华尔街热议这张图：连续大跌后，资金为何依然狂买美股？

华尔街见闻2021-03-08

波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？美国股市的走势，连华尔街都看不懂了。在过去的三周中，美国股票，尤其是科技股受到重创，纳斯达克指数短时间内累计滑落了10％，而标普指数也遭受了沉重打击。科技龙头更是一片惨淡：自一月下旬以来，苹果股价下跌了15％。特斯拉在三周内损失了超过25...

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Comments

暖冬jeff
2021-03-09
暖冬jeff
小編打牌是五億飄十億那種吧
拆东强补西墙苏北刘西强
2021-03-09
拆东强补西墙苏北刘西强
這些所謂的散戶，有多少是漂洋過海來送人頭的[流泪]
可乐向前冲
2021-03-09
可乐向前冲
大跌不買，難道等大漲了買麼？？
野草01
2021-03-09
野草01
這個25萬億看得我走了
一颗成长中的韭菜
2021-03-08
一颗成长中的韭菜
已經沒有比美股更好的選擇了啊。難道買a股？
Jrothschild
2021-03-08
Jrothschild
現在什麼文化水平的人都能當編輯了？

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href=https://wallstreetcn.com/articles/3622791>华尔街见闻</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？\n\n美国股市的走势，连华尔街都看不懂了。\n在过去的三周中，美国股票，尤其是科技股受到重创，纳斯达克指数短时间内累计滑落了10％，而标普指数也遭受了沉重打击。\n科技龙头更是一片惨淡：自一月下旬以来，苹果股价下跌了15％。特斯拉在三周内损失了超过25...\n\n<a href=\"https://wallstreetcn.com/articles/3622791\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".SPX","symbol_name":"S&P 500 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falls?","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/15211c830d3fed4804cd4a196fb87090","symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9},"content_text":"波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？\n\n美国股市的走势，连华尔街都看不懂了。\n在过去的三周中，美国股票，尤其是科技股受到重创，纳斯达克指数短时间内累计滑落了10％，而标普指数也遭受了沉重打击。\n科技龙头更是一片惨淡：自一月下旬以来，苹果股价下跌了15％。特斯拉在三周内损失了超过25万亿美元的市值，不到一个月的时间，纳斯达克市值蒸发了超过1.5万亿美元。\n然而，尽管最近美国国债收益率飙升对风险资产造成了打击，同时伴随着波动性指数VIX及其反映债券市场波动性的MOVE指数大涨。\n但根据资金流向监测机构EPFR最新的报告，上周有222亿美元的新资金流入美股，此前一周有462亿美元的巨额资金流入，创下有记录的第三高，换言之，在过去16周中，美股的资金流入总额达到4360亿美元。\n\n如今，美股市场上的这种表现堪称奇特。\n从历史上看，当市场波动性加剧之际，投资者通常会撤出资金。如今却恰恰相反，他们正在把创纪录的资金投入到股市之中。\n高盛首席策略分析师David Kostin也注意到这一问题：\n\n 国债收益率上升，股票下跌，长期增长型股票暴跌，但股票基金继续看到大量的净流入。\n\n自2月初以来，流入股票共同基金和ETF的资金总额为1630亿美元，按绝对值来统计，这五周的流入资金总额为历史最高；相对于资产而言，是十年来的第三大资金流入。\n尽管近期美国国债收益率的上涨在很大程度上打压了股票价格，但与年初相比，过去几周流入股票基金的速度加快了。\n\n相比之下，2月份每周流入债券基金的资金平均约为100亿美元，比1月份的每周资金流入低50％。此外，过去一个月货币市场基金净流出340亿美元。\n钱从哪里来？\n不可否认的是，如今美国散户成为了这一轮追逐美股的主力。\n散户投资者有多积极？\n根据监控美国市场零售流量的VandaTrack的数据，散户投资者每周平均抢购美国股票达66亿美元，高于2020年每周平均净购买47亿美元的水平。\n年初在Robinhood等交易软件以及Reddit等社交媒体上分享交易心得的散户投资者们，已经习惯了逢低买入。\n正如彭博社在周末指出的那样，目前的市场动荡，并没有让散户投资者动摇，他们坚定地认为，美联储和财政部的救济计划仍将继续，目前的股市大跌还没让他们到含泪割肉的时候。\n据彭博社报道，2020年，美国散户的资金以创纪录的速度涌入美国股市，增幅为40％。\nNational Securities的首席市场策略师Art Hogan说：\n\n从历史上看，散户投资者涌入市场是一个坏信号，并且是一个股市见顶的信号。可是，2020年，当我们看到散户疯狂入场的时候，我们每每预计市场已经见顶，但常常是错误的。\n\n钱去了哪儿？\n这么多资金流入股市，都投向了哪里呢？\n难道是继续疯狂追逐那些被热炒的股票吗？\n但是实际上，散户投资者并没有不分青红皂白地向所有股票投入现金，取而代之的是，股票基金最青睐的投资领域是风格切换的领域，也就是那些得益于经济恢复增长和疫情受控的行业。\n换句话说，新进场的资金实际上反映了美股从成长股到价值股的切换。\n以绝对美元计算，过去一个月在美国交易的股票基金出现了大笔资金流入（达到620亿美元）其中，新兴市场股票、价值股、小型股等股票基金出现了最大的流入量，这与市场对经济复苏的预期一致。\nKostin认为：\n\n 历史表明，股票基金通常会在实际利率下降时经历资金流入。在过去的十年中，股票基金流入的最有利背景是实际利率和通胀率都在上升。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":329421178,"gmtCreate":1615271825994,"gmtModify":1704780395753,"author":{"id":"3544969856859991","authorId":"3544969856859991","name":"暖冬jeff","avatar":"https://static.tigerbbs.com/559f83e7332948e6e25186640b8fef5b","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3544969856859991","idStr":"3544969856859991"},"htmlText":"小編打牌是五億飄十億那種吧","listText":"小編打牌是五億飄十億那種吧","text":"小編打牌是五億飄十億那種吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/329421178","repostId":1125607315,"repostType":2,"repost":{"id":"1125607315","kind":"news","pubTimestamp":1615193170,"share":"https://ttm.financial/m/news/1125607315?lang=en_US&edition=fundamental","pubTime":"2021-03-08 16:46","market":"us","language":"zh","title":"Wall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?","url":"https://stock-news.laohu8.com/highlight/detail?id=1125607315","media":"华尔街见闻","summary":"波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？\n\n美国股市的走势，连华尔街都看不懂了。\n在过去的三","content":"With soaring volatility and soaring U.S. bond yields, it stands to reason that the stock market will suffer a sell-off. However, in the past 16 weeks, the inflow of funds into U.S. stocks has reached a record $436 billion. Where did this money come from and where did it go? Even Wall Street can't understand the trend of the U.S. stock market.In the past three weeks, U.S. stocks, especially technology stocks, have been hit hard. The Nasdaq index has slipped by 10% in a short period of time, while the S&P index has also suffered a heavy blow.Technology leaders are even more bleak: since late January,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Shares are down 15%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It lost more than $25 trillion in market capitalization in three weeks, and in less than a month, more than $1.5 trillion of Nasdaq market capitalization was wiped off.However, although the recent surge in U.S. Treasury Bond yields has dealt a blow to risky assets, it has been accompanied by a surge in the volatility index VIX and its MOVE index, which reflects the volatility of the bond market.However, according to the latest report from EPFR, a capital flow monitoring agency, $22.2 billion in new funds flowed into U.S. stocks last week, after a huge inflow of $46.2 billion in the previous week, the third highest on record. In other words, in the past 16 weeks, Total inflows into U.S. stocks reached $436 billion.<img src=\"https://static.tigerbbs.com/b6e8ff8c96bec400aefe6c3d2f80fe46\" tg-width=\"587\" tg-height=\"446\" referrerpolicy=\"no-referrer\">Today, this performance in the U.S. stock market is peculiar.Historically, investors have typically pulled out their money when market volatility has increased. Now, on the contrary, they are putting record amounts of money into the stock market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Chief strategist David Kostin also noticed this problem:Treasury Bond yields have risen, equities have fallen, and long-term growth stocks have plunged, but equity funds continue to see significant net inflows. Since the beginning of February, inflows into equity mutual funds and ETFs totaled $163 billion. In absolute terms, these five weeks were the highest total inflows in history; Relative to assets, it is the third largest inflow in a decade.While recent rises in U.S. Treasury Bond yields have largely weighed on stock prices, inflows into equity funds have accelerated over the past few weeks compared to the start of the year.<img src=\"https://static.tigerbbs.com/0b2791d3c0cce9c7a9828c4e208a0a70\" tg-width=\"545\" tg-height=\"368\" referrerpolicy=\"no-referrer\">In contrast, weekly inflows into bond funds averaged about $10 billion in February, 50% lower than weekly inflows in January. In addition, money market funds saw net outflows of $34 billion in the past month.Where does the money come from?It is undeniable that U.S. retail investors have now become the main force in this round of chasing U.S. stocks.How aggressive are retail investors?According to data from VandaTrack, which monitors retail traffic in the U.S. market, retail investors snapped up an average of $6.6 billion in U.S. stocks every week, up from the average weekly net purchase of $4.7 billion in 2020.Retail investors who shared their trading experiences on trading software such as Robinhood and social media such as Reddit at the beginning of the year have become accustomed to buying dips.As Bloomberg pointed out over the weekend, the current market turmoil has not shaken retail investors. They firmly believe that the relief plans of the Federal Reserve and the Treasury Department will continue, and the current stock market crash has not yet made them cut their flesh in tears.According to Bloomberg, money from U.S. retail investors poured into U.S. stocks at a record rate in 2020, with an increase of 40%.Art Hogan, chief market strategist at National Securities, said:Historically, the influx of retail investors into the market is a bad sign and a sign that the stock market has peaked.However, in 2020, when we see retail investors entering the market frantically, we often expect that the market has peaked, but we are often wrong. Where did the money go?So much money flowed into the stock market, where did it go?Is it to continue to frantically chase those hot-speculated stocks?But in reality, retail investors are not indiscriminately pouring cash into all stocks. Instead, the most favored investment areas for stock funds are style switching areas, that is, those that benefit from the recovery of economic growth and the control of the epidemic. industry.In other words, the new funds entering the market actually reflect the switch of U.S. stocks from growth stocks to value stocks.In absolute dollar terms, stock funds traded in the United States have seen large inflows in the past month (reaching $62 billion). Among them, emerging market stocks, value stocks, small stocks and other stock funds have seen the largest inflows, which is consistent with the market's expectations for economic recovery.Kostin believes:History shows that equity funds typically experience inflows when real interest rates fall. The most favorable backdrop for equity fund inflows over the past decade has been rising real interest rates and inflation rates.<img src=\"https://static.tigerbbs.com/d04262993d39e170c96706139be2944d\" tg-width=\"667\" tg-height=\"460\" referrerpolicy=\"no-referrer\">","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-03-08 16:46\n\n</h4>\n</header>\n<article>\nWith soaring volatility and soaring U.S. bond yields, it stands to reason that the stock market will suffer a sell-off. However, in the past 16 weeks, the inflow of funds into U.S. stocks has reached a record $436 billion. Where did this money come from and where did it go? Even Wall Street can't understand the trend of the U.S. stock market.In the past three weeks, U.S. stocks, especially technology stocks, have been hit hard. The Nasdaq index has slipped by 10% in a short period of time, while the S&P index has also suffered a heavy blow.Technology leaders are even more bleak: since late January,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Shares are down 15%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It lost more than $25 trillion in market capitalization in three weeks, and in less than a month, more than $1.5 trillion of Nasdaq market capitalization was wiped off.However, although the recent surge in U.S. Treasury Bond yields has dealt a blow to risky assets, it has been accompanied by a surge in the volatility index VIX and its MOVE index, which reflects the volatility of the bond market.However, according to the latest report from EPFR, a capital flow monitoring agency, $22.2 billion in new funds flowed into U.S. stocks last week, after a huge inflow of $46.2 billion in the previous week, the third highest on record. In other words, in the past 16 weeks, Total inflows into U.S. stocks reached $436 billion.