周期股是指在经济周期中表现出明显波动特征的股票。这些股票的价格和业绩往往与宏观经济环境密切相关，因此它们展现出了一定的周期性。那么，为什么周期股会有周期呢？

首先，周期股的周期性特征与宏观经济周期密切相关。宏观经济周期通常包括繁荣期、衰退期、复苏期和停滞期等不同阶段。在繁荣期，经济活动活跃，消费者信心高涨，企业利润增长，这时周期股往往表现出较好的业绩和股价涨幅。而在衰退期，经济衰退，消费者需求下降，企业利润减少，周期股则可能受到冲击，业绩下滑，股价走弱。因此，周期股的周期性特征与宏观经济周期息息相关。

其次，周期股的周期性也与行业属性有关。周期股往往集中在某些特定的行业，例如原材料、能源、制造业等。这些行业的盈利能力和股价受到宏观经济波动的影响较大。在经济繁荣期，这些行业的需求旺盛，价格上涨，企业利润增加，而在经济衰退期，需求低迷，价格下跌，企业利润减少。因此，这些行业的股票往往表现出周期性的特征。

另外，投资者的心理预期也会影响周期股的周期性。在经济繁荣期，投资者对未来经济前景持乐观态度，对周期股抱有高期望值，从而推动股价上涨。而在经济衰退期，投资者对未来经济前景持悲观态度，对周期股的投资需求降低，股价下跌。因此，投资者的心理预期也成为周期股周期性的重要原因之一。

总之，周期股之所以展现出明显的周期性特征，是由于宏观经济周期的波动、行业属性以及投资者心理预期等多种因素综合作用的结果。了解和把握这些周期性特征将有助于投资者做出更加明智的投资决策。

Cyclical stocks, also known as cyclical shares, refer to stocks that exhibit distinct fluctuations in line with the economic cycle. The prices and performance of these stocks are closely associated with the macroeconomic environment, thus displaying a certain degree of cyclicality. So, why do cyclical stocks have cycles?

Firstly, the cyclical nature of cyclical stocks is closely related to the macroeconomic cycle. The macroeconomic cycle typically consists of stages such as prosperity, recession, recovery, and stagnation. During the prosperity phase, economic activity is high, consumer confidence is strong, and corporate profits grow. In this period, cyclical stocks often demonstrate strong performance and price increases. However, during the recession phase, the economy declines, consumer demand decreases, and corporate profits decline. As a result, cyclical stocks may be negatively affected, experiencing a drop in performance and stock prices. Therefore, the cyclical nature of cyclical stocks is closely tied to the macroeconomic cycle.

Secondly, the cyclicality of cyclical stocks is also influenced by industry attributes. Cyclical stocks are often concentrated in specific industries such as raw materials, energy, and manufacturing. The profitability and stock prices of these industries are greatly influenced by macroeconomic fluctuations. During economic prosperity, these industries experience high demand, price increases, and increased corporate profits. Conversely, during economic recession, demand weakens, prices fall, and corporate profits decrease. Hence, stocks from these industries generally exhibit cyclical characteristics.

Furthermore, the cyclical nature of cyclical stocks is influenced by investor sentiment. During economic prosperity, investors hold optimistic expectations for future economic prospects, resulting in high expectations for cyclical stocks and driving their share prices higher. Conversely, during economic recession, investors hold pessimistic expectations for future economic prospects, reducing their investment demand for cyclical stocks, thus causing share prices to decline. Therefore, investor sentiment also plays a significant role in the cyclicality of cyclical stocks.

In conclusion, the distinct cyclicality exhibited by cyclical stocks is a result of the combined effects of macroeconomic fluctuations, industry attributes, and investor sentiment. Understanding and grasping these cyclical characteristics can assist investors in making more informed investment decisions.