近期市场的弱势意外么？

华尔街见闻2025-12-16

这两天AH两地市场连续大幅回调，港股恒指跌破120天半年线，回踩30周线，恒科更是跌破250天年线。回想起来，上周五的大涨倒是一度让很多人感觉到“意外”，找不到直接的催化剂，以为漏掉了什么关键信息。近期的弱势意外么？我们在9月就提示四季度信用周期将拐点向下，除非政策大举发力。信用周期拐点不一定马上导致市场回调，但会约束市场上行空间，如果还叠加了一些资金面和外部扰动，就会导致情绪收缩的回调局面，这也...

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