美股韧性背后：年轻一代散户"逢跌必买"，不知熊市为何物

Group 1 - The core viewpoint of the article highlights a new generation of retail investors who are more willing to take risks and continue buying during market downturns, contrasting with older generations who experienced bear markets [1][3][4] - This new investment paradigm is reshaping the U.S. stock market, with young retail investors providing unexpected support during declines, as evidenced by significant net inflows into U.S. stocks and mutual funds during market dips [3][4] - Retail investors' resilience is not merely a temporary sentiment; their commitment to the market may help cushion the impact of high valuations and facilitate a smoother mean reversion process [3][4] Group 2 - The current generation of investors has a different memory compared to their predecessors, having primarily experienced bull markets, which encourages them to hold onto their investments during volatility [4][5] - The wealth effect is more pronounced than ever, with stocks comprising 36% of household financial assets in Q1 2023, the highest level recorded since the 1950s, leading to increased risk tolerance among investors [5][6] - Social changes, including the gamification of trading and the perception of trading as entertainment, have further engaged retail investors, contributing to their growing influence in the market [5][6] Group 3 - Retail investors have become a significant force in the market, accounting for approximately 20% of total options trading activity, surpassing levels seen during the "meme stock" frenzy of 2021 [6][7] - In the stock market, retail investors represent about 20% of total trading volume, which is double the levels seen in 2010, indicating their collective actions can materially impact market direction [7] - Despite concerns about potential market bubbles due to high valuations, if investor psychology has indeed shifted structurally, this new generation of bullish investors may act to limit market declines during downturns [7]