Group 1 - The tourism market during the May Day holiday was exceptionally vibrant, with impressive consumption data, yet consumption stocks underperformed compared to technology stocks [1] - The average consumption per person during the holiday was 574 yuan, slightly up from 566 yuan in 2024 and 603 yuan in 2019, indicating a trend towards budget travel with fewer shoppers [2][3] - Suggestions to improve consumption include implementing flexible vacation systems and adding spring and autumn breaks for schoolchildren, which could encourage family travel and spending [4] Group 2 - Stock price movements are influenced more by institutional fund dynamics than by direct news, with institutions often taking advantage of retail investors' reactions to market news [5] - Recent trends show that many consumption stocks have exhibited signs of selling, as some funds have exited the market early, leading to price declines despite positive news [5][6] - The key to sustained stock price increases lies in continuous institutional fund participation, which can be tracked through unique data reflecting institutional trading activity [8][10] Group 3 - The number of stocks with continuous institutional fund involvement is close to 3,000, with a notable increase in institutional inventory data over the past 6 to 10 days, reaching a one-month peak [13]

Core Viewpoint - The market has experienced significant volatility since the sharp decline on April 7, leading to concerns among investors about the potential for recovery and strategies to navigate the turbulent environment [1] Group 1: Market Volatility - A-shares exhibit higher volatility compared to U.S. stocks, with A-shares experiencing a 16% fluctuation in individual stocks since April 7, while U.S. stocks have only seen a decline of over 30% eight times in the past 120 years [2][4] - Investors should embrace the high volatility of A-shares as it presents opportunities for excess returns, as stable markets do not typically reveal undervalued or panic-driven opportunities [4] Group 2: Investment Strategies - Ordinary investors are advised to adopt a trend-following approach rather than attempting to predict market movements, as retail investors are more susceptible to emotional influences compared to institutional investors [5] - The reliance on K-line patterns and financial news may obscure the true market dynamics, and utilizing big data technology can help uncover genuine trading intentions and market essence [5][12] Group 3: Institutional Behavior - The behavior of institutional funds is crucial in determining stock price movements, as seen in the example where a stock experiences a pullback followed by a rise, indicating potential new investment opportunities driven by institutional support [7] - Signals of "strong profit-taking" indicate that institutional investors are realizing profits, which may suggest a high risk for chasing prices upward despite subsequent minor increases [9][11] Group 4: Data Utilization - Professional big data tools are available to capture and analyze original trading data, allowing for the identification of abnormal trading signals that may not be visible to ordinary investors [12][14] - Active institutional inventory data often correlates with upward price momentum, while its absence can lead to downward trends, highlighting the limitations of solely relying on K-line analysis [14]