As 2025 draws to a close, two prominent "unicorns" within China's domestic artificial intelligence large-scale model industry—Zhipu and MiniMax (Xiyu Technology)—have nearly simultaneously cleared the Hong Kong Stock Exchange's listing hearing process. Both are now vying for the coveted title of the "first large-scale model stock." Concurrently, AI chip companies are also making significant strides toward capital market entry. Among the "Four Little Dragons" of China's GPU sector, Moore Threads and MetaX have already secured listings on the A-share Science and Technology Innovation Board. Meanwhile, Biren Technology and Iluvatar CoreX have recently embarked on the journey to list on the Hong Kong Stock Exchange. The AI industry is thus approaching a pivotal juncture in its capitalization journey. Notably, these companies generally share financial hallmarks: rapid revenue growth, substantial investments in research and development (R&D), yet persistent profit losses. These characteristics underscore the industry's nascent stage, where it is transitioning from technological exploration to tangible, practical applications.