■朱宝琛 今天，北京证券交易所（以下简称"北交所"）迎来了开市四周年的重要时刻。 金融机构应构建全生命周期金融服务矩阵，为不同发展阶段的企业提供高效股权融资支持；扩大创新型中小企业服务覆盖 面，精准筛选符合国家战略、细分领域核心竞争力突出的优质企业，为北交所注入源源不断的新鲜血液。 上市公司更要将创新驱动确立为核心发展战略，筑牢长期创新根基——这是企业赢得竞争优势、实现可持续发展的关键。 在此基础上，需持续加大研发投入，加速核心技术突破与关键产品迭代，同时优化资源配置，提升研发资金使用效率，以技术 创新引领行业发展。 四载耕耘，北交所虽尚属年轻，却已凭借独特的市场定位与功能优势，成为资本市场服务科技创新的重要力量。展望未 来，我们期待北交所持续放大制度优势，以更大力度支持科技创新，打造新质生产力培育高地，为国家创新驱动发展战略提供 坚实支撑；通过精准服务创新型中小企业，促进科技、资本与实体经济高水平循环，为构建新发展格局注入强劲动力。 北交所，潜力无限，未来可期。 看"业绩"——2025年三季报数据显示，在279家完成披露的上市公司中，230家实现盈利，盈利面高达82.44%；169家企业 营业收入同比增长（ ...

Core Insights - The "specialized, refined, distinctive, and innovative" small giants are crucial for driving innovation, promoting employment, and improving people's livelihoods [1] Group 1: Development of Specialized Small Giants - China has cultivated over 600,000 technology and innovation-oriented small and medium-sized enterprises (SMEs), with more than 140,000 being specialized small giants [2] - There are over 17,600 national-level specialized small giant enterprises in China [3] Group 2: Economic Contributions - Specialized small giants account for 3.5% of the total number of industrial SMEs in China, contributing 9.6% of total revenue and 13.7% of total profits [4] Group 3: Government Support and Financial Data - The central government has directly supported over 4,200 small giant enterprises to increase innovation investment and has piloted digital transformation for 45,000 SMEs across 101 cities [5] - As of the end of September this year, the loan balance for "specialized and innovative" enterprises exceeded 6.57 trillion yuan, representing a year-on-year growth of 13%, with 80% of newly listed companies being specialized and innovative [6] Group 4: Research and Development Investment - In 2024, the average R&D investment of small giant enterprises is expected to reach 7% of their operating income, with 327,400 invention patents held, accounting for 11% of the total invention patents in the country [8]