[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-JP2022100915213840693":3,"related-JP2022100915213840693":34},{"pageSize":4,"id":5,"productLine":6,"status":7,"articleCode":8,"articleType":9,"showStyle":7,"mediaType":10,"fileInputUrl":11,"articleTitle":12,"coverImage":13,"listImage":14,"introduction":15,"description":16,"nonVipDescription":11,"postTime":17,"viewTime":17,"sortNumber":18,"isFree":19,"isShowList":7,"isRecommend":19,"linkType":7,"isOriginal":20,"hasMiniUrl":19,"miniUrl":11,"miniScheme":11,"miniImage":11,"itemTag":11,"createBy":21,"updateBy":21,"createTime":22,"visitCount":23,"isLiked":19,"realSearch":24,"isRead":19,"productId":25,"isCollected":19,"collectCount":26,"vipExclusive":19,"allowComment":7,"style":27,"likeCount":28,"duration":19,"playStyle":7,"seoKeywords":11,"articleModuleVoList":29,"extendContentList":30,"noteCount":31,"categoryList":32,"dailyKeywordList":33},10,5147,"1",1,"JP2022100915213840693","1041018",3,"","现在的A股，像极了美股的70年代…","https:\u002F\u002Fimage.jane7.com\u002F4669ddfe-64cc-42f9-bbaa-c9c0f25386b3.png","https:\u002F\u002Fimage.jane7.com\u002F27122613-b065-4d66-894d-9a74edc0730e.png","复盘美股的发现","\u003Csection>\n \u003Csection>\n  \u003Csection>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; visibility: visible; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(0, 0, 0); font-size: 16px; font-family: arial, helvetica, sans-serif;\">大家好，我是很帅的分析师\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Csection>\n    \u003Cp style=\"text-align:center;vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"font-size: 16px; font-family: arial, helvetica, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(0, 0, 0); font-size: 16px; text-decoration: none solid rgb(0, 0, 0); visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">视金钱如路虎的章闰土\u003C\u002Fspan>\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(0, 0, 0); font-size: 16px; visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"text-align:center;vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"font-size: 16px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; color: rgb(0, 0, 0); visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">今天我准备来复盘\u003C\u002Fspan>\u003Cspan style=\"font-size: 16px; background-color: #000000;\">\u003Cspan style=\"background-color: rgb(0, 0, 0); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\"> \u003C\u002Fspan>\u003Cstrong style=\"color: rgb(255, 255, 255); margin: 0px; padding: 0px; outline: 0px; max-width: 100%; visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important;\">美国百年股市\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cbr>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; visibility: visible; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; visibility: visible; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">美国在二战之后，基本上一直坐着世界资本市场老大的位置。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; visibility: visible; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; visibility: visible; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; visibility: visible; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">但是如果把标普500和道琼斯工业的数据拉出来看下，会发现美股要说繁荣好像也不过是20世纪80年代之后的事情。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; visibility: visible; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002F9068624e-a15f-4a13-b63a-326138af19f2.jpg\">\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; visibility: visible; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; visibility: visible; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">接下来，我们就打算通过复盘来了解下——\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Csection>\u003C\u002Fsection>\n   \u003Csection>\n    \u003Cbr>  \n   \u003C\u002Fsection>\n   \u003Csection>\u003C\u002Fsection>\n   \u003Ctable width=\"100%\">\n    \u003Ctbody style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; visibility: visible;\">\n     \u003Ctr style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; visibility: visible;\" class=\"firstRow\">\n      \u003Ctd style=\"margin: 0px; padding: 5px 10px; outline: 0px; overflow-wrap: break-word !important; word-break: normal; border: 1px solid rgb(242, 242, 242); max-width: 100%; box-sizing: border-box !important; visibility: visible;\">\n       \u003Cul class=\"list-paddingleft-2\" style=\"box-sizing:border-box; margin: 0px; padding: 0px 0px 0px 30px; outline: 0px; max-width: 100%; width: 100%; visibility: visible; overflow-wrap: break-word !important;\">\n        \u003Cli>\n         \u003Csection>\n          \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"font-size: 16px; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; visibility: visible;\">\u003C\u002Fstrong>\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">80年代以前的美股真的半死不活吗？