1999 may19, China stock market started the most spectacular bull market so far. The Shanghai Composite Index started around 1050, and climbed to a record high of 2,245 two years later, with the cumulative increase of the index exceeding 100%. However, then the stock market entered a five-year bear market, in which thousands of investors were deeply involved, and the trillion-dollar market value rose again and again.

As one of the most important achievements of capital market reform, the stock market has a history of 15 years in China. 15 years ago, 12, 19 When Zhu Rongji, then the mayor of Shanghai, sounded the first gong for the opening of the Shanghai Stock Exchange at Pujiang Hotel, people at that time curiously speculated about where the "stock market" would go.

15 years, the stock market ushered in and sent hundreds of millions of investors, and also witnessed the change of five chairmen of the CSRC. History is the most convincing, but with their footprints, the bits and pieces of 15 have long been clear.

■ The first big bull market: 1990 12 19 turn1992 May 26th.

After the Shanghai Stock Exchange officially opened, there were only eight listed stocks, which were called "old eight shares". At that time, the trading system implemented a 1% price limit (later changed to 0.5%). The stock index started at 96.05 points and continued to rise for two and a half years, and finally reached the high point of 1429 points under the stimulation of canceling the price limit.

■ The first big bear market: May 26th 1992 to June 1992+065438+ 10/7.

After the impulse, the market began to return to value, and the immature stock market fluctuated greatly. In just half a year, the stock index dropped from 1429 to 386, a drop of 73%. Such a decline is unimaginable now, and investors naturally accepted it at that time. No wonder some people say that the early stock market speculation was cool.

■ The second big bull market:1992 165438+10/7 turn1993 February16.

A rapid decline is cool, and a rapid rise is even cooler. Half a year's decline, all rose back in three months. It took only three months from1October 17 1992 165438+386 to February 1993 1558, and the market rose as high as 303%. The current market is enough for investors to envy.

■ Second Great Bear Market:1February 993 16 to1July 29, 994.

After the bull market rose rapidly, the expansion of the stock market began. With the continuous issuance of new shares, the Shanghai Composite Index gradually fell, and then a long tug-of-war began at 777. Later, it fell 777 points, and the market continued to bottom out again. On July 29th, 1994, the stock index returned to 325 points, but the "result" brought by this bear market was the rapid expansion of the number of listed companies.

■ The third big bull market: July 29th 1994 to September 3rd 1994.

The stock market is depressed. When people lose all confidence in the stock market, there are even rumors that the regulatory authorities will close the stock market. In order to save the market, the relevant departments introduced three favorable measures to save the market, and the stock market was excited again. 1.5 months, the stock index rose by 200%, reaching a maximum of 1052 points.

■ The third big bear market:1994 September 13 to1995 May 17.

The early stock market did not pay attention to any value investment, and the performance was good or bad. The most important thing is that the circulation is small, so it is easy to guess. However, with the soaring stock price, there is always an invisible hand pulling down the stock market. In May 1995, the stock index has returned to 577 points, a decrease of nearly 50%. ■ The fourth bull market:1995 May 18 to1995 May 22.

This bull market has only three trading days! Affected by the news that the management closed the treasury bond futures, the stock market soared, and the stock index rose from 582 points to 926 points in three days. This round of market fully reflects the sensitivity of China stock market to relevant "policies", and the term "stock market policy city" has been generally accepted by the investment community.

■ The fourth bear market:1May 22, 1995 to 1996 65438+ 10/9.

After a short bull market, the stock market fell again. From August of 1995, Sichuan Changhong, whose P/E ratio was only three times at that time, began to strengthen quietly, and the performance of Baima stock gradually attracted the attention of mainstream funds. By 1996 65438+ 10/9, the stock index reached a stage low of 5 12, and the stock prices of blue-chip stocks generally oversold, which provided the conditions for a new market. ■ The fifth bull market: 199665438+1October19 to1997 May 12.

Advocating Excellence has become the mainstream investment concept in the market. Leading stocks such as SDB, Sichuan Changhong, Shenzhen Science and Technology, and Hubei Xinghua are all excellent growth stocks. Under the leadership of these stocks, the stock index returned to 15 10, and the "investment deification" created by these stocks also gave a vivid investment education lesson to ordinary investors at that time.

■ The fifth big bear market:1May 1997 12 to1May 1999 18.

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.

■ The sixth bull market: 1999 May19 to 20065438+0 June 14.

This bull market is commonly known as "5. 19", which is still fresh in the memory of most investors. The strong eruption of network concept stocks pushed the Shanghai Composite Index to break through 2000 points and reach an all-time high of 2245 points. With the magnificent bull market, securities investment funds have also experienced a rare development in history.

■ Sixth Great Bear Market: June 2006 1, May 6, 2006.

After the "5 19" market, the market is most concerned about the issue of non-tradable shares. Investors generally believe that this is a negative factor, and solving the split share structure has also become the reason for the stock market's decline, and the stock index has also dropped from 2245 points to 998 points. After the longest adjustment in this round of history, the price-earnings ratio of A-share market has dropped to a reasonable level, and a new round of market is quietly brewing.

Check the stock listing price:

There are stock inquiries on the financial pages of major websites. If it is software, click F 10 to view the company profile.