Guotai Haitong: Computer Industry Capital and Policy Empowerment Welcome to the Industry Window Period.

Guotai Haitong released a research report, stating that under the trend of deep integration of AI and brain-computer interfaces and the support of the 15th Five-Year Plan policies, technological iteration and scenario implementation have become the industry's core drivers. With AI integration empowerment and policy capital support, multiple technological routes of brain-computer interfaces are advancing in parallel, and the acceleration of scenario implementation is opening up a commercial growth cycle. Promising companies with a complete layout, outstanding AI empowerment, and close integration with clinical scenarios. Guotai Haitong's main points are as follows: Brain-computer interfaces establish a human-machine collaborative pathway with bidirectional information transmission capabilities, forming a pattern of parallel development of multiple technological routes As a direct information interaction channel connecting the human brain with external devices, its core functions include interpreting neural signals, controlling external devices, and inputting brain information, enabling brain function replacement, repair, enhancement, and optimization. In terms of technological routes, non-invasive, semi-invasive, and invasive methods each have their advantages. Non-invasive methods are currently mainstream due to their simplicity and high safety, semi-invasive methods balance risks and effectiveness, and invasive methods have advantages in decoding complex neural activities due to high temporal and spatial resolution. The deep integration of AI technology and brain-computer interfaces is an important trend, improving signal decoding accuracy and efficiency through machine learning algorithms, achieving bidirectional interaction, adaptability, precise decoding, and driving the industry towards an advanced form of "brain-computer intelligent community." Global industrial competition is heating up, and domestic policies and capital are driving industrialization faster. On a global scale, the competition is dominated by China and the US in core fields, with the US focusing on invasive technology and China making breakthroughs in non-invasive and language decoding fields, while also accelerating the catch-up in invasive technology. There are basically no substantial differences between the two countries, but there is still room for improvement in domestic core component technologies. At the domestic level, brain-computer interfaces are included in the "15th Five-Year Plan" for future industries, with multiple policies building a support system from top-level design to implementation, covering key areas such as technological innovation, scenario applications, and medical insurance payments, accelerating industry standardization and clinical transformation. The enthusiasm on the capital side has significantly rebounded, with a multiple-fold increase in financing events and amounts by 2025. Although the financing structure shows early characteristics, leading companies have already received large capital injections, and the industrial agglomeration effect is gradually emerging, making the middle and lower reaches a core focus of capital deployment. Breakthroughs in multiple application scenarios, commercial implementation unlocking long-term growth space, and leading companies multidimensional layout building advantages Medical health is currently the most certain foundation, and has already achieved commercial implementation in fields such as hearing impairment, tremor treatment, and sports rehabilitation. Many domestic hospitals have started clinical layouts, and the improvement of medical insurance payment systems further opens up the implementation path. Consumption, industrial, and other scenarios are accelerating expansion, with the consumption side relying on non-invasive technology to meet the needs of disabled and healthy populations, potentially becoming a high-growth new track under policy support; the industrial side focuses on high-risk, high-precision operational needs and is in the transition phase from experimental verification to commercial implementation. Leading companies are building competitive barriers through full-chain research and development, industry-academia-research cooperation, and multi-scenario layout, forming differentiated advantages in the application of non-invasive technology, AI integration empowerment, and the combination of clinical scenarios. With the maturity of technology and the penetration of scenarios, the industry is expected to enter a period of scale growth. Investment recommendations: Recommended targets: Iflytek Co., Ltd. Recommended to pay attention to Zkteco Co., Ltd., Shanghai Stonehill Technology, Dnake, Beijing Chieftain Control Technology Group, Nanjing Medlander Medical Technology. Risk warnings: Risks of technological research and development and commercial implementation falling short of expectations, policy regulation and ethical compliance risks, intensified industry competition and risks of reliance on core components.