开年连获三个人工智能IPO，对话启明创投周志峰：遵循幂律法则，坚定布局长雪坡、大赛道里的科技标的

Core Viewpoint - The article emphasizes that IPOs are not the end but a starting point for companies, serving as a gathering place for resources and strength to face greater challenges ahead [4][8]. Group 1: Recent IPOs and Market Context - In the first 40 days of 2026, five AI-related hard tech companies completed their IPOs through the Hong Kong Stock Exchange's "Special Line for Science and Technology Enterprises" [3]. - Qiming Venture Partners, a prominent investor in the AI sector, has invested in more than half of these IPO projects, highlighting its role in supporting these companies from early stages [3][5]. - The success of these IPOs is attributed to a combination of favorable policies, market conditions, and the growing interest in AI technology [5][6]. Group 2: Investment Philosophy and Strategy - Qiming Venture Partners adheres to the Power Law principle in venture capital, believing that a few high-quality projects can generate significant returns, which are essential for the fund's overall value [7]. - The firm focuses on investing in core sectors of the AI ecosystem, such as cloud GPUs, large models, and AI inference chips, which are characterized by substantial market demand and technological depth [7]. - The investment strategy includes early intervention and comprehensive support for companies, from technology development to commercialization and IPO [6][7]. Group 3: Future Outlook and Challenges - The article suggests that companies should focus on their core value creation capabilities to achieve sustainable growth and maintain a reasonable market valuation post-IPO [8]. - The IPO is viewed as a milestone rather than a celebration, with the real challenge being the journey towards long-term success and innovation after going public [4][8]. - Historical examples, such as NVIDIA's post-IPO innovations, are cited to illustrate the potential for companies to leverage IPOs for further growth and market leadership [9].