在上周五的抛售后，散户投资者迅速入场抄底美股，推动市场几乎完全逆转跌势。机构投资者目前不敢做空，因为散户的买盘力量让传统的市场调整模式 失效。分析师建议当前"不要与散户投资者对赌"。 全国投资管理集团首席市场策略师Mark Hackett表示，散户投资者的"逢跌买入"策略彻底困扰了机构投资者，"所有历史趋势都不再有效"。 周一美股的强劲反弹印证了这一观点。在上周五因就业数据疲弱、关税实施等多重利空引发的抛售后，散户投资者迅速入场抄底，推动市场几乎完全逆 转跌势。据Interactive Brokers数据，部分散户甚至在周五就开始买入，该券商累计净股票买单较一周前激增78%。 Hackett指出，机构投资者目前不敢做空，因为散户的买盘力量让传统的市场调整模式失效。尽管标普500指数市盈率高达22倍，自4月低点已反弹近 30%，但历史上应该出现的季节性回调并未如期而至。他建议当前"不要与散户投资者对赌"。 散户的"逢跌买入"信仰 近期市场动态是散户影响力的最新例证。上周五，在就业数据不及预期、关税启动以及地缘政治风险等多重利空打击下，市场出现了机构投资者的"典 型反应"——抛售。然而，这种跌势并未持续。 Mar ...

Core Insights - Retail investors are challenging traditional Wall Street investment logic with unprecedented strategies, particularly through a "buy the dip" approach that has left institutional investors perplexed [1][2][3] - The recent strong rebound in the U.S. stock market, following a sell-off due to weak employment data and tariffs, highlights the influence of retail investors who quickly entered the market to capitalize on lower prices [1][2] - Historical market trends are no longer reliable indicators, as the current market dynamics defy traditional expectations of corrections and downturns [3][5] Retail Investor Behavior - Retail investors have demonstrated a strong inclination to buy during market dips, which has become evident in recent market movements [2][3] - Data from Interactive Brokers shows a 78% increase in net stock purchases by retail investors, indicating their proactive stance even before the market rebound [1][2] - This behavior has contributed to a sense of inevitability regarding market recovery, as retail investors continue to support prices despite high valuations [2][3] Institutional Investor Challenges - Institutional investors are facing difficulties in managing their portfolios due to the overwhelming buying power of retail investors, which has made traditional strategies less effective [5][6] - Many institutions missed optimal entry points during the market rebound in April, leading to a challenging situation where they are now "chasing" the market [5] - The concentration of a few large tech stocks in indices complicates the creation of diversified portfolios for institutional investors [5][6] Market Outlook - Despite the strength of retail investors, there are cautions regarding the sustainability of the "buy the dip" strategy, especially in a high-valuation environment with increasing economic uncertainty [6] - The market may enter a consolidation phase before potentially gaining momentum towards the end of the year, driven by factors such as U.S. government spending plans [6] - The ongoing competition between Wall Street and retail investors signifies a new reality that all market participants must navigate [6]