Group 1 - The core viewpoint of the report indicates that the A-share IPO market has shifted from quantity-driven to a high-quality development paradigm focused on technological innovation and supported by institutional inclusiveness [1] - The report highlights that the A-share market is gradually returning to normalized issuance under the framework of "stabilizing rhythm, improving quality, and optimizing structure," with the Beijing Stock Exchange becoming a key player in IPO applications and guidance [1] - The report emphasizes that the multi-tiered capital market construction is deepening, which is expected to continuously broaden financing channels for enterprises, particularly in strategic emerging industries such as artificial intelligence, robotics, semiconductors, new energy, and biomedicine [1] Group 2 - The Hong Kong IPO market is expected to maintain its heat, but the growth pace is becoming more stable, showing characteristics of structural deepening [1] - The A+H listing model is anticipated to remain popular, with the return of Chinese concept stocks and specialized technology companies forming significant sources of listings [1] - The Hong Kong Stock Exchange is continuously optimizing its listing system to enhance the overall efficiency and competitiveness of the Hong Kong securities market, with stable net inflows of southbound funds expected [1] Group 3 - For companies planning to go public, it is advised to embrace technology and build a future-oriented financial governance system, addressing challenges such as cumbersome financial data collection and stricter external regulatory reviews [2] - Companies should prioritize the construction of integrated business and financial systems to ensure data consistency, synchronization, and process transparency during IPO preparations [2] - Strengthening digital transformation and intelligent financial construction is crucial for companies to actively demonstrate their governance capabilities to investors [2]