CITIC Securities: The domestic brain-computer interface industry will usher in the DeepSeek moment.

On February 24th, the latest research report from CITIC Securities pointed out that the first domestically produced implantable brain-computer interface product will soon apply for listing, indicating that the domestic brain-computer interface industry will usher in a DeepSeek moment. With multiple factors such as "policy + capital + technology" catalyzing, the commercialization process of domestic brain-computer interface is accelerating, and it is expected to gradually move from the era of "neurological rehabilitation" to "cognitive enhancement" and then to "brain-machine integration". The upstream technological bottleneck is being broken through, the middle stream of China and the United States are advancing side by side, and the downstream market is vast. We have summed up three investment themes: 1) leading companies in the innovative field that have achieved technological breakthroughs or outstanding clinical effects. 2) Leading companies in the non-invasive field with diversified application scenarios and strong commercial sales capabilities. 3) Leading companies with leading CDMO/CRO capabilities.