The latest data shows that there are over 140000 specialized, refined, and new small and medium-sized enterprises in China, with nearly 15000 specialized, refined, and new "little giant" enterprises. Among them, more than 90% of the "little giant" enterprises are concentrated in the "four basics" areas, namely core basic components, key basic materials, advanced basic processes, and industrial technology foundations, while over 60% are concentrated in strategic emerging industries such as new generation information technology, high-end equipment manufacturing, and new materials. They play an important role in strengthening and stabilizing the supply chain in the entire industry, providing important support for advanced manufacturing. Specialized and innovative small and medium-sized enterprises play a significant role, but currently still face various challenges. From an external perspective, the slowdown in global economic growth may lead to a weakening of market demand, and the uncertainty of the international trade environment, such as the rise of trade protectionism and the increase of trade barriers, will limit the export opportunities of small and medium-sized enterprises. Some developed countries take advantage of their technological advantages and market position to impose various explicit sanctions and implicit barriers on small and medium-sized enterprises, which will also affect the development of specialized, refined, innovative and small and medium-sized enterprises in China. From the perspective of their own development, China's specialized, refined, and innovative enterprises currently cannot fully cover the key areas listed in the "six basics" of industry, technology, and product distribution. Their ability to support the industrial foundation still needs to be improved, and there is still room for further improvement in the open sharing mechanism of innovative resources and the sharing of technological elements. Some specialized and innovative small and medium-sized enterprises face greater difficulties in market development and require more support and guidance. In addition, there is still a lack of high-level and differentiated precision services, and the quality and level of public services, market-oriented services, and socialized public welfare services need to be improved. The Third Plenum of the 20th Central Committee of the Communist Party of China proposed to establish a mechanism to promote the development and growth of specialized, refined, unique, and new small and medium-sized enterprises. It is necessary to focus on activating micro dynamics, improving meso level collaborative efficiency, optimizing macro environment, and creating a favorable environment for enterprise development. Stimulate the innovation vitality of enterprises, promote independent research and development innovation, and share high-end knowledge. By strengthening financial support, establishing a risk sharing mechanism, and consolidating the micro foundation for the development and growth of specialized, refined, unique, and new small and medium-sized enterprises. Continuously advancing research and development activities with a continuously improving support mechanism; Using knowledge sharing mechanisms to shape competitive advantages, integrate and apply new knowledge; To provide comprehensive and multi-level financial support for enterprises, including funding, risk management, and market guidance, through the support mechanism of technology finance, making financial security stronger and more powerful. Strengthen the support capacity of industrial clusters, enhance the construction of common platforms, and promote the efficient circulation and sharing of resources such as technology, talent, and equipment. A complete industrial cluster can provide a stable human, financial, and material support system for specialized, refined, and innovative small and medium-sized enterprises, enhancing the overall stability and risk resistance of the industrial chain. Through the construction of a common platform, research and development, achievement transformation, and market promotion services can be carried out for key common technical issues, which can effectively solve cross industry and cross field technical problems and promote enterprise technological innovation and upgrading. Fully integrating the industrial chain and capital chain, providing sustained and stable financial support for specialized, refined, and innovative small and medium-sized enterprises, can help them overcome short-term financial pressures and focus on long-term development and technological innovation. We should also promote the deep integration of innovation chain, industry chain, and talent chain, encourage cooperation and communication among diverse innovation entities such as enterprises, universities, and research institutions, break down information barriers, and enhance the level of collaborative innovation. Optimizing the business environment and creating a good innovation ecosystem require collaboration from multiple stakeholders such as the government, financial institutions, enterprises, and industry associations. The government can reduce enterprise costs, increase R&D investment, simplify administrative approval processes, improve administrative efficiency, reduce enterprise burdens, and create a fair, transparent, and predictable business environment through tax incentives, fiscal subsidies, and other means. Financial institutions should innovate financing products and services based on the characteristics and needs of specialized and innovative small and medium-sized enterprises, such as intellectual property pledge financing, order pledge financing, etc. We should also promote the integrated development of large, medium, and small enterprises, establish a platform for communication and cooperation among them, promote their collaborative cooperation in the industrial chain, supply chain, and innovation chain, and form a development pattern of complementary advantages and mutual benefit. Industry associations should promote the standardized development of the industry, safeguard industry interests, provide professional services, help enterprises solve problems encountered in the development process, and form a joint force for the development of specialized, innovative, and small and medium-sized enterprises. (New Society)