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title_diff: "[{\"diffs\":[[1,\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？\"]],\"start1\":0,\"start2\":0,\"length1\":0,\"length2\":25}]"
body_diff: "[{\"diffs\":[[1,\"<html>\\\r\\\n<head>\\\r\\\n  <title>本轮牛市与历史上其他牛市相比，有什么相同和不同呢？</title>\\\r\\\n  <basefont face=\\\"微软雅黑\\\" size=\\\"2\\\" />\\\r\\\n  <meta http-equiv=\\\"Content-Type\\\" content=\\\"text/html;charset=utf-8\\\" />\\\r\\\n  <meta name=\\\"exporter-version\\\" content=\\\"YXBJ Windows/608924 (zh-CN, DDL); Windows/10.0.0 (Win64); EDAMVersion=V2;\\\"/>\\\r\\\n  <meta name=\\\"content-class\\\" content=\\\"yinxiang.peso.superNote\\\"/>\\\r\\\n  <meta name=\\\"application-data:yinxiang.noteLayout\\\" content=\\\"{\\\"lineSpace\\\":\\\"recommend\\\",\\\"paragraphSpace\\\":\\\"recommend\\\"}\\\"/>\\\r\\\n  <style>\\\r\\\n\\tbody, td {\\\r\\\n\\t  font-family: 微软雅黑;\\\r\\\n\\t  font-size: 12pt;\\\r\\\n\\t}\\\r\\\n  </style>\\\r\\\n</head>\\\r\\\n<body>\\\r\\\n<a name=\\\"44949\\\"></a>\\\r\\\n<h1>本轮牛市与历史上其他牛市相比，有什么相同和不同呢？</h1>\\\r\\\n\\\r\\\n<div><span style=\\\"\\\"><div style=\\\"max-width: 700px;\\\"><p></p><div style=\\\"--en-blockquote: true; box-sizing: border-box; border-left: 3px solid #b4c0cc; background-position: initial initial; background-repeat: initial initial;\\\"><div>原文链接: <a href=\\\"https://mp.weixin.qq.com/s?__biz=MzA5MjE3ODgzNA==&amp;mid=2652379544&amp;idx=3&amp;sn=3e317e5682dc63392e9daf5a624647f1&amp;chksm=8a9df7e5714a1b4ffc9d974750a2f16c86703bab015e3ec1a120bd1979985100c5d43a0956a4&amp;mpshare=1&amp;scene=1&amp;srcid=0722WRWL5Pg9Xn5Zz84YPMJY&amp;sharer_shareinfo=d639973d76fbe60477a1d2564297d2c3&amp;sharer_shareinfo_first=d639973d76fbe60477a1d2564297d2c3#rd\\\"><span>https://mp.weixin.qq.com/s?__biz=MzA5MjE3ODgzNA==&amp;mid=265237...</span></a></div></div><p></p><div style=\\\"\\\"><div><div><div><span><a style=\\\"\\\"> 雪球 </a></span><span><em></em></span></div><div style=\\\"\\\"><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255); text-align: center;\\\"><img src=\\\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？_files/640.jpg\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" alt=\\\"图片\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; -webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; vertical-align: bottom; height: auto; __visibility: visible; width: auto;\\\" width=\\\"auto\\\"/></div><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255,255,255); letter-spacing: 0.578px; __visibility: visible; pointer-events: initial; color: rgb(163,163,163);\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; caret-color: rgb(53, 53, 53); color: rgb(136, 136, 136); pointer-events: initial; letter-spacing: 0.544px; __visibility: visible; text-indent: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span style=\\\"color: rgb(136, 136, 136);\\\">风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。</span></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255,255,255); text-align: right; letter-spacing: 0.578px; __visibility: visible; pointer-events: initial; color: rgb(163,163,163);\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; caret-color: rgb(53, 53, 53); color: rgb(136, 136, 136); pointer-events: initial; letter-spacing: 0.544px; __visibility: visible; text-indent: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span style=\\\"color: rgb(136, 136, 136);\\\">作者：</span></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(136, 136, 136);\\\">鑫鑫-投资</span></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255,255,255); text-align: right; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.5px; __visibility: visible; color: rgb(136, 136, 136);\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span style=\\\"color: rgb(136, 136, 136);\\\">来源：雪球</span></span></span></p><div style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal; text-align: justify;\\\"><img src=\\\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？_files/640 [1].jpg\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; box-sizing: border-box; border-style: none; width: auto;\\\" width=\\\"auto\\\"/></div><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">A股历史上一共经历了8次大的牛市</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">持续时间短的有几十天</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">长的可以达到两到三年</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">上涨幅度有四次在</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">1</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">00%-</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">2</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">00%之间</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">三次在</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">2</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">00%-</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">5</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">00%之间</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">还有一次超过了</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">1</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">000%</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></p><div style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal; text-align: justify;\\\"><img src=\\\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？_files/640 [2].jpg\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; box-sizing: border-box; border-style: none; width: auto;\\\" width=\\\"auto\\\"/></div><div style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal; text-align: justify;\\\"><img src=\\\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？_files/640 [3].jpg\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; box-sizing: border-box; border-style: none; width: auto;\\\" width=\\\"auto\\\"/></div><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">1</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">、</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">第一轮牛市</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">（</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">1990.12.19~1992.05.26</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">）</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">背景</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">在中国股市的初创期</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">股市具有较大稀缺性</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">因此吸引了大量投资者和资金入市</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">再叠加政策上的扶持</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">股市呈现出一片繁荣景象</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">上证指数从95.79点涨至1429.01点</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅达到</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">13</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">9</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">1</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">.</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">82</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">%</span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">持续时间</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">524天</span></span></strong></p><div style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal; text-align: justify;\\\"><img src=\\\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？