I strongly agree that the macroeconomic variables and policy uncertainties and fluctuations in the current market are actually greater and more volatile than market volatility. We can no longer pursue policy certainty as before, but rather observe changes in marginal variables of policies or markets. How to understand this: when the market is in extreme panic, we need to see whether the main contradiction has changed (for example, the Trump turn on 4.9 is the driving logic of the main contradiction of the market that I think began to change); When emotions are high, check if expectations are fulfilled and if potential uncertainties are emerging.