Recently, two companies including Micro Conductivity Nanometer and Jiehuate were listed on the Science and Technology Innovation Board, and two companies including Huami New Materials and Raytheon Technology landed on the Beijing Stock Exchange. So far, according to the statistics of Wind Information, 337 listed companies have landed on the Science and Technology Innovation Board, the GEM and the Beijing Stock Exchange in the year, accounting for 83% of the newly listed companies in the year; 337 companies raised 436.951 billion yuan, accounting for 76.19%. "Constantly improve the function of the capital market, and better support the self-reliance of science and technology." Recently, the Party Committee of the CSRC put forward in conveying and studying the spirit of the Central Economic Work Conference, studying, deploying and implementing measures. Experts interviewed said that to better support the self-reliance of science and technology, the capital market needs to further deepen the reform of the registration system, increase financing support for scientific and technological innovation, vigorously develop the private equity market, improve the multi-level capital market, and build a service system that fits the full life cycle of science and innovation enterprises. The listed companies increase their R&D investment year by year. Scientific and technological innovation starts with technology and becomes capital. "In recent years, the capital market has given full play to the advantages of promoting the formation of innovative capital, guiding capital to gather in the field of scientific and technological innovation, further improving the innovation vitality of enterprises, and improving the efficiency of scientific and technological innovation investment to promote industrial upgrading." Qiu Yilin, a postdoctoral fellow of the Bank of China Research Institute, told the Securities Daily. According to the statistics of Wind Information, as of December 23, there were 1878 listed companies on the Science and Technology Innovation Board, the GEM and the Beijing Stock Exchange, accounting for 37.11% of the total number of listed companies. According to the data of China Securities Regulatory Commission, among more than 5000 A-share listed companies, there are more than 2500 listed companies in strategic emerging industries. At the same time, in recent years, listed companies have increased their R&D investment year by year. According to the statistics of China Association of Listed Companies, in the first three quarters of this year, the R&D expenditure of listed companies reached 0.94 trillion yuan, a year-on-year increase of 20%. The R&D investment of listed companies on the GEM, the Science and Technology Innovation Board and the Beijing Stock Exchange has been increasing. The growth rate of R&D expenditure in the first three quarters was 32%, 54% and 43% respectively, and the R&D intensity was 4.59%, 8.68% and 4.30% respectively. The essence of innovation drive is talent drive. According to wind information data, as of the end of the third quarter of this year, A-share companies have gathered more than 2.7 million R&D personnel. Among them, the Science and Technology Innovation Board has gathered more than 150000 R&D talents, and more than 60% of the company's founding teams are scientific research talents. In addition, the reform of the registration system has also opened up the whole link of venture capital institutions in the scientific and technological innovation industry to "raise investment, manage and return". According to public data, about 97% of science and technology innovation board enterprises obtained investment from venture capital institutions before listing. In addition, more than 60% of enterprises on the GEM and 70% of enterprises on the Beijing Stock Exchange obtained private equity and venture capital fund investment before listing. Tian Lihui, president of the Financial Development Research Institute of Nankai University, told the Securities Daily that in recent years, the capital market has taken awesome measures to support scientific and technological innovation, and has achieved great results. The capital market helps science and innovation enterprises to achieve listing financing through multiple sectors, and also provides exit opportunities for venture capital private equity funds. In addition to financing support, the capital market also standardized the development of science and innovation enterprises, gathered science and innovation talents through equity incentives