Recently, Guolian Minsheng Securities underwriting and sponsorship division has actively responded to the policy guidance of the "STAR Market Eight Guidelines" and "M&A Six Guidelines," seizing development opportunities in IPOs and mergers & acquisitions, and cultivating the capital market through a series of pragmatic measures and strategic positioning. Specifically, this includes: First, in the IPO sector, deepening the promotion of investment banking industry grouping, actively positioning and expanding in key industries supported by national strategy, improving service competitiveness for companies in subdivided sectors, profoundly understanding and discovering the investment value of enterprises, and delivering quality investment targets to the capital market; Second, in mergers and acquisitions reorganization, establishing dedicated departments and building a company-wide M&A opportunity integration platform to systematically consolidate and organize various M&A resources and business opportunities, achieving efficient information circulation and sharing; Third, regarding unprofitable enterprises, in project screening and evaluation, constructing a brand-new value assessment system where the previous high focus on corporate profitability indicators will gradually give way to in-depth exploration of "hard technology" attributes and long-term development potential. This requires both thorough analysis of enterprises' technical barriers and commercialization pathways, using detailed data to demonstrate growth logic, and repeated verification to clarify risks, preventing "pseudo-technology" companies from entering the market.