In the past 20 years, the China stock market has risen several times.

In the past 20 years, China stock market has experienced eight bull markets and seven bear markets.

Bull market:

first time

exponential increase

Shanghai index: 95.79- 1429.0 1 point increase: 139 1.8%.

Shenzhen Component Index: 396.52 points, up 635.9%.

& gt market characteristics

1990 65438+February19 Shanghai Stock Exchange was established, with only 8 stocks a year, which is called the old stereotype; At that time, before stock trading, you had to fill in the entrustment form manually, and only the numbered people were eligible to get the entrustment form. Being able to buy shares is equivalent to winning the lottery, because no one wants to throw it away. This made the Shanghai index start counting from165438+February, 990, and rose all the way, creating the first bull market. 1May 2, 9921,the SSE cancelled the daily limit and pushed the bull market to the peak. On that day, the index soared to 1266.49 points, with a one-day increase of 105%, which has not broken yet.

second time

exponential increase

Shanghai Composite Index: 386.85- 1558.95 points, or 30 1%

Shenzhen Stock Exchange Index: 1529.25438+0-3422.22 points, an increase of 123.8%.

& gt market characteristics

1992, China's reform and opening up reached a threshold. The capital market experienced both a 52 1 surge and an 8 10/surge, but an important event happened in China's economy, that is, Deng Xiaoping's southern tour. In Deng Xiaoping's southern tour speech, how to develop the stock market in the future has become a hot topic, and the most important thing in his speech is the word "resolutely try". 165438+1October 17, Tianchen shares were listed in RMB, the last decline of Shanghai Composite Index ended, and the second bull market began. It has risen rapidly in three months, and the increase of 30 1% has been talked about by investors so far.

the third time

exponential increase

Shanghai Composite Index: 325.89- 1052.94 points, with an increase of 224.4%.

Shenzhen Component Index: 944.02-2 162.75 points, or 129. 1%.

& gt market characteristics

During the period from 1993 to 1994, China's macro-economy overheated, which triggered tight macro-control. At the same time, the large-scale expansion of A shares caused the market to plummet and the securities market to slump. 1July 29, 994, the market hit a low of 325.89. On July 30th (Saturday), relevant departments issued three measures to help the market. 1On August 30th, 994, the Shanghai Composite Index opened higher and the third bull market began. The blowout market immediately started, and the market rose to 1052.94 points in less than 30 trading days.

the fourth time

exponential increase

Shanghai Composite Index: 582.89-926.4 1 point, up 60.5%

Shenzhen Stock Exchange Index:1042.71-1473.29 points, an increase of 42.7%.

& gt market characteristics

1993- 1995, in order to promote and vigorously develop the national debt market, China opened the national debt futures market, which immediately attracted almost 90% of the funds, while the stock market continued to fall. 1995 February, 327 treasury bond futures event occurred; On May 17, the CSRC suspended the trading of treasury bonds futures, and the funds in the futures market entered the stock market on a large scale in a short period of time, which set 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 926.88+0.

the fifth time

exponential increase

Shanghai index: 512.03-1510.18 points, with an increase of 194.5%.

Shenzhen Component Index: 924.33-6 103.62 points, with an increase of 560.3%.

& gt market characteristics

After a continuous decline, the stock market finally stabilized at 1996 1, with the lowest point of 5 12. It was difficult to issue new shares again, and the management was forced to stop issuing new shares, and the policy began to pick up. Brokerage funds began to be plentiful, and various funds began to build high-quality stocks in an orderly manner. The fifth bull market started, and advocating excellent performance began to become the mainstream investment concept. The hot market is unusual, and the repeated 12 gold medals by the management failed to stop the rise of the stock index. Until Saturday in May 1997, the stamp duty was raised from 3‰ to 5‰.

Sixth times

exponential increase

Shanghai Composite Index: 1047.83-2245.44 points, with an increase of 1 14.3%.

Shenzhen Stock Exchange Index: 252 1.08-509 1.46, with an increase of 102%.

& gt market characteristics

The sixth bull market is commonly known as 5 19 market. As the management allowed three types of enterprises to enter the market, by May of 1999, the main company had quite a lot of chips, and the market had high expectations for a series of favorable reports to be launched in the future. On May 19, People's Daily published an editorial, pointing out that the China stock market will develop greatly and investors are eager to enter the market. On February 13, 2000, the CSRC decided to try out the placement of new shares in the secondary market, with an unprecedented scale of funds. The strong outbreak of online concept stocks pushed the Shanghai Composite Index to a record high of 2,245 points.

seventh

exponential increase

Shanghai Composite Index: 998.23-6 124.04 points, or 5 13.5%.

Shenzhen Stock Exchange Index: 2590.53- 19600.03 points, with an increase of 656.6%.

& gt market characteristics

The starting point of the seventh bull market came from the start of the split share structure reform in May 2005, when a large number of open-end funds were issued. The expectation of RMB appreciation brought about excess liquidity of domestic funds, and funds entered the market in an all-round way. Later, with the crazy issuance of funds and the optimistic market, the increase of stamp duty at 5: 30 failed to change the running track of the market and soared to 6 124. This round of bull market is called the era of national stock trading by the media.

eighth

exponential increase

Shanghai Composite Index: 1664.93-3478.05438+0 point increase: 108.9%

Shenzhen Component Index: 5577.23- 13943.44 points, or 150%.

