虎嗅APP·2025-08-21 00:20Core Viewpoint - The current bull market in A-shares is characterized by significant participation from institutional investors, while retail investors remain hesitant, reflecting a complex psychological landscape shaped by past experiences [2][3][30]. Group 1: Market Overview - The Shanghai Composite Index reached a nearly ten-year high on August 18, indicating a strong bullish trend [2]. - Institutional investors, including the "national team," have injected over one trillion yuan into the market, while public funds have seen a resurgence of "doubling funds" [2]. - Quantitative funds have performed well, with an average profit of nearly 2 billion yuan per fund among 36 large quantitative firms [2]. Group 2: Retail Investor Sentiment - Retail investors currently account for over one-third of the market's holdings and 70% of trading volume, yet their participation is significantly lower than during previous bull markets [3][30]. - Many retail investors are hesitant to enter the market, with a significant portion remaining on the sidelines despite the potential for substantial gains [3][30]. - The psychological impact of past market experiences, such as losses during previous peaks, contributes to the current caution among retail investors [4][30]. Group 3: Individual Investor Stories - Individual narratives reveal a range of experiences, from significant losses due to high-risk strategies to cautious approaches that have yielded steady returns [6][11][20]. - Some investors express regret over past decisions, such as leveraging investments at market peaks, leading to long-term financial distress [6][7]. - Others have adapted their strategies to focus on risk management and steady growth, achieving satisfactory results without impacting their daily lives [20][24][28]. Group 4: Market Dynamics and Future Outlook - The current market environment is described as structurally bullish, yet the wealth effect has not fully permeated the broader retail investor base [30][31]. - The article emphasizes the need for improved financial literacy and risk awareness among investors to foster a more robust market participation [31][32]. - The ongoing bull market is seen as an opportunity for wealth generation, but it also presents challenges that require a shift in investor confidence and behavior [32].