专题研究报告—美股AI行情能否延续:与互联网泡沫的比较(2025年第8期)

中国银河证券财...
Dec 03, 2025

核心观点Core Views1995-2000年的互联网泡沫是一个从平稳到狂热的渐进过程。技术爆发性进步、宽松货币政策、资本过度运作与透支性提前投资等多方面积极因素助推之下,美股在1995年-2000年3月持续上涨,期间主要体现出三大特征:股指从平稳上涨转向失控攀升,后期板块极端分化,互联网相关科技股一骑绝尘。1995-1998年美股市场呈现相对平稳上涨的趋势,但自1998年下半年开始,市场上涨的...

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