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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 systemSecond, the stock market ecology under the registration system

After 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.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.Second, the stock market ecology under the registration system

(Write something casually whenever you want to keep it for yourself.)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.