In April, A-shares first fell and then rose, with little overall fluctuations.

In March, the market initially continued its decline , then stabilized and rebounded.

After the initial surge in Feburary, the market fell sharply, with huge fluctuations.

The market had a hot beginning in January, and then showed signs that this year is a year full of uncertainties.

The market maintained a strong momentum in December. Power equipment/ new energy, food and beverage, duty-free, and defense sector had strong performance.

In November, the market maintained the upward trend, with a change in style. We continued to maintain an active investment approach.

In October, the market rebounded after the Chinese holiday. China’s economy continued its recovery. At the same time, the U.S. election as well as the overseas epidemic have also affected the market. However, the new lockdown has had a much smaller impact on the economy than the last time.

The market consolidated in September. Still since the beginning of this year, the A-share market has risen a lot. Had we known that there would be an unprecedented epidemic this year on December 31, 2019, which would significantly impact in the global economy; at the same time, China and the United States would have strains in their relationship; and there would be many strange things happening in the US election season, would we hold any stocks? In fact, Both Chinese and U.S. stocks markets have performed very well. Such good performance was on the basis of an already good year last year.