高盛：散户资金涌入大盘科技股，25只热门股或迎“伽马挤压”行情

Core Viewpoint - Goldman Sachs reports that retail investors in the U.S. are shifting their trading activities from niche stocks in cryptocurrency, AI, retail, and quantum computing to more influential large-cap stocks like Palantir, AMD, and TransDigm [1][3] Group 1: Retail Investor Activity - Retail trading volume accounted for over 28% of the total trading volume in the S&P 500 index over the past year, highlighting the significant influence of retail investors in the market [3] - The speculative trading sentiment among retail investors is increasing, as indicated by Goldman Sachs' Speculative Trading Indicator rising to 114 [3] Group 2: Focus Stocks - The 25 S&P 500 stocks with the highest net buying volume from retail investors in the past month are expected to become market focal points, with Palantir, AMD, and TransDigm being specifically mentioned [3] - The report suggests that investors should pay attention to call options on these stocks, as concentrated buying by retail investors may trigger a Gamma Squeeze, leading to further price increases [3] Group 3: Market Trends - Retail investors show a clear preference for technology and consumer discretionary stocks, while real estate and utilities sectors are being neglected [4] - Approximately 20% of the trading volume in the Technology Select Sector SPDR Fund (XLK) comes from retail investors, significantly above historical levels [4] Group 4: Professional Investor Behavior - Professional investors are increasing their positions driven by fear of missing out (FOMO), utilizing futures, swaps, and options [3] - Expectations of a potential interest rate cut by the Federal Reserve in September and a moderate rise in financing spreads are seen as additional catalysts for further gains in U.S. equities [3]