Xinhua News Agency, June 20, CITIC Construction Investment Co., Ltd. pointed out that since November last year, there has been a wave of repair in global stock markets, but by the end of May this year, the trend of global stock markets has been quite divided. Behind the differentiation of global stock markets: the strong stock market in this rally is characterized by weak cycle and liquidity support, while the performance of strong cycle stock market is relatively weak. After the Spring Festival, A-shares are both weak in economy and liquidity. So the performance is relatively weak on a global scale. Looking to the future, China's economy rebounded periodically in the second half of the year, the RMB exchange rate appreciated, the liquidity environment improved, the A-share rally was more sustainable, and the current market decline may become an opportunity for medium-term allocation.