China stock market

Looking back on the stock market in the past 20 years, can it be described as "death history"? ,

The "expedient" policy frequently intervenes in the stock market, and the value orientation is often at odds?

"Policy City"-China stock market has become an out-and-out "monkey market". There is no bear market or bull market, just like monkeys jumping up and down.

The historical reality of China determines that the China stock market has too much government color from the beginning. "

"Policy is the market. The effect of policies on the stock market at that time can be said to be immediate. "

Initial experiment-one-sided suppression-utilitarian utilization-helpless system reconstruction

History of China Stock Market

1983 Shenzhen Baoan United Investment Company, the first joint-stock enterprise.

During 1984, a group of poor students who have never seen the stock market, more than 20 graduate students from the People's Bank of China and graduate department (including Cai Zhongzhi, Wu Xiaoling, Wei Benhua, Hu Xiaolian, etc. ) published a sensational "China's financial reform strategy", which first talked about the idea of establishing a securities market in China. 1984 the scale of the ideological storm triggered by the second annual financial conference in China.

On July 20th, 1984, the first joint-stock company of Beijing Tianqiao Department Store Co., Ltd. was established.

1984 1 1 Le Fei audio China first unit-Shanghai Le Fei audio co., ltd was established.

1985 65438+ 10, Shanghai Zhong Yan Industrial Co., Ltd. was established, all of which raised funds from the society in the form of shares, becoming the first collective-owned enterprise to publicly issue shares to the society. Fully tradable shares

1985, Beijing Tianqiao Company began to issue shares.

1In May, 987, SDB issued shares to the public for the first time, becoming the first share in Shenzhen.

65438+China Industrial and Commercial Bank of China Shanghai Trust and Investment Company Jing 'an Sub-branch on September 26th.

1987-09-27 The first securities company, Shenzhen Special Economic Zone Securities Company, was established.

1988 On July 9, the People's Bank of China held a forum on the securities market, and the research and design team of the stock exchange was established under the leadership of the People's Bank of China.

1990 12 19, the opening ceremony of Shanghai Stock Exchange was held in Shanghai. Zhu Rongji, then the mayor of Shanghai, sounded the first gong of Shanghai Stock Exchange in Pujiang Hotel, and 30 kinds of treasury bills, bonds and stocks known as "Old Eight Shares" (Zhong Yan, Electric Vacuum, Big and Small Lefei, Ai Shi, Shenhua, Yuyuan and Xingye) were listed and traded.

On the same day, Shen Yin Securities Company opened the first big client room in Shanghai, and the first generation of individual securities investors/stock investors in China appeared.

Every night, there is an endless stream of people exchanging information in Huangpu.

1991July1kloc-0/day, the Shanghai Stock Exchange launched a stock account to gradually replace the shareholder name card.

1991July 15, Shanghai Stock Exchange began to publish the price change index of eight stocks in Shanghai.

1991July 3, the Shenzhen Stock Exchange officially opened. 1 99065438+February1,Shenzhen Stock Exchange "tried" to open.

1 991August1Joan Energy, the first company to issue convertible corporate bonds.

19911October 3 10, China southern glass co., ltd. and Shenzhen property development (group) co., ltd. issued shares to the public, which is the first time that a joint-stock enterprise in China issued B shares.

1992 1 month, a ticket called "stock subscription card" appeared on the streets of Shanghai, which produced a large number of subscription cards, and it was also a kind of warrant in a broad sense. The warrant was priced in 30 yuan, and was later fired to several hundred yuan.

199265438+1October 13, Xingye Real Estate is listed on the Shanghai Stock Exchange, which is the first newly listed stock after the opening of the Shanghai Stock Exchange and the only real estate stock listed in China.

199265438+1October19, Deng Xiaoping will visit Shenzhen for four days from now. After understanding the Shenzhen stock market, he pointed out: "Some people say that stocks are capitalist. We first tried in Shanghai and Shenzhen, and the results proved to be successful. It seems that some things of capitalism can be used by the socialist system, even if they are wrong! It is wrong to close, and it will be opened later. There is nothing 100% correct. " Deng Xiaoping "resolutely tries, but if it doesn't work, it can be closed."

1February 2, 992, United Textile issued the first Sino-foreign joint stock in China.

1February 2, 9921The first B-share listed company issued shares to overseas investors for the first time.

1March 2, 992, the first lottery ceremony of 1992 stock subscription card was held.

