From the perspective of the A-share market and the U.S. stock market (based on the financial report data of listed companies in 2019), the number of Chinese A-share and U.S.-listed companies is close, and there is a "high and low difference" in overall valuation, and there are obvious differences in specific industry composition.

U.S. stocks are the "leaders" of information technology and medicine, and A-shares are the "leaders" of banks and real estate. In the face of large financial market shocks and economic downturns, this structure of A-shares is more susceptible to shocks and produces greater fluctuations. The impact resistance of the technology and pharmaceutical sectors of the US stocks is better than that of A shares. The defensive approach of A-share investors is to reduce the allocation of financial and real estate sectors and increase cash; the active strategy is to increase the allocation of basic consumer goods, technology, medicine, food and beverage, military industry and other sectors, and hold a certain position of gold.