In-Depth Analysis Report on Investment Timing and Technical Routes of the Brain-Computer Interface Track

Based on the above in-depth research and professional analysis, we now provide you with a complete investment analysis report on the brain-computer interface track:

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According to a comprehensive weighted assessment of seven dimensions: policy support, technological maturity, commercialization certainty, market space, competitive landscape, valuation rationality, and liquidity risk, the current comprehensive score of the brain-computer interface track is

, and the investment advice is [1][2].

Evaluation Dimension	Score (1-10)	Weight	Evaluation
Policy Support	9	15%	Included in the 15th Five-Year Plan + Special Implementation Opinions
Technological Maturity	6	20%	Breakthrough phase, accelerated clinical verification
Commercialization Certainty	4	25%	Early stage, only 1 product approved
Market Space	9	15%	Trillion-level market potential
Competitive Landscape	5	10%	Head concentration, long-tail dispersion
Valuation Rationality	4	10%	Valuation of concept stocks is relatively high
Liquidity Risk	6	5%	Liquidity constrained for unlisted companies

The brain-computer interface track is currently at a critical inflection point transitioning from the “technology breakthrough phase” to the “early commercialization phase”, and 2026 is expected to be the first year of commercialization. However, current valuations have fully reflected optimistic expectations. It is recommended to adopt a “Core + Satellite” allocation strategy and carefully select targets with real technical barriers and commercialization capabilities[3][4].

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Year	Global Market Size	Chinese Market Size	Medical Application Proportion
2025E	USD 1.27 billion	RMB 3.5 billion	56%
2026E	USD 1.40 billion	RMB 5.2 billion	55%
2027E	USD 1.55 billion	RMB 8.0 billion	54%
2028E	USD 1.72 billion	RMB 20 billion	52%
2029E	USD 1.90 billion	RMB 35 billion	50%
2030E	USD 2.11 billion	RMB 50 billion	48%

According to data from Mordor Intelligence, the compound annual growth rate (CAGR) of the global brain-computer interface market from 2025 to 2030 is expected to be

[5]. Driven by policy stimulus and abundant clinical resources, the Chinese market will grow faster, with explosive growth expected from 2026 to 2028, and a compound annual growth rate exceeding 60%[1][2].

• Serious Medical Field
  : Potential market size of USD 15-85 billion, covering severe treatments such as amyotrophic lateral sclerosis (ALS), spinal cord injury, and stroke rehabilitation[6]
• Consumer Medical Field
  : Potential size of USD 25-60 billion, including consumer-grade applications such as health monitoring, sleep management, and cognitive enhancement[6]
• Long-term Market Space
  : Morgan Stanley predicts that the global market size is expected to reach
  USD 320 billion
  by 2045[4]

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Dimension	Non-Invasive	Semi-Invasive	Invasive
Signal Quality	Medium (easily interfered by skull)	High	Highest
Safety	High (non-invasive)	Medium	Low (requires craniotomy)
Development Cycle	1-2 years	2-3 years	3-5 years
Clinical Threshold	Low	Medium	High
Regulatory Approval	Class II/III medical devices	Class III medical devices	Class III innovative medical devices
Single Case Cost	Thousands to tens of thousands of RMB	Hundreds of thousands of RMB	Millions of RMB
Applicable Scenarios	Rehabilitation training/consumer electronics	Stroke rehabilitation/epilepsy treatment	Paralysis/ALS treatment
Commercialization Progress	Already in large-scale sales	In clinical verification	Sprinting for registration

Advantages:

• Clear commercialization path, multiple products already on the market[7]
• Relatively simple regulatory approval, short cycle
• Low cost, can be scaled up quickly
• Large imagination space for consumer scenarios (games, education, sleep)

Limitations:

• Relatively low technical barriers, fierce competition
• Signal quality limits application in serious medical fields
• Obvious ceiling, difficult to replace the effect of invasive routes

Representative Enterprises: BrainCo (non-invasive leader, valuation of USD 1.3 billion, intelligent bionic hand has obtained FDA certification), Xiangyu Medical (entered over 500 top-tier hospitals)[8][9]

Advantages:

• Highest technical barriers, deepest moat
• Targets the rigid demand market for severe diseases, strong willingness to pay
• Once a breakthrough is achieved, huge room for valuation improvement
• Great synergy potential with AI and humanoid robots

Limitations:

• Long clinical trial cycle, high failure risk
• Strict regulatory approval (3-5 years)
• Safety issues (immune rejection, signal attenuation)
• Slow commercialization pace

