In the spring of 30 years ago, the wind of reform and opening up on the land of China had just blown, and the Shanghai ** Stock Exchange and the Shenzhen ** Stock Exchange were born one after another, symbolizing the awakening of China's capital market. At that time, they were like newborn babies, immature but full of hope.
At first, there were only a few ** on the market, and the trading was deserted. But as time goes by, companies have poured in, and the types and numbers of ** are increasing day by day. At that time, the equity structure of the market was relatively homogeneous, and the information disclosure and regulatory mechanisms were also in their infancy. Trading systems, such as price limits, are still being tested and adjusted.
After initial exploration, China** soon ushered in the first round of bull and bear markets in its history. Taking the Shanghai ** Stock Exchange as an example, from the end of 1990 to May 1992, the stock index soared from 96 points to 1,429 points, an astonishing increase. But the subsequent bear market was even more thrilling, with the stock index falling by as much as 73% to 386 points in just half a year. This round of bull and bear cycle not only tests the psychological tolerance of investors, but also reveals the inadequacy of market supervision and risk control.
But it is these twists and turns that have prompted China to constantly reflect and progress. In the years that followed, the market structure was optimized, the number of listed companies increased, and the share capital structure tended to diversify. At the same time, information disclosure and regulatory mechanisms have been strengthened, and investors' risk awareness has gradually increased.
In 1996, when the macro economy was facing challenges, ** bucked the trend and became an important force to stabilize the economy. That year, **, which had been silent for many years, finally ushered in a new vitality. The Shanghai Composite Index has doubled in just half a year, allowing people to see the advent of a leading era.
Looking back on the past, the A** field is unique in the global financial landscape. When the Asian financial crisis swept in, the A** field showed amazing resilience. Compared with the Dow Jones, it took only one year for A-shares to rise from 100 to 3,000 points, and this speed and passion shocked investors around the world.
However, the journey has never been easy. In 1993, A-shares ushered in the first bear market, **31%, and the market fell into a freezing point. But just when people were about to despair, in 1996, ** finally ushered in a turning point. Since then, the A** field has entered wave after wave, but it has also been accompanied by the madness of the market and the attention of regulators.
Among them, the rise of Internet stocks has pushed the A** field to a new height. As long as it is related to the Internet, it will be fired. Shanghai Merlin has been up and down for six consecutive days because of the establishment of an Internet sales **, which makes people feel the madness of ** again. The hype of Yi'an Technology has pushed the hype of the first to the extreme, and the stock price has broken through the 100 yuan mark in a short period of time and has become the first 100 yuan stock in A-shares.
But there will be an end to the madness of the market. With the collapse of Zhuang stocks, the five-year bull market in A-shares has also come to an end. The next four years of bear market made people feel the cruelty of ** again, but it also made people cherish those glorious moments more.
Since the beginning of the new century, the A** market has gradually integrated into the global capital market system. Blue chips and technological innovation enterprises have emerged in the A** market, providing investors with more diversified and international investment opportunities. Today, the A** market has become one of the world's important capital markets, which is not only an important supporting force for China's economic development, but also an important platform for investors to achieve wealth appreciation.
Looking back on the past 30 years, the A** field has experienced countless glories and twists and turns. Now, the A** market is experiencing an unprecedented short-selling crisis, which has put investors under pressure and dealt a serious blow to market confidence. The unprecedented selling pressure has kept the stock price sustained**, and many high-quality products have been wrongly killed. In this crisis, investors need to remain calm, rationally analyze market trends, and find ways to deal with them. At the same time, ** and regulators also need to take active measures to stabilize market sentiment, maintain market stability, and ensure that the A** market can survive this short-selling crisis and continue to contribute to the development of China's economy.