One of the characteristics is the policy city. The market has only policies and foresight. For more than a decade, every major turning point in the market and the emergence of the market have laid a profound policy imprint. Whether we admit it or not, the most prominent factor affecting China stock market is still the direction of policy. We have noticed that whether it is the speed of issuing new shares, the return of red chips, the introduction of stock index futures, the introduction of monetary policy, the proportion of reducing state-owned shares, including the pace of issuing new funds and so on. It may become a bargaining chip for stock market policy regulation. When the stock index of this bull market keeps climbing to new heights, overvaluation is not the most worrying thing for the market. Fear of policy repression is the Damocles sword on investors' heads. Policy trend has become the most important factor affecting the stock market, changing the inherent operating rules of the market. The vagaries of the market can finally be explained by policy regulation, which constitutes the main feature of "China bull market". Policies can not only produce market conditions and create inflection points, but also change the operation rhythm of the stock market, accelerate or slow down the evolution of the market, thus attracting many market participants to study the "policy base" and gradually forming the "backbone" of the operation of market stock indexes. We believe that for a long time, it is still difficult for the stock market to shake off the shadow of policy regulation. China's stock market is often in a state of contradiction, which is not only afraid of policy regulation, but also inseparable from policy support, which has become the main obstacle for the market to gradually mature by relying on its own regulation function.