<img src=\"https://static.tigerbbs.com/b6e8ff8c96bec400aefe6c3d2f80fe46\" tg-width=\"587\" tg-height=\"446\" referrerpolicy=\"no-referrer\">Today, this performance in the U.S. stock market is peculiar.Historically, investors have typically pulled out their money when market volatility has increased. Now, on the contrary, they are putting record amounts of money into the stock market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Chief strategist David Kostin also noticed this problem:Treasury Bond yields have risen, equities have fallen, and long-term growth stocks have plunged, but equity funds continue to see significant net inflows. Since the beginning of February, inflows into equity mutual funds and ETFs totaled $163 billion. In absolute terms, these five weeks were the highest total inflows in history; Relative to assets, it is the third largest inflow in a decade.While recent rises in U.S. Treasury Bond yields have largely weighed on stock prices, inflows into equity funds have accelerated over the past few weeks compared to the start of the year.<img src=\"https://static.tigerbbs.com/0b2791d3c0cce9c7a9828c4e208a0a70\" tg-width=\"545\" tg-height=\"368\" referrerpolicy=\"no-referrer\">In contrast, weekly inflows into bond funds averaged about $10 billion in February, 50% lower than weekly inflows in January. In addition, money market funds saw net outflows of $34 billion in the past month.Where does the money come from?It is undeniable that U.S. retail investors have now become the main force in this round of chasing U.S. stocks.How aggressive are retail investors?According to data from VandaTrack, which monitors retail traffic in the U.S. market, retail investors snapped up an average of $6.6 billion in U.S. stocks every week, up from the average weekly net purchase of $4.7 billion in 2020.Retail investors who shared their trading experiences on trading software such as Robinhood and social media such as Reddit at the beginning of the year have become accustomed to buying dips.As Bloomberg pointed out over the weekend, the current market turmoil has not shaken retail investors. They firmly believe that the relief plans of the Federal Reserve and the Treasury Department will continue, and the current stock market crash has not yet made them cut their flesh in tears.According to Bloomberg, money from U.S. retail investors poured into U.S. stocks at a record rate in 2020, with an increase of 40%.Art Hogan, chief market strategist at National Securities, said:Historically, the influx of retail investors into the market is a bad sign and a sign that the stock market has peaked.However, in 2020, when we see retail investors entering the market frantically, we often expect that the market has peaked, but we are often wrong. Where did the money go?So much money flowed into the stock market, where did it go?Is it to continue to frantically chase those hot-speculated stocks?But in reality, retail investors are not indiscriminately pouring cash into all stocks. Instead, the most favored investment areas for stock funds are style switching areas, that is, those that benefit from the recovery of economic growth and the control of the epidemic. industry.In other words, the new funds entering the market actually reflect the switch of U.S. stocks from growth stocks to value stocks.In absolute dollar terms, stock funds traded in the United States have seen large inflows in the past month (reaching $62 billion). Among them, emerging market stocks, value stocks, small stocks and other stock funds have seen the largest inflows, which is consistent with the market's expectations for economic recovery.Kostin believes:History shows that equity funds typically experience inflows when real interest rates fall. The most favorable backdrop for equity fund inflows over the past decade has been rising real interest rates and inflation rates.<img src=\"https://static.tigerbbs.com/d04262993d39e170c96706139be2944d\" tg-width=\"667\" tg-height=\"460\" referrerpolicy=\"no-referrer\">\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3622791\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://wallstreetcn.com/articles/3622791","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1125607315","content_text":"波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？\n\n美国股市的走势，连华尔街都看不懂了。\n在过去的三周中，美国股票，尤其是科技股受到重创，纳斯达克指数短时间内累计滑落了10％，而标普指数也遭受了沉重打击。\n科技龙头更是一片惨淡：自一月下旬以来，苹果股价下跌了15％。特斯拉在三周内损失了超过25万亿美元的市值，不到一个月的时间，纳斯达克市值蒸发了超过1.5万亿美元。\n然而，尽管最近美国国债收益率飙升对风险资产造成了打击，同时伴随着波动性指数VIX及其反映债券市场波动性的MOVE指数大涨。\n但根据资金流向监测机构EPFR最新的报告，上周有222亿美元的新资金流入美股，此前一周有462亿美元的巨额资金流入，创下有记录的第三高，换言之，在过去16周中，美股的资金流入总额达到4360亿美元。\n\n如今，美股市场上的这种表现堪称奇特。\n从历史上看，当市场波动性加剧之际，投资者通常会撤出资金。如今却恰恰相反，他们正在把创纪录的资金投入到股市之中。\n高盛首席策略分析师David Kostin也注意到这一问题：\n\n 国债收益率上升，股票下跌，长期增长型股票暴跌，但股票基金继续看到大量的净流入。\n\n自2月初以来，流入股票共同基金和ETF的资金总额为1630亿美元，按绝对值来统计，这五周的流入资金总额为历史最高；相对于资产而言，是十年来的第三大资金流入。\n尽管近期美国国债收益率的上涨在很大程度上打压了股票价格，但与年初相比，过去几周流入股票基金的速度加快了。\n\n相比之下，2月份每周流入债券基金的资金平均约为100亿美元，比1月份的每周资金流入低50％。此外，过去一个月货币市场基金净流出340亿美元。\n钱从哪里来？\n不可否认的是，如今美国散户成为了这一轮追逐美股的主力。\n散户投资者有多积极？\n根据监控美国市场零售流量的VandaTrack的数据，散户投资者每周平均抢购美国股票达66亿美元，高于2020年每周平均净购买47亿美元的水平。\n年初在Robinhood等交易软件以及Reddit等社交媒体上分享交易心得的散户投资者们，已经习惯了逢低买入。\n正如彭博社在周末指出的那样，目前的市场动荡，并没有让散户投资者动摇，他们坚定地认为，美联储和财政部的救济计划仍将继续，目前的股市大跌还没让他们到含泪割肉的时候。\n据彭博社报道，2020年，美国散户的资金以创纪录的速度涌入美国股市，增幅为40％。\nNational Securities的首席市场策略师Art Hogan说：\n\n从历史上看，散户投资者涌入市场是一个坏信号，并且是一个股市见顶的信号。可是，2020年，当我们看到散户疯狂入场的时候，我们每每预计市场已经见顶，但常常是错误的。\n\n钱去了哪儿？\n这么多资金流入股市，都投向了哪里呢？\n难道是继续疯狂追逐那些被热炒的股票吗？\n但是实际上，散户投资者并没有不分青红皂白地向所有股票投入现金，取而代之的是，股票基金最青睐的投资领域是风格切换的领域，也就是那些得益于经济恢复增长和疫情受控的行业。\n换句话说，新进场的资金实际上反映了美股从成长股到价值股的切换。\n以绝对美元计算，过去一个月在美国交易的股票基金出现了大笔资金流入（达到620亿美元）其中，新兴市场股票、价值股、小型股等股票基金出现了最大的流入量，这与市场对经济复苏的预期一致。\nKostin认为：\n\n 历史表明，股票基金通常会在实际利率下降时经历资金流入。在过去的十年中，股票基金流入的最有利背景是实际利率和通胀率都在上升。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":329637049,"gmtCreate":1615239878881,"gmtModify":1704779940873,"author":{"id":"3576223947931843","authorId":"3576223947931843","name":"拆东强补西墙苏北刘西强","avatar":"https://static.tigerbbs.com/89039fedd1b9b86a3e7dd1961f169f09","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3576223947931843","idStr":"3576223947931843"},"htmlText":"這些所謂的散戶，有多少是漂洋過海來送人頭的[流泪]&nbsp;","listText":"這些所謂的散戶，有多少是漂洋過海來送人頭的[流泪]&nbsp;","text":"這些所謂的散戶，有多少是漂洋過海來送人頭的[流泪]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/329637049","repostId":1125607315,"repostType":2,"repost":{"id":"1125607315","kind":"news","pubTimestamp":1615193170,"share":"https://ttm.financial/m/news/1125607315?lang=en_US&edition=fundamental","pubTime":"2021-03-08 16:46","market":"us","language":"zh","title":"Wall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?","url":"https://stock-news.laohu8.com/highlight/detail?id=1125607315","media":"华尔街见闻","summary":"波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？\n\n美国股市的走势，连华尔街都看不懂了。\n在过去的三","content":"With soaring volatility and soaring U.S. bond yields, it stands to reason that the stock market will suffer a sell-off. However, in the past 16 weeks, the inflow of funds into U.S. stocks has reached a record $436 billion. Where did this money come from and where did it go? Even Wall Street can't understand the trend of the U.S. stock market.In the past three weeks, U.S. stocks, especially technology stocks, have been hit hard. The Nasdaq index has slipped by 10% in a short period of time, while the S&P index has also suffered a heavy blow.Technology leaders are even more bleak: since late January,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Shares are down 15%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It lost more than $25 trillion in market capitalization in three weeks, and in less than a month, more than $1.5 trillion of Nasdaq market capitalization was wiped off.However, although the recent surge in U.S. Treasury Bond yields has dealt a blow to risky assets, it has been accompanied by a surge in the volatility index VIX and its MOVE index, which reflects the volatility of the bond market.However, according to the latest report from EPFR, a capital flow monitoring agency, $22.2 billion in new funds flowed into U.S. stocks last week, after a huge inflow of $46.2 billion in the previous week, the third highest on record. In other words, in the past 16 weeks, Total inflows into U.S. stocks reached $436 billion.<img src=\"https://static.tigerbbs.com/b6e8ff8c96bec400aefe6c3d2f80fe46\" tg-width=\"587\" tg-height=\"446\" referrerpolicy=\"no-referrer\">Today, this performance in the U.S. stock market is peculiar.Historically, investors have typically pulled out their money when market volatility has increased. Now, on the contrary, they are putting record amounts of money into the stock market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Chief strategist David Kostin also noticed this problem:Treasury Bond yields have risen, equities have fallen, and long-term growth stocks have plunged, but equity funds continue to see significant net inflows. Since the beginning of February, inflows into equity mutual funds and ETFs totaled $163 billion. In absolute terms, these five weeks were the highest total inflows in history; Relative to assets, it is the third largest inflow in a decade.While recent rises in U.S. Treasury Bond yields have largely weighed on stock prices, inflows into equity funds have accelerated over the past few weeks compared to the start of the year.