A-shares are a cyclical market where there are bears and bulls. After every bear market, there will be a bull market.

If all bull markets and bear markets, large and small, are counted, then A-shares have experienced 11 bull and bear markets in 29 years.

1) The 11 bull and bear markets in A-shares in the past 29 years are as follows: The first bull market: December 19, 1990 to May 26, 1992 The first bear market: May 26, 1992 to November 17, 1992

The second bull market in Japan: November 17, 1992 to February 16, 1993 The second bear market: February 16, 1993 to July 29, 1994 The third bull market: 1994

The third bear market from July 29 to September 13, 1994: September 13, 1994 to May 17, 1995 The fourth bull market: May 18, 1995 to May 22, 1995 The fourth time

Bear market: May 22, 1995 to January 19, 1996 Fifth bull market: January 19, 1996 to May 12, 1997 Fifth bear market: May 12, 1997 to May 18, 1999

The sixth bull market in Japan: May 19, 1999 to June 14, 2001 The sixth bear market: June 14, 2001 to June 6, 2005 The seventh bull market: 2005

The seventh bear market from June 6 to October 16, 2007: the eighth bull market from October 16, 2007 to October 28, 2008: the eighth bull market from October 29, 2008 to August 4, 2009

Bear market: August 5, 2009 to July 21, 2014 The ninth bull market: July 22, 2014 to June 12, 2015 The ninth bear market: June 12, 2015 to present Thousand Layer Gold stock allocation

Of course, these 11 bull and bear markets actually include most of the "large-level rebounds." If we put aside rebounds, we will observe that there are actually only 4 truly large-level bull and bear markets.