_files/640 [4].jpg\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; box-sizing: border-box; border-style: none; width: auto;\\\" width=\\\"auto\\\"/></div><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">2</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">、</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">第二轮牛市</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">（</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">1992.11.17~1993.02.16</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">）</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">背景</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">1992年高层南方谈话后</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">我国改革开启了新的历史阶段</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">在政策利好的助推下</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">股市也迎来一波牛市行情</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">上证指数从386.85点涨至1558.95点</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅达到</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">3</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">0</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">2</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">.99%</span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">持续时间</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">91天</span></span></strong></p><div style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal; text-align: justify;\\\"><img src=\\\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？_files/640 [5].jpg\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; box-sizing: border-box; border-style: none; width: auto;\\\" width=\\\"auto\\\"/></div><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">3</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">、</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">第三轮牛市</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">（</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">1994.07.29~1994.09.13</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">）</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">背景</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">1994年股市持续低迷</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">证监会发布多项政策</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">如暂停IPO</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">、</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">严格控制配股规模等</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">这些政策的实施为市场带来了信心</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">A股也出现了一波可观的上涨行情</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">上证指数从325.89点涨至1052.94点</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅达到</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">223</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">.</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">1</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">0%</span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">持续时间</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">46天</span></span></strong></p><div style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal; text-align: justify;\\\"><img src=\\\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？_files/640 [6].jpg\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; box-sizing: border-box; border-style: none; width: auto;\\\" width=\\\"auto\\\"/></div><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">4</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">、</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">第四轮牛市</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">（</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">1996.01.19~1997.05.12</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">）</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">背景</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">1994年开始推行住房制度改革</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">宏观调控全面转向</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">政府先暂停新股发行</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">、</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">降准降息等措施释放流动性</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">同时降低交易费用</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">一揽子组合拳共同推动了股市的上涨</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">上证指数从512.83点涨至1510.18点</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅达到</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">1</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">9</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">4</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">.</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">48</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">%</span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">持续时间</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">479天</span></span></strong></p><div style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal; text-align: justify;\\\"><img src=\\\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？_files/640 [7].jpg\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; box-sizing: border-box; border-style: none; width: auto;\\\" width=\\\"auto\\\"/></div><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">5</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">、</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">第五轮牛市</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">（</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">1999.05.19~2001.06.14</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">）</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">背景</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">为防止亚洲金融危机蔓延</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">同时为了提振市场信心</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">监管层相继宣布降息和降低B股印花税</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">允许三类企业上市</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">这一政策的实施为股市带来了新的力量</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">市场也开启了长达三年的牛市行情</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">上证指数从1047.83点涨至2245.44点</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅达到</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">114</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">.</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">2</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">9%</span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">持续时间</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">757天</span></span></strong></p><div style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal; text-align: justify;\\\"><img src=\\\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？_files/640 [8].jpg\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; box-sizing: border-box; border-style: none; width: auto;\\\" width=\\\"auto\\\"/></div><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">6</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">、</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">第六轮牛市</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">（</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">2005.06.06~2007.10.16</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">）</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">背景</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">股权分置改革推动A股进入全流通时代</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">叠加人民币升值的双重利好</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">共同推动了股市的上涨</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">带来了近三十年里A股最大的一次牛市</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">上证指数从998.23点涨至6124.04点</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅达到</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">513</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">.</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">4</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">9%</span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">持续时间</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">862天</span></span></strong></p><div style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal; text-align: justify;\\\"><img src=\\\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？