The analog chip industry has the characteristics of multiple categories, wide applications, long time required for talent cultivation and technology accumulation. Looking at the development history of international leading manufacturers TI, ADI, in addition to internal growth, external M&A is also a necessary way for analog chip companies to grow bigger, stronger, and achieve leapfrog development. Compared to overseas leaders, China's analog chip companies started late overall, with small scale, but benefited from China's huge market demand and therefore developed rapidly. With the depletion of analog chip industry inventory coming to an end, the recovery of downstream market demand, the rise of new applications such as AI, the analog chip industry is gradually emerging from the bottom range.