GTHT released a research report stating that seven departments including the Ministry of Industry and Information Technology issued the "Implementation Opinions on Promoting Innovation and Development of Brain-Computer Interface Industry," requiring breakthrough achievements in key brain-computer interface technologies by 2027. With active policy support domestically, the brain-computer interface industry is expected to accelerate development. Meanwhile, the National Healthcare Security Administration previously released the "Guidelines for Establishing Pricing Items for Neurological Medical Services (Trial)," gradually standardizing the payment framework for brain-computer interfaces and progressively implementing charging standards. Currently, the global brain-computer interface market is at a critical turning point of "technological breakthrough, clinical verification, and commercial implementation." According to McKinsey's calculations, the global brain-computer interface market in medical applications is expected to reach $40 billion by 2030 and exceed $145 billion by 2040.

GTHT's main viewpoints are as follows:

**Policy Support Driving Accelerated BCI Industry Development**

In July 2025, seven departments including the Ministry of Industry and Information Technology issued the "Implementation Opinions on Promoting Innovation and Development of Brain-Computer Interface Industry," requiring breakthrough achievements in key brain-computer interface technologies by 2027, with preliminary establishment of advanced technological, industrial, and standard systems. The performance of electrodes, chips, and complete machine products should reach internationally advanced levels, with brain-computer interface products accelerating applications in industrial manufacturing, medical healthcare, and consumer living. Industrial scale will continue to expand, creating 2-3 industrial development clusters and exploring new scenarios, models, and business formats. By 2030, brain-computer interface industry innovation capabilities will be significantly enhanced, forming a safe and reliable industrial system, cultivating 2-3 globally influential leading enterprises and a group of specialized and innovative small and medium enterprises, constructing an internationally competitive industrial ecosystem, with comprehensive strength entering the world's forefront.

**Payment Framework Gradually Standardizing, Charging Standards Progressively Implemented**

In March 2025, the National Healthcare Security Administration released the "Guidelines for Establishing Pricing Items for Neurological Medical Services (Trial)," specifically establishing separate pricing items for brain-computer interface new technologies, setting up pricing projects such as "Invasive Brain-Computer Interface Implantation Fee" and "Invasive Brain-Computer Interface Removal Fee," providing regulatory basis for brain-computer interface medical charging. Subsequently, Hubei Province, Zhejiang Province, and Jiangsu Province successively provided medical insurance pricing for brain-computer interfaces, filling the gap in brain-computer interface medical service pricing and solving the product implementation difficulties caused by unclear charging standards. Clear medical insurance pricing provides hospitals with clear cost references for purchasing brain-computer interface equipment and conducting technical applications, helping to enhance hospital procurement confidence and promote further application of brain-computer interface technology in the medical field.

**Investment and Financing Activity Significantly Rising, Capital Catalyzing Technology Iteration**

Globally, investment and financing activity in the brain-computer interface field shows significant upward momentum. According to statistics from the China Academy of Information and Communications Technology, as of the end of April 2025, in the brain-computer interface field, publicly disclosed global investment and financing transactions have accumulated over 1,000 deals, with nearly 400 brain-computer interface companies successfully obtaining investment, with total investment approaching $10 billion. Capital market support is expected to accelerate innovation and product iteration in brain-computer interface technology.

**Investment Recommendations**

Currently, the global brain-computer interface market is at a critical turning point of "technological breakthrough, clinical verification, and commercial implementation." According to McKinsey's calculations, the global brain-computer interface market in medical applications is expected to reach $40 billion by 2030 and exceed $145 billion by 2040. With breakthroughs in technology and further expansion of downstream applications, the brain-computer interface market prospects are promising.

For stock targets, we recommend Westone (688580.SH) and suggest attention to Xiangyu Medical (688626.SH), Mailand (688273.SH), HEARTCARE-B (06609), Aipeng Medical (300753.SZ), CYTEK (300430.SZ), Meihao Medical (301363.SZ), Innovative Medical (002173.SZ), and Botuo Biotech (688767.SH).

**Risk Warning**

Research and development progress below expectations, commercialization progress below expectations, and other risks.