> 数据图表咨询下各位2.道琼斯和标普500均在复苏、衰退期表现更佳2026-3-52.道琼斯和标普500均在复苏、衰退期表现更佳图表43：不同投资时钟阶段下，道琼斯和标普500均在复苏、衰退期表现更佳时间段1966/01—1966/101966/10—1967/071967/07—1968/071968/07—1969/121969/12—1970/101970/10—1972/081972/08—1974/121974/12—1975/031975/03—1976/051976/05—1977/041977/04—1978/021978/02—1979/011979/01—1980/031980/03—1980/071980/07—1981/071981/07—1982/081982/08—1983/071983/07—1984/031984/03—1985/071985/07—1985/12区间整体投资时钟阶段滞胀衰退扩张滞胀衰退复苏滞胀衰退复苏滞胀衰退扩张滞胀衰退复苏衰退复苏扩张衰退扩张道琼斯:年末YoY807.1904.2883.0800.4755.6963.7616.2768.2975.2926.9742.1839.2785.8935.3952.3901.31199.21164.91347.51546.71546.7-17.9%12.0%-2.3%-9.4%-5.6%27.5%-36.1%24.7%27.0%-5.0%-19.9%13.1%-6.4%19.0%1.8%-5.4%33.1%-2.9%15.7%14.8%57.3%标普500:年末80.294.897.792.183.3111.168.683.4100.298.487.099.9102.1121.7130.9119.5162.6159.2190.9211.3211.3YoY-13.7%18.1%3.2%-5.8%-9.6%33.4%-38.3%21.6%20.2%-1.7%-11.6%14.8%2.2%19.2%7.6%-8.7%36.0%-2.1%19.9%10.7%127.5%CPI3.0%1.7%4.5%8.0%4.5%6.3%23.9%1.7%6.8%6.4%5.0%8.7%16.9%3.1%10.8%6.8%2.1%3.1%4.7%1.7%243.5%道琼斯:剔除标普500:剔CPI-21.0%10.4%-6.8%-17.4%-10.1%21.2%-59.9%22.9%20.1%-11.3%-24.9%4.4%-23.3%15.9%-9.0%-12.1%30.9%-6.0%11.0%13.1%-186.2%除CPI-16.7%16.5%-1.3%-13.8%-14.1%27.1%-62.2%19.9%13.4%-8.1%-16.6%6.1%-14.8%16.1%-3.2%-15.5%33.9%-5.2%15.3%9.0%-116.0%数据来源：Wind，财通证券研究所36财通证券综合其他
