On May 26th, 1992, the Shanghai Composite Index soared to 1429, which was the "peak" of the first big bull market in China stock market. In a year and a half, the Shanghai Composite Index soared 1300 points or more. Then the stock market quickly fell back, causing panic. Five months after the plunge, in June1992165438+10/6, the Shanghai Composite Index fell below 400 points, almost returning to its original shape.

2. The second round of bull and bear replacement: 400 points-1536 points -333 points (down more than 50%).

The Shanghai Composite Index set sail from a low of 400 points at the end of 1992, and began the second round of "ups and downs". This time, the surge came even more violently, rising from around 400 points to1February 993 1536.82 points (the Shanghai Composite Index stood above 1500 points for the first time). In just three months, the Shanghai Composite Index rose by 1 15. The stock index stood above 1500 for four days, then turned around and continued to fall. This time, there was basically no resistance, but the decline time was longer than the previous round, and it continued to fall 17 months. On July 29th, 1994, the Shanghai Composite Index fell to the lowest point of this round of market, closing at 333.92 points.

3. The third round of bull-bear replacement: 333 points-1053 points -5 12 points (a decrease of more than 50%).

Due to the three policies to rescue the market, 1 August 19941started a new round of market. This bull market is more violent and shorter. In just over a month, the Shanghai Composite Index soared to the highest point in September 1994 1053, with an increase of 265,433. Then a longer bear market began. Until 199665438+1October19, the Shanghai Composite Index fell to the lowest point of 5 12.80. This round of decline took 16 months in total.

4. The fourth round of replacement of bulls and bears: 5 12 points-2,245 points -998 points (down more than 50%).

At the beginning of 1996, this big bull market was quietly launched in the disclosure of regular annual reports. The Shanghai Composite Index 1996 65438+ 10/9 started above 500 points. On 2001June 14, the Shanghai Composite Index hit an all-time high of 2245 points. Since then, it has officially declared the real end of this bull market in China, which lasted for five years.

In the rising channel of the fourth big bull market, its "twists and turns" market solved the bubble gathered in the periodic expansion of the stock market well. This is very conducive to the continuation of the bull market: 5 12(65438+2006 10)-10 (1May 1997)-1047 (.

Please note: Because every "callback" in the rising channel of the big bull market does not exceed 1/2 of the highest point of the previous rise, the author regards it as a "callback" rather than an independent "bear market".

The main difference between the fourth round of bull and bear replacement and the first three rounds of bull and bear replacement is that the fourth round of market is a "slow bull" market, which is symmetrically characterized by a "rise" and a "fall": 2245 points-1500 points-1200 points. It is the ups and downs of the bull market that lead to its ups and downs. It is also the case that this bull and bear market can last for 9 years.

5. The fifth round of bull and bear replacement: 998 points -408 1 minute-? (drop by more than 50%)

On June 6, 2005, the Shanghai Composite Index fell below 1 1,000 points, with a minimum of 998.23 points. Compared with 2245 points on June, 20065438 14, the total decline was over 50%, which indicated that the bear market goal was formally established.

The normal technical reversal, coupled with the east wind of "share reform", in May 2005, the management started the pilot share reform, and the Shanghai Composite Index started again from around 1 000 on June 6, 2005. On May 9, 2006, the Shanghai Composite Index finally stood at 1500 again.

On October 20th, 2006, the Shanghai Composite Index stood at 2000 points. In June 5438+February 65438+April 2006, the Shanghai Composite Index hit a record high for the first time, closing at 2249.438+0 1. Eight trading days later, at 65438 on February 27th, 2006, the Shanghai Composite Index rushed to the 2500 mark for the first time.

On February 26th, 2007, the market stood at the 3000 mark for the first time.

On May 9, 2007, the market stood at the 4000 mark for the first time.

On May 14, 2007, the market once again set a record of 408 1 point.

On June 6, 2007, 65438+1October 65438, the market reached a record high of 6 124.04 points.

Subsequently, due to the commitment of share reform, high valuation, safe refinancing, rising CPI value, rising RMB exchange rate, the subprime mortgage crisis in the United States and other issues. On April 22, 2008, the market once fell back to 3 147.79. The lowest point of the day has broken 3000 points.

China stock market officially changed from bull to bear.

In the following days, the state issued relevant policies (regulating the scale of lifting the ban and reducing stamp duty, etc.). ) in order to make the stock market have a short-term recovery. Just as major institutions and investors were expecting the arrival of Red May, an earthquake of magnitude 8 occurred in China. This will undoubtedly add insult to injury to China's real economy, stock futures and other financing markets.

In June, the financial crisis broke out in Vietnam, and the Vietnamese stock index shrank sharply. Vietnam made the first domino! Will it cause a new round of Asian financial crisis or even the world financial crisis? China stock market and China real economy are facing a severe test. If a crisis breaks out, it will be more serious than the Asian financial crisis of 1997.