\u003C\u002Fspan>\u003Cspan style=\"font-size: 16px; margin: 0px; padding: 0px; outline: 0px; max-width: 100%; visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n         \u003C\u002Fsection>\u003C\u002Fli>\n        \u003Cli>\n         \u003Csection>\n          \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; visibility: visible; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">80年代美股出现的转折点是我们可以借鉴的吗？\u003C\u002Fspan>\u003C\u002Fp>\n         \u003C\u002Fsection>\u003C\u002Fli>\n        \u003Cli>\n         \u003Csection>\n          \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; visibility: visible; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">复盘美股可以给我们什么启发？\u003C\u002Fspan>\u003C\u002Fp>\n         \u003C\u002Fsection>\u003C\u002Fli>\n       \u003C\u002Ful>\u003C\u002Ftd>\n     \u003C\u002Ftr>\n    \u003C\u002Ftbody>\n   \u003C\u002Ftable>\n   \u003Csection>\n    \u003Cbr>  \n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"text-align:center;vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002F69176da6-250b-4d56-83d0-6b19f017071c.jpg\">\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n        \n    \u003Cspan style=\"font-size: 18px;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">Part 1\u003C\u002Fstrong>\u003C\u002Fspan>   \n    \u003Cbr>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"text-align:center;vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"font-size: 18px; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(0, 0, 0); font-size: 20px; visibility: visible;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 20px; text-align: center;  visibility: visible;\">🤑\u003C\u002Fstrong> 美股离不开经济基本面\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cbr>  \n   \u003C\u002Fsection>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; visibility: visible; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; visibility: visible; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">其实美股这百年来的走势，几乎是\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; visibility: visible;\">完美地跟着国家的经济基本面来走的\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">只是因为1980年代之后的涨幅过大，所以和前面年份的缓慢的涨幅比起来，显得几乎可以忽略不计。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 0px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fee12e0ce-7506-456b-b878-7b330b8debc1.jpg\">\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">投资股市就是投资国运\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">，这句话放在美国身上是再恰当不过的。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Facd7ee5d-6cba-4c24-8d24-539e6f8b65e4.jpg\">\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">在美国经历的三段大时代里，基本上每次都把握住了经济发展趋势，甚至连二战的机遇也踩中。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">这种\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">经济发展最终也才能在股市里得到体现\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">另外，我发现美股发展中间几次大的回调\u002F衰退，都有过度投资导致经济过热的原因，也就是\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">股市过分脱离经济基本面\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">当然，从数据上看，似乎最值得复盘的，就是70年代之后的美股走势。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002F3c2dc6d0-9666-4273-8fb6-26de94171253.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">我在市场上，也看到有些机构把我们A股面临的横盘波动和当年美股60~70年代左右那停滞的十年相比。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002F74c2f59d-8af3-4631-af53-10ac5b29c522.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">美国之所以会在20世纪70年代左右出现股市上失去的10年，其实\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">也和它当初的经济基本面相关\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">当时美股衰退的根本原因是自己国内的制造业衰退，德国、日本等后起之秀追了上来，眼看大国地位就要被动摇。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">旧的增长动力不行了，自然很迫切地需要找到新的增长点，于是国内面临产业结构的艰难调整。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002F853f228c-cd0b-41de-97aa-4e13d94216c5.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">美国当年应对的方法是用霸权推动全球化分工，美国本土只留着产业链上的研发、营销等高价值服务性的环节，制造生产等低利润的环节转移到了发展中国家。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">于是，美国成功地把主导产业\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">从重资产为主的第二产业转向轻资产为主的第三产业\u003C\u002Fstrong>，发展模式也\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">从投资驱动转向消费驱动\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">因此，美国牺牲了自己的制造业，成就了服务业，才最终迎来了依靠国内高技术等服务业带来的大牛市。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fc9852b11-cc6e-4375-b169-1aa8d5e7b35d.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">在这当中，我们也发现，\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">小盘风格的机会常常出现在\u003C\u002Fstrong>\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">经济基本面极其动荡\u003C\u002Fstrong>\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">的时候。