市场现分歧：对冲基金持续抛售股票，散户投资者力撑牛市不坠

Group 1 - The core viewpoint of the articles highlights the contrasting behaviors of institutional investors and retail investors in the current market, with retail investors acting as a significant support system during the ongoing bull market [1][2] - According to Bank of America, hedge funds and other institutional clients have been the largest net sellers of stocks this year, having sold over $67 billion worth of stocks in 2025 [1] - Retail investors have consistently been the most persistent buyers since 2020, particularly during market pullbacks, leading to strong performance compared to cautious institutional investors amid uncertainties [1] Group 2 - Despite initial hesitance from professional fund managers during early market pullbacks, retail investors have repeatedly entered the market, supporting the rise of large-cap tech stocks and more speculative sectors [2] - However, there are signs of waning enthusiasm among retail investors as the market continues to rise, indicating a potential shift in their investment behavior [2]