尾盘一砸，评论区、群里立刻变成"火山口"： "机构又砸盘！" "这是不是中期调整的开始？" "都怪谁谁谁发了个利空！" 但如果你把K线缩小一点，看的是"指数"和"趋势"而不是"自家那几只股"，周二这种走势，更多只是——正常得不能再正常的一次震荡回调： 沪指收报 3939.81 点，跌 0.81% 深成指收报 13080.49 点，跌 0.92% 创业板指收报 3069.22 点，跌 1.16% 三大指数都是一个字：跌，但远称不上"暴"。 真正让人愤怒的，是两件事： 个股普跌带来的"体感崩盘"： 下跌个股超过 4100 只，局部板块（煤炭、电池、有色）甚至出现多只跌停，这种"账户层面的冲击"远远大于指数层面的跌幅。 情绪预期和现实的落差： 上周刚创新高，大家心里已经在默念"牛市、起飞、翻倍"。结果刚高兴没几天，账户就开始"回撤教育"。 情绪一落差，就容易把一次正常的盘整，当成"末日预警"。 如果你是指数基金、宽基ETF、行业指数的长期持有者，今天这种盘面——说得直白一点： 和"崩盘"没有半毛钱关系。 二、周二盘面：不是"中期大调整"，是"箱体里的正常回调" 先把结论放前面： 从指数层面看，今天的调整，不是"大级 ...

Core Viewpoint - Recent tax revenue growth has outpaced economic growth, significantly driven by the bull market, which has contributed to substantial tax revenue increases for the government [2][3] Tax Revenue Contributions from the Bull Market - The bull market is estimated to contribute approximately 310 billion in incremental tax revenue this year, equivalent to 2% of the 2024 tax revenue [3][10] - This contribution is expected to come from two main sources: 1. Securities industry tax revenue growth, estimated at around 270 billion 2. Personal capital market-related tax revenue growth, estimated at around 40 billion [3][10] Securities Industry Tax Revenue Growth - The securities industry is projected to see a tax revenue increase of approximately 270 billion, driven by significant growth in brokerage, proprietary trading, and asset management revenues [5][10] - Historical data indicates that the tax revenue from the securities industry has increased by 56.8% year-on-year, validating the strong correlation between market performance and tax revenue [6][12] Personal Capital Market-Related Tax Revenue Growth - Personal capital market-related tax revenue is expected to grow by about 40 billion, primarily due to increased individual income tax from capital market activities [7][15] - Historical trends show that during bull markets, personal income tax from capital market sources has often exceeded economic growth, with significant contributions from dividend income and capital gains [15][16] Other Tax Revenue Sources - The bull market is also expected to drive tax revenue growth from the insurance industry and non-financial corporate investment income, contributing to overall tax revenue increases [22] - For instance, the insurance industry has reported a year-on-year tax revenue growth of 13.3%, while non-financial corporate investment income has historically shown a potential growth of around 20% during bull markets [22]

如果 2025/10/06 真的是本轮牛市的顶点的话那这次牛市总共持续了 1064 天，简直太巧了，21 年的牛市也是持续 1064 天，17 年的牛市也是持续 1064 天，太邪门了！ https://t.co/NGjZKgPxyl杀破狼 WolfyXBT (@Wolfy_XBT):比特币的牛市已经结束了，目前已经进入熊市。本轮牛市的牛顶落在 2025/10/06，比特币价格为 126,000。我也不希望唱空自己的事业，但是根据 “四年周期理论”，比特币价格确实已经见顶，我只想把这个事实转达给更多这个周期入圈的新人。在我看来，“比特币减半” https://t.co/FNrd6lkUA8 ...

Group 1 - The article discusses the recent market turmoil, highlighting the significant drop in major indices and cryptocurrencies, indicating a familiar yet unique crisis scenario [1][3] - It emphasizes the importance of understanding market dynamics beyond surface-level price movements, suggesting that true investment opportunities lie in comprehending institutional behaviors [4][6] - The concept of "震仓" (shakeout) is introduced, illustrating how large funds manipulate stock prices to induce panic selling and acquire shares at lower prices [6][12] Group 2 - The article presents a quantitative perspective on institutional trading behaviors, noting that a well-developed quantitative system can reveal underlying market patterns and signals [7][10] - It highlights the correlation between the frequency of shakeouts and a stock's potential, suggesting that more shakeouts indicate stronger institutional interest and capability [12][16] - The piece concludes by asserting that while macroeconomic events serve as a backdrop, the real narrative is driven by institutional actions, with quantitative data providing the clearest insights into market sentiment [19]

Market Trend - The report indicates that the Bitcoin bull market has ended and a bear market has begun [1] - The current bear market is on day 43 out of 364 [1] Price Prediction - The peak of the previous bull market is predicted to be on October 6, 2025, with a Bitcoin price of $126,000 [1] Investment Implication - The report suggests caution for newcomers to the crypto market cycle, advising them to be aware of the potential for a market downturn based on the "four-year cycle theory" [1]

