Group 1 - The core viewpoint is that the Science and Technology Innovation Board (STAR Market) has become a hub for "hard technology" companies in China, with total R&D investment expected to reach 168 billion yuan in 2024, a year-on-year increase of 6.4%, and a median revenue ratio of 12.67% [1] - The STAR Market is facilitating the financing of unprofitable companies through tiered management and professional institutional participation, directing funds towards hard technology sectors such as biomedicine, new energy, and semiconductors [1] - M&A activity has been robust since the beginning of 2025, with 73 new disclosed transactions completed, and 13 major transactions, nearing the total number of transactions from 2019 to 2023 [1] Group 2 - The Science and Technology Innovation and Entrepreneurship ETF (588360) tracks the Science and Technology Innovation 50 Index (931643), which selects high-growth and innovative companies from the STAR Market and the ChiNext board, covering high-tech fields like new generation information technology and biomedicine [2] - Investors without stock accounts can consider the Guotai CSI Science and Technology Innovation 50 ETF Initiated Link C (013307) and Link A (013306) [2]