> 数据图表怎样理解2.大宗商品在滞胀期间的表现更佳2026-3-52.大宗商品在滞胀期间的表现更佳图表45：不同投资时钟阶段下，大宗商品在滞胀期间的表现更佳时间段投资时钟阶段 伦敦黄金:年末YoY铜:年末YoY1966/01—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38.935.237.366.9186.5177.3125.5147.3182.3233.7494.5614.3406.0411.5422.0388.5327.5327.0327.0-9.4%5.8%79.5%178.9%-5.0%-29.2%17.3%23.8%28.2%111.6%24.2%-33.9%1.4%2.6%-7.9%-15.7%-0.2%829.1%1128.31015.21136.71631.41246.91034.61416.71266.51510.01515.01261.01533.02918.02006.01700.01440.91701.21429.81432.41369.51369.5-25.7%-10.0%12.0%43.5%-23.6%-17.0%36.9%-10.6%19.2%0.3%-16.8%21.6%90.3%-31.3%-15.3%-15.2%18.1%-16.0%0.2%-4.4%-9.8%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%伦敦黄金:剔除CPI铜：剔除CPI-28.7%-11.7%7.5%35.5%-28.1%-23.4%13.1%-12.3%12.4%-6.1%-21.8%12.8%73.4%-34.4%-26.0%-22.0%15.9%-19.1%-4.5%-6.1%-253.2%-17.4%1.3%73.2%155.0%-6.7%-36.0%10.9%18.8%19.5%94.7%21.1%-44.7%-5.4%0.4%-11.0%-20.4%-1.8%585.6%数据来源：Wind，财通证券研究所38财通证券综合其他
