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用预测股市拐点的方法预测楼市

发布于 2019-11-08

<section style="margin-left: 8px;margin-right: 8px;" data-mpa-powered-by="yiban.io"><section class="xmteditor" style="display:none;" data-tools="新媒体管家" data-label="powered by xmt.cn"></section></section><section style="margin-left: 8px;margin-right: 8px;"><span style="font-family: inherit;font-size: 15px;font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;">股市是信心的市场,特别是在泡沫期间,很多人觉得预测未来是一件不靠谱的事,预测泡沫的变化就更不靠谱,但只要踩准一次,或许未来就会不一样。</span><br /></section><p style="margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;"><br /></span></p><p style="margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;">那么,股市泡沫可以预测吗?</span></p><p style="margin-left: 8px;margin-right: 8px;"><span style="font-family: inherit;font-size: 15px;border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;vertical-align: baseline;"><br /></span></p><p style="margin-left: 8px;margin-right: 8px;"><span style="font-family: inherit;font-size: 15px;border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;vertical-align: baseline;">跨学科研究使对资产泡沫的预测成为可能,</span><span style="font-family: inherit;font-size: 15px;font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;">对数周期幂率模型就是跨学科研究成果在股市中预测泡沫较为成功的模型。</span></p><p style="margin-left: 8px;margin-right: 8px;"><span style="font-family: inherit;font-size: 15px;font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;"><br /></span></p><p style="margin-left: 8px;margin-right: 8px;"><span style="font-family: inherit;font-size: 15px;font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;">什么是LPPL模型?</span></p><p style="margin-left: 8px;margin-right: 8px;"><span style="font-family: inherit;font-size: 15px;font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;"><br /></span></p><p style="text-align: center;margin-left: 8px;margin-right: 8px;"><strong><span style="font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;color: rgb(25, 25, 25);font-family: &quot;PingFang SC&quot;, Arial, 微软雅黑, 宋体, simsun, sans-serif;font-size: 16px;text-align: left;background-color: rgb(249, 249, 249);">表达式:Ln[p(t)]≈A+B(tc-t)β{1+Ccos[ωln(tc-t)+Ф]}</span></strong></p><p style="margin-left: 8px;margin-right: 8px;"><span style="font-family: inherit;font-size: 15px;font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;"><br /></span></p><p style="margin-left: 8px;margin-right: 8px;"><span style="color: rgb(25, 25, 25);text-align: left;background-color: rgb(249, 249, 249);font-family: inherit;font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;font-size: 15px;">LPPL模型是对数周期性幂律模型,<span style="font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;color: rgb(25, 25, 25);font-family: &quot;PingFang SC&quot;, Arial, 微软雅黑, 宋体, simsun, sans-serif;text-align: left;background-color: rgb(249, 249, 249);">是基于交易者之间的相互模仿</span>,<span style="font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;color: rgb(25, 25, 25);font-family: &quot;PingFang SC&quot;, Arial, 微软雅黑, 宋体, simsun, sans-serif;text-align: left;background-color: rgb(249, 249, 249);">这些局部相互作用可形成正反馈,从而导致泡沫和反泡沫的产生,因此可用于金融泡沫和反泡沫的建模和预测。</span></span></p><p style="margin-left: 8px;margin-right: 8px;"><span style="color: rgb(25, 25, 25);text-align: left;background-color: rgb(249, 249, 249);font-family: inherit;font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;font-size: 15px;"><br /></span></p><p style="margin-left: 8px;margin-right: 8px;"><span style="color: rgb(25, 25, 25);text-align: left;background-color: rgb(249, 249, 249);font-family: inherit;font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;font-size: 15px;">不得不说,该模型在泡沫湮没时间预测和反泡沫走势预测方面取得了不少成功,如英国房地产泡沫、中国股市反泡沫等。