<img src=\"https://static.tigerbbs.com/0b2791d3c0cce9c7a9828c4e208a0a70\" tg-width=\"545\" tg-height=\"368\" referrerpolicy=\"no-referrer\">In contrast, weekly inflows into bond funds averaged about $10 billion in February, 50% lower than weekly inflows in January. In addition, money market funds saw net outflows of $34 billion in the past month.Where does the money come from?It is undeniable that U.S. retail investors have now become the main force in this round of chasing U.S. stocks.How aggressive are retail investors?According to data from VandaTrack, which monitors retail traffic in the U.S. market, retail investors snapped up an average of $6.6 billion in U.S. stocks every week, up from the average weekly net purchase of $4.7 billion in 2020.Retail investors who shared their trading experiences on trading software such as Robinhood and social media such as Reddit at the beginning of the year have become accustomed to buying dips.As Bloomberg pointed out over the weekend, the current market turmoil has not shaken retail investors. They firmly believe that the relief plans of the Federal Reserve and the Treasury Department will continue, and the current stock market crash has not yet made them cut their flesh in tears.According to Bloomberg, money from U.S. retail investors poured into U.S. stocks at a record rate in 2020, with an increase of 40%.Art Hogan, chief market strategist at National Securities, said:Historically, the influx of retail investors into the market is a bad sign and a sign that the stock market has peaked.However, in 2020, when we see retail investors entering the market frantically, we often expect that the market has peaked, but we are often wrong. Where did the money go?So much money flowed into the stock market, where did it go?Is it to continue to frantically chase those hot-speculated stocks?But in reality, retail investors are not indiscriminately pouring cash into all stocks. Instead, the most favored investment areas for stock funds are style switching areas, that is, those that benefit from the recovery of economic growth and the control of the epidemic. industry.In other words, the new funds entering the market actually reflect the switch of U.S. stocks from growth stocks to value stocks.In absolute dollar terms, stock funds traded in the United States have seen large inflows in the past month (reaching $62 billion). Among them, emerging market stocks, value stocks, small stocks and other stock funds have seen the largest inflows, which is consistent with the market's expectations for economic recovery.Kostin believes:History shows that equity funds typically experience inflows when real interest rates fall. The most favorable backdrop for equity fund inflows over the past decade has been rising real interest rates and inflation rates.<img src=\"https://static.tigerbbs.com/d04262993d39e170c96706139be2944d\" tg-width=\"667\" tg-height=\"460\" referrerpolicy=\"no-referrer\">","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-03-08 16:46\n\n</h4>\n</header>\n<article>\nWith soaring volatility and soaring U.S. bond yields, it stands to reason that the stock market will suffer a sell-off. However, in the past 16 weeks, the inflow of funds into U.S. stocks has reached a record $436 billion. Where did this money come from and where did it go? Even Wall Street can't understand the trend of the U.S. stock market.In the past three weeks, U.S. stocks, especially technology stocks, have been hit hard. The Nasdaq index has slipped by 10% in a short period of time, while the S&P index has also suffered a heavy blow.Technology leaders are even more bleak: since late January,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Shares are down 15%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It lost more than $25 trillion in market capitalization in three weeks, and in less than a month, more than $1.5 trillion of Nasdaq market capitalization was wiped off.However, although the recent surge in U.S. Treasury Bond yields has dealt a blow to risky assets, it has been accompanied by a surge in the volatility index VIX and its MOVE index, which reflects the volatility of the bond market.However, according to the latest report from EPFR, a capital flow monitoring agency, $22.2 billion in new funds flowed into U.S. stocks last week, after a huge inflow of $46.2 billion in the previous week, the third highest on record. In other words, in the past 16 weeks, Total inflows into U.S. stocks reached $436 billion.<img src=\"https://static.tigerbbs.com/b6e8ff8c96bec400aefe6c3d2f80fe46\" tg-width=\"587\" tg-height=\"446\" referrerpolicy=\"no-referrer\">Today, this performance in the U.S. stock market is peculiar.Historically, investors have typically pulled out their money when market volatility has increased. Now, on the contrary, they are putting record amounts of money into the stock market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Chief strategist David Kostin also noticed this problem:Treasury Bond yields have risen, equities have fallen, and long-term growth stocks have plunged, but equity funds continue to see significant net inflows. Since the beginning of February, inflows into equity mutual funds and ETFs totaled $163 billion. In absolute terms, these five weeks were the highest total inflows in history; Relative to assets, it is the third largest inflow in a decade.While recent rises in U.S. Treasury Bond yields have largely weighed on stock prices, inflows into equity funds have accelerated over the past few weeks compared to the start of the year.<img src=\"https://static.tigerbbs.com/0b2791d3c0cce9c7a9828c4e208a0a70\" tg-width=\"545\" tg-height=\"368\" referrerpolicy=\"no-referrer\">In contrast, weekly inflows into bond funds averaged about $10 billion in February, 50% lower than weekly inflows in January. In addition, money market funds saw net outflows of $34 billion in the past month.Where does the money come from?It is undeniable that U.S. retail investors have now become the main force in this round of chasing U.S. stocks.How aggressive are retail investors?According to data from VandaTrack, which monitors retail traffic in the U.S. market, retail investors snapped up an average of $6.6 billion in U.S. stocks every week, up from the average weekly net purchase of $4.7 billion in 2020.Retail investors who shared their trading experiences on trading software such as Robinhood and social media such as Reddit at the beginning of the year have become accustomed to buying dips.As Bloomberg pointed out over the weekend, the current market turmoil has not shaken retail investors. They firmly believe that the relief plans of the Federal Reserve and the Treasury Department will continue, and the current stock market crash has not yet made them cut their flesh in tears.According to Bloomberg, money from U.S. retail investors poured into U.S. stocks at a record rate in 2020, with an increase of 40%.Art Hogan, chief market strategist at National Securities, said:Historically, the influx of retail investors into the market is a bad sign and a sign that the stock market has peaked.However, in 2020, when we see retail investors entering the market frantically, we often expect that the market has peaked, but we are often wrong. Where did the money go?So much money flowed into the stock market, where did it go?Is it to continue to frantically chase those hot-speculated stocks?But in reality, retail investors are not indiscriminately pouring cash into all stocks. Instead, the most favored investment areas for stock funds are style switching areas, that is, those that benefit from the recovery of economic growth and the control of the epidemic. industry.In other words, the new funds entering the market actually reflect the switch of U.S. stocks from growth stocks to value stocks.In absolute dollar terms, stock funds traded in the United States have seen large inflows in the past month (reaching $62 billion). Among them, emerging market stocks, value stocks, small stocks and other stock funds have seen the largest inflows, which is consistent with the market's expectations for economic recovery.Kostin believes:History shows that equity funds typically experience inflows when real interest rates fall. The most favorable backdrop for equity fund inflows over the past decade has been rising real interest rates and inflation rates.<img src=\"https://static.tigerbbs.com/d04262993d39e170c96706139be2944d\" tg-width=\"667\" tg-height=\"460\" referrerpolicy=\"no-referrer\">\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3622791\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://wallstreetcn.com/articles/3622791","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1125607315","content_text":"波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？\n\n美国股市的走势，连华尔街都看不懂了。\n在过去的三周中，美国股票，尤其是科技股受到重创，纳斯达克指数短时间内累计滑落了10％，而标普指数也遭受了沉重打击。\n科技龙头更是一片惨淡：自一月下旬以来，苹果股价下跌了15％。特斯拉在三周内损失了超过25万亿美元的市值，不到一个月的时间，纳斯达克市值蒸发了超过1.5万亿美元。\n然而，尽管最近美国国债收益率飙升对风险资产造成了打击，同时伴随着波动性指数VIX及其反映债券市场波动性的MOVE指数大涨。\n但根据资金流向监测机构EPFR最新的报告，上周有222亿美元的新资金流入美股，此前一周有462亿美元的巨额资金流入，创下有记录的第三高，换言之，在过去16周中，美股的资金流入总额达到4360亿美元。\n\n如今，美股市场上的这种表现堪称奇特。\n从历史上看，当市场波动性加剧之际，投资者通常会撤出资金。如今却恰恰相反，他们正在把创纪录的资金投入到股市之中。\n高盛首席策略分析师David Kostin也注意到这一问题：\n\n 国债收益率上升，股票下跌，长期增长型股票暴跌，但股票基金继续看到大量的净流入。\n\n自2月初以来，流入股票共同基金和ETF的资金总额为1630亿美元，按绝对值来统计，这五周的流入资金总额为历史最高；相对于资产而言，是十年来的第三大资金流入。\n尽管近期美国国债收益率的上涨在很大程度上打压了股票价格，但与年初相比，过去几周流入股票基金的速度加快了。\n\n相比之下，2月份每周流入债券基金的资金平均约为100亿美元，比1月份的每周资金流入低50％。此外，过去一个月货币市场基金净流出340亿美元。\n钱从哪里来？\n不可否认的是，如今美国散户成为了这一轮追逐美股的主力。\n散户投资者有多积极？\n根据监控美国市场零售流量的VandaTrack的数据，散户投资者每周平均抢购美国股票达66亿美元，高于2020年每周平均净购买47亿美元的水平。\n年初在Robinhood等交易软件以及Reddit等社交媒体上分享交易心得的散户投资者们，已经习惯了逢低买入。\n正如彭博社在周末指出的那样，目前的市场动荡，并没有让散户投资者动摇，他们坚定地认为，美联储和财政部的救济计划仍将继续，目前的股市大跌还没让他们到含泪割肉的时候。\n据彭博社报道，2020年，美国散户的资金以创纪录的速度涌入美国股市，增幅为40％。\nNational Securities的首席市场策略师Art Hogan说：\n\n从历史上看，散户投资者涌入市场是一个坏信号，并且是一个股市见顶的信号。可是，2020年，当我们看到散户疯狂入场的时候，我们每每预计市场已经见顶，但常常是错误的。\n\n钱去了哪儿？\n这么多资金流入股市，都投向了哪里呢？\n难道是继续疯狂追逐那些被热炒的股票吗？\n但是实际上，散户投资者并没有不分青红皂白地向所有股票投入现金，取而代之的是，股票基金最青睐的投资领域是风格切换的领域，也就是那些得益于经济恢复增长和疫情受控的行业。\n换句话说，新进场的资金实际上反映了美股从成长股到价值股的切换。\n以绝对美元计算，过去一个月在美国交易的股票基金出现了大笔资金流入（达到620亿美元）其中，新兴市场股票、价值股、小型股等股票基金出现了最大的流入量，这与市场对经济复苏的预期一致。\nKostin认为：\n\n 历史表明，股票基金通常会在实际利率下降时经历资金流入。在过去的十年中，股票基金流入的最有利背景是实际利率和通胀率都在上升。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":329631470,"gmtCreate":1615238591290,"gmtModify":1704779933661,"author":{"id":"3473048804864720","authorId":"3473048804864720","name":"可乐向前冲","avatar":"https://static.tigerbbs.com/b11e9a772451c19531cf5cafc5f368d8","vip":1,"hat":"https://static.tigerbbs.com/646756f1284a5a6480ed02cc4fa7d1d2","crmLevel":8,"crmLevelSwitch":0,"authorIdStr":"3473048804864720","idStr":"3473048804864720"},"htmlText":"大跌不買，難道等大漲了買麼？？","listText":"大跌不買，難道等大漲了買麼？？","text":"大跌不買，難道等大漲了買麼？？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/329631470","repostId":1125607315,"repostType":2,"repost":{"id":"1125607315","kind":"news","pubTimestamp":1615193170,"share":"https://ttm.financial/m/news/1125607315?lang=en_US&edition=fundamental","pubTime":"2021-03-08 16:46","market":"us","language":"zh","title":"Wall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?","url":"https://stock-news.laohu8.com/highlight/detail?id=1125607315","media":"华尔街见闻","summary":"波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？\n\n美国股市的走势，连华尔街都看不懂了。\n在过去的三","content":"With soaring volatility and soaring U.S. bond yields, it stands to reason that the stock market will suffer a sell-off. However, in the past 16 weeks, the inflow of funds into U.S. stocks has reached a record $436 billion. Where did this money come from and where did it go? Even Wall Street can't understand the trend of the U.S. stock market.In the past three weeks, U.S. stocks, especially technology stocks, have been hit hard. The Nasdaq index has slipped by 10% in a short period of time, while the S&P index has also suffered a heavy blow.Technology leaders are even more bleak: since late January,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Shares are down 15%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It lost more than $25 trillion in market capitalization in three weeks, and in less than a month, more than $1.5 trillion of Nasdaq market capitalization was wiped off.However, although the recent surge in U.S. Treasury Bond yields has dealt a blow to risky assets, it has been accompanied by a surge in the volatility index VIX and its MOVE index, which reflects the volatility of the bond market.However, according to the latest report from EPFR, a capital flow monitoring agency, $22.2 billion in new funds flowed into U.S. stocks last week, after a huge inflow of $46.2 billion in the previous week, the third highest on record. In other words, in the past 16 weeks, Total inflows into U.S. stocks reached $436 billion.