I found it online. .

the reason why the stock market rose sharply in 26 and fell sharply in 28.

first of all, we should understand the stock market, which is a capital-driven market. People are constantly paying high prices to buy stocks, so that they will rise all the way, and a rising tide lifts all boats, so they need a lot of money to operate. Then we look at time+events.

67 bull market is called 998 bull market, and the lowest point before bull market is 998. Some people say that breaking 1 has created a bull market, which is totally unreasonable. Before 25, the big bear market was caused by the announcement of the reduction of state-owned shares, and everyone fled in droves. In May of 25, the state issued a policy to allow insurance funds to buy and sell stocks in the secondary market, including social security funds, and then it took a year to prepare. What did you prepare? In fact, it is to build a position. Why do you want to buy enough? Because of the share reform and the split share structure reform. This behavior became the fuse, which quickly triggered the market, and then under the constant pursuit of funds, it caused a two-year bull market. After the information of share reform was issued, QFII was allowed to enter the China stock market. Many people think that foreigners have copied the bottom of China, but it is wrong. QFII takes a long time from approval to stock purchase, and it will be a bull market when they enter the market. Who has copied the bottom? It is clear that the social security fund. In fact, this bull market almost ended on May 3th, 27.

before 53, there was a major turning point in monetary policy, and the country began to raise the deposit reserve ratio, which means that the whole market will start to lack money and gradually reduce the total amount of currency in circulation in the market. And 53 is a bear market fuse, a clear signal. Why is the market still rising after 53? Because we have to withdraw from the village. Because the banker has not completely withdrawn, including the social security fund. The social security fund began to lighten its position around 53.

The most frequently used words after p>53 are the phenomenon of 28 and the price-earnings ratio. Why? 1 pull up the large-cap stocks, causing a good illusion on the disk, and small-cap stocks began to withdraw funds. 2 Talk about the P/E ratio and let everyone buy large-cap stocks. At that time, the P/E ratio of large-cap stocks was very low. Therefore, retail investors were fooled into it at that time, and then they were deeply involved. With the further gap of the reserve ratio, the phenomenon of insufficient funds in the market became more and more serious, and then it began to plummet.

My personal understanding is that the bull market was not a bubble created by economic development that year.

Later, it was so high that no one wanted to take over or didn't have enough money to take over. The result is a thousand miles.

many retail investors are trapped in cutting meat.