High tech enterprises account for over 90% of the companies listed on the Science and Technology Innovation Board, ChiNext Board, and Beijing Stock Exchange. Since the pilot of green corporate bonds, a total of about 870 billion yuan has been issued. "Insurance+Futures" has benefited more than 7 million households, and the public fund industry has entrusted management of various pension assets worth over 60000 billion yuan. The first batch of 11 pilot projects for the "Data Elements x Capital Market" special pilot program have been released... We are doing well in the "five major articles" of technology finance, green finance, inclusive finance, pension finance, and digital finance, and the capital market is continuing to make efforts. Promoting the capital market to do a good job in finance, reform is the key to solving the problem. The Decision of the Third Plenary Session of the 20th Central Committee of the Communist Party of China has made a systematic deployment for further comprehensive deepening of the reform of the capital market, and the Central Economic Work Conference has clearly proposed to deepen the comprehensive reform of investment and financing in the capital market. Recently, the China Securities Regulatory Commission (CSRC) released the "Implementation Opinions on the Capital Market Doing a Good Job in Financial" Five Articles "(hereinafter referred to as the" Implementation Opinions "), further clarifying the" construction drawings "for the capital market to do a good job in financial" Five Articles ". Open this' construction drawing 'and the outline of the reform is clearly visible. Reform to create a favorable environment and cultivate fertile soil for scientific and technological innovation. The capital market with direct financing function has a unique mechanism of risk sharing and benefit sharing, which is more adapted to the risk characteristics of innovative activities and is a more convenient and efficient financing channel for scientific and technological innovation enterprises. It has advantages in promoting the formation of innovative capital and optimizing the allocation of innovative resources. The Implementation Opinions this time focus the most on technology finance, introducing reform measures around enhancing the inclusiveness and adaptability of the capital market system to better serve technological innovation and the development of new quality productivity. For example, for a long time, how to evaluate the scientific and technological innovation attributes of companies planning to go public and how to support high-quality non-profit technology-based enterprises to go public have been the difficulties in capital market reform. The Implementation Opinions propose to further improve the institutional mechanism for accurately identifying technology-based enterprises and support the listing of high-quality unprofitable technology-based enterprises in response to this difficulty. At the same time, by improving the information disclosure rules for technology-based enterprises, optimizing the underwriting mechanism for new stock issuance, optimizing the valuation and payment tool arrangements for mergers and acquisitions, we will work together to enhance the adaptability of relevant institutional arrangements to technology-based enterprises. Through reform, we aim to overcome obstacles and attract funds for a long time. Medium - and long-term funds are the "ballast" and "stabilizer" for the stable and healthy operation of the capital market. By breaking through the bottlenecks of medium - and long-term funds entering the market, it can not only inject more funding sources into high-quality enterprises such as technological innovation and green development, but also better serve the steady appreciation of pension funds and meet the diversified needs of pension finance. The Implementation Opinions emphasize the implementation of the Guiding Opinions on Promoting the Entry of Medium - and Long Term Funds into the Market, through investment side reforms to break through the bottlenecks of medium - and long-term fund entry, by promoting the rational expansion of investment scope such as pension and insurance funds, promoting institutional breakthroughs such as the establishment and improvement of long-term assessment mechanisms for various professional institutional investors for more than three years, and encouraging "long-term investment". Build a system through reform and enhance service capabilities. A multi-level capital market system that progresses layer by layer and complements functions is necessary to meet the diverse financial needs of high-quality development. The Implementation Opinions put forward various reform measures around the development of diversified equity financing and multi-level bond markets. In terms of technology finance, measures have been taken to promote a virtuous cycle of "fundraising, investment management, and withdrawal" for private equity venture capital funds. In terms of green finance, measures have been proposed to develop green bonds and green asset-backed securities. In terms of inclusive finance, efforts have been made to deepen the pilot projects of inclusive finance on the Beijing Stock Exchange and the New Third Board... In order to build a multi-level capital market system, we need to make up for our shortcomings and strengthen our strengths, and comprehensively enhance our ability to serve the high-quality development of the real economy. To implement this series of reforms, it is inseparable from the joint efforts of regulatory authorities and industry institutions. While regulatory authorities accelerate reform and strengthen guidance, industry institutions should also effectively incorporate the "five major articles" of finance into their long-term business development strategies. On the one hand, appropriate tilt should be made in internal organizational structure, resource investment, performance evaluation, and other aspects, combined with its own characteristics, to promote the aggregation of more resources towards the "five major articles" of finance; On the other hand, we must firmly establish the concept of compliance, avoid rushing forward, strictly guard against "pseudo innovation" and "chaotic innovation", and explore the establishment of risk constraint systems based on the risk characteristics of different fields in the "Five Great Articles" of finance. To promote the capital market to do a good job in finance, we must continue to promote the capital market to improve its ability to serve the high-quality development of the real economy, adhere to the use of reform thinking and methods to solve key and difficult problems, and while delivering more nutrients to the real economy, the financial bloodline itself will also be stronger. (New Society)