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">这大概是因为，经济不好时更倾向于催生新兴的经济发展方向，而这些兴起的赛道\u002F行业往往还没有那么大的规模。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">大的趋势看完了，我们来复盘点有意思的——美股也有背离大的经济基本面的时候。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Csection>\n    \u003Cp style=\"text-align:center;vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002F2b0f2b60-1b4f-4fc3-97e0-f2bef8156078.jpg\">\u003Cstrong style=\"font-size: 18px; margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">Part 2\u003C\u002Fstrong>   \u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"text-align:center;vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 18px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center;  color: rgb(0, 0, 0); font-size: 20px;\">📈\u003C\u002Fstrong> 股市也会和基本面背离\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">为了让大家更有体会，我打算带大家游历一下\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">工业转型、二战、战后繁荣\u003C\u002Fstrong>这三个阶段。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">下面请大家，呃......去趟电影院吧。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002F32cfddb1-5aa8-46c0-bc9d-6998f8ad2861.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">1881~1896年，美国过上的是\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">要人有人、要科技有科技、要经济有经济\u003C\u002Fstrong>的生活。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">首先是美国工人工资大幅增长，吸引了不少欧洲人移民去美国，贡献自己宝贵的劳动力。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">然后是恰逢电气革命，美国很好地把握住发展机会，成为新一轮科技革命的引领人。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">一直发展到1894年的时候，美国已经坐上了\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">「世界经济总量第一」\u003C\u002Fstrong>的宝座。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">可是股市的走势却很扑街——\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002F9452ce0d-24cd-483d-85f6-b0449491447c.jpg\">\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">主要原因就出在\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">货币供应\u003C\u002Fstrong>身上，当时美国实行的是金本位制度，所以每年有多少货币可以被投入经济中，\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">完全是取决于黄金产量有多少\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002F9b94e911-1e85-4f39-8687-03acf5b0801b.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">因为这段时间缺乏新的黄金矿源，所以购买商品的硬通货没了，客观上造成了市场需求不足。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">但是供给却在科技的推动下不断提高，供过于求，导致商品降价。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">各个行业的厂商们在竞争中大打价格战，成为了这段时间美股下行的\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">重要驱动力\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">有意思的是，正是这段由\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">「缺金」\u003C\u002Fstrong>造成的通货紧缩，导致工业企业内部竞争加剧。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">为了避免恶性竞争，\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">工业行业内后来发起了整合和兼并\u003C\u002Fstrong>，各大行业寡头就是在这段时间前后涌现。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">出现了各种大王，比如钢铁大王、石油大王等等，这也导致最初编制的道琼斯工业平均指数里的成分股，很多都是直接用行业名称命名的。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fa4cf33a2-efc8-4168-ade2-b94c0cfd9861.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002F4b8bc454-4d79-4cba-a282-06d00072ea26.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">直到1895年之后，发现了新的黄金，带起了新一轮淘金热，才让股市迎来了属于工业经济发展的大牛市。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fd94a7661-7f48-4bde-9acd-9cc8ea720960.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">来，时间来到二战。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">一旦说到要打仗，市场情绪一般都稳定不下来，\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">尤其当自己的国家是参战国的时候\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">因为战争的本质很简单，就是做一场\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">大型的豪赌\u003C\u002Fstrong>——举全国之力，打赢了收益就是收割战败国资产；打输了不仅没有收益，甚至还要倒赔钱。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">所以大家就会很担心打不赢。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Feabd4126-9795-4041-ab6e-53d0d2aebb6d.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">而且在战争期间，一般会实行统制经济（有点类似计划经济），一方面，是很多产能都要优先给军事；另一方面，对出售价格会严格管控，甚至还会要求企业们上缴利润。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">这样一来，\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">往往出现居民消费低迷、企业没有钱赚的情况\u003C\u002Fstrong>，整个经济在极端状态下运行，股市表现肯定就好不到哪里去。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">但二战中后期，\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">美国参战之后，股市却不断上涨\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">这是为啥呢？\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">哎，其实就是\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">市场预期好\u003C\u002Fstrong>，当时是以「美国舰队用超小损失击败日本海军」为标志事件，市场开始意识到日本是打不过美国的。