调融资保证金吓到了谁，看机构真实动作

Group 1 - The core viewpoint of the article emphasizes that recent regulatory measures, specifically the increase of the minimum margin requirement for securities financing from 80% to 100%, aim to cool down overheated market sentiment and shift the focus from liquidity-driven to performance-driven market dynamics [1] - Historical adjustments of this nature typically serve to temper market enthusiasm rather than dictate market direction solely based on policy changes [1] - The article highlights the importance of observing actual fund participation rather than relying solely on news or market sentiment, as demonstrated by a friend's experience with leveraging during market volatility [1] Group 2 - The article discusses instances where stocks defy expectations based on news, such as a pharmaceutical stock that rose 30% despite negative news, indicating that institutional trading actions provide clearer insights than surface-level news [3] - It introduces the concept of "institutional inventory" data, which reflects the level of institutional participation in trading, suggesting that active institutional involvement can lead to price increases even in the face of negative news [6] - The article also notes a case where a stock with strong earnings saw a price drop of nearly 10% post-announcement, attributed to a lack of institutional interest, highlighting the significance of institutional participation in sustaining market trends [8] Group 3 - The article stresses the value of quantitative data in understanding market dynamics, advocating for the use of objective trading data to avoid subjective biases influenced by price movements or news [8] - It emphasizes the need for rational responses to market changes, particularly in light of regulatory adjustments aimed at promoting responsible leverage use and avoiding speculative trading behaviors [9] - The long-term market trajectory is ultimately determined by genuine corporate performance and sustained fund participation, rather than short-term fluctuations or policy changes [9]