CCTV Online Review: Cambrian's Market Value Exceeds Trillion: Before the Milestone, More Clear Mindfulness is Needed According to a report by Golden Finance, on June 30th, CCTV's online commentary stated that Cambrian's market value exceeded one trillion yuan, making it a milestone hard technology enterprise on the Science and Technology Innovation Board. On the occasion of the upcoming seventh anniversary of the opening of the Science and Technology Innovation Board, this is not only a landmark event in the capital market, but also a key node for observing the iteration of the A-share science and technology innovation ecosystem and the breakthrough of the domestic computing power industry. But the more the focus of market attention, the more we need to shed the halo of market value and soberly view the current challenges. Firstly, the pressure of matching valuation with performance cannot be ignored. The current market has high expectations for the AI track, and the valuation includes both the company's own technological progress and the domestic substitution dividend brought by the external environment. Overvaluation is a double-edged sword, as it provides ammunition for research and development, but also means facing pressure for valuation correction once subsequent products are launched or performance is released below expectations. Secondly, domestic AI chips still need to overcome difficulties in transitioning from being "usable" to being "user-friendly". Objectively speaking, domestic chips have reached a usable level in the fields of inference scenarios and computing power, but there is still a certain gap with the international top level in high-end large model training computing hardware, developer ecosystem construction, and other aspects. Thirdly, we need to be wary of the industry's impetuous mentality driven by market capitalization heat. Under the demonstration effect of a trillion dollar market value, there may be problems such as overheated financing and intensified homogeneous competition in the industry. Some companies may also be affected by stock price fluctuations, distracted by short-term market value management and relaxing long-term technology research and development. This is a hidden concern for the long-term development of the hard technology industry.