作品简介
复盘A股20年行情演进与策略变迁，为个人投资者提供价值投资周期逻辑、投研策略与未来推演。
20年，三轮周期：
2005—2009年的“周期为王”。
2010—2015年的“成长致胜”。
2016—2022年的“茅宁共舞”。
作者凌鹏长期在主流机构从事投研活动，兼具一线卖方策略与买方实操经验。基于实战经验复盘，厘清三轮周期的主线逻辑，剖析每轮周期背后机构投资者使用的方法论。每一轮周期均按照酝酿—崛起—调整—泡沫—陨落的顺序发展。
在变幻的主线逻辑中，也有不变的共性，即周期、估值与人性。“周期思维”才是永恒的赛道。
通过复盘历史，该书助力投资者顺应时代，构建切实可行的投研体系与投资框架。
凌鹏，荒原投资创始人、总经理和投资总监。
2006—2012年，申银万国证券研究所任首席策略分析师。2013—2014年，任东吴基金研究部副总经理、投资专户副总经理以及基金经理等。2015—2016年，任兴业全球基金研究部副总经理、投资专户经理。
曾主导编写《策略投资方法论》。
Introduction of works
The 20-year market evolution and strategy changes of A-shares provide value investment cycle logic, investment research strategy and future deduction for individual investors.
20 years, three cycles:
The cycle was king from 2005 to 2009.
"Growth Wins" from 2010 to 2015.
"Maoning Dance" from 2016 to 2022.
The author Ling Peng has been engaged in investment research activities in mainstream institutions for a long time, and has both front-line seller strategy and buyer practical operation experience. Based on practical experience review, clarify the main line logic of the three cycles, analyze the methodology used by institutional investors behind each cycle. Each cycle develops in the order of brewing - rising - adjusting - bubble - falling.
In the changing main line logic, there are also constant commonalities, that is, cycles, valuations and human nature. "Cyclical thinking" is the eternal track.
Through the review of history, the book helps investors adapt to The Times and build a feasible investment research system and investment framework.
Ling Peng, Founder, General Manager and Chief Investment Officer of Wasteland Investment.
From 2006 to 2012, he was Chief strategist at Shenyin Wanguo Securities Research Institute. From 2013 to 2014, he served as the deputy general manager of the Research Department of Soochow Fund, the deputy general manager of the special investment account and the fund manager. From 2015 to 2016, he served as Deputy General manager and investment account manager of Industrial Global Fund Research Department.
He led the compilation of Strategic Investment Methodology.
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