The research report released by CITIC Securities highlights that, as we mark the first anniversary of the ‘1+6’ reforms, a self-reinforcing cycle has taken shape within the investment and financing ecosystem. This cycle is propelling the efficient advancement of related companies across multiple dimensions, including financing, mergers and acquisitions, and corporate ecosystems. Presently, the reforms have evolved from the institutional declaration stage to the ecosystem verification stage. Looking ahead, it is crucial to concentrate on medium- to long-term trends, such as profit realization and performance delivery, to validate and bolster the development trajectory. Across various sectors, policy transmission exhibits a distinct gradient, with the biopharmaceutical sector having already undergone verification, while the artificial intelligence sector is rapidly catching up. The STAR Market is transitioning from a ‘testing ground’ to a ‘showcase platform’.