The early stock market did not pay attention to any value investment, and the performance was good or bad. The most important thing is that the circulation is small, so it is easy to guess. However, with the soaring stock price, there is always an invisible hand pulling down the stock market. In May 1995, the stock index has returned to 577 points, a decrease of nearly 50%.

■ The fourth bull market:1995 May 18 to1995 May 22.

This bull market has only three trading days! Affected by the news that the management closed the treasury bond futures, the stock market soared, and the stock index rose from 582 points to 926 points in three days. This round of market fully reflects the sensitivity of China stock market to relevant "policies", and the term "stock market policy city" has been generally accepted by the investment community.

■ The fourth bear market:1May 22, 1995 to 1996 65438+ 10/9.

After a short bull market, the stock market fell again. From August of 1995, Sichuan Changhong, whose P/E ratio was only three times at that time, began to strengthen quietly, and the performance of Baima stock gradually attracted the attention of mainstream funds. By 1996 65438+ 10/9, the stock index reached a stage low of 5 12, and the stock prices of blue-chip stocks generally oversold, which provided the conditions for a new market.