On November 15, 2021, the Beijing stock exchange was officially opened, and it has been three months now. The reporter recently learned that by the end of January 2022, there were 84 listed companies on the Beijing stock exchange, with strategic emerging industries, advanced manufacturing and modern service industries accounting for 87%; There are 1221 companies listed on the innovation layer and 5694 companies listed on the basic layer of the new third board, showing a "pyramid" structure. At present, there are more than 1000 listed companies that meet the financial conditions for listing on the Beijing stock exchange. According to the relevant data of the Beijing stock exchange, as of the end of January this year, the average daily turnover rate of the Beijing stock exchange market was 2.00%, and the overall annualized turnover rate was 484%. The number of investors exceeded 4.8 million, 2.8 times that before the announcement of the establishment of the Beijing stock exchange. Public funds are actively traded in the market. The innovation layer and the foundation layer were effectively driven, and the turnover in 2021 increased by 19.76% year-on-year, of which the turnover of market making stocks increased by 37.76% year-on-year; All 10 indexes rose. Xu Ming, Secretary of the Party committee and chairman of the national stock transfer company and chairman of the Beijing stock exchange, told the media a few days ago that the selection layer of the new third board has changed from a market level of the trading place to a stock exchange. The improvement of its legal status has solved some major key problems and institutional obstacles that plagued the market development in the early stage. Beijing stock exchange and the new third board adhere to serving innovative small and medium-sized enterprises, highlight the market positioning of "earlier, smaller and newer", form a dislocation pattern with the main board, science and innovation board and gem, and enhance the service synergy. The long-term goal of Beijing stock exchange is to build a main position for service innovative small and medium-sized enterprises. Xu Ming believes that the understanding of innovative small and medium-sized enterprises should be summarized as "seven characteristics" and "two groups of relations" should be clarified. Compared with mature large-scale enterprises, China's innovative small and medium-sized enterprises mainly have seven characteristics: stronger innovation power, higher dependence on talent knowledge, higher growth potential, diversified innovation modes, diversified industry distribution, more prominent risk characteristics and relatively concentrated regional distribution. In the process of identifying innovative small and medium-sized enterprises, we must clarify the "two groups of relations". First, the relationship with "specialization and innovation". Innovative small and medium-sized enterprises cover all industries and fields of the national economy. Their innovation is reflected not only in emerging industries, but also in traditional industries. The innovation subjects include not only "specialized and special new" small and medium-sized enterprises dominated by manufacturing, but also small and medium-sized enterprises with outstanding innovation ability in strategic emerging industries, producer service enterprises extending to the high end of specialization and value chain Life service enterprises upgrading to high quality and diversification. The second is the relationship with "hard science and technology" and "three innovations and four innovations". Innovative small and medium-sized enterprises, as well as "hard technology" enterprises on the science and innovation board and "three innovations and four innovations" enterprises on the gem, have the attribute of innovation. In terms of personality, in addition to the earlier development stage, the innovative small and medium-sized enterprises served by the Beijing stock exchange and the new third board are more inclusive and accurate. In terms of inclusiveness, the industries served by the Beijing stock exchange and the new third board are more widely distributed. The market only sets a negative list, and there are no additional industry access requirements except for individual industries that are explicitly prohibited from listing and financing by national macro-control and industrial policies. In terms of accuracy, enterprises are required to have the attribute of innovation, be able to reasonably demonstrate and fully disclose. There is an understanding in the market that the Beijing stock exchange mainly serves "specialized and new" small and medium-sized enterprises focusing on manufacturing. This understanding is not comprehensive. Xu Ming said that the Beijing stock exchange also welcomes small and medium-sized enterprises with outstanding innovation ability in strategic emerging industries, producer service enterprises extending to the high end of specialization and value chain, and living service enterprises upgrading to high quality and diversification. He believes that the main position of service should be understood from "four dimensions": the first is the gathering place of innovative small and medium-sized enterprises, the second is the demonstration place of characteristic institutional functions, the third is the cultural support place of good capital market, and the fourth is the ecological source of "early investment, small investment and new investment". In 2022, the Beijing stock exchange will adhere to the dislocation development, adhere to the market positioning, focus on "earlier, smaller and newer", fully reflect the market inclusiveness and accuracy, dislocation division of labor and organic connection with other sectors of the capital market, and work together to serve the high-quality development of the economy. On the one hand, we should give consideration to innovative small and medium-sized enterprises in different industries, different types and different characteristics, expand the quantity and scale, initially form an innovative small and medium-sized enterprise agglomeration, enrich the enterprise structure, and form a multi structure plate around the characteristic industrial chain, supply chain and value chain of small and medium-sized enterprises. On the other hand, do a good job of interconnection. Give full play to the function of connecting the preceding and the following, and continue to implement the linkage mechanism with Shanghai and Shenzhen markets and regional equity markets. Industry experts said that it is not easy for Beijing Jiaotong exchange to continuously release the reform effect and make positive changes in the market ecology in a short time. Next, it is suggested that on the basis of the general law of capital market development and based on its own development law and demand, Beijing Jiaotong exchange should strengthen the innovation of systems, products and tools. Combined with the characteristics of external financing and portfolio demand of innovative small and medium-sized enterprises, build a financing M & a system with rich tools and taking into account market efficiency and risk constraints, and a diversified trading system, further improve market liquidity and valuation and pricing ability, and gradually build a "barometer" of innovative small and medium-sized enterprises in China's capital market. (Xinhua News Agency)