文 | 银行螺丝钉 （转载请注明出处） 有朋友问，近期市场有所波动，还在牛市吗？ A股 港股 的牛市有哪些特点？是慢牛还是快牛？ 面对这样的市场，我们该如何应对？之后市场还会继续上涨吗？ 针对大家的这些疑问，螺丝钉也通过直播课，进行了讲解。 长按识别下面二维码，添加 @课程小助手 微信，回复「 1202 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） A股目前仍处在牛市 每个投资者对牛市的定义不同。 国际上，一般从熊市底部上涨超20%，认为进入到技术性牛市。 反之，从顶部回调超20%，认为进入到技术性熊市。 那为什么会有这样一个约定俗成的牛市定义呢？其实这跟大盘指数的波动率有关系。 全球主流股票市场的宽基指数，比如沪深300、标普500，它们的年波动率一般就在10%~20%上下。 一旦某些年份，这些指数的涨跌大幅超过20%，投资者就会认为市场进入了技术性牛市或熊市。 但是从体感上，投资者一般把涨到指数点数较高位置的时候，叫做牛市。 比如2007年、2015年，当时大盘涨到了五六千点。 从2024年9月的最低点，到2025年10月最高点，中证全指上涨61.93%，进入到技术性牛市。 2025年11月 ...

Core Viewpoint - The article discusses the nature of bull markets in the A-share market, emphasizing that they are often structural rather than uniform, with specific sectors leading the gains at different times [4][8]. Group 1: Characteristics of Bull Markets - A-shares have only experienced a uniform bull market in 2007, where both large and small caps, as well as growth and value styles, saw significant increases [4]. - Other bull markets tend to be structural, with specific sectors leading the charge, such as large-cap value stocks in 2016-2017 and large-cap growth stocks in 2020-2021, while small-cap growth stocks are expected to lead in 2025 [4]. - In structural bull markets, certain stocks may rise significantly while others remain stagnant or decline slightly, indicating potential for future recovery in previously underperforming stocks [4]. Group 2: Market Behavior and Investor Psychology - Bull markets are characterized by fluctuations, often described as "three steps forward, one step back," indicating that corrections are a normal part of the upward trend [5][6]. - Most investors tend to chase after rising stocks, with a significant increase in buying activity occurring after substantial market gains, leading to many investors entering at market peaks [8]. - Historical data shows that approximately 70% of stock accounts were opened during the major bull markets of 2007 and 2015, highlighting a tendency for investors to buy at high points [8]. Group 3: Long-term Market Trends - Despite the volatility of bull and bear markets, the overall trend remains upward, as evidenced by higher bottom points in subsequent bear markets compared to previous ones [11]. - The long-term growth of listed companies' earnings is expected to drive index increases, reinforcing the idea that market corrections are temporary and that prices will eventually recover and surpass previous highs [11].