The capital market is emerging as a pivotal force propelling technological innovation and industrial transformation. The STAR Market, ChiNext, and Beijing Stock Exchange collectively bolster the growth of enterprises spanning diverse sectors. Capital serves not only as a "catalyst" for technological advancement but also as the foundational block of industrial innovation. Nonetheless, the current capital market grapples with challenges such as limited institutional inclusivity and a scarcity of long-term capital supply. To address these issues, experts recommend enhancing differentiated market systems, cultivating a robust ecosystem, translating technological advantages into industrial strengths, and fortifying industry-university-research collaborations. These measures aim to foster an innovative mechanism and bolster the support of long-term funds for technological innovation, thereby fueling the momentum for industrial upgrades.