市场大棋局，震荡洗盘显现，聚焦新质生产力企业上市

Core Insights - The market is undergoing a transformation, with a shift in focus from traditional financial metrics to identifying companies that can drive long-term growth through innovation and technology [3][5][11] - There is an anticipation for a wave of technology company IPOs, driven by supportive industrial policies and the maturation of startup R&D cycles [5][11][15] - The current market volatility serves as a filtering mechanism, eliminating underperforming companies and creating space for high-quality firms with core technologies [3][7][9] Market Dynamics - The market is transitioning from traditional industries to sectors like high-tech, renewable energy, and biomedicine, which are seen as "new productive forces" [3][5] - The current market environment is characterized by a mix of struggling companies and those that are refining their strategies in anticipation of future opportunities [5][7] - The upcoming IPOs are expected to occur in phases, starting with companies that have shorter R&D cycles and faster commercialization [11][13] Investment Strategy - Investors are advised to maintain a long-term perspective, focusing on companies that can convert technology into sustainable cash flow rather than reacting to short-term market fluctuations [9][15] - The market is compared to a farm, where the success of companies depends on their foundational strength and ability to adapt, rather than just external conditions [9][15] - The structural opportunities in the capital market will gradually emerge as supportive policies are implemented over the coming years [11][13]