<p>一张显示苹果股票价格的智能手机应用图表。</p>
<p>Jaap Arriens | Nurphoto | Getty Images</p>
<p>零售投资者在 2025 年迎来了辉煌的一年。</p>
<p>小型投资者在今年的关键时刻买入抄底，随着市场攀升至历史新高，获得了丰厚的回报。根据接受 CNBC 采访的投资者和市场数据分析师的说法，这种新型的零售投资者被认为不再是简单易骗的，他们正在给长期忽视他们的专业人士带来挑战。</p>
<p>“零售投资者正在变得更加聪明，他们对市场的适应能力也在增强，” Siebert Financial 的投资主管 Mark Malek 表示。换句话说，这些投资者 “确实在成长。”</p>
<p>根据摩根大通量化分析师 Arun Jain 的说法，个人交易者在年初市场回调期间以更快的速度买入抄底。他称这一群体在 2025 年取得了 “成功的一年”。这一策略非常有效：根据 Bespoke Investment Group 本月发布的数据，2025 年将成为自 1990 年代初以来第二好的抄底年。</p>
<p>从 5 月开始，摩根大通表示这些投资者将注意力从单只股票转向了 ETF。该群体特别投入了 SPDR 黄金 ETF（GLD），摩根大通发现 2025 年的资金流入超过了过去五年的总和。由于贵金属价格创下历史新高，黄金 ETF 今年的涨幅超过 65%，创下了纪录。</p>
<p>结果是：根据摩根大通本月早些时候发布的数据，零售投资者的单只股票投资组合的盈利与亏损比率比与人工智能和软件相关的投资组合更强。普通投资者的交易所交易基金持有的盈利率远高于 SPDR S&amp;P 500 ETF Trust（SPY）和 Invesco QQQ Trust（QQQ）。</p>
<h2>'TACO'与抄底</h2>
<p>他们今年强劲表现的一个重要驱动因素可以追溯到四月的一周，那一周让各类投资者都紧张不已。</p>
<p>当时大资金纷纷逃离，因为唐纳德·特朗普总统在 4 月 2 日首次公布了对大多数外国国家征收广泛且高额关税的计划，他称之为 “解放日”。S&amp;P 500 短暂跌入熊市区域，机构投资者担心这一政策会推高通胀并影响企业盈利。</p>
<p>但零售投资者却勇敢地迎接了动荡。他们在 4 月 3 日净买入超过 30 亿美元的股票——即使 S&amp;P 500 在当日下跌了约 5%，根据 VandaTrack 的数据。尽管基准指数在第二天又下跌了 6%，但高位买入仍在继续。</p>
<p>特朗普在 4 月 9 日暂停了大部分高额关税，正好是在 “解放日” 一周后。小型股东在 S&amp;P 500 当日 9.5% 的反弹中处于领先地位。自 4 月 2 日以来，广泛指数已上涨超过 21%。预计 2025 年将上涨超过 17%，并创下多个新的盘中和收盘记录。</p>
<p>“我们常常说零售投资者总是晚到派对上，” Vanda 的副研究主管 Viraj Patel 表示。“但这次恰恰相反。”</p>
<p>股票图表图标</p>
<p><img src="https://imageproxy.pbkrs.com/https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg"/></p>
<p>S&amp;P 500，年初至今</p>
<p>在 Siebert，Malek 表示，随着 S&amp;P 500 在关税引发的抛售中跌破 5000 点，专业人士开始感到紧张。但他们的零售交易者在下跌过程中继续买入，借鉴了他们在回调中增加投资的成功经验，而不是恐慌。</p>
<p>零售投资者 “对市场的判断和反应更为准确，尤其是在今年许多情绪驱动的交易中，” Malek 表示。“他们的交易准确性远高于我在机构领域的同事。”</p>
<p>除了相信抄底，这些交易者还受益于对 “TACO 交易” 的信念，Zhi Da 表示，他是圣母大学的金融教授，研究重点是零售交易者的活动。</p>
<h2>阅读更多 CNBC 关于零售投资者的报道</h2>
<ul>
<li>零售投资者开始远离 60/40 基金</li>
<li>华尔街将 Palantir 视为过于昂贵，但零售投资者却无法满足</li>
<li>对冲基金仍在抛售股票，而零售投资者则保持牛市活力</li>
<li>零售投资者在这个颠覆性的市场中迎头赶上</li>
</ul>
<p>全称为 “特朗普总是退缩”，这一策略鼓励投资者在白宫的政策决定导致市场下跌时买入股票，期望这些行动会被逆转。另一方面，机构投资者在特朗普政策周围的交易上则更加谨慎，Da 表示。</p>
<p>他承认其中有一些运气成分，并且 2025 年是一个 “例外”。通常情况下，零售投资者在市场下跌时买入过晚，平均收益也不高，他表示。</p>
<h2>“更成熟” 的投资者</h2>
<p>零售投资者在 2025 年的积极表现是在疫情期间开始的美国普通人投资热潮多年之后的结果。下一次市场的严重下跌将考验这种高参与度是否能够持续。</p>
<p>根据摩根大通今年早些时候发布的数据，2024 年超过三分之一的 25 岁年轻人在 22 岁时将大量资金从支票账户转移到投资账户。这一比例较 2015 年的 6% 大幅上升。</p>
<p>摩根大通发现 2025 年零售资金流入创下纪录，比去年增长超过 50%，比 2021 年初的迷因股票热潮高出约 14%。根据查普曼大学、波士顿学院和伊利诺伊大学香槟分校教授的一份工作论文的数据，个人投资者在今年的总交易中所占份额达到了四年前短期挤压狂潮时的最高水平。</p>
<p>2021 年 meme 股票激增期间的叙述——以 GameStop 和 AMC 等股票为中心——是零售投资者做出简单的投资决策，以 “反抗权威”。两年后，关于这些 meme 股票时代投资者的情绪在一部由皮特·大卫森、塞斯·罗根和塞巴斯蒂安·斯坦主演的电影《傻钱》中得到了体现。</p>
<p>Vanda 的帕特尔和其他人表示，这种看法正在改变。小投资者正在利用市场研究和数据的广泛获取，从而在华尔街获得更好的声誉，他们说。帕特尔表示，零售投资者也已证明自己在低位买入方面更为灵活，越来越多地与更大的对手竞争。</p>
<p>帕特尔说：“普通零售投资者变得越来越成熟。今年在这方面算是一个很好的证明。”</p>
<p>电影《傻钱》预告片中的一幕：</p>
<p>图片来源：索尼影业娱乐</p>
<p>当然，今年出现了一类新的 meme 股票，包括 OpenDoor。但 Vanda 发现，今年大部分零售投资者的资金流向了像 Nvidia、Tesla 和 Palantir 这样的公司，这些公司在近年来表现优于市场。</p>
<p>Siebert 的马莱克表示，他发现普通投资者越来越关注长期投资，这可以让他们在市场下跌时避免恐慌性抛售。不过，马莱克和其他投资领导者心中有一个问题：在经历了多年的大幅上涨后，当股市最终进入持久的低迷期时，零售交易者会怎么做？</p>
<p>目前，零售投资者正在注意到他们的改善地位。</p>
