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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.

3. Reform of comprehensive registration systemIs there a bull market? (6) The relationship between the big bull market and the big market change.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.

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.Is there a bull market? (6) The relationship between the big bull market and the big market change.2. Share reform market