9月18日，据高盛最新公布的数据显示，第三季度0DTE期权（当日到期期权）成交量占美股总成交量的比例首次突破60%创历史新高。这类被称为"末日期 权"的高杠杆衍生品正是散户投资者的偏爱工具，其主导地位解释了为何市场每次下跌都能在创纪录短时间内被买盘接手。 与此同时，数据还显示，"碎股"交易——即单笔交易少于100股的订单——在第三季度达到美股所有交易的66%，相比2019年1月的31%实现大幅跃升。这 一散户交易的重要指标同时占到名义交易量的20%以上和总执行股数的8%。 散户投资者正以前所未有的规模主导美股市场，在对冲基金和传统机构投资者面对历史高位股价日趋谨慎之际，散户通过期权和小额股票交易重塑市场格 局。 市场人士指出，散户资金储备仍在持续积累，货币市场基金资产规模已达创纪录的7.3万亿美元，为进一步的风险资产配置提供充足弹药。 散户通过"末日期权"主导衍生品市场 0DTE期权成交量占比突破60%标志着散户投资者在衍生品市场影响力的决定性转变。这类当日到期的期权产品因其极高的杠杆特性和快速获利潜力，成为 散户投资者追逐短期收益的首选工具。 高盛公布的数据显示，这一比例的快速上升与对冲基金和长期投资基金在 ...

Group 1 - Retail investors are currently dominating the U.S. stock market, as indicated by major Wall Street institutions like JPMorgan, Barclays, and Charles Schwab [1][2][3] - Barclays' proprietary stock frenzy index shows that the proportion of stocks in the "frenzy zone" is reaching its highest level of the year, reflecting the aggressive use of zero-day options by retail investors [2][4] - The best-performing stocks since the market low on April 9 are concentrated in unprofitable tech stocks and heavily shorted stocks, showcasing the distinct investment preferences of retail investors [1][3] Group 2 - The popularity of zero-day options among retail investors indicates a significant shift in risk appetite, allowing them to gain high leverage with relatively small capital [2][4] - Institutional investors have been forced to adjust their portfolios due to the active participation of retail investors, although they have not adopted aggressive risk-taking strategies [3][4] - The decline in market volatility, driven by stabilizing economic data such as GDP and inflation, is attracting more funds from volatility-controlled funds into the stock market [4]