<img src=\"https://static.tigerbbs.com/b6e8ff8c96bec400aefe6c3d2f80fe46\" tg-width=\"587\" tg-height=\"446\" referrerpolicy=\"no-referrer\">Today, this performance in the U.S. stock market is peculiar.Historically, investors have typically pulled out their money when market volatility has increased. Now, on the contrary, they are putting record amounts of money into the stock market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Chief strategist David Kostin also noticed this problem:Treasury Bond yields have risen, equities have fallen, and long-term growth stocks have plunged, but equity funds continue to see significant net inflows. Since the beginning of February, inflows into equity mutual funds and ETFs totaled $163 billion. In absolute terms, these five weeks were the highest total inflows in history; Relative to assets, it is the third largest inflow in a decade.While recent rises in U.S. Treasury Bond yields have largely weighed on stock prices, inflows into equity funds have accelerated over the past few weeks compared to the start of the year.<img src=\"https://static.tigerbbs.com/0b2791d3c0cce9c7a9828c4e208a0a70\" tg-width=\"545\" tg-height=\"368\" referrerpolicy=\"no-referrer\">In contrast, weekly inflows into bond funds averaged about $10 billion in February, 50% lower than weekly inflows in January. In addition, money market funds saw net outflows of $34 billion in the past month.Where does the money come from?It is undeniable that U.S. retail investors have now become the main force in this round of chasing U.S. stocks.How aggressive are retail investors?According to data from VandaTrack, which monitors retail traffic in the U.S. market, retail investors snapped up an average of $6.6 billion in U.S. stocks every week, up from the average weekly net purchase of $4.7 billion in 2020.Retail investors who shared their trading experiences on trading software such as Robinhood and social media such as Reddit at the beginning of the year have become accustomed to buying dips.As Bloomberg pointed out over the weekend, the current market turmoil has not shaken retail investors. They firmly believe that the relief plans of the Federal Reserve and the Treasury Department will continue, and the current stock market crash has not yet made them cut their flesh in tears.According to Bloomberg, money from U.S. retail investors poured into U.S. stocks at a record rate in 2020, with an increase of 40%.Art Hogan, chief market strategist at National Securities, said:Historically, the influx of retail investors into the market is a bad sign and a sign that the stock market has peaked.However, in 2020, when we see retail investors entering the market frantically, we often expect that the market has peaked, but we are often wrong. Where did the money go?So much money flowed into the stock market, where did it go?Is it to continue to frantically chase those hot-speculated stocks?But in reality, retail investors are not indiscriminately pouring cash into all stocks. Instead, the most favored investment areas for stock funds are style switching areas, that is, those that benefit from the recovery of economic growth and the control of the epidemic. industry.In other words, the new funds entering the market actually reflect the switch of U.S. stocks from growth stocks to value stocks.In absolute dollar terms, stock funds traded in the United States have seen large inflows in the past month (reaching $62 billion). Among them, emerging market stocks, value stocks, small stocks and other stock funds have seen the largest inflows, which is consistent with the market's expectations for economic recovery.Kostin believes:History shows that equity funds typically experience inflows when real interest rates fall. The most favorable backdrop for equity fund inflows over the past decade has been rising real interest rates and inflation rates.<img src=\"https://static.tigerbbs.com/d04262993d39e170c96706139be2944d\" tg-width=\"667\" tg-height=\"460\" referrerpolicy=\"no-referrer\">","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-03-08 16:46\n\n</h4>\n</header>\n<article>\nWith soaring volatility and soaring U.S. bond yields, it stands to reason that the stock market will suffer a sell-off. However, in the past 16 weeks, the inflow of funds into U.S. stocks has reached a record $436 billion. Where did this money come from and where did it go? Even Wall Street can't understand the trend of the U.S. stock market.In the past three weeks, U.S. stocks, especially technology stocks, have been hit hard. The Nasdaq index has slipped by 10% in a short period of time, while the S&P index has also suffered a heavy blow.Technology leaders are even more bleak: since late January,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Shares are down 15%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It lost more than $25 trillion in market capitalization in three weeks, and in less than a month, more than $1.5 trillion of Nasdaq market capitalization was wiped off.However, although the recent surge in U.S. Treasury Bond yields has dealt a blow to risky assets, it has been accompanied by a surge in the volatility index VIX and its MOVE index, which reflects the volatility of the bond market.However, according to the latest report from EPFR, a capital flow monitoring agency, $22.2 billion in new funds flowed into U.S. stocks last week, after a huge inflow of $46.2 billion in the previous week, the third highest on record. In other words, in the past 16 weeks, Total inflows into U.S. stocks reached $436 billion.<img src=\"https://static.tigerbbs.com/b6e8ff8c96bec400aefe6c3d2f80fe46\" tg-width=\"587\" tg-height=\"446\" referrerpolicy=\"no-referrer\">Today, this performance in the U.S. stock market is peculiar.Historically, investors have typically pulled out their money when market volatility has increased. Now, on the contrary, they are putting record amounts of money into the stock market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Chief strategist David Kostin also noticed this problem:Treasury Bond yields have risen, equities have fallen, and long-term growth stocks have plunged, but equity funds continue to see significant net inflows. Since the beginning of February, inflows into equity mutual funds and ETFs totaled $163 billion. In absolute terms, these five weeks were the highest total inflows in history; Relative to assets, it is the third largest inflow in a decade.While recent rises in U.S. Treasury Bond yields have largely weighed on stock prices, inflows into equity funds have accelerated over the past few weeks compared to the start of the year.<img src=\"https://static.tigerbbs.com/0b2791d3c0cce9c7a9828c4e208a0a70\" tg-width=\"545\" tg-height=\"368\" referrerpolicy=\"no-referrer\">In contrast, weekly inflows into bond funds averaged about $10 billion in February, 50% lower than weekly inflows in January. In addition, money market funds saw net outflows of $34 billion in the past month.Where does the money come from?It is undeniable that U.S. retail investors have now become the main force in this round of chasing U.S. stocks.How aggressive are retail investors?According to data from VandaTrack, which monitors retail traffic in the U.S. market, retail investors snapped up an average of $6.6 billion in U.S. stocks every week, up from the average weekly net purchase of $4.7 billion in 2020.Retail investors who shared their trading experiences on trading software such as Robinhood and social media such as Reddit at the beginning of the year have become accustomed to buying dips.As Bloomberg pointed out over the weekend, the current market turmoil has not shaken retail investors. They firmly believe that the relief plans of the Federal Reserve and the Treasury Department will continue, and the current stock market crash has not yet made them cut their flesh in tears.According to Bloomberg, money from U.S. retail investors poured into U.S. stocks at a record rate in 2020, with an increase of 40%.Art Hogan, chief market strategist at National Securities, said:Historically, the influx of retail investors into the market is a bad sign and a sign that the stock market has peaked.However, in 2020, when we see retail investors entering the market frantically, we often expect that the market has peaked, but we are often wrong. Where did the money go?So much money flowed into the stock market, where did it go?Is it to continue to frantically chase those hot-speculated stocks?But in reality, retail investors are not indiscriminately pouring cash into all stocks. Instead, the most favored investment areas for stock funds are style switching areas, that is, those that benefit from the recovery of economic growth and the control of the epidemic. industry.In other words, the new funds entering the market actually reflect the switch of U.S. stocks from growth stocks to value stocks.In absolute dollar terms, stock funds traded in the United States have seen large inflows in the past month (reaching $62 billion). Among them, emerging market stocks, value stocks, small stocks and other stock funds have seen the largest inflows, which is consistent with the market's expectations for economic recovery.Kostin believes:History shows that equity funds typically experience inflows when real interest rates fall. The most favorable backdrop for equity fund inflows over the past decade has been rising real interest rates and inflation rates.<img src=\"https://static.tigerbbs.com/d04262993d39e170c96706139be2944d\" tg-width=\"667\" tg-height=\"460\" referrerpolicy=\"no-referrer\">\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3622791\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://wallstreetcn.com/articles/3622791","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1125607315","content_text":"波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？\n\n美国股市的走势，连华尔街都看不懂了。\n在过去的三周中，美国股票，尤其是科技股受到重创，纳斯达克指数短时间内累计滑落了10％，而标普指数也遭受了沉重打击。\n科技龙头更是一片惨淡：自一月下旬以来，苹果股价下跌了15％。特斯拉在三周内损失了超过25万亿美元的市值，不到一个月的时间，纳斯达克市值蒸发了超过1.5万亿美元。\n然而，尽管最近美国国债收益率飙升对风险资产造成了打击，同时伴随着波动性指数VIX及其反映债券市场波动性的MOVE指数大涨。