Open source securities: Brain-computer interfaces or games entering large-scale mass production are expected to continue to benefit as important application scenarios

The Zhitong Finance App learned that Open Source Securities released a research report saying that a brain-computer interface is hardware that connects the human brain to external devices to achieve information interaction. It can be used to enable people with motor disabilities and other groups that had difficulty experiencing gaming in the past to achieve “brain control” games. It can also be used with games for rehabilitation training for neuro-related diseases. Domestic game manufacturers such as 37 Entertainment (002555.SZ) and Tom Cat (300459.SZ) have all actively laid out research in the field of brain-computer interfaces or Industry-university-research work. The reduction in large-scale mass production costs of hardware and the simplification of the implantation process are expected to accelerate the maturity of various application scenarios such as gaming and medical care; with the further development of technology, brain-computer interfaces are expected to bring new game control interaction experiences and cultivate new growth points for the game industry.

The main views of Open Source Securities are as follows:

Brain-computer interfaces may enter large-scale mass production, and games are expected to continue to benefit as an important application scenario

A brain-computer interface is hardware that connects the human brain to external devices to interact with information. It can be used to enable people with motor disabilities and other groups that had difficulty experiencing gaming in the past to achieve “brain control” games, and can also be used in conjunction with games for rehabilitation training for neuro-related diseases.

On December 13, Shanghai Naohu Technology released China's first fully implanted, fully wireless brain-computer interface full-function product, marking that China has achieved a key breakthrough in the core field of brain-computer interface technology and is among the top in the world. The first paraplegic subject recovered well after surgery and was able to complete daily operations such as browsing videos and playing games through ideological manipulation of electronic devices. Musk plans to mass-produce Neuralink brain-computer interface chips in 2026, and the chip implantation process will be transformed into “a more streamlined, almost fully automated surgical process.”

Open Source Securities believes that large-scale mass production of hardware and the simplification of the implantation process are expected to accelerate the maturity of various application scenarios such as gaming and medical care; with the further development of technology, brain-computer interfaces are expected to bring new game control interactive experiences and cultivate new growth points for the game industry.

Game companies are actively developing related fields. Among them, 37 Mutual Entertainment invests in Strong Brain Technology (the first unicorn in the field of brain-computer interface in China) and South China Brain Control. The auxiliary training function game “Star Life Park” for autistic children can be connected to the South China Brain Control Brain-Computer Interface AI headband; Century Huatong built Zhejiang University's Legendary Innovation Research Center with Zhejiang University in 2020, focusing on emerging fields such as brain-computer integration; in 2024, Tom Cat cooperated with Zhejiang University and Ruijin Hospital Holding Company affiliated with Shanghai Jiao Tong University School of Medicine to jointly promote brain-computer interface, digital data analysis and digital brain function data analysis Industry-academia-research work in fields such as play therapy.

AI fully empowers games, enhances multi-modal capabilities and integrates forms to innovate or open up industry space

Improved model capabilities promote AI penetration from auxiliary tasks such as art resource generation and programming to core creative fields such as gameplay design and story architecture. On the cost reduction and efficiency side, according to Tencent statistics, with AI, Photon Studio's character animation production cycle was shortened by 40%, and the verification time for some character skill prototypes was reduced from 2 weeks to 3 days.

On the gameplay innovation side, Giant Network's “Space Kill” created the industry's first “multi-user and AI agent hybrid confrontation” mechanism. As of 2025, the total number of players participating reached millions, with tens of millions of players, and the series of AI gameplay significantly increased user activity and online time; Kaiying Network Investment Company naturally chose to build the world's first 3D AI intelligent companion application “EVE” based on a self-developed model to bring players a realistic companion experience.

According to the Game Gyro official account, the number of games publicly using generative AI on the Steam platform rose from 7818 in July to over 10,000 in December in 2025, accounting for about 8% of the total Steam library and 20% of the games planned to be launched in 2025. Exploring ways to integrate AI and games is expected to bring novel experiences to players and further open up space for industry development.

The peak game season is coming soon, and the intensive launch of new games and updates to the operation of old games are expected to further drive traffic growth

Giant Network's “Operation Supernatural” will host a series of anniversary events on January 23; on January 3, “Heartbeat Town”, a subsidiary of Xindong, announced that it will launch a New Year's link with the “Xiyangyang and the Grey Wolf” IP, and will launch a new year version with the theme of “Ruixue Yingchun” on January 24. The international service version “Heartopia” will also be launched overseas on January 8; on January 7, Jinshan Software's “Goose and Duck Killing” mobile game will be officially released.

It is recommended to focus on new game launches and old game operation activities, and actively seize investment opportunities in the game sector, which is booming under the resonance of supply and demand, and is about to usher in the peak winter vacation and Spring Festival season. As a target, focus on recommending Giant Network (002558.SZ), Xindong (02400), Kaiying Network (002517.SZ), Gbit (603444.SH), Bilibili W (09626), Shenzhou Taiyue (300002.SZ), Tencent Holdings (00700), and Tencent Holdings (00700) Including Jinshan Software (03888) and Century China Tong (002602.SZ), 37 Entertainment (002555.SZ), Tom Cat (300459.SZ), Baiao Family Interactive (02100), etc.

Risk Alerts

Brain-computer interface, AI game development, game streaming, etc. fell short of expectations, and the launch of new games was delayed, etc.