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3. Reform of comprehensive registration systemOne 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.Conclusion: The combination of economic transformation and upgrading with the reform of registration system will lead to a long-term bull market. Under the registration system, the stock market ecology will undergo major changes, the speculation gap will be effectively curbed, indexed investment will become the mainstream of the market, and the institutionalization of ETF-based retail will be accelerated.

Second, the stock market ecology under the registration systemThe 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.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.

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.(Write something casually whenever you want to keep it for yourself.)2. Share reform market