Hong Kong stock concept tracking | The first in China! Clinical trials of the 128-channel fully implanted brain-computer interface start, and the landing of the brain-computer interface industry is expected to accelerate (attached conceptual stocks)

On May 18, China officially launched the first 128-channel fully implantable brain-machine interface system multi-center clinical trial, led by the affiliated Beijing Tiantan Hospital of Capital Medical University. This trial marks the accelerated clinical translation of China's domestically developed fully invasive brain-machine interface technology, bringing new rehabilitation methods for patients with limb paralysis. The invasive brain-machine interface system used in this study consists of two main modules: intra-cortical implantable flexible electrodes and high-integration fully implanted signal acquisition devices. The flexible electrodes are made of ultra-thin biocompatible materials, significantly reducing post-implantation immune reactions, while accurately capturing single-neuron action potentials with high spatiotemporal resolution. This not only allows the system to have real-time, high-precision decoding of fine brain signals, but also increases the speed of information transmission in human-computer interaction. The accompanying fully implanted signal acquisition device adopts a wireless fully embedded design, with a built-in medical-grade rechargeable battery and support for wireless charging, enabling synchronous collection and transmission of high-channel neural signals. Patients can receive treatment and rehabilitation training in a more natural and comfortable environment, meeting the convenience and safety requirements of clinical applications. This clinical trial plans to enroll 32 individuals, all of whom are patients with limb paralysis caused by spinal cord injury. Currently, 11 medical institutions have joined the research, and it is expected that all patients will be enrolled within six months. After the surgery, patients will need to go through a resting period of about one month to allow the implanted electrodes to adapt to the brain. The official activation time is not fixed and varies from person to person based on factors such as the patient's adaptation. However, once the system starts working, patients will undergo about two months of training to achieve personalized brain optimization. According to the expectations of the trial, patients will first be able to control a mouse with their brains and start hand movements with the help of auxiliary training equipment. Additionally, patients will undergo a 180-day observation period after the surgery to assess the effectiveness of the electrodes, changes in resistance, nerve function recovery, and psychological assessments. The team will complete the safety and efficacy verification of the 128-channel system. This clinical trial will accumulate key data for higher-level brain-machine interface technology. The research team plans to start clinical trials of next-generation systems with higher channel numbers in the next two years. At that time, the electrodes are expected to cover multiple functional areas of the brain, potentially assisting movements of more body parts such as arms and legs, advancing brain-machine interface technology from single-point functional rehabilitation to whole-body movement function reconstruction. On April 1, the Fourth Wave Technology Think Tank in Beijing jointly released the "China Brain-Machine Interface Commercial Prospective Report" with Beijing Centergate Technologies. The report points out that with the synergy of industry policy support, technological breakthroughs, and emerging market demand, brain-machine interface technology is expected to enter a golden window of large-scale commercialization, with 2026 projected to be the first year of large-scale application of brain-machine interfaces. The Chinese brain-machine interface market is expected to exceed 5 billion yuan by 2026 and maintain rapid growth, with a potential market size exceeding 15 billion yuan by 2030. The report also mentions that companies like NeuroTiger, Borui Kang, and JieTi Medical have accumulated rich cases in clinical trials. Some semi-invasive and flexible invasive products have entered the green channel of the National Medical Products Administration as "Innovative Medical Management Devices", and are expected to be officially listed by 2026-2027. Researchers state that this means that invasive brain-machine interfaces are transitioning from 'research samples' to chargeable medical equipment, and the commercial cycle of medical devices is about to be completed. China Securities Co., Ltd. expresses that brain-machine interfaces are upgraded to strategic industries in the 14th Five-Year Plan, with strong policy support leading to accelerated industry development, recommending to pay attention to investment opportunities. Brain-machine interfaces are both medical and technological industries, primarily used for disease treatment in the short term. In the long run, if they can enhance humans, integrate with AI and Siasun Robot & Automation, they have the potential to open up a trillion-dollar market space. There is no distinction between non-invasive and invasive brain-machine interfaces, but it is necessary to explore national policy support and "real brain-machine" with genuine demand. Related concept stocks: MICROPORT NEURO (02172): According to publicly available information, MICROPORT NEURO's products cover hemorrhagic stroke, atherosclerotic narrowness, and acute ischemic stroke. According to Frost & Sullivan statistics based on 2023 sales revenue, MICROPORT NEURO has risen to fourth place in China's neurovascular intervention medical device market share, maintaining the first place in domestic share in recent years. HEARTCARE-B (06609): In 2021, Xinwei Medical and Nankai University partnered to initiate an invasive brain-machine interface project, completing multiple animal experiments. The theoretical verification has been completed, and the official clinical trial is expected to start before the end of 2026. NANJING PANDA (00553): The company undertakes the "key technology research and development of multimodal brain-machine interface technology-based human-machine interaction system integration" project, a key topic in the Jiangsu Province key research and development plan. Currently, the company is implementing the plan in an orderly manner, completing the development of brain-controlled intelligent interaction terminals, optimizing and iterating the interactive system, and carrying out patent applications and standard formulation work. Lens Technology (06613): Lens Technology's experience in the strong brain technology project with million-level mass production is currently a rare global asset. As one of the few giants to have successfully run a BCI hardware manufacturing process, the company has established very high technological barriers. In the future, with this first-mover advantage, the company is expected to tap into the global supply chain system of international giants such as Neuralink and become an indispensable hardware infrastructure builder in the era of brain-machine interconnection.