Looking at the trends in the primary market over the past two years, there's an interesting phenomenon — no matter how sophisticated the mechanism design, how grand the application vision, or how perfect the community governance, they all seem to be overshadowed by a strong price surge.

Simply put, retail investors care about one thing: Can it go up? How much will it rise? When will it rise? As long as the price continues to go up, even the most ordinary projects can attract attention; conversely, even the most perfect fundamentals may be ignored. This reflects a basic market rule — human nature always pursues hope and return expectations.

From this perspective, projects that are good at creating growth momentum and grasping market sentiment have indeed gained more capital favor at this stage. This is not to say fundamentals are unimportant; rather, in the current market environment, expectation management and price performance often become higher-priority factors.