以下文章来源于氪睿研究院 从表面数据看，2026年全球IPO市场正在回升。多国交易所的上市储备项目增加，AI、硬科技、能源与先进制造成为高频关键词，市场开始重新讨论"IPO 窗口期"的打开。这一现象，容易被解读为资本市场风险偏好的修复。 但如果进一步拆解结构，会发现这一轮IPO并不符合以往"周期复苏"的典型特征。 首先，上市企业的类型发生了显著变化 能够顺利推进IPO的公司，集中于少数行业和赛道，且普遍具备高资本密度、长周期投入和强政策关联特征；而大量轻资产、应用导向或依赖叙事驱动的 企业，仍然停留在上市门外。 其次，IPO的定价逻辑正在发生位移 过去二十年，资本市场更倾向于为"增长潜力"定价；而在当前高利率与地缘政治结构化的背景下，资本开始优先评估企业的战略必要性、现金流可验证性 以及长期资本承载能力。 这意味着，IPO正在从一种"市场奖励机制"，转变为一种战略资产筛选与定价机制。 在美国市场，算力、AI基础设施、航天与国防相关企业获得显著溢价，本质上反映的是资本对"未来关键基础设施"的提前定价；在中国市场，硬科技、新 质生产力与产业链关键环节加速进入资本市场，IPO更多承担的是产业升级与技术自主的制度功能 ...

Core Insights - The establishment of a backbone network for data infrastructure in China marks a significant advancement in the country's digital economy, transitioning from fragmented construction to a systematic interconnection of data nodes across 18 cities [1][2] Group 1: Data Infrastructure Development - As of now, 18 cities including Beijing, Nanjing, and Suzhou have built data infrastructure nodes that are interconnected, facilitating the incubation of over 100 business scenarios and involving more than 3,900 entities such as data exchanges and developers [1] - The National Data Bureau, in collaboration with the aforementioned cities, will explore six technical routes for innovative development in 2024, focusing on trusted data spaces [1] Group 2: Impact on Digital Economy - The interconnectivity of these 18 cities serves as data "hubs," creating a data circulation network that spans 20 provinces, enabling efficient data flow nationwide [2] - Users can access data with a single point of entry, publish data for universal visibility, and deploy applications across regions, thereby promoting the deep integration of the digital economy with the real economy and empowering various industries in their digital transformation [2]