\n但根据资金流向监测机构EPFR最新的报告，上周有222亿美元的新资金流入美股，此前一周有462亿美元的巨额资金流入，创下有记录的第三高，换言之，在过去16周中，美股的资金流入总额达到4360亿美元。\n\n如今，美股市场上的这种表现堪称奇特。\n从历史上看，当市场波动性加剧之际，投资者通常会撤出资金。如今却恰恰相反，他们正在把创纪录的资金投入到股市之中。\n高盛首席策略分析师David Kostin也注意到这一问题：\n\n 国债收益率上升，股票下跌，长期增长型股票暴跌，但股票基金继续看到大量的净流入。\n\n自2月初以来，流入股票共同基金和ETF的资金总额为1630亿美元，按绝对值来统计，这五周的流入资金总额为历史最高；相对于资产而言，是十年来的第三大资金流入。\n尽管近期美国国债收益率的上涨在很大程度上打压了股票价格，但与年初相比，过去几周流入股票基金的速度加快了。\n\n相比之下，2月份每周流入债券基金的资金平均约为100亿美元，比1月份的每周资金流入低50％。此外，过去一个月货币市场基金净流出340亿美元。\n钱从哪里来？\n不可否认的是，如今美国散户成为了这一轮追逐美股的主力。\n散户投资者有多积极？\n根据监控美国市场零售流量的VandaTrack的数据，散户投资者每周平均抢购美国股票达66亿美元，高于2020年每周平均净购买47亿美元的水平。\n年初在Robinhood等交易软件以及Reddit等社交媒体上分享交易心得的散户投资者们，已经习惯了逢低买入。\n正如彭博社在周末指出的那样，目前的市场动荡，并没有让散户投资者动摇，他们坚定地认为，美联储和财政部的救济计划仍将继续，目前的股市大跌还没让他们到含泪割肉的时候。\n据彭博社报道，2020年，美国散户的资金以创纪录的速度涌入美国股市，增幅为40％。\nNational Securities的首席市场策略师Art Hogan说：\n\n从历史上看，散户投资者涌入市场是一个坏信号，并且是一个股市见顶的信号。可是，2020年，当我们看到散户疯狂入场的时候，我们每每预计市场已经见顶，但常常是错误的。\n\n钱去了哪儿？\n这么多资金流入股市，都投向了哪里呢？\n难道是继续疯狂追逐那些被热炒的股票吗？\n但是实际上，散户投资者并没有不分青红皂白地向所有股票投入现金，取而代之的是，股票基金最青睐的投资领域是风格切换的领域，也就是那些得益于经济恢复增长和疫情受控的行业。\n换句话说，新进场的资金实际上反映了美股从成长股到价值股的切换。\n以绝对美元计算，过去一个月在美国交易的股票基金出现了大笔资金流入（达到620亿美元）其中，新兴市场股票、价值股、小型股等股票基金出现了最大的流入量，这与市场对经济复苏的预期一致。\nKostin认为：\n\n 历史表明，股票基金通常会在实际利率下降时经历资金流入。在过去的十年中，股票基金流入的最有利背景是实际利率和通胀率都在上升。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":329607180,"gmtCreate":1615233911040,"gmtModify":1704779915226,"author":{"id":"3560856514180263","authorId":"3560856514180263","name":"野草01","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3560856514180263","idStr":"3560856514180263"},"htmlText":"這個25萬億看得我走了","listText":"這個25萬億看得我走了","text":"這個25萬億看得我走了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/329607180","repostId":1125607315,"repostType":2,"repost":{"id":"1125607315","kind":"news","pubTimestamp":1615193170,"share":"https://ttm.financial/m/news/1125607315?lang=en_US&edition=fundamental","pubTime":"2021-03-08 16:46","market":"us","language":"zh","title":"Wall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?","url":"https://stock-news.laohu8.com/highlight/detail?id=1125607315","media":"华尔街见闻","summary":"波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？\n\n美国股市的走势，连华尔街都看不懂了。\n在过去的三","content":"With soaring volatility and soaring U.S. bond yields, it stands to reason that the stock market will suffer a sell-off. However, in the past 16 weeks, the inflow of funds into U.S. stocks has reached a record $436 billion. Where did this money come from and where did it go? Even Wall Street can't understand the trend of the U.S. stock market.In the past three weeks, U.S. stocks, especially technology stocks, have been hit hard. The Nasdaq index has slipped by 10% in a short period of time, while the S&P index has also suffered a heavy blow.Technology leaders are even more bleak: since late January,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Shares are down 15%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It lost more than $25 trillion in market capitalization in three weeks, and in less than a month, more than $1.5 trillion of Nasdaq market capitalization was wiped off.However, although the recent surge in U.S. Treasury Bond yields has dealt a blow to risky assets, it has been accompanied by a surge in the volatility index VIX and its MOVE index, which reflects the volatility of the bond market.However, according to the latest report from EPFR, a capital flow monitoring agency, $22.2 billion in new funds flowed into U.S. stocks last week, after a huge inflow of $46.2 billion in the previous week, the third highest on record. In other words, in the past 16 weeks, Total inflows into U.S. stocks reached $436 billion.<img src=\"https://static.tigerbbs.com/b6e8ff8c96bec400aefe6c3d2f80fe46\" tg-width=\"587\" tg-height=\"446\" referrerpolicy=\"no-referrer\">Today, this performance in the U.S. stock market is peculiar.Historically, investors have typically pulled out their money when market volatility has increased. Now, on the contrary, they are putting record amounts of money into the stock market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Chief strategist David Kostin also noticed this problem:Treasury Bond yields have risen, equities have fallen, and long-term growth stocks have plunged, but equity funds continue to see significant net inflows. Since the beginning of February, inflows into equity mutual funds and ETFs totaled $163 billion. In absolute terms, these five weeks were the highest total inflows in history; Relative to assets, it is the third largest inflow in a decade.While recent rises in U.S. Treasury Bond yields have largely weighed on stock prices, inflows into equity funds have accelerated over the past few weeks compared to the start of the year.<img src=\"https://static.tigerbbs.com/0b2791d3c0cce9c7a9828c4e208a0a70\" tg-width=\"545\" tg-height=\"368\" referrerpolicy=\"no-referrer\">In contrast, weekly inflows into bond funds averaged about $10 billion in February, 50% lower than weekly inflows in January. In addition, money market funds saw net outflows of $34 billion in the past month.Where does the money come from?It is undeniable that U.S. retail investors have now become the main force in this round of chasing U.S. stocks.How aggressive are retail investors?According to data from VandaTrack, which monitors retail traffic in the U.S. market, retail investors snapped up an average of $6.6 billion in U.S. stocks every week, up from the average weekly net purchase of $4.7 billion in 2020.Retail investors who shared their trading experiences on trading software such as Robinhood and social media such as Reddit at the beginning of the year have become accustomed to buying dips.As Bloomberg pointed out over the weekend, the current market turmoil has not shaken retail investors. They firmly believe that the relief plans of the Federal Reserve and the Treasury Department will continue, and the current stock market crash has not yet made them cut their flesh in tears.According to Bloomberg, money from U.S. retail investors poured into U.S. stocks at a record rate in 2020, with an increase of 40%.Art Hogan, chief market strategist at National Securities, said:Historically, the influx of retail investors into the market is a bad sign and a sign that the stock market has peaked.However, in 2020, when we see retail investors entering the market frantically, we often expect that the market has peaked, but we are often wrong. Where did the money go?So much money flowed into the stock market, where did it go?Is it to continue to frantically chase those hot-speculated stocks?But in reality, retail investors are not indiscriminately pouring cash into all stocks. Instead, the most favored investment areas for stock funds are style switching areas, that is, those that benefit from the recovery of economic growth and the control of the epidemic. industry.In other words, the new funds entering the market actually reflect the switch of U.S. stocks from growth stocks to value stocks.In absolute dollar terms, stock funds traded in the United States have seen large inflows in the past month (reaching $62 billion). Among them, emerging market stocks, value stocks, small stocks and other stock funds have seen the largest inflows, which is consistent with the market's expectations for economic recovery.Kostin believes:History shows that equity funds typically experience inflows when real interest rates fall. The most favorable backdrop for equity fund inflows over the past decade has been rising real interest rates and inflation rates.<img src=\"https://static.tigerbbs.com/d04262993d39e170c96706139be2944d\" tg-width=\"667\" tg-height=\"460\" referrerpolicy=\"no-referrer\">","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-03-08 16:46\n\n</h4>\n</header>\n<article>\nWith soaring volatility and soaring U.S. bond yields, it stands to reason that the stock market will suffer a sell-off. However, in the past 16 weeks, the inflow of funds into U.S. stocks has reached a record $436 billion. Where did this money come from and where did it go? Even Wall Street can't understand the trend of the U.S. stock market.In the past three weeks, U.S. stocks, especially technology stocks, have been hit hard. The Nasdaq index has slipped by 10% in a short period of time, while the S&P index has also suffered a heavy blow.Technology leaders are even more bleak: since late January,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Shares are down 15%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It lost more than $25 trillion in market capitalization in three weeks, and in less than a month, more than $1.5 trillion of Nasdaq market capitalization was wiped off.However, although the recent surge in U.S. Treasury Bond yields has dealt a blow to risky assets, it has been accompanied by a surge in the volatility index VIX and its MOVE index, which reflects the volatility of the bond market.However, according to the latest report from EPFR, a capital flow monitoring agency, $22.2 billion in new funds flowed into U.S. stocks last week, after a huge inflow of $46.2 billion in the previous week, the third highest on record. In other words, in the past 16 weeks, Total inflows into U.S. stocks reached $436 billion.<img src=\"https://static.tigerbbs.com/b6e8ff8c96bec400aefe6c3d2f80fe46\" tg-width=\"587\" tg-height=\"446\" referrerpolicy=\"no-referrer\">Today, this performance in the U.S. stock market is peculiar.Historically, investors have typically pulled out their money when market volatility has increased. Now, on the contrary, they are putting record amounts of money into the stock market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Chief strategist David Kostin also noticed this problem:Treasury Bond yields have risen, equities have fallen, and long-term growth stocks have plunged, but equity funds continue to see significant net inflows. Since the beginning of February, inflows into equity mutual funds and ETFs totaled $163 billion. In absolute terms, these five weeks were the highest total inflows in history; Relative to assets, it is the third largest inflow in a decade.While recent rises in U.S. Treasury Bond yields have largely weighed on stock prices, inflows into equity funds have accelerated over the past few weeks compared to the start of the year.