In 2020，China’s stock market remains generally stable operation，financial regulators fully support listed companies in fighting the epidemic，the vitality of the capital market will continue to improve. The improvement of basic system construction and the quality of listed companies have become the key tasks of financial reform. The high level of two-way opening accelerated. With the support of consumer stocks and technology stocks，long-term institutional funds have received generous returns. Major economies around the world have initiated unconventional monetary policies. Under the normalized prevention and control of the epidemic，the central government has adhered to the main line of supply-side structural reforms，the monetary policy is flexible and appropriate，and the market-based interest rate cut has achieved remarkable results. In 2021，the positive factors in the fundamentals，capital and policy aspects of the A-share market will continue to increase. It is necessary to be more patient with the development of the capital market，seize the favorable opportunities of the deep integration of the industrial chain and the innovation chain，and grasp the inevitable trend of incremental improvement in quality and expansion of domestic demand. In the medium and long term，China’s stock market is still on the upward path.