估值工具受限，量化数据看机构新动作

Core Viewpoint - Recent regulatory changes have led multiple third-party financial platforms to remove real-time fund valuation and related features, prompting investors to adapt to these changes. The regulation aims to promote long-term investment strategies and curb short-term speculative behaviors, which may enhance market structure in the long run [1][3]. Group 1: Regulatory Impact on Market Trends - The regulation on real-time fund valuation is fundamentally a correction of short-term speculative behaviors, guiding market participants back to long-term value investing. This shift indicates that decision-making based on short-term price fluctuations will gradually become ineffective [3][4]. - The focus should shift from real-time valuation to understanding the underlying logic of market operations through quantitative data, which can help investors avoid emotional biases [3][4]. Group 2: Quantitative Data and Market Behavior - Market fluctuations often conceal planned operations by funds, and quantitative data can capture these hidden behavioral characteristics. For instance, different colored bars in trading behavior data represent various states of fund participation [8][10]. - "Institutional shakeout" behavior, characterized by active trading phases and price fluctuations, signals that funds have clear intentions behind their operations. This behavior is essential for reducing future selling pressure by filtering out less committed participants [8][10]. Group 3: Understanding Institutional Shakeout - "Institutional shakeout" is not a singular behavior but a set of common data characteristics, where signals of institutional fund activity appear repeatedly during price fluctuations. This pattern indicates that large funds aim to clear unstable followers to lower future resistance [10][12]. - Observations from multiple securities show that "institutional shakeout" characteristics often precede significant price changes, highlighting the importance of understanding these data features to grasp the underlying logic behind market fluctuations [12]. Group 4: Value of Quantitative Thinking in Investment Decisions - In the context of regulatory guidance towards long-term investment, the value of quantitative thinking becomes increasingly prominent. It helps eliminate subjective assumptions by replacing intuitive judgments with objective quantitative data [13]. - Quantitative data provides stable decision-making anchors, allowing participants to focus on long-term fund intentions and behavioral logic rather than short-term price volatility, thus enhancing sustainable investment capabilities [13].