In terms of equity market, affected by the downward market interest rate, excess liquidity and the acceleration of high-risk capital entering the market, the transaction volume of the two markets rose and the balance of financing and financing reached a new high during the year; the consumer and technology companies with growth style performed better, while the growth style companies with medium and high P / E ratio outperformed blue chip varieties with low P / E ratio. In terms of valuation, the A-share market still has significant advantages over the US stock market. Looking forward to the second half of the year, Xu Wenbo believes that, on the molecular side, although the annual profit rate is negative, it is expected that the margin will be restored in the second half of the year; on the denominator side, under the background of consumer goods inflation falling and industrial product prices at a low level, the monetary policy rate will not shrink, and the liquidity environment is expected to remain relatively loose, but the loose structure is expected to change. In addition, the current stock bond yield gap has narrowed to the lowest position in history. The allocation power of fixed income funds to the A-share market is increasing, forming a strong support for the market; the market operation center may rise slightly in the second half of the year.