</span></p><p style="margin-left: 8px;margin-right: 8px;"><span style="color: rgb(25, 25, 25);text-align: left;background-color: rgb(249, 249, 249);font-family: inherit;font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;font-size: 15px;"><br /></span></p><p style="margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;"><span style="font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;color: rgb(25, 25, 25);font-family: &quot;PingFang SC&quot;, Arial, 微软雅黑, 宋体, simsun, sans-serif;text-align: left;background-color: rgb(249, 249, 249);">下面让我们运用<span style="color: rgb(25, 25, 25);font-family: &quot;PingFang SC&quot;, Arial, 微软雅黑, 宋体, simsun, sans-serif;text-align: left;background-color: rgb(249, 249, 249);">LPPL模型对股市和房地产做了一个回测,</span></span><span style="background-color: rgb(249, 249, 249);color: rgb(25, 25, 25);font-family: &quot;PingFang SC&quot;, Arial, 微软雅黑, 宋体, simsun, sans-serif;text-align: left;font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;">如下:</span></span><span style="background-color: rgb(249, 249, 249);color: rgb(25, 25, 25);font-family: &quot;PingFang SC&quot;, Arial, 微软雅黑, 宋体, simsun, sans-serif;font-size: 15px;text-align: left;font-style: inherit;font-variant-ligatures: inherit;font-variant-caps: inherit;font-weight: inherit;"></span></p><p style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: bolder;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;"><br /></span></p><p style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: bolder;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;background-color: rgb(2, 30, 170);color: rgb(255, 255, 255);">上证综指回测:</span><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: bolder;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;"></span></p><p style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: bolder;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;"><br /></span></p><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><img class="rich_pages" data-ratio="0.5737991266375546" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIxibJ1iaGRwOY3ty8kg2YTpE7UJjsGIjXxu0PM4wMcVbUVHFfy1b2Agic62eluZCA6P2DolxcVGPZvJA/640?wx_fmt=png" data-type="png" data-w="1145" style=""></section><p><br /></p><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="font-size: 13px;"><strong><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;">上证综指 2005/06/06 - 2007/11/30期间</span></strong></span></section><section style="text-align: center;line-height: normal;margin-left: 8px;margin-right: 8px;"><span style="font-size: 13px;"><strong><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;"><br /></span></strong></span></section><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;">预测本轮泡沫拐点临界时间发生在2005/06/06之后的第[603,606]个交易日</span></section><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;">实际本轮泡沫拐点临界时间发生在2005/06/06之后的第575个交易日</span></section><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;color: rgb(2, 30, 170);">滞后18-21个交易日预测出泡沫顶点</span></section><section style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;"><br /></span></section><section style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;"><img class="rich_pages" data-ratio="0.6012773722627737" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIxibJ1iaGRwOY3ty8kg2YTpE7dhXIvzuNLab9AbP1qia9073M3kBqbkI0kAsGcu44H39ovuaeEJSZ6wQ/640?wx_fmt=png" data-type="png" data-w="1096" style="text-align: center;white-space: normal;"><br /></span></section><section style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;"><br /></span></section><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="font-size: 13px;"><strong><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;">上证综指 2008/10/28 - 2009/09/30期间</span></strong></span></section><section style="text-align: center;line-height: normal;margin-left: 8px;margin-right: 8px;"><span style="font-size: 13px;"><strong><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;"><br /></span></strong></span></section><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;">预测本轮泡沫拐点临界时间发生在2008/10/28之后的第[186,189]个交易日</span></section><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;">实际本轮泡沫拐点临界时间发生在2008/10/28之后的第190个交易日</span></section><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;color: rgb(2, 30, 170);">提前1-4个交易日预测出泡沫顶点</span></section><p><br /></p><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><img