1992 on may 2 1 day, the Shanghai stock market suddenly released its share price in an all-round way, and the market directly opened higher 1260.32 points, up as much as 104.27% compared with the previous day. On that day, the Shanghai Composite Index jumped from 6 16 to 1265. In just three days, it reached the top of 1420, and the stock price soared by 570%! The market value of five new shares soared from 2500% to 3000%! The Shanghai Composite Index crossed 1000 for the first time.

On July 7th, 1992, Shenzhen Yuanye stock was suspended.

1On August 5, 1992, Shenzhen Post Office received a package weighing 17.5 kg, which contained 2,800 ID cards.

On August 1992 and 10, the "8. 10 storm" that shocked the whole country occurred in Shenzhen's new share subscription lottery platform.

Three days after "August 10", the Shanghai stock market also fell by 22.2%. Compared with 1420 on May 25th, the Shanghai Composite Index plunged by more than 400 points, with a net drop of 640 points, with a drop of 45% in two and a half months.

Seeing that the stock market is out of control, the regulatory authorities quickly pulled back from the brink and accelerated the listing of new shares.

199210 June 12, the State Council securities commission and China securities regulatory commission were established.

1992165438+10, the Shanghai stock market hit a new low of 393 points. In just five months, the Shanghai Composite Index fell by 1,000 points.

1992 1 1 Shenzhen Baoan, the first domestic convertible bond listed company, is the first domestic listed company to issue warrants.

The stock price soared after 1992. I started to speculate in the stock market in a muddle and made a fortune inexplicably.

1992, a large number of stocks appeared because of buying stock subscription certificates; 1995, a large number of stocks were basically eliminated because of the national debt storm.

From1February, 1993 to1March, 1996, it was called the first big bear market in China stock market, which was mainly caused by the macro-tightening of the state to curb economic overheating.

1993 the second batch of subscription cards almost lost all the investors this time, and the subscription cards disappeared from now on.

1993 February 1558 pm

1993 On April 13, the stock market of Shenzhen Stock Exchange was transmitted to Beijing by satellite communication.

1On April 22, 993, the Provisional Regulations on the Administration of Stock Issuance and Trading was formally promulgated and implemented.

On May 3rd, 1993, the stock index of Shanghai Stock Exchange was divided into five categories: industry, commerce, real estate, public utilities and comprehensive.

65438+1 June 19931day, the Shanghai and Shenzhen Stock Exchanges jointly compiled the "China Stock Price Index".

On June 29th, 1993, the first H-share listed company of Tsingtao Brewery was officially listed in Hong Kong.

1On July 7, 993, the the State Council Securities Commission issued the Interim Measures for the Administration of Stock Exchanges.

1993 financial consolidation in the middle, turning green with the stock market.

On August 6th, 1993, all A shares listed on the Shanghai Stock Exchange adopted call auction.

65438+ Zibo Fund, the first listed investment fund on August 20th, 0993.

1On September 30th, 993, china baoan Group Co., Ltd. announced that it held more than 5% of the common stock issued by Shanghai Zhong Yan Industrial Co., Ltd., thus opening the first page of China's acquisition of listed companies. Bao 'an acquired and held the equity of Zhong Yan Industry through the secondary market.

1993101On October 25th, Shanghai Stock Exchange opened its treasury bond futures trading to the public.

1April, 994, the first state-owned shares of Prism were converted into legal person shares.

1June, 994 Hasuibao was the first company to issue shares through online bidding.

1June 1994 The first company in Lujiazui to reduce its state-owned shares.

On July 28th, 1994, People's Daily published "Measures for Stabilizing and Developing the Stock Market in Consultation between CSRC and Relevant Departments in the State Council".

1July 29, 994 "Stock Crash"

On July 30th 1994, the Shanghai Composite Index closed at 333.92 points.

Rise to in August

September 1052.94, with a cumulative increase of 2 15.33%.

1995, the index played a roller coaster under the command of the policy:

1 99565438+1October1,T+ 1 trading system will be implemented from now on.

1February 23, 995, the "327 storm" in Shanghai's national debt market appeared in history.

1March, 1995, the securities market developed for more than four years, entered the government work report and got the birth permit.

1995 May 17, China Securities Regulatory Commission issued the "Emergency Notice on Suspending the Pilot Trading of Treasury Bond Futures" and agreed to close the position.

1995 may 18, the trial of treasury bond futures trading was suspended, and the Shanghai A-share market opened at 130. The Shanghai Composite Index rose more than 40% that day. It left the biggest gap in the new China stock market, and the turnover was greatly enlarged to 8.493 billion yuan.

