港股大模型第一股5日狂飙138%，A股IPO有新进展

Core Viewpoint - The article highlights the rapid growth and strategic moves of Zhiyu Technology, which has recently seen its stock price surge over 138.68% in just five trading days, marking it as a significant player in the AI sector and the first "large model" stock in Hong Kong [1]. Group 1: IPO Developments - Zhiyu Technology has updated its A-share IPO guidance report, adding Guotai Junan Securities as a new advisor alongside CICC, indicating an upgrade in its IPO advisory team [3][4]. - The company had initially aimed for an A-share listing earlier but shifted its strategy to list on the Hong Kong Stock Exchange first, which it achieved in January 2026 [6]. - The inclusion of Guotai Junan Securities is expected to accelerate Zhiyu's A-share IPO process, leveraging the firm's strong track record in the tech sector [6][7]. Group 2: Competitive Landscape - The competition among leading securities firms for IPO services in the AI sector is intensifying, with firms like CICC and CITIC Securities holding significant positions in both Hong Kong and A-share markets [10]. - Guotai Junan Securities has been involved in 19 IPO projects on the Sci-Tech Innovation Board over the past three years, making it the top firm in terms of project count, compared to CICC's 12 projects [6][7]. - The article notes that the collaboration between CICC and Guotai Junan Securities is not new, as they have previously worked together on significant IPOs in the "hard tech" sector [8][9]. Group 3: Market Trends and Challenges - The current market environment is favorable for AI companies seeking IPOs, but the complexity of their technologies and business models means that they face rigorous scrutiny during the application process [11]. - The article emphasizes that while the policy environment has opened doors for unprofitable "hard tech" companies, the requirements for high-quality submissions remain stringent [11].