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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.First, the relationship between the big bull market and the great changes in the capital marketFirst, the relationship between the big bull market and the great changes in the capital market

1, the relationship between 519 market and policy change.2. Share reform marketFirst, the relationship between the big bull market and the great changes in the capital market

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".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.