The global stock market fluctuated seriously under the economic fundamentals.The trend of stock market in 2011 was a big jolt and downward, with the macro economy facing uncertainty. The article analyzes the stock market by the valuation, macroeconomics, liquidity and economic cycle, we think the stock market in 2012 can have a new developingopportunity.The author analyzes the stock market in 2011. The article analyzes the 2012 stock market through liquidity, economy policy and macro-economy aspects. <<