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2. Share reform market1, the relationship between 519 market and policy change.3. Reform of comprehensive registration system

SQDIIce the reform and opening up, China's stock market has started from the original over-the-counter trading, and developed into the second largest capital market in the world for more than 5,000 listed companies. With the promulgation and implementation of the Securities Law, the capital market has entered the era of rule of law, and the issuance system has gone through the evolution process of examination and approval system, approval system and registration system, the change from the share-trading era to the full circulation era, and the process from unilateral market to the start of margin financing and securities lending, the establishment of stock index futures options index ETF options and other financial derivatives to become a bilateral market.The 519 market and the extended Internet market are the landmark market in the era of non-tradable shares. The biggest change of this round of market is the promulgation and implementation of the Securities Law on July 1, 1999, and the capital market has entered the era of rule of law.

The next big bull market is the first big bull market under the comprehensive registration system, and there will certainly be such a big bull market corresponding to the economic transformation and upgrading of China.One of the characteristics of the approval system is the scarcity of listed resources and the long-term lack of metabolism in the market. "Shell resources" is an important reason for the tradition of evil speculation in our market.