【西街观察】硬科技上市验“真金”

Group 1 - The core viewpoint of the articles highlights a surge in IPOs for domestic GPU and AI large model companies, marking a significant moment in the hard technology sector as companies like Beijing Zhipu Huazhang disclose their prospectus [1] - The recent IPO activities include companies like Muxi Co., Wallen Technology, and TianShu ZhiXin, indicating a booming trend in the domestic chip manufacturing and AI model sectors [1] - The competition for the title of "first stock" in the AI large model space has intensified, with Zhipu Huazhang moving ahead of MiniMax in the race to go public, reflecting a pivotal moment in China's AI industry development [1] Group 2 - Hard technology companies share common characteristics such as high R&D investment, long development cycles, and initial losses, relying heavily on capital markets for funding to establish technological barriers [2] - The capital market's evaluation criteria for these companies focus on the robustness of technology and the ability to sustain operations, emphasizing that successful tech firms must excel in both R&D and financing capabilities [2] - The IPO process is described as a race against time for companies to meet valuation, revenue, and profit expectations, with the ability to support valuation systems post-IPO being crucial for chip companies [2]