With the re-relaxation of merger and reorganization market of domestic capital market at the end of 2018 and the proposal of sci-tech innovation board，merger and reorganization activities centering on science and technology sector and growth are bound to be active again，and merger and reorganization activities in the new third board market will shine again. Following the research idea of the 2017 neeq listed companies’ quality evaluation report，this report，based on the group characteristics of listed companies，comprehensively evaluates the investment quality of listed companies from the four dimensions of continuous operation ability，information disclosure quality，growth and innovation. The evaluation index system consists of 28 basic indicators. In this year’s evaluation，the research group conducted a comprehensive evaluation on 2189 sample companies（about 20% of all listed companies at the end of 2017）. The average score of quality evaluation of listed companies is 67.50 points，and the score is distributed between 46.80 points and 83.45 points. Generally，the score is normally distributed，showing a good degree of differentiation and identifying relatively high-quality listed companies. It should be said that the quality evaluation score essentially reflects the relative ranking of the listed company’s quality index. In this sense，from the perspective of investors’ attention，the ranking of listed companies with common characteristics in the segmented industry has more reference value.