The first bear market:1992.5-1992.11429-386 point value regression and new share subscription.

Second bull market:1992.11-kloc-0/993.2386-1558 Deng Xiaoping's speech on southern tour.

The second bear market:1993.2-1994.81558-325, overheated economy, tightening regulation, expanding capacity, issuing new shares, and vigorously developing the national debt market.

The third bull market:1994.8-1994.9 325-1052.

The third bear market:1994.9-1995.5-1052-582, loss of confidence, austerity policy, development of national debt.

The fourth bull market: 1995.5- 1995.5 (three trading days) 582-926, the CSRC suspended the trading of treasury bonds futures.

The fourth bear market:1995.5-1996.1926-512 daily limit, historical stocks listed, blue-chip stocks generally fell.

The fifth bull market:1996.1-1997.5512-10 blue-chip value investment.

The fifth bear market: at1997.5-1999.51510/047, the supply and demand expanded seriously.

The sixth bull market:1999.5-2001.61047-2245 5.19 quotes, People's Daily editorial, IPO placement in the secondary market, abundant funds, network concept stocks broke out,

The sixth bear market: the state-owned shares were reduced from 200 1.6 to 2245-998 in 2005.5.

The seventh bull market: 2005.5-2007.10 998-6124 share-trading reform, RMB appreciation, large-scale fund issuance, excess liquidity, and national stock trading.

The seventh bear market: 2007.10-2008.1124-1664 inflation, suspension of funds, subprime mortgage crisis, size and size.

The eighth bull market: 2008.11-2009.71664-3478.4 billion investment, ten major industrial revitalization plans.

The eighth bear market: 2009.7-2010.7 3478-2319: 00: 00: 00 IPO restart, macro-policy tightening, European debt crisis.

The ninth bull market: 2010.7-2010.12319-3186: the second round of quantitative easing monetary policy in the United States, the liquidity flooded, resource stocks soared and the RMB appreciated.

The ninth bear market: 2010.1-201.63186-2661point tightened regulation, new shares were issued intensively, inflationary pressure and economic growth slowed down.