Core Viewpoint - The current market performance indicates that despite indices reaching four-year highs, over 40% of stocks remain at low levels, suggesting a disconnect between market sentiment and actual stock performance [1] Group 1: Institutional Participation - The key issue is not merely the presence of institutional investors but their active trading involvement, which is crucial for maintaining stock price momentum [2][4] - An example is provided where despite significant institutional holdings in Kweichow Moutai, the stock price continued to decline due to a lack of active trading by these institutions [2][4] Group 2: Market Characteristics - The market is characterized by short periods of price increases followed by longer periods of adjustments, driven by uncertainty, leading large funds to adopt a "time for space" strategy [5] - This market behavior is particularly challenging for retail investors, who may lose patience during prolonged fluctuations or select the wrong stocks [5][7] Group 3: Understanding Market Dynamics - As earnings reports approach, typical news such as financing increases and pension adjustments may hold limited value for ordinary investors; understanding the underlying funding behavior is more critical [9] - The current bull market differs significantly from previous ones, and relying solely on traditional chart analysis may lead to misinterpretation of market signals [9]