<img src=\"https://static.tigerbbs.com/0b2791d3c0cce9c7a9828c4e208a0a70\" tg-width=\"545\" tg-height=\"368\" referrerpolicy=\"no-referrer\">In contrast, weekly inflows into bond funds averaged about $10 billion in February, 50% lower than weekly inflows in January. In addition, money market funds saw net outflows of $34 billion in the past month.Where does the money come from?It is undeniable that U.S. retail investors have now become the main force in this round of chasing U.S. stocks.How aggressive are retail investors?According to data from VandaTrack, which monitors retail traffic in the U.S. market, retail investors snapped up an average of $6.6 billion in U.S. stocks every week, up from the average weekly net purchase of $4.7 billion in 2020.Retail investors who shared their trading experiences on trading software such as Robinhood and social media such as Reddit at the beginning of the year have become accustomed to buying dips.As Bloomberg pointed out over the weekend, the current market turmoil has not shaken retail investors. They firmly believe that the relief plans of the Federal Reserve and the Treasury Department will continue, and the current stock market crash has not yet made them cut their flesh in tears.According to Bloomberg, money from U.S. retail investors poured into U.S. stocks at a record rate in 2020, with an increase of 40%.Art Hogan, chief market strategist at National Securities, said:Historically, the influx of retail investors into the market is a bad sign and a sign that the stock market has peaked.However, in 2020, when we see retail investors entering the market frantically, we often expect that the market has peaked, but we are often wrong. Where did the money go?So much money flowed into the stock market, where did it go?Is it to continue to frantically chase those hot-speculated stocks?But in reality, retail investors are not indiscriminately pouring cash into all stocks. Instead, the most favored investment areas for stock funds are style switching areas, that is, those that benefit from the recovery of economic growth and the control of the epidemic. industry.In other words, the new funds entering the market actually reflect the switch of U.S. stocks from growth stocks to value stocks.In absolute dollar terms, stock funds traded in the United States have seen large inflows in the past month (reaching $62 billion). Among them, emerging market stocks, value stocks, small stocks and other stock funds have seen the largest inflows, which is consistent with the market's expectations for economic recovery.Kostin believes:History shows that equity funds typically experience inflows when real interest rates fall. The most favorable backdrop for equity fund inflows over the past decade has been rising real interest rates and inflation rates.<img src=\"https://static.tigerbbs.com/d04262993d39e170c96706139be2944d\" tg-width=\"667\" tg-height=\"460\" referrerpolicy=\"no-referrer\">\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3622791\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://wallstreetcn.com/articles/3622791","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1125607315","content_text":"波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？\n\n美国股市的走势，连华尔街都看不懂了。\n在过去的三周中，美国股票，尤其是科技股受到重创，纳斯达克指数短时间内累计滑落了10％，而标普指数也遭受了沉重打击。\n科技龙头更是一片惨淡：自一月下旬以来，苹果股价下跌了15％。特斯拉在三周内损失了超过25万亿美元的市值，不到一个月的时间，纳斯达克市值蒸发了超过1.5万亿美元。\n然而，尽管最近美国国债收益率飙升对风险资产造成了打击，同时伴随着波动性指数VIX及其反映债券市场波动性的MOVE指数大涨。\n但根据资金流向监测机构EPFR最新的报告，上周有222亿美元的新资金流入美股，此前一周有462亿美元的巨额资金流入，创下有记录的第三高，换言之，在过去16周中，美股的资金流入总额达到4360亿美元。\n\n如今，美股市场上的这种表现堪称奇特。\n从历史上看，当市场波动性加剧之际，投资者通常会撤出资金。如今却恰恰相反，他们正在把创纪录的资金投入到股市之中。\n高盛首席策略分析师David Kostin也注意到这一问题：\n\n 国债收益率上升，股票下跌，长期增长型股票暴跌，但股票基金继续看到大量的净流入。\n\n自2月初以来，流入股票共同基金和ETF的资金总额为1630亿美元，按绝对值来统计，这五周的流入资金总额为历史最高；相对于资产而言，是十年来的第三大资金流入。\n尽管近期美国国债收益率的上涨在很大程度上打压了股票价格，但与年初相比，过去几周流入股票基金的速度加快了。\n\n相比之下，2月份每周流入债券基金的资金平均约为100亿美元，比1月份的每周资金流入低50％。此外，过去一个月货币市场基金净流出340亿美元。\n钱从哪里来？\n不可否认的是，如今美国散户成为了这一轮追逐美股的主力。\n散户投资者有多积极？\n根据监控美国市场零售流量的VandaTrack的数据，散户投资者每周平均抢购美国股票达66亿美元，高于2020年每周平均净购买47亿美元的水平。\n年初在Robinhood等交易软件以及Reddit等社交媒体上分享交易心得的散户投资者们，已经习惯了逢低买入。\n正如彭博社在周末指出的那样，目前的市场动荡，并没有让散户投资者动摇，他们坚定地认为，美联储和财政部的救济计划仍将继续，目前的股市大跌还没让他们到含泪割肉的时候。\n据彭博社报道，2020年，美国散户的资金以创纪录的速度涌入美国股市，增幅为40％。\nNational Securities的首席市场策略师Art Hogan说：\n\n从历史上看，散户投资者涌入市场是一个坏信号，并且是一个股市见顶的信号。可是，2020年，当我们看到散户疯狂入场的时候，我们每每预计市场已经见顶，但常常是错误的。\n\n钱去了哪儿？\n这么多资金流入股市，都投向了哪里呢？\n难道是继续疯狂追逐那些被热炒的股票吗？\n但是实际上，散户投资者并没有不分青红皂白地向所有股票投入现金，取而代之的是，股票基金最青睐的投资领域是风格切换的领域，也就是那些得益于经济恢复增长和疫情受控的行业。\n换句话说，新进场的资金实际上反映了美股从成长股到价值股的切换。\n以绝对美元计算，过去一个月在美国交易的股票基金出现了大笔资金流入（达到620亿美元）其中，新兴市场股票、价值股、小型股等股票基金出现了最大的流入量，这与市场对经济复苏的预期一致。\nKostin认为：\n\n 历史表明，股票基金通常会在实际利率下降时经历资金流入。在过去的十年中，股票基金流入的最有利背景是实际利率和通胀率都在上升。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":329173098,"gmtCreate":1615217320914,"gmtModify":1704779758326,"author":{"id":"3496498796776416","authorId":"3496498796776416","name":"一颗成长中的韭菜","avatar":"https://static.tigerbbs.com/8599b265d9591278963212d824c04d17","vip":1,"crmLevel":7,"crmLevelSwitch":0,"authorIdStr":"3496498796776416","idStr":"3496498796776416"},"htmlText":"已經沒有比美股更好的選擇了啊。難道買a股？","listText":"已經沒有比美股更好的選擇了啊。難道買a股？","text":"已經沒有比美股更好的選擇了啊。難道買a股？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/329173098","repostId":1125607315,"repostType":2,"repost":{"id":"1125607315","kind":"news","pubTimestamp":1615193170,"share":"https://ttm.financial/m/news/1125607315?lang=en_US&edition=fundamental","pubTime":"2021-03-08 16:46","market":"us","language":"zh","title":"Wall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?","url":"https://stock-news.laohu8.com/highlight/detail?id=1125607315","media":"华尔街见闻","summary":"波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？\n\n美国股市的走势，连华尔街都看不懂了。\n在过去的三","content":"With soaring volatility and soaring U.S. bond yields, it stands to reason that the stock market will suffer a sell-off. However, in the past 16 weeks, the inflow of funds into U.S. stocks has reached a record $436 billion. Where did this money come from and where did it go? Even Wall Street can't understand the trend of the U.S. stock market.In the past three weeks, U.S. stocks, especially technology stocks, have been hit hard. The Nasdaq index has slipped by 10% in a short period of time, while the S&P index has also suffered a heavy blow.Technology leaders are even more bleak: since late January,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Shares are down 15%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It lost more than $25 trillion in market capitalization in three weeks, and in less than a month, more than $1.5 trillion of Nasdaq market capitalization was wiped off.However, although the recent surge in U.S. Treasury Bond yields has dealt a blow to risky assets, it has been accompanied by a surge in the volatility index VIX and its MOVE index, which reflects the volatility of the bond market.However, according to the latest report from EPFR, a capital flow monitoring agency, $22.2 billion in new funds flowed into U.S. stocks last week, after a huge inflow of $46.2 billion in the previous week, the third highest on record. In other words, in the past 16 weeks, Total inflows into U.S. stocks reached $436 billion.<img src=\"https://static.tigerbbs.com/b6e8ff8c96bec400aefe6c3d2f80fe46\" tg-width=\"587\" tg-height=\"446\" referrerpolicy=\"no-referrer\">Today, this performance in the U.S. stock market is peculiar.Historically, investors have typically pulled out their money when market volatility has increased. Now, on the contrary, they are putting record amounts of money into the stock market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Chief strategist David Kostin also noticed this problem:Treasury Bond yields have risen, equities have fallen, and long-term growth stocks have plunged, but equity funds continue to see significant net inflows. Since the beginning of February, inflows into equity mutual funds and ETFs totaled $163 billion. In absolute terms, these five weeks were the highest total inflows in history; Relative to assets, it is the third largest inflow in a decade.While recent rises in U.S. Treasury Bond yields have largely weighed on stock prices, inflows into equity funds have accelerated over the past few weeks compared to the start of the year.<img src=\"https://static.tigerbbs.com/0b2791d3c0cce9c7a9828c4e208a0a70\" tg-width=\"545\" tg-height=\"368\" referrerpolicy=\"no-referrer\">In contrast, weekly inflows into bond funds averaged about $10 billion in February, 50% lower than weekly inflows in January. In addition, money market funds saw net outflows of $34 billion in the past month.Where does the money come from?It is undeniable that U.S. retail investors have now become the main force in this round of chasing U.S. stocks.How aggressive are retail investors?According to data from VandaTrack, which monitors retail traffic in the U.S. market, retail investors snapped up an average of $6.6 billion in U.S. stocks every week, up from the average weekly net purchase of $4.7 billion in 2020.Retail investors who shared their trading experiences on trading software such as Robinhood and social media such as Reddit at the beginning of the year have become accustomed to buying dips.As Bloomberg pointed out over the weekend, the current market turmoil has not shaken retail investors. They firmly believe that the relief plans of the Federal Reserve and the Treasury Department will continue, and the current stock market crash has not yet made them cut their flesh in tears.According to Bloomberg, money from U.S. retail investors poured into U.S. stocks at a record rate in 2020, with an increase of 40%.Art Hogan, chief market strategist at National Securities, said:Historically, the influx of retail investors into the market is a bad sign and a sign that the stock market has peaked.However, in 2020, when we see retail investors entering the market frantically, we often expect that the market has peaked, but we are often wrong. Where did the money go?So much money flowed into the stock market, where did it go?Is it to continue to frantically chase those hot-speculated stocks?But in reality, retail investors are not indiscriminately pouring cash into all stocks. Instead, the most favored investment areas for stock funds are style switching areas, that is, those that benefit from the recovery of economic growth and the control of the epidemic. industry.In other words, the new funds entering the market actually reflect the switch of U.S. stocks from growth stocks to value stocks.In absolute dollar terms, stock funds traded in the United States have seen large inflows in the past month (reaching $62 billion). Among them, emerging market stocks, value stocks, small stocks and other stock funds have seen the largest inflows, which is consistent with the market's expectations for economic recovery.Kostin believes:History shows that equity funds typically experience inflows when real interest rates fall. The most favorable backdrop for equity fund inflows over the past decade has been rising real interest rates and inflation rates.