美股创新高之际：散户买盘退潮，对冲基金以四个月来最快速度做空

Group 1 - Hedge funds significantly reduced their positions in the U.S. stock market, with a net sell of $1 billion, primarily focused on macro products such as indices and ETFs [1][2][3] - The short-selling ratio for macro products reached approximately 4:1, with U.S. listed ETFs seeing a 4% increase in short positions, marking a monthly increase of 5.7% [3][5] - Technology stocks have become the main target for hedge fund short-selling, with the information technology sector experiencing net selling for the third consecutive week at the fastest pace in over four months, with a short-to-long selling ratio of 3.9:1 [5][6] Group 2 - Retail investors showed a decrease in market participation, with a net buy of $4.9 billion, below the year-to-date average of $6.6 billion per week [2][8] - Retail investors preferred ETFs, with $4.7 billion in net purchases, compared to $276 million in individual stocks, indicating a contrasting strategy to hedge funds [10] - The current earnings season has exhibited unusually high volatility, with the average stock price movement on earnings day reaching ±5.3%, the highest in 15 years, despite 60% of companies exceeding EPS expectations [11]