Large band 1: 100-1429 -386. (199065438+February 1992 65438+ 10/7)199065438+February/kloc-0. At that time, the trading system implemented a 1% price limit (later changed to 0.5%). It was also from this time that the stock index began to rise from 96.05 points for two and a half years, and finally reached the high point of 1429 points under the stimulation of canceling the price limit. But 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%, and investors received real risk education for the first time. Large band 2: 386- 1558-325. After the rapid decline (1992, 165438+ 10, 17 to 65438+1July 29, 994), A shares magically ushered in a rapid rebound. Only three months later, investors again. From1October 17 1992 165438+386 to 1558 in February 1993, the market rose as high as 303% in three months, and the decline was completely recovered. This magical rise has always been talked about by investors. However, after the rapid bull market was completed in an instant, the expansion of the stock market also began. With the continuous issuance of new shares, the Shanghai Composite Index has gradually declined. After losing 777 key points, the market continued to bottom out again. By July 29th 1994, the stock index had returned to 325 points, with a cumulative decline of 79. 13%, returning to the starting point. The "achievement" brought by this bull-bear conversion is the rapid expansion of the number of listed companies. Large band 3: 325- 1052-5 12. (1July 29th, 994 to 65438+ 19961October 19) With the vertical decline of the stock index, the confidence of market investors also fell to the bottom. At the critical moment, the government once again raised the policy banner. In order to save the market, the relevant departments have introduced three favorable measures to save the market, and the stock market is excited again 1 half a month. However, with the soaring stock price, the market risk has also increased, and investors have also sold their shares. In May 1995, the stock index has returned to 577 points, a decrease of nearly 50%. However, on May 8 1995, affected by the news that the management closed the treasury bond futures, the stock market began to soar, and the stock index rose from 582 points to 926 points in just three days. However, the policy rescue is often short-lived. After a short surge, the stock market fell again. From August of 1995 to August of 1996+10 of/kloc-9, the stock index reached a stage low of 5 12, with a decrease of 5 1.33%, and the stock prices of blue chips generally oversold. Large band 4: 512-1510-1047. (1996 65438+ 10/9 rpm1999 may 18) The oversold of blue chips triggered the bottom signal of the market. At the same time, advocating blue-chip stocks began to become the mainstream investment concept in the market, leading stocks such as Shenzhen Development, Sichuan Changhong (600839), Shenzhen Science and Technology, Hubei Xinghua and so on. From 1 April 9961to1February 12, the Shanghai Composite Index rose by 124%, and the Shenzhen Component Index rose by 346%, which was more than five times that of 100 stocks. With the accumulation of market risks, the government began to take action again. From June 65438+ 10, the management repeatedly issued "gold medals" until June 65438+February 65438+February 65438, People's Daily published a special commentator's article "Correctly Understanding the Current Stock Market" and announced "12 gold medals". Subsequently, the stock market experienced a continuous short-term plunge, but after the plunge, the stock index continued to rise until 15 10. It was not until the blue-chip stocks were fully hyped that the stock index began to turn down. By May 1999, the stock index fell to 1047, and investors experienced a long bear market for two years, with a cumulative decline of 30.84%. Large band 5: 1047-1756-1361-2245 -998. (1999 May 2005 18 to June 6, 2005) With the unforgettable "5. 19" market, the bull's hoof of the market flew again. In just one and a half months from May 199 to the end of June, the Shanghai Composite Index rose by nearly 70%. Break through the previous high 1588 points. But then the stock market pulled back sharply. On June 4th, 2000, the Shanghai Composite Index fell to 136 1. Subsequently, stimulated by the sharp rise in the peripheral stock market, China stock market finally made a desperate effort and finally rushed to the "highest point" of the index of 2,245 points. With this magnificent bull market, securities investment funds have also experienced a rare development in history. However, after the "5. 19" market, the market began to pay attention to 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. The cumulative decline reached 55%. After the longest adjustment in this round of history, the A-share market has once again returned to the starting point. 6: 998-6124-1664 (June 6, 2005-June 28, 2008) The bull market returned after 998, and the core factors driving the market rise mainly lie in: share-trading reform, RMB appreciation, asset revaluation and rapid growth of listed companies' performance. From 998 to 6 124, this bull market has hardly been adjusted. During this period, raising interest rates and raising the deposit reserve ratio has been accompanied by the rise of the stock market. Even if the stamp duty is raised to 530, it is only one stop on this bull market. But there is no stock market that only rises and does not fall. When everything is quietly changing, those factors that play a key role in this bull market have become hidden dangers of rapid decline. At the same time of the initial completion of the share reform, the climax of non-lifting of the ban is approaching, and the terrible pressure of lifting the ban and the extremely low cost of non-lifting of the ban have become a major reason for the stock market decline. At the same time of RMB appreciation, hot money keeps pouring in, coupled with the rapid rise of the stock market bubble and the increasingly severe inflation situation, the central bank has to adopt a tight monetary policy, which has accelerated the decline of the stock market. The rising price of raw materials, the change of export policy and the sharp decline of investment income have dashed the expectation of high growth of enterprise performance. China stock market experienced a short-term rapid decline. By October 28th, 2008, the Shanghai Composite Index had dropped from 6 124 to 1664, a drop of over 70%.