Influenced by various factors in 2007，the financing scale of single A-shares issue expanded；meanwhile，the PEG of new share issues and financing capacity of list companies increased significantly. A-share market went up with fluctuations and daily turnover set many new records. With raising interest rate，the government bonds index declined and yield curve was cliffy. The company bond market launched，convertible bonds performed badly and new bond issues could not prevent the bond market from shrinkage. The share of fund issues increased sharply，yield of funds set new record. The scale of funds capital increased dramatically and innovation close-ended fund issues filled a gap of China close-ended fund market. This article argued that the long-run bull market situation will not change in the fourth quarter of 2007 and in 2008. However，because of the structural bubbles in stock market，forthcoming stock index futures and enhancing market capability，it is possible that stock market will fluctuate periodically. Bond market still need to adjust and scale of funds will further increase.