Against the backdrop of strong policy support and continuous technological breakthroughs at home and abroad, the application scenarios of the brain computer interface industry have gradually become clear in recent years and have received increasing market attention. According to Wind data, the Wande Brain Computer Interface Concept Index rose by 0.32% on September 10th, indicating a clear upward trend in recent times. Among the constituent stocks of the index, Meihao Medical rose 6.98%, Kunlun Wanwei rose 4.71%, and Innovation Medical, Sino Medical, and others followed suit.

Analysts believe that brain computer interface technology has become one of the strategic highlands for global technological competition. Neurorehabilitation and motor function reconstruction are expected to become the first batch of invasive brain computer interface application scenarios to move towards industrialization and commercialization. Currently, China's brain computer interface industry is expected to usher in a golden period of development.

Industry catalysis continues

On September 9th local time, Neuralink, a brain computer interface company under Tesla CEO Elon Musk, posted on social media platforms that 12 people worldwide have implanted Neuralink devices, using them for a total of 2000 days and over 15000 hours. It is reported that the company has been conducting human trials on brain implants since obtaining approval from the US Food and Drug Administration (FDA) in 2024.

Domestically, China has achieved multiple key technological breakthroughs in the field of invasive brain computer interface medical equipment. Recently, the "Functional Neurosurgery Electrophysiological Recording and Stimulation Device" (Mingtong) independently developed by Nanjing Shanhai Medical Technology Co., Ltd. was officially approved for market by the National Medical Products Administration (NMPA), becoming the first domestically approved brain computer interface Class III medical device and the first domestically produced invasive deep brain electrophysiological recording and stimulation device.

In the field of brain computer interface language decoding, Shanghai Yansi Brain Artificial Intelligence Research Institute Co., Ltd., in conjunction with Huashan Hospital affiliated to Fudan University, the National Neurological Medical Center, iBRAIN EEG Alliance, Zhejiang University, and the Chinese Academy of Sciences Shanghai Institute of Microsystems and Information Technology, independently developed the implantable brain computer large model, which has achieved a clinical breakthrough in brain computer interface Chinese decoding, and is expected to provide better treatment plans for patients with aphasia due to diseases such as frostbite and stroke.

In terms of policy, in early 2024, seven departments including the Ministry of Industry and Information Technology issued the "Implementation Opinions on Promoting Innovative Development of Future Industries", which listed brain computer interfaces as a key future industry to be promoted. Subsequently, the Artificial Intelligence Ethics Subcommittee of the National Science and Technology Ethics Committee compiled and released the "Ethical Guidelines for Brain Computer Interface Research", which is the first ethical guideline in the field of brain computer interface research in China. This guideline clearly states that conducting brain computer interface research should ensure that the research has social value, and should mainly focus on restorative brain computer interface technology, emphasizing the development of technology to serve the public's health needs.

In 2025, the Ministry of Industry and Information Technology and seven other departments jointly issued the "Implementation Opinions on Promoting the Innovative Development of the Brain Computer Interface Industry", which clearly stated the industry development goal: by 2027, breakthroughs will be made in key technologies of brain computer interfaces, and an advanced technical system, industrial system, and standard system will be initially established. The performance of electrodes, chips, and whole machine products has reached the international advanced level, and brain computer interface products are being rapidly applied in industrial manufacturing, medical health, and consumer life. The industrial scale continues to grow, creating 2 to 3 industrial development clusters and exploring a number of new scenarios, models, and formats.

The prospect of commercialization is promising

Zhang Jinyang, Assistant Director of Guosheng Securities Research Institute and Chief Analyst of the Pharmaceutical Industry, stated that Neuralink has sparked a global wave of brain computer interface research and development, and the overseas brain computer interface industry is rapidly developing; Domestic listed companies continue to promote the layout of brain computer interface business, and various technological applications are flourishing, with promising prospects for commercialization.

Brain computer interface (BCI) establishes an information channel between the brain and machines, achieving collaborative interaction between biological intelligence and machine intelligence. It is a cutting-edge technology for the integrated development of life sciences and information sciences. "Ma Yuntao, Chief Analyst of the pharmaceutical industry at Guoyuan Securities, said that currently, innovative achievements in BCI continue to emerge, and the industry is accelerating its growth, becoming an important field for the deep integration of technological innovation and industrial innovation.

Ma Yuntao believes that with the accelerated development of brain computer interface technology and increasingly clear industrial policies, some medical institutions and enterprises are accelerating the research and development of innovative technologies for brain computer interfaces. The technological progress in the upstream of the industry chain has led to continuous breakthroughs in downstream application ends. Domestic brain computer interface companies are expected to gradually achieve commercial applications and move towards industrialization goals.

In the view of Zhu Jiaqi, Chief Analyst of the Pharmaceutical Industry at Zhongtai Securities, brain computer interfaces have a wide range of application scenarios, with healthcare being the core market. According to Market Research Future's prediction, the global scale of brain computer interface medical and health applications is expected to reach 6.5 billion US dollars by 2035, which is larger than other fields. Currently, it mainly covers five categories: diagnosis and treatment of limb movement disorders, epilepsy and neurodevelopmental disorders, consciousness and cognitive disorders, mental illnesses, and sensory defects.

Zhu Jiaqi further stated that in the current research progress, non-invasive products have been commercialized due to their high safety and ease of popularization, and it is expected that the penetration rate will increase the fastest. Among them, rehabilitation products have high safety and are suitable for a wide range of people, and commercialization is expected to accelerate in recent years; Invasive focus on high-precision and high-value fields, such as epilepsy, diagnosis and treatment of neurodevelopmental disorders, and diagnosis and treatment of sensory defects, has greater potential. Considering that brain computer interfaces are currently in the initial stage of commercialization and the market is mainly focused on theme investment, it is recommended to focus on industry chain investment opportunities from the above two aspects.

Source: China Securities Journal