Looking back at the year 2023 that is about to pass, the Chinese economy has been steadfastly moving forward in chopping through waves. Although it feels difficult, it feels even more remarkable. The Securities Daily has launched a year-end inventory series, looking back at the exciting stories of 2023 together. Comprehensive Registration System: Comprehensive Optimization of Market Ecology In 2023, the comprehensive registration system reform has been implemented, becoming another milestone in the development of capital market reform, opening a new chapter of high-quality development for the capital market. On February 17th, the relevant rules and regulations for the comprehensive registration system were released and implemented. On April 10th, with the first batch of 10 mainboard registration system enterprises going public, the first step of registration system reform came to a successful conclusion. Since the implementation of the comprehensive registration system, the market system that has progressed layer by layer and developed in a staggered manner has become more perfect, and the characteristics of each sector have become more distinct, enhancing the ability to serve technological innovation. According to iFinD data from Tonghuashun, as of December 12th, a total of 277 companies have listed on A-shares this year, with a total IPO fundraising of 323.25 billion yuan. Among them, the number of strategic emerging industry enterprises accounts for 95.31%, and the number of national level specialized and innovative "little giant" enterprises accounts for nearly half. At the same time, regulatory authorities must ensure strict entry and exit controls. In the issuance process, we have strengthened the responsibilities of issuers and intermediaries as gatekeepers. As of December 12th, 255 companies have terminated their listing applications so far this year; In the delisting process, we will strengthen the supervision of delisting and accelerate the clearance of "shell zombie" enterprises. Since the beginning of this year, the number of companies that have been forced to delist has reached 44, setting a new historical high. Zheng Dengjin, Associate Professor at Central University of Finance and Economics and Deputy Director of the Capital Market Supervision and Reform Research Center, told Securities Daily that under the comprehensive registration system, the capital market ecology is comprehensively optimized, and the protection of the legitimate rights and interests of investors is further enhanced; The multi-level capital market provides a broad and inclusive direct financing platform for different types of companies, and the quality and efficiency of capital market services for the real economy continue to improve. The implementation of the comprehensive registration system does not mean that the registration system reform has been completed. The Central Financial Work Conference proposed to promote the deepening and implementation of the stock issuance registration system. This is a new requirement for the reform of the registration system. In the view of Jiao Jinhong, the chief lawyer of the China Securities Regulatory Commission, the true completion of the registration system reform requires a long-term interactive and repeated game process. It cannot be achieved overnight and once and for all, and must continue to deepen and solidify. Looking ahead to next year, Zhang Jun, Chief Economist of Galaxy Securities, told Securities Daily that it is expected that the registration system reform will be further deepened and related systems will also be further improved. The regulatory authorities will continue to optimize the issuance review process, improve issuance efficiency, and strengthen supervision of the quality and information disclosure of listed companies to promote the long-term stable development of the market. Active Capital Market: Policy "Combination Fist" Efforts: On July 24th, the Political Bureau of the Communist Party of China Central Committee proposed to "activate the capital market and boost investor confidence", and the Central Financial Work Conference held at the end of October once again proposed to "activate the capital market". The Chief Economist of CITIC Securities, Ming Ming, told Securities Daily reporters that the "active capital market" has been mentioned multiple times this year, reflecting the policy's emphasis on this goal. Active capital markets have an impact on investors