免税消费大热，数据拆解机构行为

Group 1 - The core viewpoint of the article highlights the significant increase in duty-free shopping in Hainan Free Trade Port, with a nearly 50% year-on-year growth in shopping amounts, and a notable rise in international tourists [1] - The adjustment of Hainan's duty-free policy has expanded the category of duty-free goods to 47 types, further broadening the beneficiaries and driving up the shopping proportion of international tourists [1] - Despite the positive trends in the duty-free sector, individual stock performances have shown significant divergence, leading to confusion among investors regarding the underlying logic of these changes [1] Group 2 - There is a common misconception among investors that having institutional ownership guarantees stock performance, but the reality is that over 90% of stocks have institutional participation, yet their performance can vary widely [3] - The core issue is that institutional ownership does not equate to continuous trading by institutions; many institutions hold stocks for different reasons and may not actively trade them [3] - Stocks lacking continuous institutional trading support may struggle during market fluctuations, while those with active institutional participation tend to show stronger resilience [3] Group 3 - The development of quantitative big data technology allows for the objective assessment of market behaviors, enabling investors to discern whether institutions are actively participating in trading [7] - Quantitative big data can reveal "institutional inventory" data, which reflects the level of institutional trading activity rather than just buy or sell actions [7] - Active "institutional inventory" data indicates ongoing institutional interest and trading, while a lack of such data suggests minimal institutional engagement [10] Group 4 - Ordinary investors often make decisions based on emotions rather than data, leading to poor timing in buying or selling stocks [11] - Quantitative big data helps investors avoid emotional biases by providing objective insights into market behaviors, allowing for better decision-making [11] - Understanding the distinction between stocks with active institutional participation and those without can prevent investors from making uninformed decisions based on market fluctuations [11] Group 5 - Quantitative trading is not exclusive to professional investors; it offers ordinary investors a more objective way to understand the market [12] - By utilizing quantitative big data, investors can move beyond subjective judgments and establish a more rational investment logic based on data [12] - The article emphasizes that market movements are influenced by underlying trading behaviors, and understanding these through data can lead to more informed investment strategies [12]