1.0Magazinehttps://www.syfe.com/hk/magazine/zh-hant/股市周期理論｜學識牛市與熊市的驅動因素！港股已到牛三？ | Magazinerich600338<blockquote class="wp-embedded-content" data-secret="8KrVwCKhWm"><a href="https://www.syfe.com/hk/magazine/zh-hant/%e7%89%9b%e5%b8%82-%e7%86%8a%e5%b8%82/">股市周期理論｜學識牛市與熊市的驅動因素！港股已到牛三？</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://www.syfe.com/hk/magazine/zh-hant/%e7%89%9b%e5%b8%82-%e7%86%8a%e5%b8%82/embed/#?secret=8KrVwCKhWm" width="600" height="338" title="股市周期理論｜學識牛市與熊市的驅動因素！港股已到牛三？ — Magazine" data-secret="8KrVwCKhWm" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script type="text/javascript">
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https://www.syfe.com/hk/magazine/wp-content/uploads/2025/09/牛市-熊市.png19201080金融市場中「牛市」(Bull Market)與「熊市」(Bear Market)概念起源追溯到18世紀初，後來被道瓊斯指數發明者Charles Henry Dow完善定義及金融媒體推廣後，被投資者廣泛接受。本文回顧牛市/熊市概念演變、各個階段特徵(如牛三、熊一)及相應的投資策略。