Shanghai Stock Exchange opened at the end of 1990, and traded at the price limit of 1% (later changed to 0.5%). The stock index started at 96.05 points and continued to rise for two and a half years, and finally reached the high point of 1429 points under the stimulation of 1992.5.2 1 lifting the price limit.

The first big bear market:1992.5.26-1992.1.17 (point 1429-386).

10 The "8. 10 storm" in Shenzhen in August 1992 intensified the market correction. The Shanghai Composite Index plunged more than 400 points, with a drop of 45% in two and a half months.

Second bull market:1992.11.17-1993.2.16 (point 386- 1558).

There is a strong speculative atmosphere in the market, and the half-year decline rebounded in March. From 386 points of1992.1.17 to 93.2. 16 1558, the market rose by 303% in just three months.

The second big bear market:1993.2.16-1994.7.29 (point 1558-325)

The expansion of the stock market began. With the issuance of new shares, the Shanghai Composite Index gradually fell. By 1994.7.29, the stock index had returned to 325 points, but the "result" brought by the bear market was the rapid expansion of the number of listed companies.

The third big bull market:1994.7.29-1994.9.13 (point 325- 1052)

Relevant departments issued three favorable policies to save the market. 1994.8. 1 The CSRC announced the suspension of the listing of new shares, and suggested the establishment of * * * mutual funds and Sino-foreign joint venture fund companies. The stock market is excited again. 1 half a month, the stock index rose by 200%, reaching a maximum of 1052.

The third big bear market:1994.9.13-1995.5.17 (point 1052-577)

The three major policies treat the symptoms rather than the root cause, and the two cities plunged again. The national debt market is hot, diverting a lot of speculative funds. 1995.5. 17 The stock index returned to 577 points, down nearly 50%.

The fourth bull market:1995.5.18-1995.5.22 (point 582-926)

1995.5. 17 the CSRC announced the suspension of the pilot trading of treasury bonds futures, which triggered a short-term shock in the Big bounce market. The stock index rose from 582 points to 926 points in three trading days.

The fourth bear market:1995.5.22-1996.1.19 (point 926-5 12)

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The stock market fell after a short bull market. By 1996. 1. 19, 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 round of market.

The fifth bull market:1996.1.19-1997.5.12 (point 5 12- 1464).

Speculation of blue-chip stocks has become an investment concept, and CSRC 12 won the gold medal, warning the market not to engage in financing, prohibiting market manipulation and investigating institutional violations. The People's Daily article pointed out that "the recent surge is abnormal and irrational", which led to a sharp drop in the market. However, the upward trend of 1997 really reversed in May.

The fifth big bear market:1997.5.12-1999.5.18 (point 15 10- 1047)

1997.6. 13 the people's daily published an article to strictly investigate the manipulation of stock prices by brokers and the financing from banks to brokers, which suppressed the speculative atmosphere. The expansion of financing and refinancing is very fast, and the serious contradiction between supply and demand has caused extreme blood loss in the secondary market, and the bear market that lasted for two years has begun. By 1999.5. 18, the Shanghai Composite Index fell from 15 10 to 1047.

The sixth bull market:1999.5.19-20010.6.14 (point 1047-2245)

1On May 8th, 999, American missiles attacked China's embassy in Yugoslavia, resulting in the gap between Shenzhen and Shanghai on May 6th, 438+00. However, from 1999.5. 19, the market rebounded strongly under the strong promotion of network concept stocks. The Shanghai Composite Index was pushed above 2000 points, setting a record high of 2245 points.

Sixth Great Bear Market: 2006.5438+0.6. 14-6.6, 2005 (point 2245-998)

0 1.6. 14 The state-owned shares that cannot be circulated are reduced at the issue price of new shares. 7.26 The reduction of state-owned shares began with the issuance of new shares, and the stock market plummeted. 2001.10.19 The Shanghai Composite Index fell from 2245 points on 6. 14 to 15 14, and in June 2005 it fell to 998 points.

The seventh big bull market: June 6, 2005-(point 998-4335)

At the end of April, 2005, China Securities Regulatory Commission announced the start of the share-trading reform. 05.6.6 After the Shanghai Composite Index broke through the psychological bottom line of 1000 points, the market began a round of reversal based on value regression, and the Shanghai Composite Index rose to 4335 points on May 29th, 2007. It took more than 400 trading days to rise from 998 to 4335.