牛市越涨，心里越慌

Group 1 - The stock market is experiencing a bullish trend, with major indices continuing to rise and the Shanghai Composite Index reaching a nearly ten-year high on August 18 [1] - Institutional investors, including the "national team," have significantly supported the market, with over one trillion yuan invested in broad-based funds [1] - Retail investors are currently hesitant to participate, with their market participation rate at only one-third of levels seen during previous bull markets in 2015 and 2020 [2][30] Group 2 - Retail investors hold over one-third of the market shares and account for 70% of trading volume, indicating their significant presence despite their current reluctance to engage [2] - The article highlights various personal stories of retail investors, showcasing their struggles and experiences in the stock market, which reflect a broader sentiment of caution and fear among individual investors [3][30] - The narrative emphasizes that the current bull market is not yet a widespread celebration among retail investors, as many remain on the sidelines, reflecting on past losses and uncertainties [30][31]