当指数狂奔“市场也不是人人都可以赚钱”：谁在盛宴中“缺席”？

Core Viewpoint - The A-share market is experiencing a significant rise in indices, from 3000 to 3800 points, yet many investors are not benefiting from this rally, indicating a structural bull market where not everyone profits despite rising indices [1][3]. Market Dynamics - The current bull market is characterized by a divergence in stock performance, with some stocks doubling or tripling in price while many investors see only 10%-20% gains or remain in losing positions [3][4]. - The number of listed companies in the A-share market has surpassed 4000, marking a shift from a "β era" (where profits were made through broad market gains) to an "α era" (where individual stock selection is crucial) [3][4]. Investment Strategies - Investors focusing on high dividend yield stocks have experienced significantly lower losses during this market phase, highlighting the effectiveness of value investing in the current environment [4][6]. - Companies with stable cash flows and strong fundamentals are receiving premium valuations, while speculative stocks are losing their appeal [4][6]. Professional Investment Insights - Investors struggling in the stock market are advised to consider products from reputable and skilled intermediary institutions, recognizing the limitations of individual investment capabilities [5][6]. - The average annual return of actively managed equity mutual funds has exceeded 15% over the past five years, significantly outperforming typical retail investors [5][6]. Market Maturity Indicators - The phenomenon of investors not profiting in a bull market is seen as a sign of market maturity, indicating a shift away from reliance on policies and news towards a focus on fundamentals [6][7]. - This evolution encourages rational investment behavior, emphasizing long-term value over short-term speculation, and compels companies to improve quality to attract capital [6][7].