当散户盯着政策时，量化系统在盯什么？

Group 1 - The recent relaxation of regulations for quality brokerages and the reduction of risk factors for insurance asset holdings have generated excitement in the financial sector, with mentions of "764 billion incremental funds" and "leverage ratio rising to 6 times" [1] - Historical patterns suggest that similar bullish sentiments have previously led to market corrections, indicating potential risks for investors who chase high prices [2] - The concept of "washing" is highlighted, where large funds intentionally drive down stock prices to create panic among retail investors, allowing them to buy back shares at lower prices [2] Group 2 - The solar energy sector experienced significant price increases despite poor fundamentals, with institutional fund inflows rising from 15% to 47% prior to a market surge, contrasting with the stable fund inflow in the bus sector [6] - A quantitative analysis showed that stocks with significant institutional inflows during price breakouts outperformed those that only had technical breakouts, with an average increase of 27% compared to a 3% decline [7] - The current policy relaxations are expected to bring market activity, but not a broad-based rally, as historical data indicates that similar policies often lead to mixed results within 30 trading days [10] Group 3 - Top brokerages have outperformed industry indices by an average of 17%, while heavily held insurance stocks have achieved excess returns of 23%, although 42% of individual stocks still underperformed the market [11]