The so-called "bull market", also called bull market in English, refers to the stock market that is generally bullish and lasts for a long time. The securities market here generally refers to common stocks, bonds, futures, options (options), foreign exchange, funds, negotiable certificates of deposit, derivative financial products and other securities. Other investment and speculative markets can also be described as bull market and bear market, such as housing market, postal (ticket) market and card market.

"Bear market", also known as short market, refers to a general bear market that lasts for a relatively long time.

"Equilibrium market" means that the strength of bulls and bears is roughly equal. In a certain period of time, the stock price fluctuates up and down in a certain range, showing a horizontal trend. Generally, the turnover decreases gradually until it breaks through. Or box operation.

Bull market, bear market and balanced market are the three major trends in the securities market.