<p>房地产专业人士乔什·富兰克林记得十年前，他们很容易被大型投资者忽视。这位 28 岁的坦帕居民多年来投资于 Robinhood 和 Palantir 等股票，并每周花费数十个小时研究市场，现在他认为小投资者是这个故事的核心。</p>
<p>富兰克林说：“那时，没有人真正关心零售投资者。他们认为零售投资者是傻钱。现在，零售投资者在图表上处于领先地位。”</p>
<h2>直接将晨间快讯发送到您的收件箱</h2>
<p>亚历克斯·哈林的晨间快讯通讯是您在股市开盘前需要了解的五件事的汇总。</p>
<p>今天订阅以获取访问权限。</p>

SPDR 金 ETF

黄金 ETF - SPDR

<p>2025 年，散户投资者经历了一个非凡的年份，他们利用市场下跌的机会，实现了强劲的回报，市场达到了历史新高。这种新型投资者常常被低估，但通过在市场低迷时买入，他们的表现超越了传统专业人士。值得注意的是，他们将关注点从单只股票转向了 ETF，特别是 SPDR 黄金 ETF，后者吸引了创纪录的资金流入。他们的策略，包括 “TACO 交易”，被证明是有效的，导致与机构投资者相比，利润比率更高。总体而言，散户投资者在今年展现了更强的市场敏锐度和韧性</p>

<p>A graph displaying the Apple stock price on a smartphone app.</p>
<div class="lb-trans"><p>一张显示苹果股票价格的智能手机应用图表。</p>
</div><p>Jaap Arriens | Nurphoto | Getty Images</p>
<div class="lb-trans"><p>Jaap Arriens | Nurphoto | Getty Images</p>
</div><p>Retail investors have had a gangbuster year in 2025.</p>
<div class="lb-trans"><p>零售投资者在 2025 年迎来了辉煌的一年。</p>
</div><p>Mom-and-pop investors bought the dip at key points this year, providing strong returns as the market climbed to all-time highs. Once thought of as unsophisticated and easily duped, a new breed of retail investor is giving the professionals who have long dismissed them a run for their money, according to investors and market data analysts interviewed by CNBC.</p>
<div class="lb-trans"><p>小型投资者在今年的关键时刻买入抄底，随着市场攀升至历史新高，获得了丰厚的回报。根据接受 CNBC 采访的投资者和市场数据分析师的说法，这种新型的零售投资者被认为不再是简单易骗的，他们正在给长期忽视他们的专业人士带来挑战。</p>
</div><p>&#34;Retail is just getting smarter, and they're getting hardened to the market,&#34; said Mark Malek, investing chief at Siebert Financial. In other words: These investors &#34;really are growing up.&#34;</p>
<div class="lb-trans"><p>“零售投资者正在变得更加聪明，他们对市场的适应能力也在增强，” Siebert Financial 的投资主管 Mark Malek 表示。换句话说，这些投资者 “确实在成长。”</p>
</div><p>Individual traders bought the dip at a faster clip during market drawdowns early in the year, according to JPMorgan quant analyst Arun Jain, who called it a &#34;successful year&#34; for this group. It was an effective strategy: 2025 is shaping up to be the second-best year since at least the early 1990s for dip-buying, per data from Bespoke Investment Group data published this month.</p>
<div class="lb-trans"><p>根据摩根大通量化分析师 Arun Jain 的说法，个人交易者在年初市场回调期间以更快的速度买入抄底。他称这一群体在 2025 年取得了 “成功的一年”。这一策略非常有效：根据 Bespoke Investment Group 本月发布的数据，2025 年将成为自 1990 年代初以来第二好的抄底年。</p>
</div><p>From May onward, JPMorgan said these investors shifted their focus from single stocks to ETFs. The group particularly dove into the SPDR Gold Shares (GLD) fund, with JPMorgan finding 2025 inflows topped the last five years combined. The gold-focused ETF has seen a record-setting surge of more than 65% this year amid the precious metal's rise to all-time highs.</p>
<div class="lb-trans"><p>从 5 月开始，摩根大通表示这些投资者将注意力从单只股票转向了 ETF。该群体特别投入了 SPDR 黄金 ETF（GLD），摩根大通发现 2025 年的资金流入超过了过去五年的总和。由于贵金属价格创下历史新高，黄金 ETF 今年的涨幅超过 65%，创下了纪录。</p>