1Only two days after May 20th, 995, the the State Council Securities Regulatory Commission announced that the scale of new shares issued in that year would be issued in the second quarter, and the Shanghai Composite Index fell by 16.39% instantly.

1July 995 1 1 day, China Securities Regulatory Commission officially joined the international organization of the CSRC.

1995 faw Jinbei first loss-making company

1996 Shanghai stock market is like a big turntable, from more than 500 points at the beginning of the year to 1250 points; Shenzhen stock market is even crazier, rising from more than 900 points at the beginning of the year to 4200 points.

To buy new shares offline, you need to bring cash to your door.

1 April, 9961day, the People's Bank of China announced that it would no longer handle new value-preserving and savings business from now on.

On April 24th, 1996, the Shanghai Stock Exchange decided to lower seven market charging standards, including annual transaction fees.

1April 25, 996 "Shen Yin wanguo securities co., ltd" was merged and established.

1On May 29th, 996, Dow Jones launched the China Stock Index, namely Dow Jones China Index, Shanghai Stock Exchange Index and Shenzhen Stock Exchange Index.

1On September 24th, 1996, the Shanghai Stock Exchange decided to lower the standards of commission and handling fee for stock and fund transactions respectively from June 3rd. At the same time, the securities trading mode has been greatly adjusted, that is, from the original tangible seat trading mode to the combination of tangible and intangible, with intangible as the main trading mode. Since June 65438+ 10, the off-site intangible seat quotation trading method has been fully promoted.

1996 after the national day, the stock market was all red. The CSRC couldn't sit still, and a cold wind blew into the stock market in an attempt to cool down, but the market continued to climb.

1996 12 16 people's daily special commentator's article "correctly understanding the current stock market" [compiled by Zhou Zhengqing, chairman of the third CSRC] "The recent surge is abnormal and irrational." This caused the market to plummet.

199665438+February 16. The price of stocks listed and traded on the Shanghai and Shenzhen stock exchanges shall not exceed the previous day's closing price 10%.

"12 gold medals"

1April 997 10, the pilot issuance of convertible corporate bonds kicked off.

1In May 1997, the stock market finally adjusted under heavy pressure.

June 6 1997 prohibits bank funds from illegally flowing into the stock market.

1997 1 1 With the approval of the State Council, the the State Council Securities Commission promulgated and implemented the Interim Measures for the Administration of Securities Investment Funds.

The decline from May 1997 to May 1999 was the second big bear market in China.

On March 23rd, 1998, five major securities investment funds, including Jintai, Kaiyuan, Xinghua, Yuyang and Anxin, and two convertible bonds, namely Nanhua Convertible Bond and Silk Convertible Bond, appeared one after another. Expert financial securities market marks the expansion of financial derivatives.

On April 22nd, 1998, the Shenzhen-Shanghai Stock Exchange implemented the "special treatment" system.

1April 28th, 998 Liaocai A First st Company

1 On March 25th, July1and February 7th, 1998, the People's Bank of China cut interest rates for three consecutive times.

1June, 998 12, the state announced that the stamp duty on securities transactions would be lowered, and unilateral transactions would be reduced from 0.5% to 0.4%.

Starting from 1999, a batch of difficult enterprises began to go public one after another to "get rid of difficulties", and more and more enterprises made fakes. Later, many enterprises that violated regulations and faked were listed at that time, which made the stock market "neither fish nor fowl" nor "rat warehouse".

Listed companies have excellent performance in the first year, mediocre performance in the second year, poor performance in the third year, losses in the fourth year and asset restructuring in the fifth year. This is the law of depreciation.

Luye 1996 has been listed for less than a year, and it has changed from a distressed stock to a junk stock. Stocks are full of game tools of intrigue.

65438+1On the weekend of May 7, 1999, NATO missiles attacked the Embassy of China in Yugoslavia.

1999 May 10 On Monday, the Shanghai and Shenzhen stock markets soared, and the "missile gap" exploded in the hearts of every stockholder.

1May 999 19 When the market opened, the Internet stocks were led by Oriental Pearl, Radio and Television Co., Ltd. and citic guoan, while the Shanghai stock market rose by 5 1 point and the Shenzhen stock market rose by 129 point.

After May 19, the market is still a big red.

On June 1, the State Council announced that it would reduce the stamp duty on B shares.

On June 10, the central bank announced the seventh interest rate cut.

1999, 12, Prism was the first company publicly condemned by the Exchange.

On June 14, officials of China Securities Regulatory Commission made a speech, pointing out that the stock market rally was resilient.

