--- title: "KaiYuan Securities: Brain-computer interfaces enter the fast track of industrialization, with a clear commercialization path for non-invasive products" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/271609805.md" description: "KaiYuan Securities released a research report indicating that brain-computer interface technology is in the early stages of commercialization. It is recommended to pay attention to the mapping opportunities in the US stock market and the progress of invasive brain-computer clinical trials. The commercialization path for non-invasive products is clear, with the potential for scalable revenue. Policy support at the planning, payment, and standards levels will aid the development of the brain-computer interface industry, with expectations to form industrial clusters by 2027 and 2030, driving accelerated technological transformation" datetime: "2026-01-06T06:19:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/271609805.md) - [en](https://longbridge.com/en/news/271609805.md) - [zh-HK](https://longbridge.com/zh-HK/news/271609805.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/271609805.md) | [English](https://longbridge.com/en/news/271609805.md) # KaiYuan Securities: Brain-computer interfaces enter the fast track of industrialization, with a clear commercialization path for non-invasive products According to the Zhitong Finance APP, Kaiyuan Securities has released a research report stating that considering the current commercialization stage of brain-computer interfaces, the market is primarily focused on thematic investment styles. It is recommended to pay attention to opportunities reflected in U.S. stocks and the progress of invasive brain-computer clinical trials. From an industrial trend perspective, it is suggested to reference different standards for invasive and non-invasive technologies, as some clinical advancements are progressing rapidly, and products such as neuroregulation have already been approved. The commercialization path for non-invasive products is clear, and there is potential for scalable revenue. Additionally, brain-computer interface targets in software, hardware (electrodes, chips), and experimental materials and equipment (meninges, DSA, etc.) are scarce. ## The main viewpoints of Kaiyuan Securities are as follows: **Brain-computer interfaces are in a period of accelerated technological transformation** The technology path of brain-computer interfaces (BCI) is rich and is currently in a period of accelerated technological transformation. Based on different signal acquisition and output methods, brain-computer interface technology can be divided into invasive, semi-invasive, and non-invasive categories, each with its advantages in signal quality, safety, and operational difficulty. Currently, multimodal combined applications have become the development trend of information interaction. The BCI paradigm mainly includes interactive control and state detection types. Based on the different neural pathways of input signals, existing interactive control BCI paradigms can be divided into active paradigms, reactive paradigms, and hybrid paradigms. **Planning, payment, and standards work together, with policies leading the way to boost the brain-computer interface industry** Policies clearly support the development of brain-computer interfaces at three levels: planning, payment, and standards. (1) Planning guidance: In July 2025, the Ministry of Industry and Information Technology and six other ministries issued the "Implementation Opinions on Promoting the Innovative Development of the Brain-Computer Interface Industry," clearly proposing a two-step overall goal and development path for 2027 and 2030, emphasizing the formation of industrial clusters, cultivating leading enterprises, and driving supply-side growth; the "14th Five-Year Plan" lists "brain-computer interfaces" as one of the six future industries that require forward-looking layout, elevating it to a national strategy. (2) Payment assurance: In March 2025, the National Medical Insurance Administration established an independent charging item for brain-computer interfaces for the first time, and price standards have been successively implemented in Hubei, Zhejiang, Jiangsu, Guangdong, and other regions, laying a system guarantee for its clinical application. (3) Standard establishment: Standards for brain-computer interface terminology, data formats, etc., have been successively introduced, effectively reducing costs and risks in technical research, clinical applications, and other areas, playing a leading role in standardization in technical specifications, industrial collaboration, and ecological construction. China's brain-computer interface industry is at a globally advanced level, with the market size of China's brain-computer interface industry increasing to approximately 1.73 billion yuan in 2023, accounting for 12.5% of the global brain-computer interface market size. **Continuous breakthroughs in upstream core technologies, with extensive application space downstream** The core technological barriers of brain-computer interfaces are concentrated in the mid-to-upstream of the industrial chain, mainly including hardware (electrodes, chips), brain-computer interface surgeries, and EEG acquisition, processing, and analysis. The main functions of brain-computer interface technology can be summarized as monitoring, replacing, improving recovery, enhancing, and supplementing, with a wide range of application scenarios. Downstream application scenarios are primarily focused on medical directions, with the application proportion in the medical field of brain-computer interfaces reaching 56% in 2023. The application of BCI in the medical field is divided into four categories: diagnosis and treatment of consciousness and cognitive disorders, mental illness treatment, limb movement disorder treatment, and sensory defect treatment, among which multiple indications of neuroregulation technology have been clinically validated as effective, with high maturity and safety. However, there is significant room for improvement in domestic penetration and localization rates Lepu Medical, APON, and other companies have all entered the field of DBS and other implanted neuroregulation, while companies like Pinchi Medical and Jingyu Medical are expected to pursue IPOs. **Risk Warning:** R&D progress may not meet expectations; ethical risks; market demand risks ### 相關股票 - [Lepu Medical (300003.CN)](https://longbridge.com/zh-HK/quote/300003.CN.md) - [APON (300753.CN)](https://longbridge.com/zh-HK/quote/300753.CN.md) ## 相關資訊與研究 - [TSA absences fall sharply after US airport security workers get paid](https://longbridge.com/zh-HK/news/281209853.md) - [Starfighters Space Delays Annual 10-K Filing](https://longbridge.com/zh-HK/news/281397627.md) - [PetroChina Renews Financial Deal With Related Company](https://longbridge.com/zh-HK/news/280998322.md) - [Tesla Sold Over 358K Vehicles Globally In Q1, BYD Nearly Matches Total For Just Exports](https://longbridge.com/zh-HK/news/281564232.md) - [14:43 ETUnited Transportation Achieves Accreditation from the Better Business Bureau](https://longbridge.com/zh-HK/news/281412197.md)