来源：市场投研资讯 （来源：小白读财经） 股市，开始"纠偏"了 1、最近，多家银行发布公告，明确表示严禁信用卡资金用于炒股。 证券日报说道： 借助透支信用卡实现的"无本套利"行为，普遍带有短期投机属性，会加剧股市的非理性波动，干扰价格发现功能，埋下风险隐患 监管部门、银行禁止信用卡资金炒股，既是守住信用卡"消费信贷"定位、阻断跨市场风险传导链条的必要举措，也是对消费者合法权益的前瞻性保护。 2、8月28日晚，寒武纪发布了公告，公司8月28日收盘价相较于2025年7月28日收盘价上涨133.86%，股价涨幅超过大部分同行业公司股价涨幅，且显著高 于科创综指、科创50、上证综指等相关指数涨幅，股票价格存在脱离当前基本面的风险，投资者参与交易可能面临较大风险。 怎么看待这两个消息？ 随着指数显著上行，市场已经明显进入到技术性牛市，但与此同时，一些偏离市场健康轨道的事件也在发生，比如有的人将信用卡资金违规炒股、盲目追 涨杀跌等。上面两则消息就是对近期出现的一些不良现象进行纠偏。 原因很简单： 一个能持续上行的股市必须要有一个健康的生态。经历过2015年牛市的暴涨暴跌以及前几年市场的一系统异常波动，至少给我们两大经验教 ...

Group 1: Inflation Debate - The release of the June CPI data in the U.S. has sparked a fierce debate between two camps: Trump advocating for a 300 basis point rate cut and Fed Chair Powell maintaining a cautious stance [1][2] - The June core CPI rose by 0.2% month-over-month, lower than the expected 0.3% but higher than May's 0.1%, marking the fifth consecutive month of underperformance against expectations [2][13] - Following the CPI announcement, the Dow Jones dropped 400 points, and the S&P 500 fell by 0.4%, indicating investor support for Powell's cautious approach [2] Group 2: Market Expectations - The essence of the market lies in the difference between expectations and reality, where a reversal in expectations can lead to positive market feedback despite poor realities [3] - The concept of "expectation difference" highlights the information asymmetry that leads to cognitive differences among investors [3] Group 3: Institutional Behavior - The presence of around a hundred stocks related to domestic substitution concepts raises questions about why only a few have seen significant price movements, suggesting institutional interest [5] - Data analytics tools can reveal trading behavior patterns, allowing for insights into institutional participation in the market [5][7] Group 4: Data Predictive Power - Active institutional participation in stocks often precedes market reactions, indicating strategic positioning by these entities [10] - A contrasting example shows that despite positive forecasts, lack of institutional interest can lead to poor stock performance [12] Group 5: Structural Changes in Inflation - The CPI report indicates structural changes, with price increases in furniture (0.4%), clothing (0.4%), and footwear (0.7%), reflecting the inflationary effects of Trump's tariff policies [13] - Market expectations for a September rate cut have dropped from 60% to 50%, showing a shift in professional investors' confidence towards Powell's assessment of inflation drivers [13] Group 6: Investment Insights - The market's reaction suggests that professional investors trust Powell's cautious approach, emphasizing the importance of understanding the underlying data rather than surface-level interpretations [14] - Long-term tracking of institutional trading behavior is crucial for accurately gauging market trends [14]