{"drawdowns": [{"period": "2026: 1月28日 - 3月30日", "days": 61, "high": 7002, "low": 6317, "decline": -0.098, "category": "narrative_break", "cause": "AI 与地缘担忧", "active": false, "recovery_days": 77, "recovery_date": "2026-04-15", "causeEn": "AI & geopolitical fears"}, {"period": "2025: 10月29日 - 11月21日", "days": 22, "high": 6920, "low": 6522, "decline": -0.058, "category": "mechanical_scare", "cause": "AI泡沫恐慌", "active": false, "recovery_days": 56, "recovery_date": "2025-12-24", "causeEn": "AI-bubble jitters"}, {"period": "2025: 2月19日 - 4月7日", "days": 47, "high": 6147, "low": 4835, "decline": -0.213, "category": "policy_shift", "cause": "关税与贸易战", "active": false, "recovery_days": 128, "recovery_date": "2025-06-27", "causeEn": "Tariffs & trade war"}, {"period": "2024: 7月16日 - 8月5日", "days": 20, "high": 5670, "low": 5119, "decline": -0.097, "category": "mechanical_scare", "cause": "日经崩盘联动", "active": false, "recovery_days": 65, "recovery_date": "2024-09-19", "causeEn": "Nikkei shock"}, {"period": "2024: 3月28日 - 4月19日", "days": 22, "high": 5265, "low": 4954, "decline": -0.059, "category": "mechanical_scare", "cause": "推迟降息担忧", "active": false, "recovery_days": 48, "recovery_date": "2024-05-15", "causeEn": "Delayed-cut fears"}, {"period": "2022: 1月4日 - 10月13日", "days": 282, "high": 4819, "low": 3492, "decline": -0.275, "category": "policy_shift", "cause": "通胀与加息", "active": false, "recovery_days": 745, "recovery_date": "2024-01-19", "causeEn": "Inflation & rate hikes"}, {"period": "2021: 11月22日 - 12月3日", "days": 11, "high": 4744, "low": 4495, "decline": -0.052, "category": "mechanical_scare", "cause": "新冠奥密克戎变异株", "active": false, "recovery_days": 35, "recovery_date": "2021-12-27", "causeEn": "COVID-Omicron"}, {"period": "2021: 9月2日 - 10月4日", "days": 32, "high": 4546, "low": 4279, "decline": -0.059, "category": "mechanical_scare", "cause": "中国风险传染恐慌", "active": false, "recovery_days": 49, "recovery_date": "2021-10-21", "causeEn": "China contagion fears"}, {"period": "2021: 2月16日 - 3月4日", "days": 16, "high": 3950, "low": 3723, "decline": -0.057, "category": "mechanical_scare", "cause": "利率上升恐慌", "active": false, "recovery_days": 27, "recovery_date": "2021-03-15", "causeEn": "Rate fears"}, {"period": "2020: 9月2日 - 9月24日", "days": 22, "high": 3588, "low": 3209, "decline": -0.106, "category": "narrative_break", "cause": "新冠疫情", "active": false, "recovery_days": 75, "recovery_date": "2020-11-16", "causeEn": "COVID pandemic"}, {"period": "2020: 2月19日 - 3月23日", "days": 33, "high": 3394, "low": 2192, "decline": -0.354, "category": "exogenous_shock", "cause": "新冠疫情", "active": false, "recovery_days": 184, "recovery_date": "2020-08-21", "causeEn": "COVID pandemic"}, {"period": "2019: 7月26日 - 8月5日", "days": 10, "high": 3028, "low": 2822, "decline": -0.068, "category": "mechanical_scare", "cause": "贸易战", "active": false, "recovery_days": 94, "recovery_date": "2019-10-28", "causeEn": "Trade war"}, {"period": "2019: 5月1日 - 6月3日", "days": 33, "high": 2954, "low": 2729, "decline": -0.076, "category": "narrative_break", "cause": "贸易战", "active": false, "recovery_days": 50, "recovery_date": "2019-06-20", "causeEn": "Trade war"}, {"period": "2018: 9月21日 - 12月26日", "days": 96, "high": 2941, "low": 2347, "decline": -0.202, "category": "policy_shift", "cause": "利率上升", "active": false, "recovery_days": 220, "recovery_date": "2019-04-29", "causeEn": "Rising rates"}, {"period": "2018: 1月26日 - 2月9日", "days": 14, "high": 2873, "low": 2533, "decline": -0.118, "category": "mechanical_scare", "cause": "利率上升恐慌", "active": false, "recovery_days": 