</div><p>The result: retail investors' single-stock portfolios have seen stronger profit-to-loss ratios than baskets tied to artificial intelligence and software run by JPMorgan, according to data from the bank released earlier this month. Everyday investors' exchange-traded fund holdings had much higher profit rates than the SPDR S&amp;P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ), the firm found.</p>
<div class="lb-trans"><p>结果是：根据摩根大通本月早些时候发布的数据，零售投资者的单只股票投资组合的盈利与亏损比率比与人工智能和软件相关的投资组合更强。普通投资者的交易所交易基金持有的盈利率远高于 SPDR S&amp;P 500 ETF Trust（SPY）和 Invesco QQQ Trust（QQQ）。</p>
</div><h2>'TACO' and buying the dip</h2>
<div class="lb-trans"><h2>'TACO'与抄底</h2>
</div><p>A significant driver of their strong performance this year goes back to a week in April that had investors of all sizes on the edge of their seats.</p>
<div class="lb-trans"><p>他们今年强劲表现的一个重要驱动因素可以追溯到四月的一周，那一周让各类投资者都紧张不已。</p>
</div><p>Big money ran for the hills as President Donald Trump first unveiled his plan for broad and steep tariffs on most foreign countries on April 2, which he dubbed &#34;liberation day.&#34; The S&amp;P 500 briefly slipped into bear market territory as institutional investors worried the policy would drive up inflation and weigh on corporate earnings.</p>
<div class="lb-trans"><p>当时大资金纷纷逃离，因为唐纳德·特朗普总统在 4 月 2 日首次公布了对大多数外国国家征收广泛且高额关税的计划，他称之为 “解放日”。S&amp;P 500 短暂跌入熊市区域，机构投资者担心这一政策会推高通胀并影响企业盈利。</p>
</div><p>But retail investors jumped head first into the turbulence. They bought a record of more than $3 billion in equities on net on April 3 — even as the S&amp;P 500 fell around 5% in the session, according to VandaTrack. Elevated buying continued the following day despite the benchmark average dropping another 6%.</p>
<div class="lb-trans"><p>但零售投资者却勇敢地迎接了动荡。他们在 4 月 3 日净买入超过 30 亿美元的股票——即使 S&amp;P 500 在当日下跌了约 5%，根据 VandaTrack 的数据。尽管基准指数在第二天又下跌了 6%，但高位买入仍在继续。</p>
</div><p>Trump put most of his steepest duties on pause April 9, exactly one week after &#34;liberation day.&#34; Small-scale stockholders were on the ground floor of the S&amp;P 500's 9.5% surge that session. The broad index has climbed more than 21% since April 2. It's on track to finish 2025 higher by more than 17% after hitting several new intraday and closing records.</p>
<div class="lb-trans"><p>特朗普在 4 月 9 日暂停了大部分高额关税，正好是在 “解放日” 一周后。小型股东在 S&amp;P 500 当日 9.5% 的反弹中处于领先地位。自 4 月 2 日以来，广泛指数已上涨超过 21%。预计 2025 年将上涨超过 17%，并创下多个新的盘中和收盘记录。</p>
</div><p>&#34;We often talk about retail as being sort of late to the party,&#34; said Viraj Patel, Vanda's deputy head of research. &#34;But this has been the polar opposite.&#34;</p>
<div class="lb-trans"><p>“我们常常说零售投资者总是晚到派对上，” Vanda 的副研究主管 Viraj Patel 表示。“但这次恰恰相反。”</p>
</div><p>Stock chart icon</p>
<div class="lb-trans"><p>股票图表图标</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg" alt="" original-src="https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg"/></p>
<p>S&amp;P 500, year to date</p>
<div class="lb-trans"><p>S&amp;P 500，年初至今</p>
