The Chinese stock market has had eight bull markets and seven bear markets in the past 20 years.

Bull market: The first index increase. Shanghai Composite Index: 95.79-1429.01 points. Increase: 1391.8%. Shenzhen Component Index: 396.52 points. Increase: 635.9%> Market characteristics. The Shanghai Stock Exchange was established on December 19, 1990. There were only 8 stocks in one year.

Known as Laobagu; at that time, order forms were filled in manually before stock trading, and only those with assigned numbers were eligible to receive the order form. Being able to buy stocks was equivalent to winning the jackpot, because no one was willing to sell them.

This caused the Shanghai Composite Index to start counting points in December 1990 and continue to rise, creating the first bull market.

On May 21, 1992, the Shanghai Stock Exchange canceled its daily limit, pushing the bull market to its peak. The index soared to 1266.49 points that day, a single-day increase of 105%. This record has not been broken to this day.

The second index increase: Shanghai Composite Index: 386.85-1558.95 points Increase: 301% Shenzhen Component Index: 1529.21-3422.22 points increase: 123.8%> Market characteristics In 1992, China’s reform and opening up reached a level, and the capital market experienced a 5.21 surge.

There was another August 10th riot, but a major event happened in China's economy, and that was Deng Xiaoping's southern tour.

During Deng Xiaoping's speech during his southern tour, the issue of how the stock market will develop in the future became a hot topic, and the most important words in his speech were the four words "resolutely try."

On November 17, Tianchen Co., Ltd.'s RMB stocks were listed. The Shanghai Stock Index completed its last drop, and the second round of bull market started.

It rose rapidly within three months, and the 301% increase is still talked about by investors.

The third index increase: Shanghai Composite Index: 325.89-1052.94 points, increase: 224.4% Shenzhen Component Index: 944.02-2162.75 points, increase: 129.1%> Market characteristics: From 1993 to 1994, my country's macro economy was on the hot side and triggered tightening macroeconomic control. At the same time, A The stock achieved a large-scale expansion, which caused the market to continue to bottom out. The securities market was in depression. On July 29, 1994, the market hit a low of 325.89.

On July 30 (Saturday), relevant departments issued three major measures to rescue the market. On August 1, 1994, the Shanghai Stock Exchange Index jumped short and opened higher, marking the start of the third bull market.

The blowout began immediately, and the market rose to 1052.94 points in less than 30 trading days.

The fourth index increase: Shanghai Composite Index: 582.89-926.41 points, increase: 60.5% Shenzhen Component Index: 1042.71-1473.29 points, increase: 42.7%> Market characteristics From 1993 to 1995, in order to promote and vigorously develop the government bond market, our country opened the government bond futures market.

Almost 90% of the funds were immediately attracted, and the stock market continued to fall.

In February 1995, the 327 Treasury Bond Futures Incident occurred; on May 17, the China Securities Regulatory Commission suspended the trading of Treasury bond futures, and the funds that dominated the futures market entered the stock market on a large scale in the short term, setting off a short-term surge.

The fourth bull market lasted only three trading days, which was the shortest bull market in the history of A-shares, but the stock index rose from 582.89 to 926.41.

The fifth index increase: Shanghai Composite Index: 512.03-1510.18 points, increase: 194.5% Shenzhen Component Index: 924.33-6103.62 points, increase: 560.3%> Market characteristics After continuous decline, the stock market finally began to stabilize in January 1996, and the lowest point has been proven

At 512 o'clock, it was difficult to issue new shares again. The management was forced to stop issuing new shares, and policies began to be warmer. Brokerages began to have ample funds, and various funds began to build positions in high-quality stocks in an orderly manner.

The fifth bull market has started, and advocating excellence has become a mainstream investment philosophy.

The hot market was unusual. The management issued 12 consecutive gold medals but failed to prevent the stock index from rising. It was not until May 10, 1997 (Saturday) that the stamp duty was raised from 3‰ to 5‰.

The sixth index increase: Shanghai Index: 1047.83-2245.44 points, increase: 114.3% Shenzhen Component Index: 2521.08-5091.46 points, increase: 102%> Market characteristics The sixth bull market is commonly known as the 5 19 market.

Since the management allowed three types of companies to enter the market, by May 1999, the main players had quite a lot of bargaining chips, and the market had high expectations for a series of good news that would be released in the future. On May 19, the People's Daily published an editorial stating that China

The stock market will develop greatly, and investors will enthusiastically enter the market.