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">这仗打到后面，跟其他国家比，美国的优势是越来越明显，市场意识到战后世界秩序是由美国主导的。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">所以，当然要先涨为敬啦！\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fa7bcd26d-54e2-4708-93a4-ddd37930fe57.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">二战结束之后，美国确实是风光无两——手里掌握着领先全球的顶级制造；屁股又坐在了资本主义阵营的帝位上；也没啥悬念地创造出了美元霸权。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fd21870cd-bc52-4675-a1bd-c3cc8d9f9e58.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">那么，战后最初这几年主要上市公司的盈利怎么样呢？\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px; font-family: arial, helvetica, sans-serif;\">\u003Cem style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-style: italic;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">答案是，普遍增长200%以上。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fem>\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">那股市为啥回调呢？\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">原因出在通胀上\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">当时美国国内刚刚从战时经济切换回正常经济，战争时被压抑的消费需求突然疯狂地释放出来。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">再加上其他参战国需要战后重建，美国又是主要工业国里唯一一个还有完整工业能力的国家，外需也是噌噌上涨。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">可是供给端要从军用转民用，需要一段时间去改造生产线，并没有那么快。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">这供不应求，一下子拉高了通胀\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Ffdef2ab0-578a-4278-8490-78cd5cf3f4b2.jpg\">\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">通胀就导致商品比股票值钱，股票的估值被压制，反而丧失了投资价值。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002F789d18bf-4ff8-487d-9504-451187660d49.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">当然，后面供应跟上、通胀消失之后，美国就顺理成章地进入战后繁荣啦。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002F920decc1-cb9f-450f-bdcb-09f0e73d647c.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">1950年之后，美股迎来一波牛市，股市享受到了战后繁荣的成果。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fdc168d99-4f1c-49d0-bf15-774b25633015.jpg\">\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">但是，在50年代同时出现了一种奇妙的现象——经济不好的时候股票反而上涨。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fa3202824-e768-4dc1-8508-f8f3bdb790cb.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">这是为啥呢？\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">原因在于投资者行为上。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">当时美股散户比较多（占比超过90%），美国居民们倾向于在经济好的时候大肆消费。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">因为经济好，大家不会担心没工作，所以不需要想其他办法搞钱。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">而经济不好的时候，大家就开始担心未来的收入保障，除了储蓄之外得想其他办法搞钱啊，于是就盯上了股市。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002F5fdb91ad-6bc6-4b86-8e78-3aea58b93567.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 0px 0em; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Csection>\n    \u003Cp style=\"text-align:center;vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fde39fd3a-2a75-437f-8c7f-e89e9c64fc4d.jpg\">\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n        \n    \u003Cspan style=\"font-size: 18px;\">    \u003C\u002Fspan>     \n    \u003Cstrong style=\"font-size: 18px; margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">Part 3\u003C\u002Fstrong>  \n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"text-align:center;vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 18px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">💡 复盘的启示有啥呢？\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align:inherit;margin-left: 15px; margin-right: 15px; line-height: 2em;\">\u003Cbr>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">美股复盘下来，我们发现，它基本符合\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">「股价=基本面*估值」\u003C\u002Fstrong>这个公式。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">在美国的经济基本面上\u003C\u002Fstrong>，最值得我们思考的，是它1970年代左右的那次经济转型。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">正是那一次经济转型，给美股带来了后面的超级大牛市。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">我们今天同样面临着经济转型的困境，\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">要把过往依赖房地产等重资产投资的惯性转到依赖科技发展上来\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">可以清楚的是，我们什么时候能转型成功，大概什么时候也就能迎来自己的大牛市。