炒作和投资本质区别在哪？林园深度剖析：A股市场散户“畏高”现象背后的真相

Group 1 - The Shanghai Composite Index reached a new high, approaching 3800 points, raising questions among investors about the sustainability of the market trend [1] - Retail investors are showing signs of returning funds, but their participation remains lower compared to speculative and leveraged funds due to a "fear of heights" sentiment [1] - Market conditions similar to the current situation have occurred every few years, with the speaker having experienced at least seven or eight similar phases [1] Group 2 - The market does not always operate according to "value" logic, and many speculative activities can lead to disappointing outcomes [1] - Even high-performing stocks, considered mainstream in the market, can experience speculative behavior, but it is essential to distinguish their true investment value [1] - Companies that can sustain profitability and provide returns to shareholders are likely to reach new highs again, even after temporary pullbacks, highlighting the fundamental difference between investment and speculation [1]