At the beginning of 2020，in response to the impact of COVID-19，the CPC Central Committee and the State Council jointly promoted the work of epidemic prevention and control，resumed work and resumed production，and supported the development of the real economy. The capital market ushered in the first year of comprehensively deepening reform，the system was more sound，the new securities law was officially implemented，the registration system was expanded to the gem，and innovations were ushered in in IPO，trading system，regulatory system，investor protection system，intermediary responsibility system and other fields. The effect of capital market supporting the development of real economy is obvious，among which IPO Financing has reached a new high in recent 10 years，especially in supporting the development of emerging science and innovation enterprises，and the refinancing scale shows signs of recovery. The issuance scale of the bond market reached a record high，and the stock scale exceeded one million billion yuan for the first time. The fund market continued to shine at a high time，the initial scale reached a record high，and industry highlights such as the frequent emergence of burst funds throughout the year and the official start of public REITs appeared frequently. The reform of the new third board has been comprehensively promoted，the selected layer has been successfully opened，the stock turnover has increased，reversing the continuous decline since 2017. At the end of the year，the detailed rules for listing on the special board have been publicly solicited for opinions，and the listing on the special board will be more smooth in the future. The market innovation system of the science and Innovation Board operated well，the market capacity increased significantly throughout the year，the proportion of scientific research investment was significantly higher than that of other sections，and the bright spots of scientific research achievement transformation flashed. The activity of the M & a market has decreased，but with the introduction of the policies to encourage M & A，the function of serving the real economy will play again in the future. As an important institution in the capital market，the operating performance of securities companies has maintained growth throughout the year. Foreign securities companies have strengthened the layout of the mainland market，and the intensified competition has made the industry head effect obvious. Accelerating the digital transformation has become a breakthrough in the differentiated competition of securities companies.