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Second, the stock market ecology under the registration system1, the relationship between 519 market and policy change.

2. Share reform marketAfter the share reform, the stock market has gradually entered the track of "marketization, legalization and internationalization". However, our issuance system has long been an approval system, and the international practice is the registration system. We have promoted the reform of the comprehensive registration system after piloting the GEM and science and technology innovation board. Although there have been some problems criticized by the market, the general direction of this reform must be correct. The comprehensive registration system is an inevitable choice for comprehensive marketization and a fundamental reform of the capital market system.In the "share-trading reform", the major shareholders obtained the circulation right by giving consideration to the minor shareholders, and the market entered the era of full circulation. During the time limit when "non-size" obtained the right of circulation, the market formed a super bull market, which was the end of the era of non-tradable shares and the welcome of the era of full circulation.

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 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.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.