<img src=\"https://static.tigerbbs.com/d04262993d39e170c96706139be2944d\" tg-width=\"667\" tg-height=\"460\" referrerpolicy=\"no-referrer\">","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-03-08 16:46\n\n</h4>\n</header>\n<article>\nWith soaring volatility and soaring U.S. bond yields, it stands to reason that the stock market will suffer a sell-off. However, in the past 16 weeks, the inflow of funds into U.S. stocks has reached a record $436 billion. Where did this money come from and where did it go? Even Wall Street can't understand the trend of the U.S. stock market.In the past three weeks, U.S. stocks, especially technology stocks, have been hit hard. The Nasdaq index has slipped by 10% in a short period of time, while the S&P index has also suffered a heavy blow.Technology leaders are even more bleak: since late January,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Shares are down 15%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It lost more than $25 trillion in market capitalization in three weeks, and in less than a month, more than $1.5 trillion of Nasdaq market capitalization was wiped off.However, although the recent surge in U.S. Treasury Bond yields has dealt a blow to risky assets, it has been accompanied by a surge in the volatility index VIX and its MOVE index, which reflects the volatility of the bond market.However, according to the latest report from EPFR, a capital flow monitoring agency, $22.2 billion in new funds flowed into U.S. stocks last week, after a huge inflow of $46.2 billion in the previous week, the third highest on record. In other words, in the past 16 weeks, Total inflows into U.S. stocks reached $436 billion.<img src=\"https://static.tigerbbs.com/b6e8ff8c96bec400aefe6c3d2f80fe46\" tg-width=\"587\" tg-height=\"446\" referrerpolicy=\"no-referrer\">Today, this performance in the U.S. stock market is peculiar.Historically, investors have typically pulled out their money when market volatility has increased. Now, on the contrary, they are putting record amounts of money into the stock market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Chief strategist David Kostin also noticed this problem:Treasury Bond yields have risen, equities have fallen, and long-term growth stocks have plunged, but equity funds continue to see significant net inflows. Since the beginning of February, inflows into equity mutual funds and ETFs totaled $163 billion. In absolute terms, these five weeks were the highest total inflows in history; Relative to assets, it is the third largest inflow in a decade.While recent rises in U.S. Treasury Bond yields have largely weighed on stock prices, inflows into equity funds have accelerated over the past few weeks compared to the start of the year.<img src=\"https://static.tigerbbs.com/0b2791d3c0cce9c7a9828c4e208a0a70\" tg-width=\"545\" tg-height=\"368\" referrerpolicy=\"no-referrer\">In contrast, weekly inflows into bond funds averaged about $10 billion in February, 50% lower than weekly inflows in January. In addition, money market funds saw net outflows of $34 billion in the past month.Where does the money come from?It is undeniable that U.S. retail investors have now become the main force in this round of chasing U.S. stocks.How aggressive are retail investors?According to data from VandaTrack, which monitors retail traffic in the U.S. market, retail investors snapped up an average of $6.6 billion in U.S. stocks every week, up from the average weekly net purchase of $4.7 billion in 2020.Retail investors who shared their trading experiences on trading software such as Robinhood and social media such as Reddit at the beginning of the year have become accustomed to buying dips.As Bloomberg pointed out over the weekend, the current market turmoil has not shaken retail investors. They firmly believe that the relief plans of the Federal Reserve and the Treasury Department will continue, and the current stock market crash has not yet made them cut their flesh in tears.According to Bloomberg, money from U.S. retail investors poured into U.S. stocks at a record rate in 2020, with an increase of 40%.Art Hogan, chief market strategist at National Securities, said:Historically, the influx of retail investors into the market is a bad sign and a sign that the stock market has peaked.However, in 2020, when we see retail investors entering the market frantically, we often expect that the market has peaked, but we are often wrong. Where did the money go?So much money flowed into the stock market, where did it go?Is it to continue to frantically chase those hot-speculated stocks?But in reality, retail investors are not indiscriminately pouring cash into all stocks. Instead, the most favored investment areas for stock funds are style switching areas, that is, those that benefit from the recovery of economic growth and the control of the epidemic. industry.In other words, the new funds entering the market actually reflect the switch of U.S. stocks from growth stocks to value stocks.In absolute dollar terms, stock funds traded in the United States have seen large inflows in the past month (reaching $62 billion). Among them, emerging market stocks, value stocks, small stocks and other stock funds have seen the largest inflows, which is consistent with the market's expectations for economic recovery.Kostin believes:History shows that equity funds typically experience inflows when real interest rates fall. The most favorable backdrop for equity fund inflows over the past decade has been rising real interest rates and inflation rates.<img src=\"https://static.tigerbbs.com/d04262993d39e170c96706139be2944d\" tg-width=\"667\" tg-height=\"460\" referrerpolicy=\"no-referrer\">\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3622791\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://wallstreetcn.com/articles/3622791","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1125607315","content_text":"波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？\n\n美国股市的走势，连华尔街都看不懂了。\n在过去的三周中，美国股票，尤其是科技股受到重创，纳斯达克指数短时间内累计滑落了10％，而标普指数也遭受了沉重打击。\n科技龙头更是一片惨淡：自一月下旬以来，苹果股价下跌了15％。特斯拉在三周内损失了超过25万亿美元的市值，不到一个月的时间，纳斯达克市值蒸发了超过1.5万亿美元。\n然而，尽管最近美国国债收益率飙升对风险资产造成了打击，同时伴随着波动性指数VIX及其反映债券市场波动性的MOVE指数大涨。\n但根据资金流向监测机构EPFR最新的报告，上周有222亿美元的新资金流入美股，此前一周有462亿美元的巨额资金流入，创下有记录的第三高，换言之，在过去16周中，美股的资金流入总额达到4360亿美元。\n\n如今，美股市场上的这种表现堪称奇特。\n从历史上看，当市场波动性加剧之际，投资者通常会撤出资金。如今却恰恰相反，他们正在把创纪录的资金投入到股市之中。\n高盛首席策略分析师David Kostin也注意到这一问题：\n\n 国债收益率上升，股票下跌，长期增长型股票暴跌，但股票基金继续看到大量的净流入。\n\n自2月初以来，流入股票共同基金和ETF的资金总额为1630亿美元，按绝对值来统计，这五周的流入资金总额为历史最高；相对于资产而言，是十年来的第三大资金流入。\n尽管近期美国国债收益率的上涨在很大程度上打压了股票价格，但与年初相比，过去几周流入股票基金的速度加快了。\n\n相比之下，2月份每周流入债券基金的资金平均约为100亿美元，比1月份的每周资金流入低50％。此外，过去一个月货币市场基金净流出340亿美元。\n钱从哪里来？\n不可否认的是，如今美国散户成为了这一轮追逐美股的主力。\n散户投资者有多积极？\n根据监控美国市场零售流量的VandaTrack的数据，散户投资者每周平均抢购美国股票达66亿美元，高于2020年每周平均净购买47亿美元的水平。\n年初在Robinhood等交易软件以及Reddit等社交媒体上分享交易心得的散户投资者们，已经习惯了逢低买入。\n正如彭博社在周末指出的那样，目前的市场动荡，并没有让散户投资者动摇，他们坚定地认为，美联储和财政部的救济计划仍将继续，目前的股市大跌还没让他们到含泪割肉的时候。\n据彭博社报道，2020年，美国散户的资金以创纪录的速度涌入美国股市，增幅为40％。\nNational Securities的首席市场策略师Art Hogan说：\n\n从历史上看，散户投资者涌入市场是一个坏信号，并且是一个股市见顶的信号。可是，2020年，当我们看到散户疯狂入场的时候，我们每每预计市场已经见顶，但常常是错误的。\n\n钱去了哪儿？\n这么多资金流入股市，都投向了哪里呢？\n难道是继续疯狂追逐那些被热炒的股票吗？\n但是实际上，散户投资者并没有不分青红皂白地向所有股票投入现金，取而代之的是，股票基金最青睐的投资领域是风格切换的领域，也就是那些得益于经济恢复增长和疫情受控的行业。\n换句话说，新进场的资金实际上反映了美股从成长股到价值股的切换。\n以绝对美元计算，过去一个月在美国交易的股票基金出现了大笔资金流入（达到620亿美元）其中，新兴市场股票、价值股、小型股等股票基金出现了最大的流入量，这与市场对经济复苏的预期一致。\nKostin认为：\n\n 历史表明，股票基金通常会在实际利率下降时经历资金流入。在过去的十年中，股票基金流入的最有利背景是实际利率和通胀率都在上升。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":329165299,"gmtCreate":1615215617111,"gmtModify":1704779712989,"author":{"id":"88926434775532","authorId":"88926434775532","name":"Jrothschild","avatar":"https://static.laohu8.com/7ea7a561204fbf7525aebdadcbdf93d8","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"88926434775532","idStr":"88926434775532"},"htmlText":"現在什麼文化水平的人都能當編輯了？","listText":"現在什麼文化水平的人都能當編輯了？","text":"現在什麼文化水平的人都能當編輯了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/329165299","repostId":1125607315,"repostType":2,"repost":{"id":"1125607315","kind":"news","pubTimestamp":1615193170,"share":"https://ttm.financial/m/news/1125607315?lang=en_US&edition=fundamental","pubTime":"2021-03-08 16:46","market":"us","language":"zh","title":"Wall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?","url":"https://stock-news.laohu8.com/highlight/detail?id=1125607315","media":"华尔街见闻","summary":"波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？\n\n美国股市的走势，连华尔街都看不懂了。\n在过去的三","content":"With soaring volatility and soaring U.S. bond yields, it stands to reason that the stock market will suffer a sell-off. However, in the past 16 weeks, the inflow of funds into U.S. stocks has reached a record $436 billion. Where did this money come from and where did it go? Even Wall Street can't understand the trend of the U.S. stock market.In the past three weeks, U.S. stocks, especially technology stocks, have been hit hard. The Nasdaq index has slipped by 10% in a short period of time, while the S&P index has also suffered a heavy blow.Technology leaders are even more bleak: since late January,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Shares are down 15%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It lost more than $25 trillion in market capitalization in three weeks, and in less than a month, more than $1.5 trillion of Nasdaq market capitalization was wiped off.However, although the recent surge in U.S. Treasury Bond yields has dealt a blow to risky assets, it has been accompanied by a surge in the volatility index VIX and its MOVE index, which reflects the volatility of the bond market.However, according to the latest report from EPFR, a capital flow monitoring agency, $22.2 billion in new funds flowed into U.S. stocks last week, after a huge inflow of $46.2 billion in the previous week, the third highest on record. In other words, in the past 16 weeks, Total inflows into U.S. stocks reached $436 billion.<img src=\"https://static.tigerbbs.com/b6e8ff8c96bec400aefe6c3d2f80fe46\" tg-width=\"587\" tg-height=\"446\" referrerpolicy=\"no-referrer\">Today, this performance in the U.S. stock market is peculiar.Historically, investors have typically pulled out their money when market volatility has increased. Now, on the contrary, they are putting record amounts of money into the stock market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Chief strategist David Kostin also noticed this problem:Treasury Bond yields have risen, equities have fallen, and long-term growth stocks have plunged, but equity funds continue to see significant net inflows. Since the beginning of February, inflows into equity mutual funds and ETFs totaled $163 billion. In absolute terms, these five weeks were the highest total inflows in history; Relative to assets, it is the third largest inflow in a decade.While recent rises in U.S. Treasury Bond yields have largely weighed on stock prices, inflows into equity funds have accelerated over the past few weeks compared to the start of the year.