Market liquidity expectations have changed. Market liquidity is expected to change, and the structure switches from high valuation to low valuation. The core logic of market adjustment lies not in the profit growth of enterprises at the molecular end, but in the valuation pressure brought by the expected change of market liquidity at the denominator end. China Merchants Bank, established in Shekou, Shenzhen, 1987, is a subsidiary of China Merchants Group. It is the first joint-stock commercial bank wholly owned by an enterprise legal person in China and the first pilot bank to promote banking reform from outside the system.