This report studies and analyzes the innovation capabilities of Zhongguancun NEEQ enterprises with innovation input and R&D output as the main evaluation dimensions. The research results show that both total R&D expenses and average R&D expenses have declined in 2019，mainly due to the decrease in the number of Zhongguancun NEEQ enterprises. The intensity of R&D is slightly lower than last year，mainly due to the impact of the Sino-US trade war and the downturn in macro fundamentals，which makes the R&D strategy of enterprises relatively conservative. There is a relatively significant positive correlation between corporate profitability and R&D investment. The transformation ability of enterprises’ innovation achievements has been effectively improved，and the number of patent applications and patent grants in enterprise innovation achievements has been steadily improving；the number of PCT patent applications has risen sharply to 25，an increase of 47% compared with 2018. The results of innovation output indicate that the international strategic layout of Zhongguancun NEEQ Enterprises has been carried out efficiently，and theirs innovation ability has been recognized by the international market.