■The first bull market: December 19, 1990 to May 26, 1992. After the Shanghai Stock Exchange officially opened, there were only 8 listed stocks, known as the "Old Eight-share Stock Market".
At that time, the trading system implemented a 1% price limit (later changed to 0.5%). The stock index started from 96.05 points and continued to rise for 2 and a half years. Finally, stimulated by the removal of the price limit, it reached a high of 1,429 points.
■The first big bear market: May 26, 1992 to November 17, 1992. After the impulse, the market began to return to value. The immature stock market fluctuated greatly. In just half a year, the stock index fell from 1,429 points to 386 points.
The drop was as high as 73%. Such a drop is unimaginable now, but at the time, investors accepted it naturally. No wonder some people said that the early stock market was still fun to speculate in. ■The second bull market: 1992
From November 17th to February 16th, 1993, the rapid decline was great, and the rapid rise was even more exciting. The decline in half a year was all recovered in 3 months.
Starting from 386 points on November 17, 1992, to 1558 points on February 16, 1993, it only took 3 months for the market to increase by as much as 303%.
This kind of market situation is enough to make investors envious now.
■The Second Great Bear Market: After the rapid bull market rose from February 16, 1993 to July 29, 1994, the stock market's large expansion began. With the continuous issuance of new shares, the Shanghai Composite Index also gradually fell, and then in
A long-term tug-of-war started at 777. Later, the 777 point fell, and the market slumped again and continued to hit the bottom.
By July 29, 1994, the stock index returned to 325 points, but the "result" of this bear market was the rapid expansion of the number of listed companies ■The third bull market: July 29, 1994 to September 13, 1994
The Japanese securities market was in depression. When people had lost all confidence in the stock market, there were even rumors in the market that regulators would shut down the stock market. In order to save the market, the relevant departments issued three major measures to rescue the market. The stock market was once again excited. Within one and a half months,
The stock index rose 200%, reaching a maximum of 1,052 points.
■The Third Great Bear Market: September 13, 1994 to May 17, 1995. The early stock market did not pay much attention to value investment, and it did not matter whether the performance was good or bad. The most important thing was that the circulating market should be small, so that it is easy to speculate.
However, as the stock price rose, there was always an invisible hand that drove the stock market down. On May 17, 1995, the stock index had returned to 577 points, a drop of nearly 50%.
■The Fourth Great Bull Market: May 18, 1995 to May 22, 1995. This bull market only had three trading days!
Affected by the news that management had closed Treasury bond futures, the stock market surged across the board. The stock index rose from 582 points to 926 points in 3 days.
The current market situation fully reflects the sensitivity of my country's stock market to relevant "policies", and the term "stock market policy market" is also generally accepted by the investment community.
■The Fourth Bear Market: May 22, 1995 to January 19, 1996. After the short-lived bull market, the stock market fell again.
Starting from August 1995, Sichuan Changhong, which had a price-to-earnings ratio of only 3 times at that time, began to quietly strengthen, and performance white horse stocks gradually attracted the attention of mainstream funds.
By January 19, 1996, the stock index reached a stage low of 512 points, and the stock prices of blue chip stocks were generally oversold, indicating that the conditions for a new market were in place.
■The fifth bull market: From January 19, 1996 to May 12, 1997, advocating high performance began to become the mainstream investment philosophy in the market. Leading stocks such as Shenzhen Development Bank, Sichuan Changhong, Shenzhen Technology, and Hubei Xinghua were all high performance stocks with excellent performance.
Growth stocks, under the leadership of these stocks, the stock index returned to 1510 points. The "investment myth" created by these stocks also provided a vivid investment education to ordinary investors at that time.
■The Fifth Great Bear Market: This round of major adjustments from May 12, 1997 to May 18, 1999 was also due to excessive speculation. After blue chip stocks were fully hyped, by May 18, 1999, the stock index had fallen to 1047
point.
In the past two years, the expansion of the stock market has continued crazily, and the scale has expanded unimaginably.
The serious contradiction between supply and demand caused extreme blood loss in the secondary market, and a bear market that lasted for two years began. ■The sixth bull market: May 19, 1999 to June 14, 2001. This bull market is commonly known as the "5·19" market.
, most investors still have fresh memories. The strong explosion of Internet concept stocks pushed the Shanghai Composite Index to over 2,000 points and hit a record high of 2,245 points. Along with a magnificent bull market, securities investment funds also appeared.
A rare development in history.
■The Sixth Great Bear Market: June 14, 2001 to June 6, 2005. After the "5.19" market, the market was most concerned about the issue of shareholding split.
Investors generally believe that this is a negative factor, and the solution to the split of shares has also become a reason for the stock market to fall. The stock index has also dropped from 2245 points to 998 points.