Representative Enterprises: Neuralink (valuation of USD 9 billion, mass production plan in 2026), Boruikang (NEO product sprinting for registration), Naohu Technology (completed 54 clinical trials), Jieti Medical (RMB 350 million Series B financing)[3][10][11]

Evaluation Dimension	Non-Invasive	Semi-Invasive	Invasive
Technical Barriers	6/10	7/10	9/10
Market Space	7/10	6/10	9/10
Commercialization Certainty	8/10	6/10	4/10
Policy Support	9/10	8/10	9/10
Competition Intensity	8/10 (fierce)	5/10	4/10
Valuation Premium	5/10	6/10	8/10
Comprehensive Score	7.2/10	6.3/10	7.2/10

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Upstream (25%)     Midstream (50%)      Downstream (25%)
  Chips/Electrodes → Devices/Algorithms →  Medical/Consumer

Company	Core Capability	Technical Highlights
Guide Infrared	Chips	Self-developed 65,000-channel bidirectional BCI chip, internationally leading
Fudan Microelectronics	Chips	Low-noise neural signal acquisition chip, over 50 patents
Hanwei Technology	Electrodes	Subsidiary Suzhou Nengsida develops 0.1mm ultra-flexible electrodes
Guanhao Biosciences	Materials	Biocompatible dural patch, used for implantation protection

Company	Position	Key Progress
iFLYTEK	AI Algorithm Leader	92% accuracy in BCI signal decoding, ALS communication device has been deployed in top-tier hospitals
Yanshan Technology	Full Industrial Chain	Non-invasive latency is only 60ms, performance exceeds early versions of Neuralink
Chengyitong	System Integration	Simultaneously lays out non-invasive and invasive routes, launches neural rehabilitation prototype

Company	Business	Progress
Sanbo Brain Hospital	Medical Services	7 specialized neural hospitals nationwide, completes over 200 BCI surgeries annually
Innolife Healthcare	Rehabilitation Equipment	Holds shares in Boling BCI, C-end product experience launched

Company	Code	Technical Route	Commercialization Progress	Investment Rating
BrainCo	Unlisted	Non-Invasive	Mass production of intelligent bionic hand / planning to go public	★★★★★
Boruikang	Unlisted	Semi-Invasive	NEO sprinting for registration	★★★★☆
Jieti Medical	Unlisted	Invasive	RMB 350 million Series B financing / first clinical case	★★★★☆
Naohu Technology	Unlisted	Invasive	54 clinical trials completed	★★★★☆
Xiangyu Medical	688626.SH	Non-Invasive	Entered over 500 top-tier hospitals	★★★☆☆
Innolife Healthcare	002173.SZ	Non-Invasive	C-end product experience launched	★★★☆☆
Sanbo Brain Hospital	301293.SZ	Medical Services	Mature DBS surgery	★★☆☆☆

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• BrainCo
  (Unlisted): Absolute leader in non-invasive route, valuation of USD 1.3 billion, intelligent bionic hand has obtained FDA/CE certification, planning to list on STAR Market/Hong Kong Stock Exchange[8]
• Boruikang/Jieti Medical
  (To be listed): Core targets in invasive route, leading clinical progress, high technical barriers

Core allocation to unlisted companies with triple advantages of “technological leadership + leading clinical progress + commercialization capability”, to enjoy excess returns during the industry’s explosive growth period.

• Xiangyu Medical
  (688626.SH): Leader in non-invasive rehabilitation equipment, entered over 500 top-tier hospitals, target to cover over 1,000 hospitals by 2026[9]
• Innolife Healthcare
  (002173.SZ): Holds 68% shares in Boling BCI, C-end product experience launched

Clear commercialization path, high revenue visibility, suitable as a “certainty” position in the portfolio.

Indicator	Current Status	Early Warning Threshold
Neuralink Mass Production Progress	2026 mass production plan	Early warning if delayed by >6 months
Domestic Clinical Trial Progress	54 clinical trials completed	Early warning if suspended for >3 months
NMPA Registration Certificate Approval	Only 1 product (Jingyu Medical DBS)	Early warning if no new approvals within 1 year
Financing of Leading Enterprises	RMB 2 billion financing for BrainCo	Early warning if no large-scale financing within 6 months
Concept Stock Market Value/R&D Ratio	Relatively high	Early warning if >50x

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1. Technical Uncertainty
   : Issues such as long-term signal stability, immune rejection, and material degradation have not been fully resolved[5]
2. Long Regulatory Cycle
   : Medical device registration usually takes 3-5 years, with risks of Phase III clinical failure[12]
3. Slow Commercialization Pace
   : User acceptance and pricing strategies of consumer-grade products remain to be verified[12]
4. Valuation Bubble Risk
   : Market value of concept stocks has fully reflected optimistic expectations, Innolife Healthcare’s P/E ratio exceeds 180x[12]

