和讯投顾方闻：短线交易的核心在于流动性，本质是赚取市场流动性溢价

Group 1 - The core of short-term trading lies in liquidity, which is essential for understanding the essence of short-term trading [1] - Two key elements of short-term trading are trading sentiment and trading liquidity, where sentiment determines profitability and liquidity determines the extent of profit [1] - Liquidity is defined as the transaction volume that can be achieved without significantly impacting stock prices, with total transaction volume over a period being a direct measure [1] Group 2 - Examples illustrate that stocks like Kweichow Moutai have daily transaction volumes in the tens to hundreds of billions, while ST stocks may only see a few million, highlighting the importance of liquidity [1] - For retail investors with smaller asset scales, liquidity may not significantly impact trading, but larger funds typically prefer stocks with market capitalizations in the hundreds of billions due to liquidity constraints [1] - Liquidity can be manipulated through practices like wash trading, but such actions are costly and easily detectable in regulated markets, making them impractical for regular trading [2] Group 3 - Stock trading returns are directly proportional to market liquidity, with a thriving bull market characterized by continuous capital inflow and increased transaction volume [2] - In contrast, bear markets suffer from a lack of liquidity and low transaction volumes, making trading difficult and leading to competition for liquidity among sectors and stocks [2] - Stable stock price increases require ample liquidity, which acts as a catalyst for price movements, while price increases without liquidity support are unsustainable [2]