Recently, the positive signals of deepening the reform of the capital market have been released frequently, the reform of the registration system has entered a key stage, and the reform potential energy has been accumulated. From the start of the pilot registration system on the science and innovation board to the synchronous promotion of "increment + stock" on the gem, the quality of the registration system reform has been highlighted, the efficiency of the capital market implementing the registration system reform in serving the real economy has been greatly improved, and the ecology of the A-share market has undergone positive changes. Yi Huiman, chairman of the CSRC, said at the 2021 Financial Street forum annual meeting not long ago that the CSRC made the pilot registration the number one project to comprehensively deepen the reform of the capital market, adhered to seeking progress while maintaining stability, took the initiative to strengthen communication and cooperation with relevant parties and market parties, successfully implemented the pilot registration system on the science and innovation board and the gem, and achieved important phased results. On the whole, the reform has achieved the expected goal: the demonstration effect of supporting scientific and technological innovation has initially appeared; The role of "experimental field" of system reform has been brought into better play; The overall operation of the market remained stable. From the three quarterly reports, the overall performance of the company maintained rapid growth under the registration system, showing strong development potential and vitality. In terms of gem, 226 newly listed companies under the registration system realized an average operating revenue of 1.805 billion yuan in the first three quarters, a year-on-year increase of 21.72%. Among the newly listed companies, 222 achieved profits, accounting for 98.23%. Among them, the net profit of 10 companies such as golden dragon fish, Zhonghong medical and robust medical is more than 500 million yuan. The net profit of 133 newly listed companies increased year-on-year, accounting for 58.85%. Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, told the economic information daily that the reform of the registration system is to improve the inclusiveness and openness of the market, especially the degree of marketization. Our pilot reform of the registration system has achieved initial results, especially for innovative enterprises. In addition, the degree of market-oriented pricing has also been greatly improved. Shao Yu, assistant president and chief economist of Orient Securities, said that after the stock reform of gem, there have been many high-quality and large market value companies, and the innovation content of listed companies is becoming more and more important, which is in line with the general direction of national economic transformation and truly forms a good demonstration effect on the market. At the same time, investors are getting used to investing more resources in innovative companies, optimizing the allocation of resources, so that the national strategy can be realized slowly through the capital market, by rewarding innovation and high-quality technology companies. The whole A-share ecology, whether asset side or capital side, is undergoing essential changes. It is worth noting that, as a synchronous reform of "increment + stock" in the capital market, the gem reform and pilot registration system have significantly improved the market efficiency and further improved the service function of growing and innovative enterprises for more than a year. Many industry experts said that the gem pilot registration system has laid a solid foundation for steadily implementing the registration system in the whole market and accumulated valuable experience. Over the past year, the gem has complied with the general trend of innovation, creation and creativity, adopted more market-oriented and diversified issuance and listing conditions, focused on serving growth innovative and entrepreneurial enterprises, and supported the deep integration of traditional industries with new technologies, new industries, new formats and new models. The data show that as of November 5, 2021, the gem has accepted 752 applications for initial public listing, and 226 companies have successfully landed on the gem, of which 195 are high-tech enterprises. These enterprises are mainly distributed in computer, communication and other electronic equipment manufacturing, special equipment manufacturing and other industries, showing better growth and profitability, And maintained a strong innovation attribute. Gao Ruidong, managing director and chief macroeconomist of Everbright Securities, told the economic information daily that the registration system reform has had a significant positive effect on both the A-share market and the capital market serving the real economy. On the one hand, the registration system reform has significantly improved the activity of the A-share market, at the same time, it makes the valuation premium rate of listed enterprises return rationally, and the valuation level is becoming more and more reasonable. On the other hand, the reform of gem registration system also plays a positive influence in improving the modernization level of industrial chain, promoting the high-quality development of modern service industry, and supporting the excellence and strength of digital industry. (outlook new era)