Core Viewpoint - The article discusses the current market dynamics driven by liquidity and the potential limitations of this bull market, drawing parallels with Japan's past market behavior during the 1990s [2][14][58]. Market Performance - Since the policy shift on "September 24," the domestic market has rebounded significantly, with the Shanghai Composite Index and Hang Seng Index rising by 47% and 50% from their lows, respectively [2]. - The current valuation of the Hang Seng Index stands at a dynamic PE of 11.6, which is above the historical average, indicating that certain high-growth sectors may no longer be considered cheap [2][6]. Valuation Comparisons - While the Hang Seng Index appears cheaper than the S&P 500's dynamic valuation of 22.3, this comparison lacks context regarding profitability and liquidity conditions [6][8]. - The article highlights that the median PE of leading Chinese tech companies is 17.8, which is higher than their median net profit margin of 9.6%, suggesting potential overvaluation in some sectors [6][8]. Economic Indicators - Post-August, domestic demand indicators have weakened, and recent financial credit data supports the view that the credit cycle may be turning downward in the fourth quarter [9][11]. - The article notes that risk premiums in traditional sectors like finance and real estate have dropped below historical averages, while new consumption and innovative pharmaceuticals are stabilizing around historical means [9][11]. Historical Context: Japan's Bull Markets - The article analyzes Japan's three bull markets in the 1990s, which were characterized by significant government stimulus and external economic trends, yet ultimately faced limitations due to structural issues and market sentiment [14][58]. - Each of Japan's bull markets was initiated by substantial fiscal stimulus, with the first round starting in 1992, leading to a 54% rebound over 12.8 months [19][33]. Investor Behavior - During Japan's first bull market, individual investors' participation surged, while foreign investors' share declined, indicating a shift in market sentiment [28][30]. - The second bull market saw a similar pattern, with individual investor enthusiasm waning as foreign investor participation increased [40][42]. Conclusion and Implications - The article concludes that while liquidity can drive market rallies, without substantial improvements in the underlying economy, these rallies may face ceilings [58]. - It suggests that to break through current market limitations, structural policy changes focusing on technology and income expectations are necessary, rather than relying solely on traditional fiscal measures [67].

Group 1 - Morgan Stanley strategist Michael Wilson predicts a 16% increase in the S&P 500 index over the next year, supported by strong corporate earnings [2] - Wilson expects the S&P 500 index to reach around 7800 points by the end of 2026, marking the highest target among tracked strategists and indicating a fourth consecutive year of double-digit gains [2] - The anticipated earnings per share for the S&P 500 index are projected to rise by 17% and 12% over the next two years, driven by improved pricing power, AI-driven efficiency, and stable interest rates [2] Group 2 - The S&P 500 index has surged 14% since the beginning of 2025, following annual gains exceeding 20% in the previous two years [4] - Despite the optimism, there are cautious voices in the market, with Goldman Sachs strategist Peter Oppenheimer predicting underperformance of U.S. stocks compared to international markets over the next decade due to high valuations [4] - Wilson warns of short-term risks if the Federal Reserve adopts a more hawkish policy than expected, and notes that an "overheated" economy could reignite inflation in the long term [4]

比特幣跌完了沒？醒醒！2025幣圈牛市贏家大洗牌？ 😭 「比特幣」跌跌不休怎麼辦？ 📍搜尋看完整影片：YouTube 邦妮區塊鏈 #bitcoin #BTC #比特幣 #幣圈 #牛市 #熊市 ...

Group 1: Tax Revenue Contributions from Bull Market - The bull market is expected to contribute approximately 310 billion yuan in incremental tax revenue this year, equivalent to 2% of the 2024 tax revenue[1] - Securities industry tax revenue growth is estimated at around 270 billion yuan[2] - Personal capital market-related tax revenue growth is projected to be about 40 billion yuan[3] Group 2: Securities Industry Tax Revenue Growth - The securities industry's tax revenue is projected to reach approximately 490 billion yuan in 2024, based on 2023 figures and profit growth estimates[4] - By 2025, the securities industry tax revenue is expected to increase to about 760 billion yuan, reflecting a year-on-year growth of approximately 270 billion yuan[5] - Historical data shows a strong correlation between bull markets and significant tax revenue increases in the securities sector[6] Group 3: Personal Capital Market-Related Tax Revenue Growth - The personal income tax from capital market components (dividends, restricted stock transfers, and equity transfers) is expected to account for about 20% of total personal income tax[7] - The estimated personal capital market-related tax revenue for 2024 is around 290 billion yuan, with a projected increase to approximately 330 billion yuan in 2025, reflecting a year-on-year growth of about 40 billion yuan[8] - Historical trends indicate that personal income tax often grows faster than overall economic and fiscal revenues during bull markets[9] Group 4: Other Tax Revenue Sources - The bull market is also expected to drive significant tax revenue growth from the insurance industry and non-financial corporate investment income[10] - In the insurance sector, the total investment income of the top five insurers increased by 35.64% year-on-year, contributing to a 13.3% increase in insurance tax revenue[11] - Non-financial corporate investment income historically shows a year-on-year growth of about 20% during bull markets, contributing significantly to corporate income tax revenue[12]

在当前市场震荡、板块轮动加速的背景下，通过行业分布均衡的宽基指数进行布局，不失为一种把握机 遇、应对波动的策略。中证A500指数覆盖覆盖93个中证三级行业中的91个，从行业均衡视角反映A股各 行业代表性公司的整体表现，其中信息技术、通信服务、医药卫生等新兴产业权重较高，更贴合当前经 济结构转型方向。 （文章来源：每日经济新闻） A股午后延续震荡分化走势，盘面上，能源金属、软件、信创、军工、煤炭等板块涨幅居前，医药、光 伏设备、保险、银行等板块表现弱势，截至14:28，中证A500指数下跌0.6%，容百科技、三六零、中矿 资源、雅化集团、航天发展等成份股涨停。 光大证券表示，市场大方向或仍处在牛市中，与往年牛市相比，当前指数仍然有相当大的上涨空间，但 是在国家对于"慢牛"的政策指引之下，牛市持续的时间或许要比涨幅更加重要；不过短期来看，市场可 能缺乏强力催化，叠加年末部分投资者在行为上可能趋于稳健，股市短期或以震荡蓄势为主。 ...