硬科技上市验“真金”

Group 1 - The core viewpoint of the articles highlights a surge in IPO activities 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][2] - The competition for the title of "first stock" in the AI large model sector is intensifying, with Zhipu taking the lead over MiniMax, indicating a pivotal moment in the development of China's large model industry amidst global AI competition [2][3] - The IPO wave in hard technology is characterized by high R&D investments and long development cycles, with many companies initially operating at a loss and relying on capital markets for funding to establish technological barriers [3] Group 2 - The current market environment has seen relaxed issuance conditions and increased institutional tolerance, which has stimulated societal investment enthusiasm in the hard technology field [2][3] - Companies in the hard technology sector must not only excel in technological capabilities but also demonstrate sustainable business models and financial performance to attract investment [3][4] - The success of these companies in the IPO market will depend on their ability to deliver on valuation, revenue, and profit expectations, as well as their capacity to generate real value through their products [4]