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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 systemThe 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.

2. Share reform 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.

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.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.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.