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">但不确定性也是有的，因为全球化脱钩以及美国这种转型模式逐渐展现出自己的问题，所以\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">接下来的发展道路恐怕要我们自己探索\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">尤其是美国20世纪70年代左右对发展中国家输出的那套玩法，现在已经基本被世界认知——\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Ctable width=\"100%\">\n    \u003Ctbody style=\"margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em; border-color: rgb(242, 242, 242); word-break: normal;\">\n     \u003Ctr style=\"margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em; border-color: rgb(242, 242, 242); word-break: normal;\" class=\"firstRow\">\n      \u003Ctd style=\"margin: 0px 16px; padding: 5px 10px; outline: 0px; overflow-wrap: break-word !important; word-break: normal; border: 1px solid rgb(242, 242, 242); max-width: 100%; box-sizing: border-box !important; line-height: 2em;\">\u003Cp style=\"vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; border-color: rgb(242, 242, 242); word-break: normal; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">诱惑第三世界国家接受国际贷款和工程建设→\u003C\u002Fspan>\u003C\u002Fp>\n       \u003Csection>\n        \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">名义上拉动第三世界国家GDP→\u003C\u002Fspan>\u003C\u002Fp>\n       \u003C\u002Fsection>\n       \u003Csection>\n        \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">实际上让第三世界国家背负巨大债务，只有少数团体在工程中获利，拉开国内贫富差距→\u003C\u002Fspan>\u003C\u002Fp>\n       \u003C\u002Fsection>\n       \u003Csection>\n        \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">还不起债就得接受美国开出的具有控制性质的条款，实现美国在全球肆意掠夺\u003C\u002Fspan>\u003C\u002Fp>\n       \u003C\u002Fsection>\u003C\u002Ftd>\n     \u003C\u002Ftr>\n    \u003C\u002Ftbody>\n   \u003C\u002Ftable>\n   \u003Csection>\n    \u003Cbr>  \n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"font-size: 16px; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px;\">在美股的估值上\u003C\u002Fstrong>\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">，我们也惊喜地发现一些可以观察和学习的角度。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align:inherit;margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px;\">\u003Cbr>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">一方面，\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">过分的\u003C\u002Fstrong>\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">通胀和通缩其实都不是经济健康发展的表现\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">我们在投资的时候，要警惕产能过剩、价格过高的相关信号，因为这些都可能意味着估值正在脱离安全区域。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align:inherit;margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px;\">\u003Cbr>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">另一方面，\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">市场主要参与者的行为和预期往往最终构成股市的走向\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">因为市场是交易出来的，市场参与者共同决定了某个标的到底值不值得当下的估值。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">所以，随着基本面研究的深入，想要在市场上获得超额收益的研究者，常常需要朝着两个方向去努力——\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">一个是，努力挖掘还没被市场充分定价的逻辑，这也是这些年我们会\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">看到一些板块股价先行\u003C\u002Fstrong>的原因。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">另一个是，根据交易盘面的股价异动，推测没有被自己发现但是已经被市场定价的逻辑，然后看看这种逻辑能不能\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">类推到产业链其他环节或者是相同风格的板块\u003C\u002Fstrong>上去。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fb5d23b7b-fc03-44f3-87cf-996601c94cfc.jpg\">\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cbr>  \n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">照例一张图总结一下——\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002F49ec880c-a88f-41fd-a82d-ec24ff82eaa5.jpg\">\u003C\u002Fp>\n   \u003Cp style=\"text-align:justify; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(0, 0, 0); font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003C\u002Fspan>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.544px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n   \u003Cp style=\"text-align:center; vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.544px; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fd46cff12-005e-4ce0-8294-5f48295874f4.jpg\">\u003C\u002Fp>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cimg class=\"rich_pages wxw-img\" alt=\"图片\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fa2d6c3da-72f0-418c-905d-0ea8160f6586.jpg\">\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cbr>  \n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">🤑\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(136, 136, 136); font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">「Greed is good.」\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cbr>  \n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(136, 136, 136); font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">「很帅的投资客」的所有内容皆仅以传递知识与金融教育为目的，不构成任何投资建议。一切请以最新文章为准。