210, "recovery_date": "2018-08-24", "causeEn": "Rate fears"}, {"period": "2016: 8月15日 - 11月4日", "days": 81, "high": 2194, "low": 2084, "decline": -0.05, "category": "narrative_break", "cause": "大选恐慌/担忧", "active": false, "recovery_days": 98, "recovery_date": "2016-11-21", "causeEn": "Election jitters"}, {"period": "2015/16: 5月20日 - 2月11日", "days": 267, "high": 2135, "low": 1810, "decline": -0.152, "category": "policy_shift", "cause": "希腊违约", "active": false, "recovery_days": 418, "recovery_date": "2016-07-11", "causeEn": "Greek default"}, {"period": "2014/15: 12月29日 - 2月2日", "days": 35, "high": 2094, "low": 1981, "decline": -0.054, "category": "mechanical_scare", "cause": "油价下跌", "active": false, "recovery_days": 46, "recovery_date": "2015-02-13", "causeEn": "Oil price drop"}, {"period": "2014: 12月5日 - 12月16日", "days": 11, "high": 2079, "low": 1973, "decline": -0.051, "category": "mechanical_scare", "cause": "油价下跌、美元走强", "active": false, "recovery_days": 18, "recovery_date": "2014-12-23", "causeEn": "Oil drop + strong dollar"}, {"period": "2014: 9月19日 - 10月15日", "days": 26, "high": 2019, "low": 1821, "decline": -0.098, "category": "narrative_break", "cause": "埃博拉", "active": false, "recovery_days": 47, "recovery_date": "2014-11-05", "causeEn": "Ebola"}, {"period": "2014: 1月15日 - 2月5日", "days": 21, "high": 1851, "low": 1738, "decline": -0.061, "category": "mechanical_scare", "cause": "Taper 减购债", "active": false, "recovery_days": 43, "recovery_date": "2014-02-27", "causeEn": "QE taper"}, {"period": "2013: 5月22日 - 6月24日", "days": 33, "high": 1687, "low": 1560, "decline": -0.075, "category": "narrative_break", "cause": "Taper 恐慌", "active": false, "recovery_days": 57, "recovery_date": "2013-07-18", "causeEn": "Taper tantrum"}, {"period": "2012: 9月14日 - 11月16日", "days": 63, "high": 1475, "low": 1343, "decline": -0.089, "category": "narrative_break", "cause": "财政悬崖担忧", "active": false, "recovery_days": 125, "recovery_date": "2013-01-17", "causeEn": "Fiscal cliff fears"}, {"period": "2012: 4月2日 - 6月4日", "days": 63, "high": 1422, "low": 1267, "decline": -0.109, "category": "narrative_break", "cause": "欧洲债务危机", "active": false, "recovery_days": 157, "recovery_date": "2012-09-06", "causeEn": "Euro debt crisis"}, {"period": "2011: 5月2日 - 10月4日", "days": 155, "high": 1371, "low": 1075, "decline": -0.216, "category": "policy_shift", "cause": "欧洲债务危机", "active": false, "recovery_days": 302, "recovery_date": "2012-02-28", "causeEn": "Euro debt crisis"}, {"period": "2011: 2月18日 - 3月16日", "days": 26, "high": 1344, "low": 1249, "decline": -0.071, "category": "mechanical_scare", "cause": "利比亚内战", "active": false, "recovery_days": 67, "recovery_date": "2011-04-26", "causeEn": "Libya civil war"}, {"period": "2010: 4月26日 - 7月1日", "days": 66, "high": 1220, "low": 1011, "decline": -0.171, "category": "policy_shift", "cause": "欧洲债务危机", "active": false, "recovery_days": 192, "recovery_date": "2010-11-04", "causeEn": "Euro debt crisis"}, {"period": "2010: 1月19日 - 2月5日", "days": 17, "high": 1150, "low": 1045, "decline": -0.092, "category": "mechanical_scare", "cause": "中国信贷收紧", "active": false, "recovery_days": 51, "recovery_date": "2010-03-11", "causeEn": "China credit tightening"}, {"period": "2009: 10月21日 - 11月2日", "days": 12, "high": 1101, "low": 1029, "decline": -0.065, "category": "mechanical_scare", "cause": "对复苏的担忧", "active": false, "recovery_days": 26, "recovery_date": "2009-11-16", "causeEn": "Recovery doubts"}, {"period": "2009: 9月23日 - 10月2日", "days": 9, "high": 1080, "low": 