美股定价权之战，散户赢了_老虎社区_美港股上老虎

美股定价权之战，散户赢了

华尔街见闻2025-07-07

2025年上半年，美国散户向单只股票和ETF注入了高达1553亿美元的资金，创下历史同期最高纪录，日均成交量较去年激增45%，同样创历史新高。个股方面，英伟达、特斯拉和Palantir等科技股最受青睐，散户的抄底倾向依然强劲。2025年上半年，散户投资者以史无前例的热情席卷美股市场。据Vanda Research数据，2025年上半年，美国散户投资者向单只股票和ETF注入了高达1553亿美元的资金...

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Mediator
·2025-07-07
美股散户欠教育了而已
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Research数据显示，2025年上半年散户向美国股票和ETF的资金流入达到1553亿美元，创下上半年最强纪录。这一资金流入强度最初由“美国例外论”叙事推动，随后在特朗普就职日前后的大幅回调中，散户展现出激进的抄底行为。从资金流向结构看，个股购买成为反弹的主要驱动力。虽然ETF购买在过去三年中持续温和增长，但尚未重回2022年上半年的水平。相比之下，2025年上半年的个股购买量回到了2021年和2023年上半年牛市期间的高点。这种参与度的提升不仅体现在资金规模上，还反映在每日交易量的激增，2025年日均成交量较2024年增长了44.5%，创下散户参与度的新纪录。逢低买入策略依然强劲散户的逢低买入倾向在2025年保持强劲态势。Vanda Research对标普500日变化与散户日净流入关系进行了分析，结果显示，虽然不如2021年那样激进，但2025年散户的逢低买入倾向仍然很高。具体而言，标普500每下跌1%，散户净流入1亿美元，虽低于2021年的1.87亿美元，但仍清楚显示出强烈的抄底趋势。这种现象部分归因于上半年几乎没有出现真正的回调——市场虽曾短暂下跌，但总共只持续了3-4天，其余时间股票一直在反弹。并且， 当美股上周重回2月高点时，散户活动进一步升温，现金股票净买入84亿美元。6月30日出现需求急剧飙升，日净买入超过30亿美元，达到一个多月来未见的水平。高风险资产受追捧，散户组合表现与大盘同步从个股偏好看，英伟达继续占据散户最受青睐股票榜首，特斯拉重新夺回第二位，Palantir成为最大的上升者之一，购买量增加58亿美元，排名跃升至第四位。福特汽车重新进入前20名，很可能受到汽车关税的推动。并且，过去一个月来，散户买入波动性大的小盘高贝塔股的交易活动也变得活跃，尤其是加密货币概念股和区域银行股。在ETF方面，散户重新对科技股产生兴趣，纳斯达克ETF（QQQ）和最大科技股ETF（XLK）均出现显著流入。期权交易活动同样保持高位，散户本周卖出20亿美元的delta和创纪录的460亿美元的gamma。在杠杆ETF偏好方面，散户正从广基产品转向单一股票产品，虽然广基杠杆ETF的散户购买总量仍领先，但单股产品的整体流量增长保持陡峭。值得注意的是，2倍做多特斯拉ETF(TSLL)首次进入前20名，成为第一只进入该榜单的单股杠杆ETF。尽管投资偏好偏向高风险资产，散户投资组合的表现并未明显落后于大盘。Vanda Research的数据显示，2025年上半年，散户投资组合的回报与标普500指数保持一致，仅比纳斯达克指数低约2%。若从2024年以来的累计表现看，散户投资组合的回报率达到40%，显著高于QQQ的34%和标普500 ETF（SPY）的32%，甚至远超平均对冲基金的表现。","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":454059522986496,"gmtCreate":1751885210183,"gmtModify":1751885212268,"author":{"id":"3498680662745699","authorId":"3498680662745699","name":"Mediator","avatar":"https://static.tigerbbs.com/ccbee84d06c97c8ea354bff2e5c20b6d","vip":1,"hat":"https://static.tigerbbs.com/e1c01e958f63198f5d9648b59135f687","crmLevel":1,"crmLevelSwitch":1,"authorIdStr":"3498680662745699","idStr":"3498680662745699"},"htmlText":"美股散户欠教育了而已","listText":"美股散户欠教育了而已","text":"美股散户欠教育了而已","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/454059522986496","repostId":2549243377,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":4,"commentSize":1,"repostSize":2,"favoriteSize":4,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}