class="rich_pages" data-ratio="0.5651376146788991" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIxibJ1iaGRwOY3ty8kg2YTpE7GhkeFicicP16Q5AyjN0ujia6Xhgycm5FeHlxdkN41dicVg5x35LyVqcYUg/640?wx_fmt=png" data-type="png" data-w="1090" style=""></section><p><br /></p><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="font-size: 13px;"><strong><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;">上证综指 2013/06/25 - 2015/05/28期间</span></strong></span></section><section style="text-align: center;line-height: normal;margin-left: 8px;margin-right: 8px;"><span style="font-size: 13px;"><strong><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;"><br /></span></strong></span></section><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;">预测本轮泡沫拐点临界时间发生在2013/06/25之后的第[474,477]个交易日</span></section><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;">实际本轮泡沫拐点临界时间发生在2013/06/25之后的第479个交易日</span></section><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;color: rgb(2, 30, 170);">提前2-5个交易日预测出泡沫顶点</span></section><p><br /></p><section style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: bolder;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;background-color: rgb(2, 30, 170);color: rgb(255, 255, 255);">房地产回测:</span><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: bolder;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;"></span></section><section style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: bolder;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;"><br /></span></section><section style="margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;">这里用的是三亚因为国内只有少数几个城市出现短时间下跌百分之20的情况</span></section><p style="text-align: center;"><br /></p><section style="text-align: center;margin-left: 8px;margin-right: 8px;"><img class="rich_pages" data-ratio="0.6018211920529801" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIxibJ1iaGRwOY3ty8kg2YTpE7CeaPAfZCpABUvnLOX7bYmv3jqeib1V34UicIETSMoGiaMUIN2QxKd0TjQ/640?wx_fmt=png" data-type="png" data-w="1208" style=""></section><p><br /></p><section style="margin-left: 8px;margin-right: 8px;text-align: center;"><span style="font-size: 13px;"><strong><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;">三亚房地产 2007/09 - 2018/09期间</span></strong></span><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;"></span></section><p style="margin-left: 8px;margin-right: 8px;text-align: center;line-height: normal;"><strong><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;"><br /></span></strong></p><section style="margin-left: 8px;margin-right: 8px;text-align: center;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;">预测本轮泡沫拐点临界时间发生在2007/09之后的第142个月</span></section><section style="margin-left: 8px;margin-right: 8px;text-align: center;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;">实际本轮泡沫拐点临界时间发生在2007/09之后的第136个月</span></section><section style="margin-left: 8px;margin-right: 8px;text-align: center;"><span style="font-size: 15px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;color: rgb(2, 30, 170);">滞后6个月预测出泡沫顶点</span></span></section><p><br /></p><section style="margin-left: 8px;margin-right: 8px;"><span style="background-color: rgb(2, 30, 170);color: rgb(255, 255, 255);"><strong><span style="background-color: rgb(2, 30, 170);border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-size: 15px;">模型缺陷:</span></strong></span><strong><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;color: rgb(51, 51, 51);font-size: 15px;"></span></strong></section><section style="margin-left: 8px;margin-right: 8px;"><span style="background-color: rgb(2, 30, 170);color: rgb(255, 255, 255);"><strong><span style="background-color: rgb(2, 30, 170);border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-size: 15px;"><br /></span></strong></span></section><section style="margin-left: 8px;margin-right: 8px;"><strong><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-size: 15px;color: rgb(2, 30, 170);">1. 