On June 15, People's Daily published a special commentator's article again, repeating that the stock market is recovering.

On June 25th, the turnover of the two cities reached 83 billion yuan, a record.

The management also allows three types of enterprises to enter the market. On that day, the market gaped higher, and the Shanghai Composite Index rose 103.52 points, or 6.59%.

The government soon introduced a series of preferential policies, adding fuel to the flames. China stock market has entered an unprecedented bull market of utilitarian overdraft.

Some economists say that the eight-year bull market in the United States greatly increased American consumption at that time, and the money in the stock market was easy to earn and spend. This is called the "wealth effect". The management thinks this is reasonable, and proposes to replicate the wealth effect of the stock market in China.

With the birth of the Internet bubble, the reform of state-owned enterprises has entered a critical stage, which requires a lot of funds.

On July 1999 and 1 day, the Securities Law was officially implemented, but ironically, the Shanghai and Shenzhen stock markets ushered in a sharp decline in the first law of China's securities industry. 199865438+On February 29th, it was deliberated and adopted at the 6th meeting of the 9th the National People's Congress Standing Committee (NPCSC).

1On April 6, 1999, Xiamen Haifa announced that its shares had been specially treated since April 19, becoming the first st company in April 1999.

1On July 9th, 999, the first batch of PT companies were established in Nongshang Company, Shuanglu Company, Susanshan Company and Chongqing Titanium Company.

On September 9, state-owned enterprises, state-owned assets holding enterprises and listed companies were allowed to enter the market. The Shanghai Composite Index rose 103.52 points, or 6.59%.

1999 10 The first national share repurchase of Shenneng shares.

1999 10 the first company in shougang shares to introduce strategic investors.

1999 10 the State Council approved the implementation of the regulations of the stock issuance review committee of China Securities Regulatory Commission.

After 1999, the stock market ushered in a high-tech storm led by the Internet. Listed companies are busy touching the internet, no matter whether it is true or not, as long as the name touches the word digital or network, the stock price will skyrocket. This situation continued until 200 1.

In April 2000, the first convertible bond company in Wujiang Silk issued shares.

At the beginning of 200 1 1, economist Wu Jinglian threw out the "casino theory" and angrily denounced the black village of the stock market, which led to the idea of "completely transforming the China stock market". Immediately attracted economists Li Yining, Dong Fan, Xiao Zhuoji and others to fight back, caring for the stock market like a baby, and set off a big discussion about the stock market in China: "Tuition Theory".

On June 14, Minister of Finance Xiang Huaicheng immediately said: "The reduction of state-owned shares is a favorable factor." Later, investors realized that the reduction is a disguised apportionment expansion, and the reduction at the issue price of new shares is to kill the rich and help the poor. The Shanghai Composite Index hit a previous high of 2,245 points 1 1 year.

Until July 13, the stock market was still consolidating at a high level.

On July 26, the reduction of state-owned shares officially began in the issuance of new shares. The stock market plummeted and the Shanghai Composite Index fell by 32.55 points.

1June 19, the Shanghai Composite Index plunged from 2245 on June 14 to 15 14, and more than 50 stocks fell. In that year, 80% of investors were quilted, the net value of the fund shrank by 40%, and the brokerage commission income decreased by 30%. 1500 "iron bottom" is in jeopardy.

101at 9: 00 pm on October 22, CCTV announced that it would suspend the reduction of state-owned shares. The method of reducing the state-owned shares, which was jointly investigated by five ministries and presided over by the Ministry of Finance, was suspended after three months of implementation.

10 year 10 On October 23rd, the CSRC announced that it would stop issuing additional state-owned shares for sale.

The stock index fell like a flood.

Some researchers have 2 1 reasons leading to the stock market crash in 2006, and 5438+0 reasons, including: 1999 favorable policy release, the central bank standardized funds, and the inside information of Zhuang shares such as Yinguangsha was thoroughly exposed, and the stock market was rectified that year. Split share structure has become the original sin of China stock market.

200 1, China stock market seems to have opened Pandora's box. "The split share structure has gradually become a basket, and any problem can be tolerated." "Returnees" officials have successively introduced "marketization" and "internationalization" reforms, most of which are "acclimatized" and distorted under the framework of non-tradable shares.

200 1 by 2005, after all the old ways of saving the market by various policies were exhausted, the stock market was still in a downturn. The previous "National Nine Articles" also lost to the downturn, and Premier Wen's speech was also considered negative. Quilt cover investors abound. The voice of "away from drugs and the stock market" became a symphony.