</div><p>At Siebert, Malek said the professionals were starting to get nervous as the S&amp;P 500 fell below 5,000 during the tariff-induced sell-off. But their retail traders continued buying all the way down, drawing on their past successes in increasing exposure amid pullbacks rather than panicking.</p>
<div class="lb-trans"><p>在 Siebert，Malek 表示，随着 S&amp;P 500 在关税引发的抛售中跌破 5000 点，专业人士开始感到紧张。但他们的零售交易者在下跌过程中继续买入，借鉴了他们在回调中增加投资的成功经验，而不是恐慌。</p>
</div><p>Retail investors &#34;have been more right about the market and how to react to, certainly, a lot of the emotionally driven trades of the year,&#34; Malek said. &#34;They've been much more accurate in their dealings than my colleagues in the institutional space.&#34;</p>
<div class="lb-trans"><p>零售投资者 “对市场的判断和反应更为准确，尤其是在今年许多情绪驱动的交易中，” Malek 表示。“他们的交易准确性远高于我在机构领域的同事。”</p>
</div><p>Beyond believing in buying the dip, these traders also benefited from a conviction that the &#34;TACO trade&#34; would pan out, according to Zhi Da, a professor of finance at the University of Notre Dame whose research focuses on retail trader activity.</p>
<div class="lb-trans"><p>除了相信抄底，这些交易者还受益于对 “TACO 交易” 的信念，Zhi Da 表示，他是圣母大学的金融教授，研究重点是零售交易者的活动。</p>
</div><h2>Read more CNBC reporting on retail investors</h2>
<div class="lb-trans"><h2>阅读更多 CNBC 关于零售投资者的报道</h2>
</div><ul>
<li>Retail investors have been shying away from 60/40 funds</li>
<li>Wall Street wrote off Palantir as too expensive. Retail investors can’t get enough</li>
<li>Hedge funds are still dumping stocks while retail investors keep the bull market alive</li>
<li>Retail investors are running head first into this topsy-turvy market</li>
</ul>
<div class="lb-trans"><ul>
<li>零售投资者开始远离 60/40 基金</li>
<li>华尔街将 Palantir 视为过于昂贵，但零售投资者却无法满足</li>
<li>对冲基金仍在抛售股票，而零售投资者则保持牛市活力</li>
<li>零售投资者在这个颠覆性的市场中迎头赶上</li>
</ul>
</div><p>Known in full as &#34;Trump Always Chickens Out,&#34; this strategy encourages investors to buy into stocks when policy decisions from the White House cause market downturns, with the expectation that the actions will be reversed. On the other hand, institutional counterparts have been more cautious about trading around Trump's policies, Da said.</p>
<div class="lb-trans"><p>全称为 “特朗普总是退缩”，这一策略鼓励投资者在白宫的政策决定导致市场下跌时买入股票，期望这些行动会被逆转。另一方面，机构投资者在特朗普政策周围的交易上则更加谨慎，Da 表示。</p>
</div><p>He acknowledged there was some luck involved and that 2025 was an &#34;exception&#34; to the rule. Typically, retail investors buy market dips too late and don't benefit as much on average, he said.</p>
<div class="lb-trans"><p>他承认其中有一些运气成分，并且 2025 年是一个 “例外”。通常情况下，零售投资者在市场下跌时买入过晚，平均收益也不高，他表示。</p>
</div><h2>A 'more sophisticated' investor</h2>
<div class="lb-trans"><h2>“更成熟” 的投资者</h2>
</div><p>Retail's positive 2025 comes years into the investing boom among everyday Americans that began during the pandemic. The next serious downturn in the market will test whether the elevated participation will last.</p>
<div class="lb-trans"><p>零售投资者在 2025 年的积极表现是在疫情期间开始的美国普通人投资热潮多年之后的结果。下一次市场的严重下跌将考验这种高参与度是否能够持续。</p>