& gt market characteristics

With the investment policy of 4 trillion yuan and the ten major industrial revitalization plans, the A-share market has set off a new bull market, with its share price rising from 1.664 to 3,478, and it has risen by 1.09% in less than ten months. After March 3, the nature of forced lifting can be comparable to that of super mad cows in 2006 and 2007. Even if the IPO is restarted, it will not change the course of the bull market. It was not until July 29, 2009 that the first large-cap stock was listed, and the tightening macro-policy ended the eighth bull market in stages.

Bear market:

first time

Exponential decline

Shanghai Composite Index:1429 (1992.5.25)-386 (1992.1.17) Decline: 73%.

Shenzhen Component Index: 2918–1529 Decline: 40%

& gt market characteristics

After the Shanghai Composite Index rushed to 1429 in the first bull market, the market began to return to value, and the immature stock market fluctuated greatly. 1992 On August 9 and August 10, 10 Shenzhen new stock subscription lottery table was issued, but the 8 10 storm that shocked the whole country at that time stimulated the Shanghai and Shenzhen stock markets to fall sharply. In order to strengthen the management of the securities market, China Securities Regulatory Commission was established in June 1992. The bear market lasted only half a year, but the stock index fell by as much as 73%. Such a decline is unimaginable now, and investors naturally accepted it at that time.

second time

Exponential decline

Shanghai Composite Index:1558 (1993.2.16)-325 (1994.7.29) Decline: 79%.

Shenzhen Component Index: 3422–944 Decline: 69%

& gt market characteristics

1992, 1993, 177, 1994, there are 54 listed companies in Shenzhen and Shanghai. The amount of A-share financing 1992 is 5 billion, 1993 is 27.6 billion, and 1994 is 9.978 billion, with a fierce expansion momentum. With the clear issuance quota, the market entered a real downturn, and the second bear market came. 1February 99414th, the government announced that the amount of new shares issued in 1994 was 5.5 billion yuan, which was significantly lower than 1993 195 billion yuan. However, the Shanghai Composite Index broke through 700 points in March 10, and fell to the lowest point in the whole year four months later.

the third time

Exponential decline

Shanghai Composite Index:1052 (1994.9.13)-547 (1995.5.16) Decline: 48%.

Shenzhen Stock Exchange Index: 2162–1018 Decline: 50%

& gt market characteristics

In the third bear market, the securities market was in a depression. When people's confidence in the stock market is exhausted, the relevant departments have launched three major benefits to save the market. The Shanghai Composite Index rose by 200% in 1 month and a half. However, the policy stimulus was short-lived, and then A shares entered the third bear market. The early stock market didn't pay attention to any value investment, so it didn't matter whether the performance was good or bad. The most important thing is that the circulation is small, so it is easy to guess. But with the soaring stock price, there is always an invisible hand pushing the stock market down.

the fourth time

Exponential decline

Shanghai Composite Index: 926 (1995.5.22)-512 (1996.1.19) Decline: 45%.

Shenzhen Stock Exchange Index:1473–931decline: 3 1%

& gt market characteristics

After the short third bull market, the stock market fell again and the fourth bear market came. In order to curb speculation, on June 5, 1995, the management issued a 95-year quota of 5.5 billion yuan, and at the same time, 20 stocks with historical problems began to be listed, and the Shanghai Composite Index was by going up one flight of stairs. From August of 1995, Sichuan Changhong, with a P/E ratio of only three times at that time, began to strengthen quietly, and the performance of White Horse shares gradually attracted the attention of mainstream funds. By 1996 65438+ 10/9, the stock index reached the stage position of 5 12, and the stock prices of blue-chip stocks generally oversold, which provided the conditions for a new market.

the fifth time

Exponential decline

Shanghai Composite Index:1510 (1997.5.12)-1047 (1999.5.17) Decline.

Shenzhen Stock Exchange Index: 6103–2521decline: 57%

& gt market characteristics

This round of major adjustment is also due to excessive speculation. After the blue-chip stocks were fully hyped, the stock index had fallen to 1047 by May/8/999. In the past two years, the expansion of the stock market has continued to be crazy, and the scale has expanded to an unimaginable level. The serious contradiction between supply and demand caused extreme blood loss in the secondary market, and a two-year bear market began.

Sixth times

Exponential decline

Shanghai Composite Index: 2245 (20065438+0.6.14)-998 (2005.6.6) Decline: 56%.

Shenzhen Stock Exchange Index: 4809–2590 Decline: 43%

& gt market characteristics

200 1 in the first half of the year, the Shanghai Composite Index broke through 2000 points, which cheered the stock investors in China at that time. 1 1000 points seems to indicate a millennium, and the increase of points seems to announce to the whole world that the China stock market has reached a certain scale. However, under the impact of the news that the market price of state-owned shares was reduced, 2000 points quickly became the dangerous peak of China stock market. After more than four years of adjustment, the index reached a low of 998 points in 2005. The sixth bear market is the longest major adjustment in history.

seventh

Exponential decline

Shanghai Composite Index: 6124 (2007.10.16)-1664 (2008.5438+00.28) Decline: 73%.

Shenzhen Component Index:19559–5577 Decline: 69%

& gt market characteristics

With the excitement of the market, the regulatory authorities constantly remind of risks. After seeing the historical high of 6 124 on June 6, 2007, the seventh round of bear market was triggered under the negative influences of rising inflation in China, suspension of fund issuance, subprime mortgage crisis in the United States, sharp decline of China oil after listing, and non-reduction in size. In the process of falling, the integer mark was easily broken until 65438.