自牛市以来,机构对于经济基本面和资本市场关系的讨论声不绝于耳。在分歧之下,对于短周期持续下行期的强牛市认识也各执一词。那么,在经济短周期下行期,享受世界范围内的通缩和宽松红利,从而走出猛烈的估值修复行情是否有国际历史经验可循?从金融向资源切换的逻辑在改革与流动性宽松的大背景下,此轮牛市的第一阶段的显著特点是展开了蓝筹股的估值 Since the bull market, there has been much talk of institutions about the relationship between economic fundamentals and capital markets. In the disagreement, the strong bull market for the downward period of the short cycle also each coherent. Then, in the short period of economic downturn, enjoying world-wide deflation and liberal dividend, so as to get out of the violent valuation to repair the market whether there is international historical experience to follow the logic of switching from financial to resources in the reform and loose liquidity In the background, the notable feature of the first phase of the bull market is the launch of blue chip valuations