_files/640 [9].jpg\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; box-sizing: border-box; border-style: none; width: auto;\\\" width=\\\"auto\\\"/></div><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">7</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">、</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">第七轮牛市</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">（</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">2008.10.28~2009.08.04</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">）</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">背景</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">为应对全球金融危机的冲击</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">我国推出了</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">4</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">万亿计划</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">同时宣布降息降准</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">、</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">印花税单边征收等一系列利好消息</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">共同刺激了A股的走强</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">上证指数从1664.93点涨至3478.01点</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅达到</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">1</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">0</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">8</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">.90%</span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">持续时间</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">280天</span></span></strong></p><div style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal; text-align: justify;\\\"><img src=\\\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？_files/640 [10].jpg\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; box-sizing: border-box; border-style: none; width: auto;\\\" width=\\\"auto\\\"/></div><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">8</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">、</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">第八轮牛市</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">（</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">2014.03.12~2015.06.12</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">）</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">背景</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">在降息等货币政策的刺激下</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">大量资金通过加杠杆的方式流入A股</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">股市迎来了一轮的</span></span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">“</span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">杠杆牛</span></span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">”</span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">行情</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">上证指数从1974.38点涨至5178.19点</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">涨幅达到</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">162</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">.</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">27</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">%</span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">持续时间</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">426天</span></span></strong></p><div style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal; text-align: justify;\\\"><img src=\\\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？_files/640 [11].jpg\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; box-sizing: border-box; border-style: none; width: auto;\\\" width=\\\"auto\\\"/></div><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">再看本轮牛市</span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">背景是美联储开启降息周期</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">叠加国内货币政策大转向</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">特点是启动速度快</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">起始于9月</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">24</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">日</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">不到一个月时间</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">指数从</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">27</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">00点最高拉到</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">36</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">00点</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">随后回调震荡</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">目前位于</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">32</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">00点上方</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">本轮牛市与历史上其他牛市相比</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">有什么相同和不同呢</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">？</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">相同之处</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">：</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">第一</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">牛市启动前夕</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">市场都处在一个相对偏低的位置</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">也就是说</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">经历过调整和成交低迷后</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">资产足够的</span></span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">“</span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">便宜</span></span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">”</span></span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">安全垫相对较厚</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">第二</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">在牛市初期</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">行情启动得都相对急促</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">牛市</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">第一</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">阶段</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">都是指数上涨速度最快的时候</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">随后才进入结构分化</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">第三</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">行情启动之初</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">领涨的行业基本是以建筑</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">、</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">非银等行业为代表的顺周期方向</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">；</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">到中后期</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">随着增量资金涌入</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">、</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">风险偏好的上升以及产业政策的加码</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">科技成长题材相对占优</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">不同之处在于</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76); font-weight: