解读周期Ⅰ:触摸看不见的手回首中国股市十余年发展历程,投资者似乎从来没有象今天这样担忧行业周期乃至宏观经济周期。缘自2003年下半年的周期复苏曾经让“嗅觉敏锐”的机构投资者赚得盆满钵溢,时隔未及两年,仍处于景气阶段的该轮周期却已让“反应迟钝”的投资者亏得遍体鳞伤 Interpretation of the cycle I: touch the invisible hand Looking back over the history of China’s stock market more than 10 years, investors seem to have never been as worried about today as the industry cycle and even the macroeconomic cycle. The cyclical recovery from the second half of 2003 once made institutional investors with a keen sense of smell profitable. After a lapse of less than two years, the cyclical boom period has given “unresponsive” investment Loss caused by black and blue