基金长期利好出现，场外资金后面还有高潮！

Core Insights - The recent release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission has caused significant industry impact, with Southern Fund's long-termism being highlighted as a benchmark [1][2] - There is a notable phenomenon in the A-share market where stocks often rally ahead of positive news, leading to price declines once the news is officially announced, indicating a unique "front-running" behavior among institutional investors [3][5] Market Truth Behind the News - Ordinary investors need to understand why institutional investors can often position themselves ahead of the same positive news, which is attributed to the "front-running" phenomenon in the A-share market [3] - Unlike foreign markets that trade based on known information, the A-share market tends to price in news before it is publicly announced, resulting in many retail investors suffering losses due to this information asymmetry [3] Unveiling Institutional Fund Dynamics - The comparison of stock performance reveals that while one stock appears to be rising, it may actually be a false signal, whereas another stock may be declining but has underlying strength [5][10] - The key to understanding market movements lies in tracking institutional fund flows, as their trading behavior is driven by cost considerations, and recognizing changes in these behaviors can help identify potential opportunities and risks [10] Value Discovery Through Quantitative Data - Southern Fund's success in practicing long-termism is largely attributed to the empowerment from digital platforms that enable quantitative analysis of investment behavior, ensuring scientific decision-making [11] - Instead of chasing delayed news, investors are encouraged to focus on real-time trading data, such as "institutional inventory," which can provide deeper insights into market dynamics [11][12] Future Outlook - As regulatory policies improve and market mechanisms mature, the "front-running" phenomenon may diminish, but information asymmetry is expected to remain a prominent feature of the A-share market [12] - This situation emphasizes the importance of valuing quantitative data, as indicators like "institutional inventory" offer a unique perspective for market observation, similar to how Southern Fund leverages digital platforms for research [12]