1020, "decline": -0.056, "category": "mechanical_scare", "cause": "对复苏的担忧", "active": false, "recovery_days": 21, "recovery_date": "2009-10-14", "causeEn": "Recovery doubts"}, {"period": "2009: 6月11日 - 7月7日", "days": 26, "high": 956, "low": 869, "decline": -0.091, "category": "mechanical_scare", "cause": "复苏增速担忧", "active": false, "recovery_days": 42, "recovery_date": "2009-07-23", "causeEn": "Recovery-pace doubts"}, {"period": "2009: 5月8日 - 15日", "days": 7, "high": 930, "low": 879, "decline": -0.055, "category": "mechanical_scare", "cause": "涨幅过快担忧", "active": false, "recovery_days": 24, "recovery_date": "2009-06-01", "causeEn": "Overheat fears"}, {"period": "2007: 10月9日 - 2009年3月9日", "days": 517, "high": 1565, "low": 677, "decline": -0.568, "category": "credit_destruction", "cause": "全球金融危机", "active": false, "recovery_days": 1997, "recovery_date": "2013-03-28", "causeEn": "Global financial crisis"}, {"period": "2007: 7月19日 - 8月15日", "days": 27, "high": 1553, "low": 1407, "decline": -0.094, "category": "narrative_break", "cause": "次贷危机首爆", "active": false, "recovery_days": 78, "recovery_date": "2007-10-05", "causeEn": "Subprime first wave"}, {"period": "2007: 2月20日 - 3月5日", "days": 13, "high": 1460, "low": 1374, "decline": -0.059, "category": "mechanical_scare", "cause": "中国上证暴跌", "active": false, "recovery_days": 55, "recovery_date": "2007-04-16", "causeEn": "Shanghai crash"}, {"period": "2006: 5月5日 - 6月13日", "days": 39, "high": 1326, "low": 1224, "decline": -0.077, "category": "narrative_break", "cause": "通胀恐慌", "active": false, "recovery_days": 143, "recovery_date": "2006-09-25", "causeEn": "Inflation scare"}, {"period": "2005: 8月3日 - 10月13日", "days": 71, "high": 1245, "low": 1177, "decline": -0.055, "category": "narrative_break", "cause": "飓风卡特里娜", "active": false, "recovery_days": 107, "recovery_date": "2005-11-18", "causeEn": "Hurricane Katrina"}, {"period": "2005: 3月7日 - 4月20日", "days": 44, "high": 1225, "low": 1138, "decline": -0.072, "category": "narrative_break", "cause": "GM/福特降级", "active": false, "recovery_days": 129, "recovery_date": "2005-07-14", "causeEn": "GM/Ford downgrades"}, {"period": "2004: 2月11日 - 8月12日", "days": 183, "high": 1158, "low": 1063, "decline": -0.082, "category": "narrative_break", "cause": "美联储加息预期", "active": false, "recovery_days": 267, "recovery_date": "2004-11-04", "causeEn": "Fed hike expectations"}, {"period": "2000: 3月24日 - 2002年10月9日", "days": 929, "high": 1527, "low": 777, "decline": -0.491, "category": "credit_destruction", "cause": "互联网泡沫破裂", "active": false, "recovery_days": 2623, "recovery_date": "2007-05-30", "causeEn": "Dotcom bust"}, {"period": "2000: 1月14日 - 2月25日", "days": 42, "high": 1465, "low": 1333, "decline": -0.09, "category": "narrative_break", "cause": "美联储连续加息", "active": false, "recovery_days": 67, "recovery_date": "2000-03-21", "causeEn": "Fed hike cycle"}], "summary": {"totalCount": 41, "medianDays": 27, "medianDecline": -0.076, "maxDecline": -0.568, "maxDuration": 929, "bearMarkets": 5}, "categories": [{"id": "mechanical_scare", "name": "技术性惊吓", "range": "5%-10%", "duration": "1-4周", "color": "#faad14"}, {"id": "narrative_break", "name": "叙事崩塌", "range": "7%-15%", "duration": "1-3个月", "color": "#fa8c16"}, {"id": "policy_shift", "name": "政策逆流", "range": "15%-25%", "duration": "3-10个月", "color": "#f5222d"}, {"id": "credit_destruction", "name": "信用崩塌", "range": "40%-60%", "duration": "1.5-2.5年", "color": "#820014"}, {"id": "exogenous_shock", "name": "外生冲击", "range": "极深但恢复快", "duration": "不确定", "color": "#722ed1"}]}