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

Conclusion: 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.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 super-large market from 1998 to 6124 is usually called "share reform market", because the stock market before 2005 was the era of split share structure, and the listed part was tradable shares, while the state-owned shares and legal person shares were in the hands of the major shareholders. The share price of the tradable shares changed, and the legal person shares could only be transferred but could not be listed and circulated. The rise and fall of the share price had nothing to do with the major shareholders of legal person shares. The biggest problem in the stock market was that the major shareholders occupied the funds of listed companies, and the limited amount of tradable shares was prevalent.

3. Reform of comprehensive registration system1, the relationship between 519 market and policy change.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.