模型会不断给出新的预测泡沫破灭时间</span></strong><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;color: rgb(51, 51, 51);font-size: 15px;"></span></section><section style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant-ligatures: inherit;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;color: rgb(51, 51, 51);font-size: 15px;">该模型并没有考虑交易者以外的因素,比如政策层面或者市场情绪等因素,所以需要不断更新去预判泡沫破灭的时间点。</span></section><section style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;color: rgb(51, 51, 51);font-size: 15px;"><br /></span></section><section style="margin-left: 8px;margin-right: 8px;"><strong><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant-ligatures: inherit;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-size: 15px;color: rgb(2, 30, 170);">2. 具体的泡沫破灭时间会有误差</span></strong><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant-ligatures: inherit;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;color: rgb(51, 51, 51);font-size: 15px;"></span></section><section style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant-ligatures: inherit;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;color: rgb(51, 51, 51);font-size: 15px;">在股市回测中,有时预测泡沫破灭时间在真正破灭时间之前,有时在之后,具体天数相差不多。</span></section><section style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant-ligatures: inherit;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;color: rgb(51, 51, 51);font-size: 15px;"><br /></span></section><section style="margin-left: 8px;margin-right: 8px;"><span style="background-color: rgb(2, 30, 170);color: rgb(255, 255, 255);"><strong><span style="background-color: rgb(2, 30, 170);border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;">思考:</span></strong></span><strong><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;color: rgb(51, 51, 51);font-size: 15px;"></span></strong></section><section style="margin-left: 8px;margin-right: 8px;"><span style="background-color: rgb(2, 30, 170);color: rgb(255, 255, 255);"><strong><span style="background-color: rgb(2, 30, 170);border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;font-size: 15px;"><br /></span></strong></span></section><section style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;color: rgb(51, 51, 51);font-size: 15px;">1. 我国的房地产市场目前只有少数几个城市出现短时间下跌百分之20的情况,样本量较小,LPPL模型在房地产市场的可应用性有待进一步考量。</span></section><section style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;color: rgb(51, 51, 51);font-size: 15px;"><br /></span></section><section style="margin-left: 8px;margin-right: 8px;"><span style="border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;color: rgb(51, 51, 51);font-size: 15px;">2. 股市和房地产市场有很大的相似性,但也有本质的不同,考虑到房地产在我国经济市场中的重要性,此模型无法判断出政策层面的因素,而我国的地产市场又极大的受政策层面因素影响。所以在应用此模型时需要考虑到类似因素的影响。</span></section><section style="margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;border-width: 0px;border-style: initial;border-color: initial;font-style: inherit;font-variant: inherit;font-weight: inherit;font-stretch: inherit;line-height: inherit;font-family: inherit;vertical-align: baseline;"><br /></span></section><section style="margin-right: 8px;margin-left: 8px;white-space: normal;letter-spacing: 0.544px;text-align: center;"><span style="font-size: 14px;color: rgb(178, 178, 178);">——&nbsp; END&nbsp; ——</span><br /></section><p style="white-space: normal;letter-spacing: 0.544px;text-align: center;"><br /></p><section style="margin-right: 8px;margin-left: 8px;white-space: normal;letter-spacing: 0.544px;line-height: 27.2px;text-align: center;"><span style="font-size: 12px;">猜你想再看<br /></span></section><section style="margin-right: 8px;margin-left: 8px;white-space: normal;letter-spacing: 0.544px;line-height: 27.2px;text-align: center;"><br /></section><section style="margin-right: 8px;margin-left: 8px;white-space: normal;letter-spacing: 0.544px;line-height: 27.2px;"><strong><span style="font-size: 12px;">城市:</span></strong><span style="font-size: 12px;">|&nbsp;<a