Open source securities: brain-computer interface enters the fast track of industrialization, and the commercialization path for non-intrusive products is clear

The Zhitong Finance App learned that Open Source Securities released a research report saying that considering that the brain-computer interface is currently in the early stages of commercialization, the current market is mainly dominated by themed investment styles. It is recommended to focus on US stock mapping opportunities and the progress of invasive brain computer clinical trials. Judging from industry trends, it is recommended that invasive and non-invasive refer to different standards. Some clinical progress is relatively rapid, and products such as neuromodulation have already been approved. The commercialization path for non-intrusive products is clear, and large-scale revenue potential can be expected. Furthermore, brain-computer interface targets for software, hardware (electrodes, chips), and experimental materials and equipment (meninges, DSA, etc.) are scarce.

The main views of Open Source Securities are as follows:

Brain-computer interfaces are in a period of accelerated technological change

Brain-computer interface (BCI) technology paths are rich, and it is in a period of accelerated technological change. According to different signal acquisition and output methods, brain-computer interface technology can be divided into intrusive, semi-intrusive, and non-intrusive. Different technologies have advantages in terms of signal quality, safety, and difficulty of operation. Currently, multi-modal joint applications have become the development trend of information exchange. The brain-computer interface paradigm mainly includes interaction control and state detection. According to the different neural pathways of the input signal, the existing interactive control brain-computer interface paradigm can be divided into active paradigm, reactive paradigm, and mixed paradigm.

The trinity of planning, payment and standards, policy first helps the brain-computer interface industry take off

The policy clearly supports the development of brain-computer interfaces at the three levels of planning, payment, and standards. (1) Planning guidance: In July 2025, seven ministries and commissions including the Ministry of Industry and Information Technology issued the “Implementation Opinions on Promoting Innovation and Development of the Brain-Computer Interface Industry”, which clearly proposed the overall goal and development path of 2027 and 2030, emphasizing the formation of industrial clusters, cultivating leading enterprises, and boosting the supply side; the “15th Five-Year Plan” listed “brain-computer interface” as one of the six major future industries requiring a forward-looking layout, and upgraded it into a national strategy. (2) Payment guarantee: In March 2025, the National Health Insurance Administration first established an independent charging program for brain-computer interfaces. Hubei, Zhejiang, Jiangsu, Guangdong and other places successively implemented price standards to establish institutional guarantees for them to enter clinical application. (3) Standard establishment: Standards such as brain-computer interface terms and data formats have been introduced one after another to effectively reduce the costs and risks of technical research and clinical application, and play the leading role of standardization in technical specifications, industrial collaboration, and ecological construction. China's brain-computer interface industry is at the advanced level in the world. In 2023, the market size of China's brain-computer interface industry increased to about 1.73 billion yuan, accounting for 12.5% of the global brain-computer interface market.

Upstream core technology continues to break through, and downstream implementation has a wide range of application space

The core technical barriers of brain-computer interface are concentrated in the middle and upper reaches of the industrial chain, mainly including hardware (electrodes, chips), brain-computer interface surgery, and EEG collection, processing and analysis. The main functions of brain-computer interface technology can be reduced to monitoring, replacement, improvement, restoration, enhancement, and supplementation, and has a wide range of application scenarios. Downstream application scenarios are mainly in the medical direction. In 2023, the proportion of applications in the medical field of brain-computer interface in China reached 56%. The application of BCI in the medical field is divided into four categories: diagnosis and treatment of consciousness and cognitive impairment, diagnosis and treatment of mental disorders, diagnosis and treatment of physical movement disorders, and diagnosis and treatment of sensory deficits. Among them, neuromodulation techniques have been clinically proven to be effective in many indications, and the maturity and safety of neuromodulation are high, but there is plenty of room for improvement in domestic penetration and localization rates. Companies such as Lepu Medical and Aipeng Medical have all gone out of business to deploy implantable neuromodulation such as DBS, and companies such as Pinchi Healthcare and Jingyu Medical are expected to impact their IPOs.

Risk warning: R&D progress falls short of expectations; ethical risk; market demand risk.