In 2019，the stock market observes an overall rising trend with three major characteristics. First，stock price structurally differentiates. Blue chip prices in the broader market soar as they attract funds，while stock prices of poorly performed companies generally sink. Second，there is a rising trend of hype marketing of various concept stocks，giving rise to stocks with abnormal performance again. Their reappearance is related to changes in regulatory policies. Third，foreign investors have an increasing influence on the A-shares market，with the flow of funds in the cross-border market becoming an indicator of market trends.

The launch of the science and technology board is the most important event of the year. The overall performance of its first quarter is stable，but the newly offered shares is set at a high price，and the secondary market is seriously overpriced. With the increase in the number of companies listed on the science and technology board，stock price has fallen sharply. This trend is likely to continue in the future until price matches real value. The registration system implemented by the science and technology board has a profound impact on the A-share market.

In 2020，with stabilized RMB exchange rate and a rising demand for A-shares of foreign investors，blue chips would continue to receive attention. The market’s risk-free rate of return would continue to decline，contributing to activity of the stock market. However，due to the expansion of the registration system，the shell value of stocks of poorly performed companies would continue to depreciate，and their equity pledge risk rises. Under the guidance of domestic industrial policies，leading technology stocks would become the focus of market attention.