After 200 1, the China stock market began to expand excessively. Although the stock market has been falling, the financing amount has reached about 40% of the financing amount in the past 15 years.

In February, 20001year, with the approval of the State Council, China Securities Regulatory Commission decided that domestic residents can invest in the B-share market.

Listed companies still try their best to "circle money". It can be said that they have tried their best: from overall listing to split listing, from swearing to revealing their true colors, never paying debts to paying debts with shares ... and good companies are listed overseas.

On June 23rd, 2002, the State Council decided to stop using the securities market to reduce the state-owned shares of domestic listed companies, except for overseas listing, and no specific implementation measures were introduced. Stop reducing state-owned shares

Quotation on June 24, 2002

From June 5 to February 2002, China Securities Regulatory Commission promulgated and implemented the Interim Measures for the Administration of Domestic Securities Investment by Qualified Foreign Institutional Investors, which marked the official launch of QFII system in China.

The stock market is still on the long "bear" road-"519", a bull market born and growing in the policy, and finally died in the pit of policy failure, and finally came to an end: not only the marginal income of the policy declined, but also the credit of the management was seriously overdrawn.

The first order of QFII in July 2003

On June 365438+1October 3 1 day, 2004, "Nine Articles of the State" and "Several Opinions of the State Council on Promoting the Reform, Opening-up and Stable Development of the Capital Market" were promulgated.

On June 28th, 2004, the Securities Investment Fund Law was formally implemented. 20031October 28th, adopted at the Fifth Session of the Tenth the National People's Congress Standing Committee (NPCSC).

In 2004, the turnover of Shanghai Stock Exchange 180 index sample stocks exceeded half of the total stock turnover, and the turnover of Shanghai Stock Exchange 50 index sample stocks accounted for nearly 60% of Shanghai Stock Exchange 180 index, and the funds were concentrated in blue chips without hesitation;

In 2004, there will be two signs of "death" that will go down in history: one is that brokers such as Nanfang, Hantang, Minfa and Dapeng, who make a living by "sitting in a village", are unsustainable after the capital chain breaks, or are taken over or liquidated; The other is the collapse of the Delong system that has held high the banner of "Zhuanggu" on all sides for many years.

The banker was destroyed.

2005: Trial and error "full cycle"

Since February 2005, the Shanghai Composite Index has turned around and once returned above 1300.

On April 29th, the share-trading reform of listed companies was launched to solve the share-trading problem, which is the "Liaoshen Campaign" that China stock market must fight. The "three major battles" in the stock market

On May 9, the CSRC quickly delineated the pilot procedures for the first batch of four listed companies to enter the share-trading reform. The Shanghai Composite Index tumbled 28 points to close at 1 130.84, hitting another six-year low.

Han Zhiguo, Zhang Weixing and other radical advocates of full circulation said: The pilot scheme is not conducive to tradable shareholders, and it is too difficult to bargain with SASAC. It is not a "pure" process, but the result of a game of interests.

On June 6, 2005, the CSRC issued the Administrative Measures for the Repurchase of Social Public Shares by Listed Companies (Trial), and the stock index fell below 1000 points that day. 165438+ At 0: 06 am, the Shanghai Composite Index fell to 988.32.

"Escape equals survival" and "China stock market played for eight years and returned to before liberation".

On June 8, 2005, the "artificial bull market" soared by 8%, setting the biggest one-day increase and the biggest one-day transaction record since 2002. There are 120 stocks in Shanghai and Shenzhen stock markets, and the turnover of the two markets is 365,438.0+0.7 billion yuan. "Weak blowout".

On August 22, 2005, the daily trading volume of Baosteel warrants exceeded the total trading volume of shares, reaching 78 billion yuan.

For example, the exercise price of Baosteel warrants is 4.5 yuan, and the warrant price is as high as 1.6 yuan, before August 30, 2006.

Falling below 4.50 yuan means that Baosteel's warrants are completely worthless and become waste paper.

The holders of American warrants have the right to demand performance on any trading day before the final expiration date;

European warrant holders can only demand performance on the final maturity date.

June 9, 2006, 19, 5 1 shares in the initial IPO of Shenzhen Stock Exchange.

On July 5th, 2006, China Bank was listed on the Shanghai Stock Exchange.

On June 27th, 2006, Industrial and Commercial Bank of China 10, the largest IPO in the world, opened in Shanghai and Hongkong on the same day.

2008 was a big bear market. The second half of 2006 to the end of 2007 was a big bull market.