重返3600，背后推手让人意外！

Market Overview - The Shanghai Composite Index has returned to 3600 points, with nearly 4000 stocks rising, indicating a potential bull market [1] - Investor sentiment remains cautious, with questions about whether the market is truly accelerating [1] Retail Investor Focus - The strong market performance is attributed to the Federal Reserve's dovish stance, suggesting two interest rate cuts this year, which could prevent a bubble burst in the U.S. stock market [3] - The People's Bank of China has also acted to strengthen the RMB, which is expected to boost the stock market [4] Institutional Behavior - Despite nearly 4000 stocks rising, only about 3000 stocks are driven by bullish sentiment, indicating a predominance of short-term trading funds rather than long-term investments [8] - The current market environment shows a decrease in institutional trading activity, as many institutions are now in a "lock-up" phase, leading to a higher number of stocks in this category [12] Data Insights - The market's current activity level may mislead investors into thinking it is a strong bull market, but caution is advised as many funds are entering and exiting quickly [16] - The distinction between a temporary pullback and a market top can be made by observing institutional behavior, with a focus on data rather than emotional reactions [19]