Haitong Securities research report believes that, under the current slowdown in IPO pace, mergers and acquisitions provide new listing channels for technology companies, a trend worth investors' attention. Influenced by the phased tightening of the IPO market, some planned IPO companies are considering shifting to the mergers and acquisitions track, thereby increasing the activity in the mergers and acquisitions market. Against the backdrop of the current slowing IPO pace on the Star Market, mergers and acquisitions provide a reasonable exit channel for some primary market investors, while high-quality semiconductor companies will achieve rapid listing through mergers and acquisitions, integrating industry chain resources and enhancing market competitiveness. In September 2024, after the publication of the "Six Merger Rules", the semiconductor index significantly outperformed the large cap index. The research report believes that semiconductor industry listed companies will actively engage in mergers and acquisitions, strengthening industry chain synergy and the rapid growth of platform-type enterprises. The warming up of the mergers and acquisitions market will also stimulate enthusiasm for investment in the semiconductor industry's secondary market.