Recently, hard tech companies like Changxin Technology and Changcun Holdings have successively launched their initial public offerings (IPOs), drawing public attention to the equity investment institutions backed by securities firms. Leveraging their strengths in sponsorship and underwriting services, leading securities firms are well-positioned to secure substantial returns from co-investments. Meanwhile, small and medium-sized securities firms, predominantly serving as Limited Partners (LPs), have capitalized on opportunities in tech innovation investment by making early-stage investments through channels such as private equity funds. This reflects the differentiated strategies adopted by securities firms of varying scales in a market-oriented landscape. Leading securities firms, armed with significant capital and industry expertise, often opt for a 'fund of funds + direct investment' approach; in contrast, small and medium-sized securities firms participate in a more streamlined manner through the LP model.