of its brain-computer interface devices in 2026, with a focus on streamlined and automated surgical procedures [1]. - As of September 2025, 12 individuals have received Neuralink's device implants, accumulating over 15,000 hours of usage [1]. - The company has demonstrated that clinical trial participants can control physical devices, such as robotic arms, using the BCI technology [1]. Group 2: Market Response - On the first trading day of 2026, BCI-related stocks surged, with the index rising over 12% and multiple stocks hitting their daily limit [2]. - The market's reaction reflects strong expectations for the commercialization of BCI technology [2]. Group 3: Industry Trends - The BCI industry is poised for unprecedented growth, with 2025 being identified as a pivotal year for development in China, supported by policy, capital investment, and technological breakthroughs [3][8]. - The Chinese government has included BCI technology in its 14th Five-Year Plan, indicating a commitment to fostering this emerging industry [3][8]. - Various local governments are actively developing BCI industries, with specific plans and goals set for clinical trials and product applications by 2030 [3]. Group 4: Technological Advancements - Neuralink aims to enhance the bandwidth of human-machine communication, with future goals including direct thought-to-speech translation and visual restoration for the visually impaired [4]. - The global BCI landscape is characterized by competition between the U.S. and China, with multiple technological pathways being explored [5]. Group 5: Challenges and Opportunities - Despite impressive clinical results, invasive BCI technologies face challenges related to biocompatibility and long-term stability [6]. - Regulatory and ethical considerations are significant barriers to widespread adoption, particularly concerning safety and privacy [6]. - The high costs associated with BCI technology and the need for specialized medical teams for implantation are limiting factors for market penetration [6]. Group 6: Educational and Regulatory Developments - China is enhancing its clinical trial approval processes, potentially reducing the time required for BCI medical applications to reach the market [7]. - Educational initiatives, such as the establishment of a dedicated BCI program at Tianjin University, are being implemented to cultivate talent in this interdisciplinary field [7]. Group 7: Market Potential - The healthcare sector is projected to dominate the BCI application market, accounting for 56% of the total market size, with potential market space in serious medical applications estimated between $15 billion and $85 billion [8]. - The consumer healthcare segment, including health monitoring and cognitive enhancement, is expected to reach a market size of $25 billion to $60 billion [8].

Core Insights - Neuralink anticipates regulatory approval for its Telepathy device by 2029, aiming for 2,000 surgeries annually and generating $100 million in revenue [1] - By 2030, Neuralink plans to launch Blindsight, increasing the annual surgery volume to 10,000 and projecting over $500 million in revenue [1]

Core Insights - Neuralink is making steady progress in the brain-computer interface (BCI) sector, with its plans aligning with current industry trends and expectations [1][4] - The company aims to create a universal human brain input/output interface, with a long-term goal of achieving unprecedented bandwidth in neural activity communication [3][4] Group 1: Technological Developments - Neuralink has demonstrated that implanted devices allow users to control computers, play games, and operate robotic arms using brain signals [3] - The company plans to decode "intent language" directly from the speech cortex by the end of 2025 and expand the number of electrode channels to 3,000 by 2026 [4] - By 2028, Neuralink aims to increase the number of electrodes to 25,000, enabling comprehensive access to different brain regions for treating mental illnesses and exploring AI integration [4] Group 2: Industry Context - A technology expert from a Chinese BCI company noted that Neuralink's advancements and plans are valuable references for the industry, particularly in areas like motor function replacement and sensory restoration [4][5] - The expert emphasized that while the long-term goals of their company align with Neuralink's, their implementation strategies will be tailored to meet the specific needs of Chinese patients and market characteristics [5]

Core Insights - Neuralink has successfully enabled a monkey to "see" virtual objects through its brain-machine interface technology, which has potential applications for helping blind individuals perceive the world [1] - The device, named Blindsight, stimulates areas of the brain associated with vision, tricking the monkey's visual system into recognizing non-existent objects [1] - This marks the first public demonstration of Blindsight's experimental results, highlighting the cutting-edge nature of brain device development aimed at treating traditionally difficult medical conditions like blindness [1] Summary by Sections Technology and Innovation - Blindsight is a brain-implanted chip designed to simulate eye functions and directly stimulate the visual cortex [1] - During experiments, the monkey looked at the location of a virtual object over two-thirds of the time, indicating it perceived the non-existent target [1] Future Applications - The short-term goal of Blindsight is to assist blind individuals in seeing, while the long-term vision includes achieving "superhuman vision," such as the ability to see infrared light [2] - Neuralink is also advancing another project aimed at helping paralyzed individuals interact with computers using their thoughts [2] Human Trials - Currently, five humans have received Neuralink implants, with three implanted in 2024 and two in 2025, and some participants reportedly use the brain-machine device for up to 60 hours per week [2]

作为迅速发展的脑机科技领域中的公司之一，Neuralink还在为瘫痪患者植入脑机接口设备， 使其可以直接与计算机交互。 据马斯克介绍，目前已有5位人类接受了Neuralink的植入。其中3人在2024年完成，另外2人 在2025年接受了植入。根据O'Doherty的演讲，有些患者每周使用设备的时间多达60小时。 马斯克表示，未来类似的脑机接口设备可能会让瘫痪人士重新获得行动能力，甚至恢复行走。 结果显示，猴子在测试过程中至少三分之二的时间内，都会将视线转向研究人员"试图让其大 脑产生视觉效果的物体"。 这是Neuralink首次公开Blindsight的实验数据，这个脑机接口设备旨在模拟眼睛的功能，是 脑机接口技术的前沿探索领域之一，正试图打破传统医学无法治愈疾病的边界。 需要指出的是，与其他所有动物实验一样，目前尚不清楚这些结果能否应用于人类，这一设备 尚未获得在美国获准用于人体。 马斯克曾表示，Blindsight的短期目标是"让人类重新获得视力"，长期目标则是实现"超人的 视觉"，比如感知红外线。 Neuralink过去几年一直在猴子身上测试该设备，并希望今年能开始人体实验——马斯克曾在 今年3月公开表 ...