[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciobed3a687":3},{"user":4,"document":8,"mainDocument":30,"columnUrl":32,"subscription":33,"footer":45,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":26,"videoId":6,"liveVideoUrl":6,"duration":27,"price":27,"priceText":28,"priceBadgeText":28,"priceBadgeClass":29,"freeForMinGroupLevel":27,"redirectUrl":6,"readyToStream":5},"dciobed3a687","今年至今对冲基金净套现1万亿美元，散户每月净购买股票500亿美元","\u002Fdoc\u002Fdciobed3a687","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">近日，摩根大通的报告显示，开年至今，对冲基金净套现\u003C\u002Fspan>1\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">万亿美元，与此同时，散户每月净购买股票\u003C\u002Fspan>500\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">亿美元，而且“几乎没有中断”。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\"> \u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">这一动态颠覆了华尔街关于投资者在市场动荡期间的行为的传统观念。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\"> \u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">华尔街长期以来一直称散户是“傻钱”（\u003C\u002Fspan>dumb money\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">），因为散户倾向于根据恐惧和贪婪做出决定。相比之下，对冲基金和机构投资者被称为“聪明钱”（\u003C\u002Fspan>smart money\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">），因为他们历来能够依靠大量数据和分析，忽视情绪驱动的波动。今年以来的数据显示，关于这些群体行为的流行观念越来越与现实脱节。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">事实上，近年来大型基金在经济衰退时更有可能逃离市场，以避免潜在损失。散户也改变了他们的投资方式。被动管理的指数基金以及\u003C\u002Fspan>401(k)\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">计划多年来从每次下跌都能获得回报，这意味着，当市场变得疯狂时，很多散户不再争相退出，而是持有或者继续加仓。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">更详细的数据显示，在美股巨震时，机构向左，散户向右。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\"> \u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">摩根大通对零售经纪数据的分析显示，\u003C\u002Fspan>4\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">月\u003C\u002Fspan>3\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">日，标普\u003C\u002Fspan>500\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">指数暴跌近\u003C\u002Fspan>5%\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">，成为有史以来最强劲的买入日，散户买入了价值超过\u003C\u002Fspan>45\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">亿美元的股票和\u003C\u002Fspan>ETF\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">。德意志银行的数据显示，\u003C\u002Fspan>ETF\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">和共同基金追踪的股票通常由家庭持有，在\u003C\u002Fspan>4\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">月初的一周内记录了约\u003C\u002Fspan>500\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">亿美元的资金流入，这是今年最大的一次。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">相比之下，高盛的对冲基金客户在\u003C\u002Fspan>4\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">月\u003C\u002Fspan>3\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">日和\u003C\u002Fspan>4\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">月\u003C\u002Fspan>4\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">日卖出的股票，比近\u003C\u002Fspan>15\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">年来任何连续两个交易日都多。而衡量大型机构投资者对股市敞口的指数，在本月跌至\u003C\u002Fspan>2023\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">年底以来的最低水平。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\"> \u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">JonesTrading\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">首席市场策略师\u003C\u002Fspan>Michael O'Rourke\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">表示：“行为上存在明显差异”。他认为，在过去十年左右的时间里，大投资者在市场受挫时往往会卖出比正常情况更多的股票，而个人投资者已经习惯了在市场下跌时买入。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">对冲基金通常依靠杠杆或借来的钱来获得回报。当股票下跌时，他们给贷款人的抵押品价值下降，迫使其迅速拿出现金来弥补缺口，卖出股票的操作顺理成章。而且，越来越多的基金依赖于预先确定的损失限额，承诺稳定的回报成为基金行业的主流。当机构投资者遭受\u003C\u002Fspan>5%\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">的损失时，许多人开始抛售，以避免更大的损失。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">一些交易员表示，在\u003C\u002Fspan>4\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">月份的某些时候，投资者似乎希望以任何价格卖出。一家对冲基金的负责人表示：“我们不是来被动承受市场波动的”。对冲基金表示，在动荡中如此活跃的另一个原因是，其客户希望他们寻找其他机会。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\"> \u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">到目前为止，很难判断对冲基金和散户谁的做法是明智的。几乎没有迹象表明市场波动正在缓解，特朗普政府对全球关税最终决策尚未确定，而由此产生的任何经济连锁反应也无法预知。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\"> \u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">历史数据显示，在\u003C\u002Fspan>21\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">世纪初互联网泡沫破灭后，标普\u003C\u002Fspan>500\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">指数花了近七年时间才恢复。\u003C\u002Fspan>\u003C\u002Fp>","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202504-stk\u002FUploader3u5d0wp5s2r_2025_04_29_08_42_50.jpg","2025-04-29T15:42:41.73","2025.04.29","2025\u002F04\u002F29",40688,[22,23,24,25],"SPX","SPY","QQQ","对冲基金","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":31,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":26,"videoId":6,"liveVideoUrl":6,"duration":27,"price":27,"priceText":28,"priceBadgeText":28,"priceBadgeClass":29,"freeForMinGroupLevel":27,"redirectUrl":6,"readyToStream":5},[22,23,24,25],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":34,"services":35,"recentDocuments":44},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" rel=\"noopener noreferrer\">\u003Cimg style=\"display:block;margin-left:auto;margin-right:auto;\" src=\"https:\u002F\u002Fstockwewebfiles.blob.core.windows.net\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[36,40],{"productId":37,"serviceName":38,"priceText":39},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":41,"serviceName":42,"priceText":43},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":46,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[47,50,53,56,59,62,65,68],{"label":48,"url":49},"深度报告","\u002Fcol\u002FdepthReport",{"label":51,"url":52},"VIP会员","\u002Fplan",{"label":54,"url":55},"期权推荐","\u002FOption",{"label":57,"url":58},"低价暴涨股","\u002FPenny",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 StockWe.com 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理千万级股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"edit":87,"editVideo":88,"courseContent":89,"more":90,"buyNow":91,"subscribeNow":92,"encoding":93,"paidContent":94},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]