href="https://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831649&amp;idx=1&amp;sn=191239418c15b0c6f395c843415da5fd&amp;chksm=8351793eb426f028970ac64031955167bfde997cdc96375bfb3bce25b5076f1458e11be2be27&amp;token=217203186&amp;lang=zh_CN&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">徐州</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831649&amp;idx=4&amp;sn=3a8acfb05820bbd38cd7b15a58e92ec9&amp;chksm=8351793eb426f028dfd96ec6ffc5239a84aaf25b6643813aa6b4a597b9a3215e7ab25e2b4eaf&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">宿迁</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831649&amp;idx=3&amp;sn=1fcdc66fac79d5ba9504bc24314a14f9&amp;chksm=8351793eb426f02829eef9ba1dfcb8c3e91edb05d3c1d34c548b82f618928834f1da5907d2e7&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">淮北</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831649&amp;idx=2&amp;sn=18d65f24543e71ff6bc70eb1cb0a7bde&amp;chksm=8351793eb426f028b98805f0f7555bfc57e3aefe6c76e7ca8df0369ad5dcc4a593a011a9b029&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">唐山</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831649&amp;idx=5&amp;sn=9f550e5d1f6bd3becc92df723adedd61&amp;chksm=8351793eb426f0289523b13ecd4fcb3d227a3cb259a09e504d388ace5a5eb25ece3aecfe8d46&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">天津</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831491&amp;idx=4&amp;sn=4c4fb5ce9d25c1fe6012d719c5878c82&amp;chksm=8351799cb426f08a8a6b9f35c8db84ceac56401b6da4a6429d1bc5e3339251db372a5045c242&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">深汕</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831603&amp;idx=5&amp;sn=c2d8bae147d4a2d86ec992c50c39ddad&amp;chksm=8351796cb426f07a50b1acbe92593aabba12c3fb95e9966d93ecad99918dbcf654b9ce767405&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">哈尔滨</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831491&amp;idx=3&amp;sn=1e787f725d62f227dbc6c33d0b9ea3eb&amp;chksm=8351799cb426f08accd8896c160b37e7a4436d21e1fbf2cc596763115db5ef6e04dc914ce478&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">兰州</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831603&amp;idx=4&amp;sn=048088acd651254d77cc238d71b1af04&amp;chksm=8351796cb426f07a7c36e33460f244db68a856502151c73820b314470b7e24412b9a8b6dcd5b&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">常德</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831491&amp;idx=2&amp;sn=b6295a149a38a026e886d81014b568f3&amp;chksm=8351799cb426f08a8a8d7adbd8721956fd91c59be8bd1ec35d4f9963a11e7e67bee72cd49405&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">南宁</a>&nbsp;|&nbsp;<a 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0.544px;line-height: 27.2px;"><strong><span style="font-size: 12px;">热点:</span></strong><span style="font-size: 12px;">|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzIxMTUxMzE2Mw==&amp;mid=2247485505&amp;idx=1&amp;sn=90a4482d0ec14f8a4d441f77c653806c&amp;chksm=97557265a022fb7385559a6648c54242c721582b3811ad664360ea1e6f562f0f62264852c20c&amp;scene=21#wechat_redirect" target="_blank" data-itemshowtype="0" data-linktype="2" hasload="1">深圳土拍</a></span><strong><span style="font-size: 12px;">&nbsp;</span></strong><span style="font-size: 12px;">|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831957&amp;idx=1&amp;sn=a889b497d60264ef90aea585e4d4556f&amp;chksm=83517bcab426f2dc5e2b3778bc8e8834b453c4eac98c490ebeb525c4a5b01093fe602418b8fb&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">美国地产</a>&nbsp;|&nbsp;</span><a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831073&amp;idx=1&amp;sn=b9e813dced68e2e1397bd2cc2b6d05c7&amp;chksm=8351777eb426fe68993e996d9312897701ad0e93a7703c5d719dc20ebf09a1b0c6715f502e4d&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2"><span style="font-size: 12px;">长租公寓</span></a><span style="font-size: 12px;">&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830578&amp;idx=1&amp;sn=73f5149b299d5ce19a433c365eedee83&amp;chksm=8351756db426fc7b173558a1765830766ec5f7fb387e652250f10a106ef6490821f809722cfb&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2" style="outline: currentcolor none 0px;">中美贸易战</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830503&amp;idx=1&amp;sn=2fae9eec64a6ed71f0c4ee9e4e9bafe7&amp;chksm=835175b8b426fcaec41bb2a484ef939ac78474c77acde2d96a6f7f8b61a0f4ade630c13e7f90&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2" style="outline: