After the Shanghai Stock Exchange officially opened, there were only eight listed stocks, which were called "old eight shares". At that time, the trading system implemented a 1% price limit (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 canceling the price limit.

The first big bear market: 65438+May 26th 0992 (1429-386)1992165438+10/7? (half a year)? -? 73%

After the impulse, the market began to return to value, and the immature stock market fluctuated greatly. In just half a year, the stock index dropped from 1429 to 386, a drop of 73%. Such a decline is unimaginable now, and investors naturally accepted it at that time.

The second big bull market:1992 165438+10/7 turn1993 February16? (386- 3 months later-1558) 303%

After the rapid decline, the peak turned around and ushered in a rapid rise. After falling for half a year, it all rebounded in three months. It took only three months from1October 17 1992 165438+386 to February 1993 1558, and the market rose as high as 303%. Such a market is the envy of overseas investors.

The second big bear market:1993 February 16 to1994 July 29? (1558-1325 after 7 months)-79%

After the bull market rose rapidly, the expansion of the stock market began. With the continuous issuance of new shares, the Shanghai Composite Index gradually fell, and then a long tug-of-war began at 777. Later, it fell 777 points, and the market continued to bottom out again. On July 29th, 1994, the stock index returned to 325 points, but the "result" brought by this bear market was the rapid expansion of the number of listed companies.

The third big bull market: 65438+July 29th 0994 to 65438+September13,0994 (325-one and a half months-1052)? 223%

The stock market is depressed. When people lose all confidence in the stock market, there are even rumors that the regulatory authorities will close the stock market. In order to save the market, the relevant departments introduced three favorable measures to save the market, and the stock market was excited again. 1.5 months, the stock index rose by 200%, reaching a maximum of 1052 points.

The Third Big Bear Market:1994 September 13 to1995 May 17? (1052-8 months later -577 points) -45%

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 big bull market:1995 may 18 to1995 may 22? (582- three days later -926) 59%

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 statement that "China stock market is a policy city" has been fully verified.

The fourth bear market:1May 22, 995 to 65438+1October 19? (926-8 months -5 12)? -45%

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.