Unilateral market refers to the situation that there is no continuous quotation on the daily limit (down) side, that is, there is a buy (sell) declaration with only a stop-loss price within 5 minutes before the market closes, there is a sell (buy) declaration with or without a stop-loss price, or a deal is made as soon as a sell (buy) declaration is made, but no stop-loss price is opened.

Two meanings: first, it refers to the unilateral rising market. For an ordinary or normal rising market, it is generally a wave rise, that is, a big wave rise, a small wave callback, and then continue to the next cycle. This is a relatively healthy and sustainable trend in technology, but the unilaterally rising market is different. It is not a wave-like rise, but a straight-line rise. A normal callback in the middle is often disrupted by good news or market fanaticism. This kind of market is either sustained by sufficient liquidity or crazy market sentiment, both of which are unsustainable. When liquidity is sufficient and exhausted, market sentiment will return to rationality again. Therefore, in this market, investors must maintain a rational attitude, not only to participate cautiously, but also to maintain a posture of running away at any time, and there must be no luck. Specifically, the A-share market in June and July 2009 was based on a frenzied unilateral rise, while the market in the first half of 2009 can be regarded as a unilateral rise based on good economic expectations, driven by sufficient liquidity.

Second, it refers to the unilateral market in the stock market system, that is, in the market, all participants can only profit from rising prices, but there is no mechanism to profit from falling prices. Before the introduction of stock index futures and margin trading, China A-share market was a typical unilateral market, and they were introduced to correct the defects of this system. Strictly speaking, margin financing and securities lending is a pure short-selling mechanism in the stock market, while stock index futures is more of a risk hedging mechanism for institutional investors. However, because the futures market is different from the general investment market, or it has stronger special pricing power than all commodities or investment markets, the short-selling energy of stock index futures is far stronger than that of margin financing and securities lending, which is one of the reasons why the introduction of stock index futures is of greater significance.