In fact, the emergence of bull market needs the support and cooperation of many factors. Here, we will analyze the characteristics and historical background of bull market in China's securities history for investors' reference.
1994
A two-fold increase in two months is not a bull market but a bull market.
1994' s August market was soul-stirring, and it was called the uncle of the People's Liberation Army to save the market. In fact, it was not the People's Liberation Army that came forward to rescue the market, but the August market of 1 started.
Before that, the stock market fell all the way, falling below the iron bottom of 777 points and then falling to 325 points, which could not be called a rebound. In the despair of investors, the management has introduced three measures to help the market: stopping issuing new shares, allowing brokers to raise funds and introducing foreign investors. On July 29th, 1994, the Shanghai Composite Index (Information Market Forum) closed at 333 points.
On Monday, August 1997, investors saw the stock market open at 394, an increase of nearly 20%. Everyone is stupid. Fearing a bigger decline after the previous rebound, a large number of investors began to sell stocks, and the stock index began to fall, and soon 378 points were displayed on the screen. Just as the seller was complacent, the stock index was once again supported by strong buying and rose all the way, closing at 445.64 points, up 33% from the previous day. Shandong Bohai Sea rose as high as 108%, and no stocks in the two cities fell. The turnover of Shanghai stock market exceeded 3 billion yuan, six times that of the previous trading day.
Then the stock market soared. On Friday, August 8th, the Shanghai Composite Index closed at 683.04 points, up 105% from a week ago. Even foreign investors shouted that they couldn't understand. The market is very fierce, reaching the peak of 1052 in just one and a half months. This market can be said to have the highest slope, which is due to favorable policies. However, due to the short time, people in the industry are not willing to attribute this wave of rise to the bull market, but prefer to say that it is a rebound, but more than twice the increase, even if it is not a bull market, makes investors addicted. Better than a bull market is not a bull market.
1996
Thirteen gold medals can suppress the strongest bull market.
After a continuous decline, the stock market finally stabilized at 1996 1, with the lowest point of 5 12. It is difficult to issue new shares again, and the management is forced to stop issuing new shares. Policies have also begun to warm up, brokerage funds have begun to be plentiful, and various funds have begun to build high-quality stocks in an orderly manner.
What is a quality stock? Still an old saying goes, stocks that retail investors don't want are good stocks. At that time, the newly issued stocks were definitely not needed, and the big bull stock Xinghua in Hubei appeared in this group. Sichuan Changhong (Information Market Forum) was also sold by retail investors after the resumption of trading because of the scandal of listing red shares, and became an unattended stock. It is also the main bull stock in this bull market. In addition, due to investors' preference for Shanghai stocks at that time, deep stocks were generally unpopular. Due to its large circulation, SDB has naturally become the main target of retail and the leader of the whole bull market.
The bull market is coming, and everyone dares to speculate. This madness is unimaginable to outsiders. April 23rd 1996 Shenzhen Science and Technology (Information Market Forum) rose from 4.9 yuan to 20.99 yuan in six days. Will investors who buy at 20.99 yuan be locked up forever like investors now? No, in May of 1997, Shenji went to 70 yuan, and the investors who bought it at 20.99 yuan earned 2.5 times, which was a bull market.
The life of a bull market is tenacious. On February 1996+ 12, People's Daily published an editorial, arguing that there was a bubble in the stock market at that time, and the stock market was continuously suppressed, with almost three daily limit boards. During this period, the trading system also changed, and the daily limit board and T+ 1 were implemented.
1On February 20th, 997, the great Deng Xiaoping passed away, and the stock market opened at a stage low of 870 points. After 30 minutes of silence, the stock market was pushed up by funds again. Rumor has it that the management asked the securities companies that day: No matter what they buy, they will only be given 30 minutes, and all brokers must build Man Cang. The bull market is out of control again. Three months later, the Shanghai Composite Index reached 15 10. Along the way, the management issued 13 gold medal to suppress the bull market, and the news that 1997 added 30 billion new shares finally lowered the bull market's high head.
Bull market, the big bull market is finally over.
1999
The booming 5. 19 market
1999' s May 19 market is a unilateral surge driven by many favorable rumors and news under a specific background. Off-exchange funds were bought desperately by relay, which caused the glory of 32 trading days and is unforgettable so far.
Before the market opened, China's embassy in Yugoslavia was attacked by American missiles, which also blew up the famous "missile gap" in China stock market. Subsequently, the Shenzhen and Shanghai stock indexes hit a new low, and the Shanghai Composite Index fell below 1 100. At this critical moment, CSRC successively submitted favorable policies to the State Council: reforming the stock issuance system, introducing insurance funds into the market, gradually solving the legal financing channels of securities companies, allowing some qualified securities companies to issue financing bonds, expanding the pilot scale of securities investment funds, invigorating the B-share market, and allowing some B-share and H-share companies to carry out stock repurchase pilots. These "favorable policies" have also become the cornerstone of the 5. 19 market.
On the day when the market was officially launched, it was quite calm in the morning. The real change took place in the afternoon. Off-exchange funds poured in, pushing up the index constantly, the turnover increased sharply, and the market began to heat up suddenly. After three consecutive days, the market volume can be upgraded step by step, from 7.5 billion yuan to 654.38+002 billion yuan to 654.38+045 billion yuan. Confidence in the market is expanding rapidly, and OTC funds continue to flock to the market. It was not until the daily turnover of Shanghai Stock Exchange was 44.5 billion that the index rose to the highest point 1756438+08.
In the course of this round of market development, it has experienced intense speculation in cable TV network stocks, high-tech stocks, banking stocks, ex-rights stocks, heavyweights, blue-chip stocks, standard stocks and other hot spots. Almost all stocks in the whole market rose by more than 50%, reflecting the full bull market characteristics. This is essentially different from the local bull market on February 28, and it is also the main reason why 5. 19 is remembered by investors.
2000
Up to now, the insurmountable 2245 points.
5. The strength of19 market is rare in history, but after seeing the high point of the stage, the subsequent big adjustment lasted for half a year. In the last few days of 1999, a new bull market suddenly broke out on the sidelines.
This wave of market, led by network technology stocks, is almost crazy in both duration and stock gains. The Shanghai Composite Index started from199965438+February 28th, and reached an all-time high of 2245.43 points on June 28th, 200 1. After a rise of 1.5 years, the Shanghai Composite Index has reached a record high and still cannot be surpassed.
At the beginning of 2000, favorable policies followed. First, brokers were allowed to pledge loans, and then new shares were put in the secondary market, and the Shanghai and Shenzhen stock markets rose accordingly. In the process of market rising, although there are some negative factors, such as the conversion of shares to circulation and listing, the customized framework for issuing new shares, the expansion of new shares such as baoshan iron & steel, etc., the Shanghai and Shenzhen stock markets rose sharply and hit a record high all the way under the background of a large number of incremental funds such as open-end funds, insurance institutions and social security institutions.
200 1, the two cities continued to stage a bull market, but the difference was that the fluctuation of the market index was obviously intensified, and the "bull strength" was not as good as before. The Shanghai and Shenzhen Composite Index only rose from 2077 points at the beginning of the year to the highest 2245 points, with an increase of only about 8%, while the trading volume shrank from 2000 points.
In mid-2002, a series of vicious incidents such as "Zhongke incident", "Yi 'an scandal" and "shady funds" were exposed one after another. A large number of listed companies, such as Yinguangxia, Sanjiu Medicine (Information Market Forum), Maikete, Lantian, etc., were found to be in violation of regulations, investor confidence collapsed, the Shanghai and Shenzhen index reversed downward, and a bull market came to an end.