面对同样的行情，是什么拉开了投资收益的差距？

Core Viewpoint - The article discusses the disparity between overall market performance and individual investor experiences during the bull market of 2025, highlighting that industry selection and timing significantly impact investment outcomes [1][5]. Group 1: Industry Performance - In 2025, 12 out of 31 Shenwan first-level industry indices outperformed the CSI 300 index, which had a total return of 21.54%, with the most notable sectors being non-ferrous metals and telecommunications, achieving annual gains of 94% and 84% respectively [4]. - Conversely, 19 industries underperformed the CSI 300 index, with food and beverage and coal sectors even reporting negative returns, causing distress for investors heavily invested in these areas [5]. Group 2: Timing and Market Participation - The article emphasizes that missing key trading days can drastically alter investment returns. For instance, if an investor missed the top 10 trading days in 2025, their return could plummet from 21.54% to -1.37% due to the compounding effect of those days [7][10]. - Historical data from 2005 to 2025 shows that missing the best 10 trading days each year significantly reduces annual returns, indicating that a small number of trading days can determine the majority of investment gains [10][18]. Group 3: Market Behavior Patterns - The article notes that significant market gains often occur at the beginning of bull markets or at the end of bear markets, making it challenging for investors to time their entries and exits effectively [14][18]. - Statistics reveal that over the past 21 years, the probability of experiencing a market up day is roughly equal to that of a down day, suggesting that predicting market movements is akin to flipping a coin [23]. Group 4: Investment Strategy - The article advocates for a long-term investment strategy, emphasizing the importance of remaining invested to capture market gains rather than attempting to time the market, which is often fraught with difficulty [25][26]. - It highlights that successful investing often involves enduring periods of market stagnation, with only about 20% of trading days yielding significant gains, reinforcing the need for patience and a long-term perspective [26].