那天早上打开行情软件，看到海南板块一片飘红，康芝药业直接20cm涨停，我差点把嘴里的咖啡喷出来。这场景太熟悉了——每次政策红利释放，总有一 批股票像打了鸡血似的往上窜。但更熟悉的是，我的自选股里又完美错过了这波行情。 一、政策春风吹，股价蹭蹭涨 三亚"双中心"项目封顶的消息就像一剂强心针，把整个海南板块都打精神了。财通证券那帮分析师说得头头是道：短期吃政策红利，长期看制度创新。免税 政策、加工增值、商业航天…听着就让人热血沸腾。 但问题是，这些利好消息出来时，股价早就起飞了。就像追公交车，你看到车来了拼命跑，结果还是眼睁睁看着它开走。这就是散户的宿命吗？我盯着海南 海药那根笔直的涨停线，突然想起去年错过的寒武纪——当时也觉得涨太高不敢买，结果人家一路绝尘而去。 二、牛市最痛苦的不是亏钱 说出来可能有人不信，在牛市里最让人抓狂的不是亏损，而是眼睁睁看着好股票涨上天却不敢上车。这种"踏空"的滋味比套牢还难受——至少套牢时还能自 我安慰"价值投资"，而踏空纯粹是自己吓自己导致的错过。 这张图是我的量化系统核心指标之一。橙色柱子代表机构活跃度，你们看寒武纪在8月爆发前，机构已经悄悄布局半年多了。最神奇的是图示①那里— ...

Group 1 - The core viewpoint of the article highlights the psychological distress experienced by investors during a bull market, particularly the feeling of missing out on potential gains while others profit significantly [1][2][3] - The phenomenon of "loss aversion" is discussed, where the pain of not earning expected profits is perceived as a loss, leading to heightened anxiety among investors [3][4] - Social comparison plays a significant role in exacerbating this anxiety, as investors often compare their performance with others, leading to feelings of inadequacy and frustration [5][6] Group 2 - The article explains "hindsight bias," where investors regret missed opportunities, believing they should have predicted market movements, which intensifies their emotional distress [7][8][9] - The "kick-the-cat effect" is introduced, illustrating how negative emotions from investment losses can spill over into personal relationships, particularly affecting family dynamics [10][11][12] - Attention resource theory suggests that excessive focus on investments can detract from family time, leading to strained relationships due to reduced quality interactions [13][14] Group 3 - The article emphasizes the need for setting boundaries between investment activities and family life to maintain harmony and reduce stress [18] - It encourages investors to adjust their perceptions of missed earnings, recognizing that not earning a profit does not equate to a loss, thereby alleviating anxiety [19][20] - Open communication with partners about investment-related feelings is recommended to share burdens and foster understanding, which can help mitigate emotional strain [21][22]

Core Viewpoint - The A-share market is experiencing a bull market, with the Shanghai Composite Index approaching 3790 points, yet some prominent investors are missing out on this opportunity, leading to discussions about "missing the bull market" among investors [1][9]. Group 1: Performance of Key Fund Managers - Ren Zesong, a former top public fund manager, has seen his product "Jiyuan-Xiangrui No. 1" decline in value, with a unit net value of only 0.7370 yuan as of August 15, 2025, representing a nearly 26% decrease since its inception in May 2016 [3][4][7]. - Despite a strong market performance, Ren Zesong's other private fund products have not been publicly disclosed, and his investment style has shown significant volatility since transitioning to private equity [4][8]. - The performance of Ren Zesong's fund has been particularly poor during the recent bull market, contrasting sharply with the overall positive performance of private equity funds in 2025 [9][10]. Group 2: Market Trends and Investor Behavior - The overall private equity market has performed well in 2025, with an average return of 11.94% for 11,880 private equity securities products, and 86.97% of these products achieving positive returns [9]. - The bull market has been driven by various factors, including policy changes and market expectations, but some fund managers have failed to adapt their strategies, leading to missed opportunities [10][11]. - The current bull market is characterized by a focus on technology, high-end manufacturing upgrades, and consumer recovery, with a shift in capital towards new sectors [10][11].