In 2017，China’s stock market was stable under the background of strict financial supervision. The issuance of new shares was normalized. The successful inclusion ofA shares in MSCI marked a new stage in the opening up of China’s stock market. The A-share market entered a stage of market differentiation. Blue chip stocks Steady rise in value，consumer cycle stocks led the gains. Supply-side structural reforms will continue to exert force in 2018. The policy of ‘deleveraging and short-selling’ is expected to become the focus. The global economic recovery will open the normalization of monetary policy and the overall liquidity will tighten steadily. In 2018，China’s stock market will usher in more structural opportunities under the main line of value investment.