\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cbr>  \n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"font-size: 16px; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(136, 136, 136); font-size: 14px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">⚠️ 风险提示：\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 14px; color: rgb(136, 136, 136); box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">历史不决定未来；美国低通胀红利消失\u003C\u002Fspan>\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(136, 136, 136); font-size: 14px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"font-size: 16px; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(136, 136, 136); font-size: 14px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">📖 相关阅读：\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Cul class=\"list-paddingleft-2\" style=\"box-sizing: border-box; margin: 0px; padding: 0px 0px 0px 30px; outline: 0px; max-width: 100%; color: rgb(34, 34, 34); font-size: 17px; letter-spacing: 0.310857px; text-align: justify; background-color: rgb(255, 255, 255); width: 577.417px; overflow-wrap: break-word !important; font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\n    \u003Cli>\u003Cp style=\"vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(136, 136, 136); font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">《\u003Ca target=\"_blank\" href=\"http:\u002F\u002Fmp.weixin.qq.com\u002Fs?__biz=MzAwODMyMTY0Ng==&mid=2650612469&idx=1&sn=84f1977a2707789d7e60f3c15f73964f&chksm=83792df4b40ea4e237021aaab3bb9c6ebc530ab67b67ef6efb568f90c4c80cae34ce966d0ed1&scene=21#wechat_redirect\" style=\"margin: 0px; padding: 0px; outline: 0px; text-decoration: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); cursor: pointer; max-width: 100%; color: rgb(64, 158, 255); box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;;color:#409eff\">割洋韭菜的正确姿势\u003C\u002Fa>》\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fli>\n    \u003Cli>\u003Cp style=\"vertical-align: inherit; margin: 0px 15px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(136, 136, 136); font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">《\u003Ca target=\"_blank\" href=\"http:\u002F\u002Fmp.weixin.qq.com\u002Fs?__biz=MzAwODMyMTY0Ng==&mid=2650612340&idx=1&sn=ebde179fc4383bf8a14b59e436c2a8e6&chksm=83792d75b40ea46318e1975ff5dcd1fa134f7c06874d114dd9403912266a889186d34dea9575&scene=21#wechat_redirect\" style=\"margin: 0px; padding: 0px; outline: 0px; text-decoration: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); cursor: pointer; max-width: 100%; color: rgb(64, 158, 255); box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;;color:#409eff\">「女版」巴菲特的投资秘诀是什么？\u003C\u002Fa>》\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fli>\n   \u003C\u002Ful>\n   \u003Csection>\n    \u003Cbr>  \n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"font-size: 16px; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(136, 136, 136); font-size: 14px;\">本文分析师\u002F \u003C\u002Fstrong>\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(136, 136, 136); font-size: 14px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">章闰土\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(136, 136, 136); font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">图片与编辑\u002F\u003C\u002Fstrong> 狐狸，小居，章闰土\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(136, 136, 136); font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">Icon\u002F\u003C\u002Fstrong> freepik from flaticon\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"font-size: 14px; margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(136, 136, 136); box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">主创\u002F \u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"font-size: 14px; margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(136, 136, 136); font-family: arial, helvetica, sans-serif;\">肖璟，@狐狸君raphael，曾供职于麦肯锡金融机构组，也在 Google 和 VC 打过杂。华尔街见闻、36氪、新浪财经、南方周末、Linkedin等媒体专栏作者，著有畅销书《风口上的猪》《无现金时代》。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cbr>  \n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align: inherit; line-height: 2em; margin-left: 15px; margin-right: 15px;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(136, 136, 136); font-size: 16px; box-sizing: border-box !important; overflow-wrap: break-word !important; font-family: arial, helvetica, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">📚 参考资料\u002F \u003C\u002Fstrong>《股市百年启示录》《一个经济杀手的自白》《天风证券：从美股80年代映射未来10年A股的投资机会》《【天风证券策略专题】美股50年风格复盘：A股的中小盘风格能否延续？》\u003C\u002Fspan>\u003C\u002Fp>\n   \u003C\u002Fsection>\n   \u003Csection>\n    \u003Cp style=\"vertical-align:inherit;\">\u003Cbr>\u003C\u002Fp>\n   \u003C\u002Fsection>\n  \u003C\u002Fsection>\n \u003C\u002Fsection>\n\u003C\u002Fsection>","2022-10-10 06:25:00",100,0,"0","jane7@jane7.com","2022-10-09 15:21:38",288,false,14930,8,"1038002",6,[],[],13,[],[],[]]