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3. Tian Xuan: The China stock market is dominated by retail investors. This is not a healthy capital market. The bull market of US stocks is because retail investors no longer trade in person but invest through institutions.3. Tian Xuan: The China stock market is dominated by retail investors. This is not a healthy capital market. The bull market of US stocks is because retail investors no longer trade in person but invest through institutions.

A healthy capital market is that both the investment side and the financing side can develop in a balanced way, and the stock market can get out of the bullish market. There is no fraudulent issuance, no financial fraud, no illegal reduction in size, no manipulation of the market, and no constant thinking about cutting leeks. This is a good ecological environment.3. Tian Xuan: The China stock market is dominated by retail investors. This is not a healthy capital market. The bull market of US stocks is because retail investors no longer trade in person but invest through institutions.

2. Chen Guo: A-shares born in the 1990s have their own temper attributes and are not suitable for all-round benchmarking of US stocks at once.This year, the Shanghai Composite Index has risen by nearly 500 points so far. At present, A shares have stepped out of the bullish upward trend, and the index will exceed 3,731 or even 4,000 points next year, so it should be reasonable to reach more than 150 IPOs next year!