China Securities Co., Ltd. research reports pointed out that the eight policies of the STAR Market propose to support mergers and acquisitions more vigorously, including the establishment of a sound "hard technology" enterprise equity and debt financing for key core technology research and development, mergers and acquisitions "green channel", appropriately increasing the valuation tolerance of STAR Market listed companies in mergers and acquisitions, and enriching payment tools. Analog chips are expected to become the core beneficiaries of this new policy. Referring to the road of mergers and acquisitions in the foreign analogue industry, it is expected that the development of the domestic analogue chip industry will gradually move towards centralized integration. Currently, there are about 34 listed analog chip companies, of which 26 are STAR Market enterprises. There are also a large number of unlisted analogue companies in China as potential acquisition targets, and some companies are actively acquiring related businesses, which is bullish for the industry to clear the pattern and improve the scale and synergy of leading companies. In addition, after two years of severe price reductions and destocking in the analog industry, it is now approaching the end of destocking. With the rise of demand in the industrial field, it is expected to usher in an opportunity for bottoming out and rebounding.