上一轮牛市是什么时候？

中文版：

在中国股市的历史长河中，上一轮牛市始于2014年，一直持续到2015年中期。这一轮牛市，被广大投资者誉为“杠杆牛”、“改革牛”，它伴随着国家经济结构的调整和资本市场的改革深化而蓬勃发展。

在2014年，中国经济面临着下行压力，为了稳定经济增长，政府出台了一系列政策措施，包括降准、降息、推动股市健康发展等。这些措施极大地提振了市场信心，资金纷纷涌入股市，推动股指不断攀升。同时，伴随着互联网+、新经济等概念的兴起，科技股、成长股成为市场的宠儿，吸引了大量投资者的关注。

到了2015年，牛市进入高潮阶段。然而，随着市场的过热和杠杆资金的过度使用，股市泡沫逐渐显现。6月份，股市出现了剧烈波动，引发了市场的恐慌。政府为了稳定市场，采取了一系列措施，包括救市、去杠杆等。这些措施有效地遏制了市场的恐慌情绪，但也使得牛市逐渐走向终结。

回顾上一轮牛市，我们可以看到，它既是经济发展的必然结果，也是资本市场改革深化的体现。同时，它也给我们留下了深刻的教训：在追求投资回报的同时，必须保持理性、审慎的态度，避免盲目跟风、过度投机。

英文版：

When Was the Last Bull Market?

In the vast history of China's stock market, the last bull market began in 2014 and lasted until mid-2015. This round of bull market, praised by investors as the "leverage bull" and "reform bull," flourished alongside the adjustment of the country's economic structure and the deepening of capital market reforms.

In 2014, China's economy faced downward pressure. To stabilize economic growth, the government introduced a series of policy measures, including reducing reserve requirements, cutting interest rates, and promoting the healthy development of the stock market. These measures greatly boosted market confidence, and funds poured into the stock market, driving stock indices to climb continuously. At the same time, with the rise of concepts such as Internet Plus and the new economy, technology stocks and growth stocks became darlings of the market, attracting the attention of a large number of investors.

By 2015, the bull market entered its climax. However, with market overheating and excessive use of leverage funds, the stock market bubble gradually emerged. In June, the stock market experienced剧烈 fluctuations, triggering panic in the market. To stabilize the market, the government took a series of measures, including market rescue and deleveraging. These measures effectively contained market panic but also gradually brought the bull market to an end.

Looking back on the last bull market, we can see that it was both an inevitable outcome of economic development and a reflection of the deepening of capital market reforms. At the same time, it also left us with profound lessons: while pursuing investment returns, we must maintain a rational and prudent attitude, avoiding blind following and excessive speculation.