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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.2. Share reform market

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.Second, the stock market ecology under the registration system

The mature stock market is registered, which is linked with the developed short-selling mechanism of individual stocks. The high elimination rate of Nasdaq and a large number of fairy stocks in Hong Kong stocks are all formed under the joint action of the developed short-selling mechanism of individual stocks under the registration system. The registration system makes the issuance and listing of new shares convenient and easy, and will be short-listed and rarely become a "shell resource".1, the relationship between 519 market and policy change.Second, the stock market ecology under the registration system