国信策略:牛市第三阶段的新叙事

东方财富网
Aug 16

回顾今年A股行情,一季度区间震荡、百花齐放,二季度K型分化、冰火两重天,下半年开局的7月剧烈调整。起起落落后我们需要再次思考市场所处的阶段和未来新的叙事逻辑。  1.本轮牛市步入第三阶段  A股牛市三阶段驱动力和行业主线有差异。牛市有自身的周期规律,《荀玉根讲策略:少即是多》第5章通过对A股历史分析,提出牛市三段论概念,各阶段驱动力和主线行业均有差异,可以归纳为一阶段“投低”、二阶段“投强”、三...

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