This report draws on the experience and typical cases of capital markets supporting scientific and technological innovation in developed countries. Also，this report analyzes how capital markets supports “Specialized，Refinement，Differential，Innovation” enterprises in China from the perspective of enterprise life cycle and the current situation in Anhui Province. Although capital market in Anhui Province has made progress in supporting “Specialized，Refinement，Differential，Innovation” enterprises，there still lie problems such as less development of the capital market compared to other provinces due to the difference of economy and immature financing institutions. Based on international experience and existing problems，this report puts forward policy suggestions to proactively utilizing capital market to support “Specialized，Refined，Differential，Innovative” enterprises in Anhui province，such as expanding financing channels，cultivation and support of seed enterprises，and guiding enterprise mergers and acquisitions.