For a long time, alternation of China's stock market and the bond market has become a "heaty" situation, which has become almost the rule. However, after the housing market regulation, the stock market did not appear to be bullish. Anbound researcher believes that, first of all, in the past two years under the pressure of the devaluation of the renminbi, much of Chinese domestic capital has been outflowing, and this can be seen from the reduction of foreign exchange reserves; Second, the Chinese economy is still not facing considerable downside pressures, the real economy is doing well while investors are still adopting the wait-and-see attitude. However, investment companies are still enthusiastic; part of the market funds is still waiting to emerge. In addition, strict supervision restricts some institutional funds such as insurance; in the current housing market, the stock market's steady status quo shows the delicate balance between government policy and market psychology.