The first stage of China stock market development: bull market: 1990 12 19 to1992 May 26th. After the Shanghai Stock Exchange officially opened, after two and a half years of continuous rise, the stock index finally reached the high point of 1429 under the stimulation of canceling the price limit. Bear market: 65438+May 26th 0992 rpm1992165438+1October 17. The market began to return to value, and the immature stock market fluctuated greatly. In just half a year, the stock index fell from 1429 to 386 points. Second stage: bull market:1992 165438+10/7 to1993 February16. After a rapid decline, the stock index began to rebound. After falling for half a year, it all rebounded in three months, and the stock index rose from 386 to 1558. Bear market: February 6 1993 to July 29 1994. After the rapid rise was completed, the stock market expansion began. With the continuous issuance of new shares, the stock index returned to 325 points. The third stage: bull market: July 29th 1994 to September 3rd 1994. In order to save the market, the relevant departments have introduced three favorable measures to save the market. In a month and a half, the stock index rose by 200%, reaching a maximum of 1052. Bear market:1994 September 13 turn1995 May 17. With the soaring stock price, there is always an invisible hand to pull down the stock market. In May 1995, the stock index has returned to 577 points, a decrease of nearly 50%. The fourth stage: bull market:1995 may 17 to1995 may 22. The bull market lasted only three trading days, and the stock index rose from 582 points to 926 points in three days due to the news that the management closed the treasury bond futures. Bear market:1May 22, 995 to 65438+1October 19. After the short bull market, the stock index reached a stage low of 5 12, and the share price of blue-chip stocks generally oversold, and a new round of market is about to start. The fifth stage: bull market: 199665438+1October19 to1997 May 12. Advocating excellent performance has become the mainstream investment concept in the market. Under the leadership of SDB and other stocks, the stock index returned to 15 10. Bear market:1997 May 12 to1999 May 18. This round of adjustment is also due to excessive speculation. After the blue-chip stocks were fully hyped, the stock index fell to 1047. The sixth stage: bull market: May 1999 to June14,2001. The bull market is commonly known as "5. 19". The strong outbreak of online concept stocks pushed the Shanghai Composite Index to a record high of 2,245 points. Bear market: 20065438+0 June 14 to June 6, 2005. After the "5. 19" market, the market is most concerned about the issue of non-tradable shares, and the stock index also dropped from 2245 points to 998 points. The seventh stage: bull market: from June 6, 2005 to the present. After four years of adjustment, a new round of market is in full swing. After breaking through the historical high of 2245 points, the market hit a new high of 6 124 points on June 6, 2007, and then entered a bear market.