［11月3日］指数估值数据(大盘上涨了，为啥还有人亏钱？）

Market Overview - The overall market showed a slight increase, with the A-share index rising approximately 18% and the Hong Kong Hang Seng Index increasing by 30% this year [9][10]. - Both large-cap and small-cap stocks experienced minor gains, with a strong performance in value style stocks [2][3][4]. Investment Performance - Most stock funds have also seen gains, with the actively managed selection rising by 27% from the beginning of the year to the end of October [12]. - Over 94% of investors in actively managed selections are profitable, indicating effective investment strategies [16]. Retail Investor Challenges - Despite the overall market uptrend, a significant portion of retail investors are still facing losses, with over 40% reporting negative returns in 2025 [18]. - Historical data shows that even during bull markets, many investors have experienced substantial losses due to poor timing and market entry points [20][26]. Market Behavior Insights - The tendency for retail investors to enter the market during high points leads to increased losses, as many accounts were opened during previous bull markets in 2007 and 2015 [27]. - The average holding period for small retail investors is only 5-10 days, compared to 3-5 years for institutional investors, highlighting a lack of patience in investment strategies [36]. Investment Philosophy - A shift from a trading mindset to a business ownership mindset is recommended, emphasizing the importance of viewing stock investments as ownership in companies rather than mere trading opportunities [5][6]. - The concept of value investing is reinforced, suggesting that investors should focus on acquiring shares of fundamentally sound companies and holding them for the long term [5][6].