1. Liquidity Risk
   : Most leading enterprises are unlisted, and secondary market targets mostly “ride the concept” with small business proportions[13]
2. Technical Route Risk
   : Large differences in commercialization pace between non-invasive and invasive routes, requiring precise differentiation in investment[13]
3. Regulatory Risk
   : Shanghai Stock Exchange has issued regulatory warnings to companies like Yahuilong and Injoinic for inaccurate information disclosure on BCI businesses[13]

Strategy	Suitable Investors	Expected Return	Risk Level
Core Allocation	High-risk preference	5-10x	High
Satellite Allocation	Stable type	2-3x	Medium
Wait and See	Conservative type	1-2x	Low

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The brain-computer interface track is currently at a critical turning point from “laboratory” to “clinical practice”, and 2026 is regarded as the first year of commercialization.

• Short-term (2026):
  Thematic investment heat continues, but need to be vigilant against valuation correction risks
• Medium-term (2027-2028):
  The first batch of invasive products is expected to be approved, entering the business model verification period
• Long-term (after 2029):
  If technical breakthroughs are successful, the industry is expected to enter a high-growth period

1. Pursue Certainty:
   Prioritize non-invasive routes, focus on targets that have achieved commercialization
2. Pursue High Elasticity:
   Lay out core targets in invasive routes, but need to be prepared for long-term holding
3. Portfolio Allocation:
   Adopt a combined allocation of “non-invasive + invasive” routes to balance certainty and elasticity

Brain-computer interface is an “industrial revolution spanning more than a decade”, not the next trend. It is currently at the starting point of the “human-machine integration” long-distance race, and investment requires unifying strategic patience and tactical flexibility.

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[1] Caifuhao - “Understand Brain-Computer Interface in One Article: The Trend is Coming, Musk Announces Mass Production” (https://caifuhao.eastmoney.com/news/20260105190858543721620)

[2] Caifuhao - “Understand the Brain-Computer Interface Industrial Chain in One Look” (https://caifuhao.eastmoney.com/news/20260106184351548951800)

[3] 21st Century Business Herald - “Brain-Computer Interface Competition Begins, Multiple Companies Reserve 2026 Milestones” (https://www.21jingji.com/article/20260107/herald/8669a887e0b4f05d09ea4897902ec42f.html)

[4] Wall Street CN - “Musk Releases Mass Production Schedule, Brain-Computer Interface Stocks Surge Across the Board” (https://wallstreetcn.com/articles/3762545)

[5] Sina Finance - “After Successful Clinical Trials, Brain-Computer Interface Begins to Answer Commercialization Questions” (https://finance.sina.com.cn/tech/roll/2025-12-18/doc-inhcetxr6539570.shtml)

[6] Securities Times - “Musk’s Mass Production Declaration Ignites the Market, Brain-Computer Interface Commercialization Accelerates” (https://www.stcn.com/article/detail/3572633.html)

[7] Huxiu - “Financing Trap of Brain-Computer Interface: The Paradox of RMB 5 Billion Financing and Zero Listed Products” (https://www.huxiu.com/article/4823816.html)

[8] Pedaily - “Brain-Computer Interface: Old Shares Are Snapped Up Madly” (https://news.pedaily.cn/202601/559607.shtml)

[9] OFweek - “RMB 2 Billion! Harvard PhD Leads China’s Brain-Computer Interface Unicorn” (https://m.ofweek.com/medical/2026-01/ART-11111-8120-30678602.html)

[10] Securities Times Network - “A-Share: Dense Announcements! Brain-Computer Interface: Breaking News” (https://stcn.com/article/detail/3575120.html)

[11] Jiemian - “Brain-Computer Interface Concept Stocks Issue Batch Risk Warnings” (https://m.jiemian.com/article/13853780.html)

[12] Securities Times - “Shanghai Stock Exchange Takes Action Late at Night! Two STAR Market Companies Receive Regulatory Warnings” (https://www.stcn.com/article/detail/3577286.html)

[13] Deloitte China - “2026 Economic and Industry Outlook” (https://www.deloitte.com/cn/zh/our-thinking/research//issue101.html)

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Report Generation Time: January 10, 2026
Data Source: Jinling AI Financial Database, Compilation of Public Online Information
Disclaimer: This report is for reference only and does not constitute investment advice. Investment involves risks, and you should be cautious when entering the market.