IPO放闸吓退散户！机构却在暗中扫货

Group 1 - The core viewpoint of the article highlights the volatility of the A-share market, where stock prices fluctuate based on news and trends, leading to a perception of an "external leverage market" [1] - The recent IPO policy adjustments, specifically the introduction of a third listing standard for the ChiNext board and the establishment of a growth tier for the Sci-Tech Innovation Board, did not lead to a market decline but rather a positive closing, indicating a complex market reaction [1][2] - The selective nature of the IPO policy changes allows more technology companies in the R&D phase to access the capital market, which may lead to a reassessment of the long-term impacts of these policies by investors [2] Group 2 - The distinction between low-quality IPOs and high-potential loss-making companies is crucial, particularly in sectors like semiconductors and biomedicine, where initial losses are common due to long R&D cycles and high capital requirements [2] - Observations of trading behavior indicate significant disparities in stock performance, suggesting that relying solely on news can lead to misjudgments [4] - Stocks with sustained institutional interest tend to recover after short-term adjustments, while those experiencing outflows from institutional investors struggle to maintain upward momentum, emphasizing the importance of understanding market dynamics beyond emotional trading [8][10]