With the launch of the reform of the comprehensive registration system, the direct financing of the capital market, especially the equity financing function, will give full play to its unique role of the risk-sharing and benefit-sharing mechanism, promote the close integration of capital and industry, and also add positive energy to the stabilization and recovery of China's economy. From the perspective of equity financing, according to the data of Orient Fortune Choice, as of February 12, a total of 19 new shares in the A-share market have issued and raised 21.645 billion yuan since the beginning of the year, and the refinancing scale of listed companies (including additional issues, allotments and convertible bonds) has reached 151.666 billion yuan, with a total of 173.311 billion yuan. Wang Linfeng, the business director of the Securities Investment Banking Department of the Federal Reserve, said in an interview with the reporter of the Securities Daily that after the reform of the comprehensive registration system was launched, the inclusiveness and marketization of the capital market has increased significantly, which is more conducive to promoting the further increase of the proportion of direct financing, and the capital market will also more effectively enable the development of the real economy. Since the new year, the A-share market has maintained a relatively high financing scale in a short time, which is gratifying. The capital is accelerating to gather in the field of science and technology innovation. The active fund-raising of enterprises in Beijing Stock Exchange combined with the data of previous years found that the capital is accelerating to gather in the field of science and technology innovation, and the GEM and the science and technology innovation board are still the main positions for initial fund-raising of enterprises. The fund-raising role of the Beijing Stock Exchange is increasingly prominent. According to the data, as of February 12, the GEM and the Science and Technology Innovation Board raised a total of 14.894 billion yuan, accounting for nearly 70%, or 68.81%. Specifically, five GEM enterprises raised 10.597 billion yuan and four scientific and technological innovation board enterprises raised 4.297 billion yuan. Compared with the data of previous years, from 2021 to 2022, the amount raised on the GEM and the Science and Technology Innovation Board in the same period accounted for 62.24% and 51.89% of the total size of the A-share market, respectively. At the same time, as an important supplementary place for in-depth exploration of the capital market to effectively serve small and medium-sized enterprises and scientific and technological innovation, the Beijing Stock Exchange has provided more options for small and medium-sized enterprises to solve financing problems. According to the data, up to now, there were seven enterprises in the Beijing Stock Exchange, with a total amount of 958 million yuan raised, compared with 248 million yuan raised by three enterprises in the same period in 2022, both the number of enterprises and the amount of funds raised showed a significant increase. Zhou Yunnan, the founder of Beijing Nanshan Investment, told the Securities Daily that the speed up of the "Shangxin" of the Beijing Stock Exchange has helped innovative small and medium-sized enterprises to solve the "listing difficulties, financing difficulties, and financing costs", so that more high-quality enterprises on the new third board can develop smoothly and efficiently, accelerate the gathering of a group of high-quality listed companies with rich numbers and diverse structures, accelerate the high-quality expansion of the Beijing Stock Exchange, and promote the healthy and rapid development of the Beijing Stock Exchange, And then build a first-class exchange serving innovative small and medium-sized enterprises. With the launch of the reform of the comprehensive registration system, the main board market is also expected to glow with new vitality. With the more inclusive conditions for issuance and listing, the issuance pricing and trading system also has positive changes. More high-quality blue-chip enterprises with mature business models, stable operating performance, large scale and industry representative will be listed in A-shares. "After the launch of the comprehensive registration system, the pace of listing and issuance is generally controllable and will not lead to a sharp increase in the number of IPOs