<img src=\"https://static.tigerbbs.com/0b2791d3c0cce9c7a9828c4e208a0a70\" tg-width=\"545\" tg-height=\"368\" referrerpolicy=\"no-referrer\">In contrast, weekly inflows into bond funds averaged about $10 billion in February, 50% lower than weekly inflows in January. In addition, money market funds saw net outflows of $34 billion in the past month.Where does the money come from?It is undeniable that U.S. retail investors have now become the main force in this round of chasing U.S. stocks.How aggressive are retail investors?According to data from VandaTrack, which monitors retail traffic in the U.S. market, retail investors snapped up an average of $6.6 billion in U.S. stocks every week, up from the average weekly net purchase of $4.7 billion in 2020.Retail investors who shared their trading experiences on trading software such as Robinhood and social media such as Reddit at the beginning of the year have become accustomed to buying dips.As Bloomberg pointed out over the weekend, the current market turmoil has not shaken retail investors. They firmly believe that the relief plans of the Federal Reserve and the Treasury Department will continue, and the current stock market crash has not yet made them cut their flesh in tears.According to Bloomberg, money from U.S. retail investors poured into U.S. stocks at a record rate in 2020, with an increase of 40%.Art Hogan, chief market strategist at National Securities, said:Historically, the influx of retail investors into the market is a bad sign and a sign that the stock market has peaked.However, in 2020, when we see retail investors entering the market frantically, we often expect that the market has peaked, but we are often wrong. Where did the money go?So much money flowed into the stock market, where did it go?Is it to continue to frantically chase those hot-speculated stocks?But in reality, retail investors are not indiscriminately pouring cash into all stocks. Instead, the most favored investment areas for stock funds are style switching areas, that is, those that benefit from the recovery of economic growth and the control of the epidemic. industry.In other words, the new funds entering the market actually reflect the switch of U.S. stocks from growth stocks to value stocks.In absolute dollar terms, stock funds traded in the United States have seen large inflows in the past month (reaching $62 billion). Among them, emerging market stocks, value stocks, small stocks and other stock funds have seen the largest inflows, which is consistent with the market's expectations for economic recovery.Kostin believes:History shows that equity funds typically experience inflows when real interest rates fall. The most favorable backdrop for equity fund inflows over the past decade has been rising real interest rates and inflation rates.<img src=\"https://static.tigerbbs.com/d04262993d39e170c96706139be2944d\" tg-width=\"667\" tg-height=\"460\" referrerpolicy=\"no-referrer\">","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street is hotly discussing this picture: After the continuous sharp drop, why are funds still buying U.S. stocks wildly?\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-03-08 16:46\n\n</h4>\n</header>\n<article>\nWith soaring volatility and soaring U.S. bond yields, it stands to reason that the stock market will suffer a sell-off. However, in the past 16 weeks, the inflow of funds into U.S. stocks has reached a record $436 billion. Where did this money come from and where did it go? Even Wall Street can't understand the trend of the U.S. stock market.In the past three weeks, U.S. stocks, especially technology stocks, have been hit hard. The Nasdaq index has slipped by 10% in a short period of time, while the S&P index has also suffered a heavy blow.Technology leaders are even more bleak: since late January,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Shares are down 15%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It lost more than $25 trillion in market capitalization in three weeks, and in less than a month, more than $1.5 trillion of Nasdaq market capitalization was wiped off.However, although the recent surge in U.S. Treasury Bond yields has dealt a blow to risky assets, it has been accompanied by a surge in the volatility index VIX and its MOVE index, which reflects the volatility of the bond market.However, according to the latest report from EPFR, a capital flow monitoring agency, $22.2 billion in new funds flowed into U.S. stocks last week, after a huge inflow of $46.2 billion in the previous week, the third highest on record. In other words, in the past 16 weeks, Total inflows into U.S. stocks reached $436 billion.<img src=\"https://static.tigerbbs.com/b6e8ff8c96bec400aefe6c3d2f80fe46\" tg-width=\"587\" tg-height=\"446\" referrerpolicy=\"no-referrer\">Today, this performance in the U.S. stock market is peculiar.Historically, investors have typically pulled out their money when market volatility has increased. Now, on the contrary, they are putting record amounts of money into the stock market.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Chief strategist David Kostin also noticed this problem:Treasury Bond yields have risen, equities have fallen, and long-term growth stocks have plunged, but equity funds continue to see significant net inflows. Since the beginning of February, inflows into equity mutual funds and ETFs totaled $163 billion. In absolute terms, these five weeks were the highest total inflows in history; Relative to assets, it is the third largest inflow in a decade.While recent rises in U.S. Treasury Bond yields have largely weighed on stock prices, inflows into equity funds have accelerated over the past few weeks compared to the start of the year.<img src=\"https://static.tigerbbs.com/0b2791d3c0cce9c7a9828c4e208a0a70\" tg-width=\"545\" tg-height=\"368\" referrerpolicy=\"no-referrer\">In contrast, weekly inflows into bond funds averaged about $10 billion in February, 50% lower than weekly inflows in January. In addition, money market funds saw net outflows of $34 billion in the past month.Where does the money come from?It is undeniable that U.S. retail investors have now become the main force in this round of chasing U.S. stocks.How aggressive are retail investors?According to data from VandaTrack, which monitors retail traffic in the U.S. market, retail investors snapped up an average of $6.6 billion in U.S. stocks every week, up from the average weekly net purchase of $4.7 billion in 2020.Retail investors who shared their trading experiences on trading software such as Robinhood and social media such as Reddit at the beginning of the year have become accustomed to buying dips.As Bloomberg pointed out over the weekend, the current market turmoil has not shaken retail investors. They firmly believe that the relief plans of the Federal Reserve and the Treasury Department will continue, and the current stock market crash has not yet made them cut their flesh in tears.According to Bloomberg, money from U.S. retail investors poured into U.S. stocks at a record rate in 2020, with an increase of 40%.Art Hogan, chief market strategist at National Securities, said:Historically, the influx of retail investors into the market is a bad sign and a sign that the stock market has peaked.However, in 2020, when we see retail investors entering the market frantically, we often expect that the market has peaked, but we are often wrong. Where did the money go?So much money flowed into the stock market, where did it go?Is it to continue to frantically chase those hot-speculated stocks?But in reality, retail investors are not indiscriminately pouring cash into all stocks. Instead, the most favored investment areas for stock funds are style switching areas, that is, those that benefit from the recovery of economic growth and the control of the epidemic. industry.In other words, the new funds entering the market actually reflect the switch of U.S. stocks from growth stocks to value stocks.In absolute dollar terms, stock funds traded in the United States have seen large inflows in the past month (reaching $62 billion). Among them, emerging market stocks, value stocks, small stocks and other stock funds have seen the largest inflows, which is consistent with the market's expectations for economic recovery.Kostin believes:History shows that equity funds typically experience inflows when real interest rates fall. The most favorable backdrop for equity fund inflows over the past decade has been rising real interest rates and inflation rates.<img src=\"https://static.tigerbbs.com/d04262993d39e170c96706139be2944d\" tg-width=\"667\" tg-height=\"460\" referrerpolicy=\"no-referrer\">\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3622791\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://wallstreetcn.com/articles/3622791","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1125607315","content_text":"波动性大增、美债收益率飙升，按理说，股市会遭遇抛售。可是，在过去16周中，流入美股的资金达到了创纪录的4360亿美元，这些钱从哪儿来，又投向了哪里？\n\n美国股市的走势，连华尔街都看不懂了。\n在过去的三周中，美国股票，尤其是科技股受到重创，纳斯达克指数短时间内累计滑落了10％，而标普指数也遭受了沉重打击。\n科技龙头更是一片惨淡：自一月下旬以来，苹果股价下跌了15％。特斯拉在三周内损失了超过25万亿美元的市值，不到一个月的时间，纳斯达克市值蒸发了超过1.5万亿美元。\n然而，尽管最近美国国债收益率飙升对风险资产造成了打击，同时伴随着波动性指数VIX及其反映债券市场波动性的MOVE指数大涨。\n但根据资金流向监测机构EPFR最新的报告，上周有222亿美元的新资金流入美股，此前一周有462亿美元的巨额资金流入，创下有记录的第三高，换言之，在过去16周中，美股的资金流入总额达到4360亿美元。\n\n如今，美股市场上的这种表现堪称奇特。\n从历史上看，当市场波动性加剧之际，投资者通常会撤出资金。如今却恰恰相反，他们正在把创纪录的资金投入到股市之中。\n高盛首席策略分析师David Kostin也注意到这一问题：\n\n 国债收益率上升，股票下跌，长期增长型股票暴跌，但股票基金继续看到大量的净流入。\n\n自2月初以来，流入股票共同基金和ETF的资金总额为1630亿美元，按绝对值来统计，这五周的流入资金总额为历史最高；相对于资产而言，是十年来的第三大资金流入。\n尽管近期美国国债收益率的上涨在很大程度上打压了股票价格，但与年初相比，过去几周流入股票基金的速度加快了。\n\n相比之下，2月份每周流入债券基金的资金平均约为100亿美元，比1月份的每周资金流入低50％。此外，过去一个月货币市场基金净流出340亿美元。\n钱从哪里来？\n不可否认的是，如今美国散户成为了这一轮追逐美股的主力。\n散户投资者有多积极？\n根据监控美国市场零售流量的VandaTrack的数据，散户投资者每周平均抢购美国股票达66亿美元，高于2020年每周平均净购买47亿美元的水平。\n年初在Robinhood等交易软件以及Reddit等社交媒体上分享交易心得的散户投资者们，已经习惯了逢低买入。\n正如彭博社在周末指出的那样，目前的市场动荡，并没有让散户投资者动摇，他们坚定地认为，美联储和财政部的救济计划仍将继续，目前的股市大跌还没让他们到含泪割肉的时候。\n据彭博社报道，2020年，美国散户的资金以创纪录的速度涌入美国股市，增幅为40％。\nNational Securities的首席市场策略师Art Hogan说：\n\n从历史上看，散户投资者涌入市场是一个坏信号，并且是一个股市见顶的信号。可是，2020年，当我们看到散户疯狂入场的时候，我们每每预计市场已经见顶，但常常是错误的。\n\n钱去了哪儿？\n这么多资金流入股市，都投向了哪里呢？\n难道是继续疯狂追逐那些被热炒的股票吗？\n但是实际上，散户投资者并没有不分青红皂白地向所有股票投入现金，取而代之的是，股票基金最青睐的投资领域是风格切换的领域，也就是那些得益于经济恢复增长和疫情受控的行业。\n换句话说，新进场的资金实际上反映了美股从成长股到价值股的切换。\n以绝对美元计算，过去一个月在美国交易的股票基金出现了大笔资金流入（达到620亿美元）其中，新兴市场股票、价值股、小型股等股票基金出现了最大的流入量，这与市场对经济复苏的预期一致。\nKostin认为：\n\n 历史表明，股票基金通常会在实际利率下降时经历资金流入。在过去的十年中，股票基金流入的最有利背景是实际利率和通胀率都在上升。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":11,"commentSize":12,"repostSize":0,"favoriteSize":9,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1125607315","isCrawlerRequest":true}