这场景太常见了。身边炒股的散户朋友，十有八九都亏过，但真能彻底离开的没几个。明知道难赚钱，为啥还在坚持？今天就掏心窝子聊聊这事儿，说说散 户踩过的坑，也聊聊怎么破局。 机构和散户的信息差，是股市里最隐蔽的"收割机"。 前几天在公园遇到一位老股民，六十多岁，盯着手机里的K线图叹气："炒股十年，没赚到钱，本金还亏了不少。"问他为啥不退出，他摆摆手："习惯了， 总觉得下一次能回本。" 机构有专业团队盯着政策、研报、公司公告，消息一出来几分钟就能分析完；散户呢？要么刷新闻看到"利好"，点进去发现是三天前的旧闻，股价早就涨过 了；要么看到"利空"就慌不择路割肉，后来才知道那消息根本不影响核心业务。 真实案例：2020年某新能源公司宣布"签订大额订单"，新闻标题写得轰轰烈烈。我激动地全仓杀进去，结果第二天低开低走——后来才知道，那订单金额占 公司营收比例不到5%，早就被机构预判消化了，我纯属接盘。 更麻烦的是消息解读。同样一份财报，有人看到"净利润增长10%"觉得是利好，有人看到"扣非净利润下降5%"觉得是利空。散户没专业知识，很容易被标题 党带偏。去年有朋友看到某公司"研发投入大增50%"的新闻就冲进去，结果股价跌了2 ...

Core Insights - The article highlights a significant increase in stamp duty revenue from securities trading, which rose to 66.8 billion yuan in the first five months of the year, a year-on-year increase of 52.4%, despite a declining stock market [1][3]. Market Analysis - The A-share market experienced a decline from around 3,400 points at the beginning of the year to over 3,200 points by June, indicating a challenging environment for investors [3]. - The increase in stamp duty suggests that retail investors are trading more frequently, often engaging in a cycle of buying high and selling low, leading to increased transaction costs and losses [3][4]. Trading Behavior - Retail investors are heavily influenced by market emotions, leading to impulsive trading decisions that result in higher costs and missed long-term opportunities [3][4]. - The article emphasizes that frequent trading can exacerbate losses, as seen in the example of an investor who changed stocks multiple times within the year, incurring significant transaction costs [3]. Comparison with US Market - In contrast to the A-share market, the US stock market does not impose a stamp duty but utilizes capital gains tax, which is capped at 20% for long-term holdings, encouraging investors to hold stocks for longer periods [4]. - The absence of stamp duty in the US market does not eliminate trading costs, as platform fees, commissions, and currency exchange losses can still accumulate, making long-term holding potentially more cost-effective [4]. Investment Strategy - The article advocates for a shift in investment strategy from frequent trading to a focus on long-term value, suggesting that investors should concentrate on companies with sustainable competitive advantages and hold their investments patiently [5]. - The increase in stamp duty is framed as a "tax on market emotions," urging investors to overcome impulsive trading behaviors and adopt a more rational approach to investing [5].