On February 1, 2023, China Securities Regulatory Commission (CSRC) announced the official launch of the comprehensive implementation of the reform of the stock issuance registration system. This reform has opened up the channel for enterprises to directly finance, and opened up a broad space for the capital market to serve the high-quality development of the real economy. At present, Guangdong has sounded the call to promote high-quality development. How can we take advantage of the reform to inject strong capital momentum into the economic transformation and upgrading? The reporter interviewed many insiders. The comprehensive registration system is a new engine for development. "The reform of the comprehensive registration system is good for Guangdong. Guangdong is the largest province in the economy and the highland of scientific and technological innovation in China. It sits on the Shenzhen Stock Exchange, adjacent to the Hong Kong Stock Exchange, and jointly builds the Greater Bay Area of Guangdong, Hong Kong and Macao. It has the advantages of favorable weather, geographical conditions and people's harmony, and has greater opportunities for enterprises to go on the market and develop." Dong Dengxin, director of the Institute of Finance and Securities of Wuhan University of Science and Technology, analyzed and pointed out that, Judging from the results of the four years of pilot reform of the registration system, Guangdong has taken the lead. Yang Huachuan, executive director and sponsor of the Investment Banking Management Committee of GF Securities, also held the same view. He provided a set of data: in the past four years, the pilot reform of the registration system has been launched successively on the Science and Technology Innovation Board, the Growth Enterprise Board and the Beijing Stock Exchange. By the end of January 2023, a total of 1004 companies in the country have been listed through the registration system, of which Guangdong ranked first in the country with 183. He also pointed out that the outstanding characteristics of Guangdong companies listed through the registration system are strong scientific and technological attributes and sufficient innovation. Taking the 2022 data provided by the Guangdong Securities Regulatory Bureau as an example, 78 new listed companies in Guangdong are high-tech enterprises, of which 72 are strategic emerging industries, accounting for 92.3% of the total. This is directly related to the market positioning of the pilot registration system. The scientific and technological innovation board highlights the characteristics of "hard science and technology", and mainly serves scientific and technological innovation enterprises that meet the national strategy, break through key core technologies, and have high market recognition; The GEM mainly serves growth-oriented innovative and entrepreneurial enterprises with "three innovations (innovation, creation and creativity) and four innovations (new technology, new industry, new business forms and new models)"; The Beijing Stock Exchange serves innovative small and medium-sized enterprises that are "specialized and innovative". Thanks to this, a large number of Guangdong enterprises with "hard technology", "three innovations and four innovations", and "specialized and innovative" have started the trend of listing. In Nansha, Guangzhou, Yuncong Technology, known as the "four dragons of AI" in China, successfully "broke through" the IPO in May 2022 by virtue of the core technology of AI, and won the "first share of AI" in the science and technology innovation board, helping Nansha to build an AI highland in the Greater Bay Area of Guangdong, Hong Kong and Macao. This is a welcome change brought about by Guangdong's seizing the opportunity of pilot registration system. Many insiders pointed out that although AI is a strategic technology leading a new round of scientific and technological revolution and industrial transformation, the long-term high R&D investment makes such enterprises unable to go public due to losses. It is the registration system that opens the door to capital listing for enterprises like Yuncong Technology and injects capital momentum into strategic emerging industries. According to Yang Shaoji, chairman and executive vice president of China Science and Technology Innovation, Guangdong is promoting a virtuous circle of "finance, technology and industry" with the gradual implementation of the pilot registration system. "Increase the proportion of direct financing through the reform of the registration system, support scientific and technological innovation with direct financing in the capital market, and promote the transformation of traditional industries with scientific and technological innovation