美股牛市“重要支柱”出现裂痕！泡沫担忧浮现，散户“逢低买入”意愿下降

Group 1 - Retail investors' confidence in the U.S. stock market's rebound is gradually weakening, with a noticeable decline in their enthusiasm for buying low-priced stocks [1][2] - Retail investors have been a significant driving force behind the market rebound this year, helping the market recover from sell-offs and reach new highs [1] - Vanda Research reported that retail investors are no longer exhibiting the strong confidence seen earlier this year, which previously fueled significant stock market increases [1][2] Group 2 - Vanda Research noted that retail investors' purchasing volume was the weakest since May and among the lowest for 2025, indicating a shift in market behavior [2] - There has been a trend where retail investors are increasingly directing their funds towards more speculative stocks, such as uranium mining companies and meme stocks [2] - Since September, retail investors have shown a decline in purchasing individual stocks and have shifted towards broader market ETFs, although recent data indicates a reduction in ETF purchases as well [2][3] Group 3 - Other firms, including Bank of America Securities, have also observed signs of diminishing interest from retail investors, noting that they have become net sellers for the first time since late September [3] - Despite the cautious sentiment among retail investors, some analysts believe it is premature to issue alarms regarding their behavior, as their sentiment remains in a positive zone [4] - Analysts emphasize that without the support of retail investors, any market rebound would become increasingly challenging [4]