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3. Reform of comprehensive registration systemConclusion: The combination of economic transformation and upgrading with the reform of registration system will lead to a long-term bull market. Under the registration system, the stock market ecology will undergo major changes, the speculation gap will be effectively curbed, indexed investment will become the mainstream of the market, and the institutionalization of ETF-based retail will be accelerated.Is 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.3. Reform of comprehensive registration systemFirst, the relationship between the big bull market and the great changes in the capital market

First, the relationship between the big bull market and the great changes in the capital marketConclusion: The combination of economic transformation and upgrading with the reform of registration system will lead to a long-term bull market. Under the registration system, the stock market ecology will undergo major changes, the speculation gap will be effectively curbed, indexed investment will become the mainstream of the market, and the institutionalization of ETF-based retail will be accelerated.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".