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this shift reflects the changes in the market environment and technology development trends among entrepreneurs and investors. the transformation of chinese unicorns is not a simple "model innovation", but a greater focus on technological innovation and long-term development. chinese unicorns are gradually shifting from short-term competition to technological innovation, with the goal of building core competitiveness. this also means that chinese unicorns are shifting from the era of traffic to the era of technological innovation.

the us market is also experiencing similar changes, but the growth rate of us unicorns has slowed down due to the shrinking venture capital market and the volatility of the market environment. at the same time, the scale of china's equity investment market has also declined, and the competitiveness of china and the united states is also constantly strengthening.

the government's support and policy guidance have provided strong support for the development of china's unicorns. the balance between the government and the market has promoted the vigorous development of china's unicorn ecosystem.

however, market downturns are also a critical stage for the development of excellent companies. entrepreneurs and investors need to deepen their own competitiveness and maintain a long-term vision for the market.

in the future, the new generation of unicorns will pay more attention to domestic substitution and overseas expansion, which will bring new changes to the reshaping of the global unicorn ecosystem. as technology continues to develop, market opportunities and risks will also increase, so we need to be more cautious about market and investment opportunities.