currentcolor none 0px;">粤港澳</a>&nbsp;|&nbsp;<a href="https://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830398&amp;idx=1&amp;sn=ffd40b9cb7730bd712d8f053280d6fa9&amp;chksm=83517221b426fb37e97b45db61547227724f5a09e6a2a0484a55475066ac41fc1b0165954d0d&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2" style="outline: currentcolor none 0px;">万科商业</a>&nbsp;|&nbsp;<a href="https://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830360&amp;idx=1&amp;sn=3cea24af7ebf848fde74c52538f111e5&amp;chksm=83517207b426fb11a1ae1c301117e9626ba09012aa9d8b4d8f722e45423ecb7e63987f50bec5&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2" style="outline: currentcolor none 0px;">2018年走势</a>&nbsp;|<br /></span></section><section style="margin-right: 8px;margin-left: 8px;white-space: normal;letter-spacing: 0.544px;"><strong><span style="font-size: 12px;">专业:</span></strong><span style="font-size: 12px;">|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831987&amp;idx=1&amp;sn=8553537eb64de48a9b7eb16564fe8988&amp;chksm=83517becb426f2fa0c63ef59ace65085334609b45795331170f0edb7f455d154c06d53aa85f7&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">穿越熊市</a></span>&nbsp;<span style="font-size: 12px;">|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831371&amp;idx=1&amp;sn=9b15fe316680aabc64e2b7c37e5767d8&amp;chksm=83517614b426ff0229de8ab490c6a7fb33f9e7de34bae145abd3565818c5965c1eca5a4b0029&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">地产研报</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831103&amp;idx=1&amp;sn=6ae2c7ba214abd19c76ed907399b77b7&amp;chksm=83517760b426fe767422812a59d53a334c00664a2cc146d59a076bc0e59a062f518c7df00861&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">投资</a>&nbsp;|<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649831043&amp;idx=1&amp;sn=dcae4bb0d9c69a6aefeb48f7447dff10&amp;chksm=8351775cb426fe4a32f43b1fe3a11ebffb7d381291adc0746d6d0ed9f3efb882617e0407aa10&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2">&nbsp;思考</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830765&amp;idx=1&amp;sn=d21dbefeb5e1aea1599bcec8fae7a7d4&amp;chksm=835174b2b426fda4b66776ffb3da368f2b71e44233e17581d647b246e52aa53255140e3adac0&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2" style="outline: currentcolor none 0px;">客研</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830698&amp;idx=1&amp;sn=27ffa7f097500e9e7fb23f99fdce51ef&amp;chksm=835174f5b426fde3854d2eec6dc6fd1c0c182faa0218d1b0ce833e50c860c23b062b88f914e0&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2" style="outline: currentcolor none 0px;">高周转</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830656&amp;idx=1&amp;sn=dc61474f9d09133fcce2934476ea10c1&amp;chksm=835174dfb426fdc9575a9a316aef5c25d051f574d0cd96ae3d1cda189bca7c7b0b7447e403e4&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2" style="outline: currentcolor none 0px;">房价预测</a>&nbsp;|&nbsp;<a href="http://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830457&amp;idx=1&amp;sn=37a5c454028fb849c2c5fce3b3575756&amp;chksm=835175e6b426fcf07c9d8fdee249e33edf0ae7f5684be2290c3145624ad430d880a10a654ebd&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2" style="outline: currentcolor none 0px;">2018房地产报告</a>&nbsp;|&nbsp;&nbsp;<a href="https://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649830201&amp;idx=1&amp;sn=1816623486b879233513443f1df6ec59&amp;chksm=835172e6b426fbf07aa0f023c3ff79ca1cf11606fc2f2b66cfe773222e3fa1df7f92affa90b6&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2" style="outline: currentcolor none 0px;">远郊定位&nbsp;</a>|&nbsp;<a href="https://mp.weixin.qq.com/s?__biz=MzAxMDEzOTgyNA==&amp;mid=2649829710&amp;idx=1&amp;sn=58d632f4b07dc0796127ef5df605bb36&amp;chksm=83517091b426f9871fa25aed40ade8d757557347ecf505d8b9510645b5adcc6d703caed90b31&amp;scene=21#wechat_redirect" target="_blank" data-linktype="2" style="outline: currentcolor none 0px;">时势蓝图</a>&nbsp;|</span></section><section style="margin-left: 8px;margin-right: 8px;"><br /></section>

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