According to Zhitong Finance APP, Zhongtai Securities released a research report stating that, according to Precedence Research's forecast, there is still about $10 billion of incremental space in the global market within the next 10 years, and the Chinese market is accelerating its catch-up. At the current moment, clinical trials in the domestic and international BCI (Brain-Computer Interface) field are intensively advancing, continuously verifying the feasibility of technological pathways and optimizing core performance indicators, significantly reducing technical risks and laying a solid foundation for large-scale commercialization. Furthermore, the continuous breakthroughs in technological bottlenecks (core aspects such as electrode materials, implantation methods, signal processing algorithms, etc.) will substantially shorten the productization cycle and accelerate the commercialization penetration of BCI from laboratories to medical rehabilitation, consumer electronics, and other scenarios.
<h2>The main points of Zhongtai Securities are as follows:</h2>
Brain-Computer Interface: From Laboratory to Industrialization, Scene Implementation Raises Market Ceiling
&#34;Brain-Computer Interface&#34; breaks the traditional control boundaries of humanity, driving technological transformation in specific medical and consumer scenarios. According to Precedence Research's forecast, there is still about $10 billion of incremental space in the global market within the next 10 years, and the Chinese market is accelerating its catch-up. As BCI devices combine with actual scenarios, the market scale will produce an &#34;amplification effect,&#34; and China's comprehensive industrial scale is expected to exceed 100 billion yuan. From the distribution of technological routes, non-invasive brain-computer interfaces are currently the absolute main force in the market, accounting for 86% of the total market share, leading in non-invasive commercialization, while invasive methods have significant potential for building high barriers.
Overseas Progress: FDA Approval Welcomes New Developments, Diverse Technological Solutions Flourish
Neuralink's technological breakthroughs are accelerating, and the number of clinical trial patients is expected to double within a year; Regencell Bioscience's new generation of neural modulation chips has received FDA clinical trial approval and will collaborate with the Mayo Clinic to tackle Parkinson's disease treatment. Brain-computer interfaces are transitioning from laboratories to scalable practical solutions, and this technology is expected to achieve commercialization in the medical field within the next five years. Currently, this technology is still in the early stages of commercialization, while different routes of brain-computer interface technology are moving towards or have already entered clinical trials.
Companies represented by Neuralink, Blackrock Neurotech, and Paradromics focus on invasive routes, while companies like Emotiv and Maschine Robot focus on non-invasive routes. Companies like Synchron and PrecisionNeuroscience use minimally invasive technologies to minimize invasiveness and ensure personal safety, with unique product positioning.
Domestic Progress: Policy Support Lays the Foundation for Commercialization, Successful Clinical Trial of the First Invasive Brain-Computer Interface
1) Policy Promotion: The central and local governments position brain-computer interfaces as key future industries, providing support in R&amp;D and approval channels. In March 2025, Hubei Province took the lead in the country to implement project pricing, taking the first step towards commercialization.
2) Clinical Progress: Milestone events in semi-invasive clinical trials frequently occur in China, with the maturity of the industry accelerating. China successfully conducted the first clinical trial of an invasive brain-computer interface, becoming the second country in the world to enter the clinical trial stage for invasive brain-computer interface technology. In the future, research directions will expand towards the edge, assisting patients in controlling complex physical peripherals, and expanding life boundaries through the control of intelligent proxy devices such as robotic dogs and embodied intelligent robots
3) Company Intensification: Capital attention has increased, and many companies have laid out their business in the brain-computer interface field through technological cooperation, investment, or independent research and development, gradually forming a domestic ecosystem, with industry trends continuously materializing.
Investment Recommendations
Breakthroughs in brain-computer interface technology + clinical validation drive the dual wheels, approaching a critical turning point in the industrialization process, with strengthened expectations for industry landing, likely entering a high-speed growth phase. The investment cycle for brain-computer interfaces should be laid out in three stages: &#34;brain-computer interface equipment &amp; medical scenario landing — consumer scenario landing — downstream application scenario expansion.&#34;
Equipment &amp; Medical Scenario Applications: Focus on domestic companies that are laying out their business in the brain-computer interface field through technological cooperation, investment, or independent research and development, as well as related industry chain companies under the mapping of major players entering the field. Recommended companies include Zhongke Information (300678.SZ), CTN (300430.SZ), Innovation Medical (002173.SZ), Sanbo Brain Science (301293.SZ), and Yanshan Technology (002195.SZ).
Consumer-Level Scenario Landing: Focus on hardware/solution providers in the non-invasive BCI field (such as EEG) that have mature product definition capabilities, rapid iteration advantages, and clear paths for consumer scenarios (such as neurofeedback training, attention monitoring, new interactions), with significant growth elasticity in the early stages of penetration.
Downstream Application Scenario Expansion: Actively pay attention to pioneers in high-value downstream application fields of BCI technology, such as medical rehabilitation (neurological disease treatment, functional compensation), intelligent interaction (AR/VR, smart cockpits), and mental health, as well as the ceiling elevation brought to intelligent proxy devices like robotic dogs and embodied intelligent robots after the maturity of brain-computer interface technology.
Risk Warning
Technological iteration may not meet expectations; commercialization progress may not meet expectations; publicly available information used in research reports may have risks of information lag or untimely updates

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Zhongtai Securities released a research report indicating that brain-computer interface (BCI) technology is accelerating from the laboratory to commercialization, with an expected global market increase of approximately $10 billion over the next decade, and the Chinese market is expected to exceed 100 billion yuan. With the advancement of clinical trials and breakthroughs in technological bottlenecks, BCI will achieve commercialization in the medical and consumer electronics fields. Non-invasive brain-computer interfaces dominate the market and are expected to achieve commercialization in the medical field within the next five years

Zhitong

Regencell Bioscience

Innovative Medical

Stonehill Technology

CASIT

ZHONGTAI SECURITIES

Zhongtai Securities: Domestic and international clinical trials reach a milestone, brain-computer interfaces accelerate from the laboratory to industrialization