Core Insights - The recent IPO boom in the US and Hong Kong markets has attracted investor attention, driven by improved liquidity conditions and companies seeking to raise capital for expansion and global influence [1][3] - While the IPO surge offers new investment opportunities, it also reveals underlying investment risks and value differentiation [5] US Market Summary - The US IPO market is supported by a large pool of funds and deep liquidity, allowing growth-oriented companies to achieve high valuation premiums [3] - Technology, artificial intelligence, and renewable energy sectors have become particularly favored, but some companies are overvalued due to immature business models, increasing secondary market price volatility [3] Hong Kong Market Summary - The IPO pace in the Hong Kong market is significantly influenced by macroeconomic conditions, but policy guidance and connectivity mechanisms create new financing opportunities for new economy enterprises [3] - The pricing in the Hong Kong market tends to be more rational, with some companies receiving funding at relatively reasonable valuations; however, limited overall market liquidity leads to significant performance differentiation among small and mid-cap IPOs, with instances of share price declines post-listing [3] Investment Opportunities - The IPO boom presents multi-layered opportunities for investors, with the US market emphasizing growth pricing logic and the Hong Kong market showcasing potential supported by valuation and regional policies [3] - Investors are advised to consider company fundamentals, maturity of profit models, and long-term industry logic, avoiding blind adherence to market sentiment, and to adopt a cross-market perspective for investing in more certain quality enterprises [3][5] Research and Risk Management - The IPO trend opens new avenues for investors, but value differentiation and risks coexist; assessing long-term growth potential and reasonable valuation levels in conjunction with individual risk tolerance is crucial for new stock investments [5] - For investors looking to systematically capture opportunities in both primary and secondary markets, tools for cross-market research and risk management can enhance participation in IPO opportunities [5]