bold;\\\">：</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">这一轮行情启动得相对更早</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">在货币端和金融端刚出现预期变化时</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">行情就已经启动了</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">而以往的牛市行情的启动</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">往往是在财政政策明确之后</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">之所以先于财政政策就启动</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">原因在于</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">一方面</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">这一轮的政策</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">尤其是货币政策</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">直接支持金融市场</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">央行提出两个新的货币政策工具</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">（</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">回购增持再贷款</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">、</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">互换便利</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">）</span></span></span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">5</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">000亿+</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">3</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">000亿+正在研究平准基金的三重预期一起释放出来</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">对市场风险偏好的影响比以往更大</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">另一方面</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">本轮熊转牛的行情中</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">ETF被动指数投资起到了非常重要的作用</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">9月</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">24</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">日以来</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">截至</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">1</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">0月</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">22</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">日</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">全市场ETF份额增加</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">1436</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">.</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">83</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">亿份</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">（</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">+</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">6</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">.</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">16</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\"> %</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">）</span></span></span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">达到</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">24</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">,</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">774</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">.</span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">57</span></span></strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">亿份</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">；</span></span></span></span><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">总规模增加8583.60亿元</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">（</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">+31.27 %</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">）</span></span></span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">还记得4月初发布的</span></span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">“</span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">新国九条</span></span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">”</span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">吗</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">？</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">里面特别提到对ETF的大力支持</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">：</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">“</span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">大力推动中长期资金入市</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">推动指数化投资发展</span></span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">”</span></span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">“</span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">大幅提升权益类基金占比</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">建立交易型开放式指数基金</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">（</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">ETF</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">）</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">快速审批通道</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">”</span></span></span></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">近期第一只中证A500场外基金发布</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">有望成为股市新的</span></span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">“</span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">定海神针</span></span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">”</span></span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">该指数是4月</span></span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">“</span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">新国九条</span></span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">”</span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">之后发布的第一只宽基指数</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">ETF发行审批仅花了一天时间</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">显示出监管层对ETF和指数投资的大力支持</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">护航心切</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></strong></p><p style=\\\"text-align: justify;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">在短期市场的上行后</span></span></strong><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">本轮行情进一步的高度和时间</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">都更加依赖于增量资金</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">以及资金背后风险偏好的变化</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">而从中长期来说</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">，</span></span></span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">长牛的支撑力仍然在于企业盈利的企稳和改善</span></span><span><span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"letter-spacing: 0.5px; color: rgb(76, 76, 76);\\\">。</span></span></span></span></p><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; clear: both; min-height: 1em; background-color: rgb(255, 255, 255);\\\"><img src=\\\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？_files/640.png\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" alt=\\\"图片\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; -webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; vertical-align: bottom; height: auto; color: rgb(102, 102, 102); letter-spacing: 3px; text-align: center; display: inline; __visibility: visible; width: auto;\\\" title=\\\"银色金属分割线\\\" width=\\\"auto\\\"/></div><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255,255,255); color: rgb(102,102,102); letter-spacing: 3px;\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; background-color: rgb(46, 122, 251);\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"></span></span></strong></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255,255,255);\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(136, 136, 136); letter-spacing: 2px;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"\\\">雪球三分法是雪球基于“长期投资+资产配置”推出的基金配置理念，通过资产分散、市场分散、时机分散这三大分散进行基金长期投资，从而实现投资收益来源多元化和风险分散化。</span></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255,255,255);\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(136, 136, 136); letter-spacing: 2px;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><br/></span></span></p><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255); text-align: center;\\\"><img src=\\\"本轮牛市与历史上其他牛市相比，有什么相同和不同呢？_files/640 [1].png\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" alt=\\\"图片\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; -webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; vertical-align: bottom; height: auto; __visibility: visible; width: auto;\\\" width=\\\"auto\\\"/></div></div></div></div></div></div></span>\\\n</div></body></html>\\u0000\"]],\"start1\":0,\"start2\":0,\"length1\":0,\"length2\":114434}]"
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updated_time: 2025-11-28T21:24:54.735Z
created_time: 2025-11-28T21:24:54.735Z
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