从机构参与度复盘2025年CPO行情：还有增量资金吗？

Group 1: Market Overview - The CPO sector currently shows no significant incremental funds[7] - Algorithm trading has become prevalent among institutional investors, indicating their participation level[9] - The relative participation of institutions in the CPO sector has fluctuated, with three distinct phases observed in 2025[15] Group 2: Phases of Institutional Participation - Phase 1 (May to July 2025): Institutional participation increased significantly, with relative participation consistently above 1[15] - Phase 2 (August 2025): Rapid influx of individual investors led to a decline in institutional participation below 1[15] - Phase 3 (September to November 21, 2025): Institutional participation stabilized but remained below the market average[15] Group 3: Withdrawal Analysis - During Phase 1, institutional withdrawal numbers rose, indicating strong buying intent[19] - In Phase 2, institutional withdrawal numbers fluctuated while individual withdrawals surged, altering the order book structure[19] - By Phase 3, institutional withdrawals remained stable while individual withdrawals decreased, suggesting a shift in market dynamics[19]