目 录 CONTENTS 第一章 为何选择美股进行对比 ························································1 第一节 美股为全球最成熟股票市场之一 ································2 第二节 中美经济互为依托 ················································10 第二章 美国股市各个历史阶段表现及特点 ·····································17 第一节 美国股市的一些久远历史 ·······································18 第二节 “大萧条” ···························································20 第三节 罗斯福新政 ·························································26 第四节 “二战”期间 ·······················································29 第五节 “二战”结束后 ····················································32 第六节 布雷顿森林体系 ···················································34 第七节 石油危机····························································37 第八节 里根大循环 ·························································39 第九节 科网危机····························································43 第十节 新一轮牛市 ·························································47 第十一节 次贷金融危机 ···················································48 第十二节 金融资产的大通胀 ·············································51 第十三节 现代货币理论 ···················································53 第十四节 美国目前所处阶段及股市特点 ······························55 ·································································59 第三章中国股市历史回顾 第一节股市建立之初 ······················································60 第二节外向型经济道路 ···················································63 第三节新世纪股改 ·························································66 第四节 2008金融危机 ·····················································68 第五节新常态 ······························································71 第六节去杠杆 ······························································73 第七节中美贸易争端 ······················································75 第八节疫情时代····························································77 第九节中美经济发展历程对比 ··········································79 第十节 A股目前阶段所具有的特色、机遇及挑战 ···················82 第四章研究方法 ···············································································88 第一节研究框架····························································89 第二节经济周期····························································90 第三节周期和股市 ·························································94 第四节股市的不可预测性 ················································96 第五节不可为而为之的一些方法 ·······································98 第六节简单分类···························································101 第五章中美股市流动性情况对比 ··················································· 102 第一节美股流动性情况概览 ············································103 第二节 A股流动性情况概览 ············································116 第三节中美股市流动性差异背后的原因 ·····························122 第六章中美股市投资者构成对比 ··················································· 125 第一节美股投资者构成的演变及成因 ································126 第二节 A股投资者构成的演变及成因 ································131 目录 VII 第三节 中美股市投资者构成的差异及原因 ··························133 第四节 中国能否吸引全球投资者 ······································138 第七章 中美股市行业构成对比 ·······················································142 第一节 美股行业构成的演变及成因 ···································143 第二节 A股行业构成的演变及成因 ···································150 第三节 中美股市行业构成的差异及原因 ·····························157 第四节 中美股市行业集中度对比 ······································162 第八章 交易规则 ··············································································166 第一节 美股交易规则简介 ···············································167 第二节 中美股市交易规则对比 ·········································172 第九章 市场监管 ··············································································182 第一节 美国股市监管机构及规则简介 ································183 第二节 中国股市监管机构及规则简介 ································188 第三节 中国股市监管的发展方向 ······································194 第十章 A股市场发展的猜想 ···························································199 第一节 走向世界的A股 ·················································200 第二节 走向自由的A股 ·················································205 第三节 走向盈利的A股 ·················································208
纪春华，工银国际研究部首席策略分析师。拥有逾11年策略研究及投资从业经验，曾在中泰国际、建银国际、招商证券（香港）及City National Rochdale基金任职。在Asia Money 2017 排名中获港股市场很好策略分析师第三名。毕业于香港科技大学，获得金融数学硕士学位，并持有特许金融分析师资格。 郑羽逍，深圳前海国恩资本管理有限公司宏观研究员，曾就职于福建海峡银行。
本书旨在通过中美股市的行情复盘和对比，探寻A股所处阶段及未来可能的发展路径。由于美股市场的历史要远长于A股，且中美之间经济发展阶段也存在较大差异，因此同一时期的A股和美股并不具备可比性。 因此，本书不仅通过时间线的方式分别对两个市场的发展过程进行梳理，更是针对股票市场的不同方面，如流动性情况、投资者构成、行业构成、交易规则及市场监管等一系列主要因素，对中美股市进行比较研究，从美股变化规律中寻找A股目前所处阶段以及未来发展趋势。 在比较中美股市的过程中，本书还穿插了对股市研究方法的讨论，以及作者对于股市本质的一些理论思考。
发展100多年的美股，对A股究竟有何启示？ 各个不同的历史阶段，会对股市有何影响？ 很显然，美股市场是一面镜子，研究美股，有助于我们更好地把握A股。 这本书主要包括： 1.基于历史背景的中美股行情复盘 2.深入研究，找出规律，授人以渔 3.在股市对比中，发现投资机会 4.掌握规律，指导实战
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