Core Viewpoint - The recent developments in China's capital market, including the introduction of new listing standards and the acceleration of reforms, reflect an increasing inclusivity aimed at attracting various resources towards innovation-driven enterprises [1][2]. Financing Side - The capital market reforms during the 14th Five-Year Plan period have significantly improved financing accessibility for technology innovation enterprises at different development stages and governance structures [1]. - New measures include enhancing the adaptability of listing standards, optimizing refinancing criteria, and establishing simplified review processes for mergers and acquisitions [1][2]. Investment Side - Private equity and venture capital funds have invested in 90% of companies listed on the Sci-Tech Innovation Board and the Beijing Stock Exchange, indicating a strong trend towards long-term capital support for innovation [2][3]. - The development of financial asset investment companies (AIC) is expected to stimulate new vitality in venture capital, enhancing the risk management framework [3][4]. Product Side - The capital market is focusing on developing products that support technological innovation, including the introduction of Sci-Tech bonds, ETFs, and REITs targeting sectors like data centers and renewable energy [5][6]. - The expansion of REITs into hard technology fields is anticipated, with recent listings of data center REITs marking a significant step in providing sustainable financial support for the digital economy [5][6].