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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.3. Reform of comprehensive registration system

First, the relationship between the big bull market and the great changes in the capital marketFirst, the relationship between the big bull market and the great changes in the capital marketThe 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.

(Write something casually whenever you want to keep it for yourself.)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.It is believed that with the maturity of our registration system, the risk of buying junk stocks will be very great, the bad habit of speculation will be fundamentally changed, the market will focus on value growth, core index stocks will be an important choice direction of the market, index ETF will become the main channel for ordinary investors to participate in the stock market, indexed investment, bilateral hedging trading channels with developed institutions and quantitative trading institutions in the era of artificial intelligence will make it more difficult for short-term trading retail investors to survive, and the characteristics of institutional de-retailing will develop very rapidly.