Sou Hu Cai Jing·2025-07-23 11:52Group 1 - Deutsche Bank's report highlights four major risk factors: tariff impacts, employment data, U.S. Treasury yields, and multiple events overlapping [2] - The report's warnings are seen as repetitive and not new, as similar concerns were raised last year [2] - The concept of "black swan" events is questioned, suggesting that market movements are often predictable based on institutional behavior rather than expert predictions [11] Group 2 - Data analysis reveals that institutional funds had already reduced their participation in the liquor sector prior to the market downturn, indicating a lack of confidence [5][7] - The essence of the stock market is viewed as a struggle for pricing power, with institutional actions leaving clear data traces [8] - Observing institutional trading behavior is emphasized as a more reliable strategy than following expert opinions [10] Group 3 - The report suggests that rather than fearing "black swan" events, investors should focus on monitoring institutional fund movements for true market signals [11] - The importance of data tools that penetrate market noise and provide clear insights is highlighted, contrasting with the often fluctuating views of experts [12] - The market is always changing, but human behavior and institutional logic remain constant, suggesting that finding suitable observation tools can provide an advantage in the pricing power game [13]