</div><p>More than one out of every three 25-year-olds in 2024 moved significant sums from checking to investing accounts since they turned 22, according to JPMorgan data released earlier this year. That's up from just 6% of 25-year-olds in 2015.</p>
<div class="lb-trans"><p>根据摩根大通今年早些时候发布的数据，2024 年超过三分之一的 25 岁年轻人在 22 岁时将大量资金从支票账户转移到投资账户。这一比例较 2015 年的 6% 大幅上升。</p>
</div><p>JPMorgan found 2025 retail flows surged to records, up more than 50% from last year and about 14% higher than the meme stock craze in early 2021. Individual investors' share of total trades this year climbed to highs last seen during the short-squeeze mania four years ago, according to data from a working paper by professors at Chapman University, Boston College and the University of Illinois Urbana-Champaign.</p>
<div class="lb-trans"><p>摩根大通发现 2025 年零售资金流入创下纪录，比去年增长超过 50%，比 2021 年初的迷因股票热潮高出约 14%。根据查普曼大学、波士顿学院和伊利诺伊大学香槟分校教授的一份工作论文的数据，个人投资者在今年的总交易中所占份额达到了四年前短期挤压狂潮时的最高水平。</p>
</div><p>The narrative during 2021's meme stock surge — which centered on stocks like GameStop and AMC — was that retail investors made simplistic investing decisions to &#34;stick it to the man.&#34; Two years later, the sentiment toward these meme-stock era investors was captured in a film starring Pete Davidson, Seth Rogen and Sebastian Stan called &#34;Dumb Money.&#34;</p>
<div class="lb-trans"><p>2021 年 meme 股票激增期间的叙述——以 GameStop 和 AMC 等股票为中心——是零售投资者做出简单的投资决策，以 “反抗权威”。两年后，关于这些 meme 股票时代投资者的情绪在一部由皮特·大卫森、塞斯·罗根和塞巴斯蒂安·斯坦主演的电影《傻钱》中得到了体现。</p>
</div><p>Vanda's Patel and others said that view is changing. Small investors are taking advantage of the widening access to market research and data — and getting a better reputation on Wall Street as a result, they said. Retail has also established itself as being more adept at buying at lows, increasingly putting them in the arena with bigger counterparts, Patel said.</p>
<div class="lb-trans"><p>Vanda 的帕特尔和其他人表示，这种看法正在改变。小投资者正在利用市场研究和数据的广泛获取，从而在华尔街获得更好的声誉，他们说。帕特尔表示，零售投资者也已证明自己在低位买入方面更为灵活，越来越多地与更大的对手竞争。</p>
</div><p>&#34;The average retail investor's just becoming more and more sophisticated,&#34; Patel said. &#34;This year has been kind of a good testament to that.&#34;</p>
<div class="lb-trans"><p>帕特尔说：“普通零售投资者变得越来越成熟。今年在这方面算是一个很好的证明。”</p>
</div><p>A scene from the trailer for the film: Dumb Money</p>
<div class="lb-trans"><p>电影《傻钱》预告片中的一幕：</p>
</div><p>Courtesy: Sony Pictures Entertainment</p>
<div class="lb-trans"><p>图片来源：索尼影业娱乐</p>
</div><p>To be sure, a new class of meme stocks including OpenDoor has emerged this year. But Vanda found the bulk of retail investor dollars this year has been directed to names like Nvidia, Tesla and Palantir that have outperformed the market in recent years.</p>
<div class="lb-trans"><p>当然，今年出现了一类新的 meme 股票，包括 OpenDoor。但 Vanda 发现，今年大部分零售投资者的资金流向了像 Nvidia、Tesla 和 Palantir 这样的公司，这些公司在近年来表现优于市场。</p>
</div><p>Siebert's Malek said he's found everyday investors to be increasingly focused on longer-term investing, which can keep them from panic selling when the market goes down. Still, one question is top of mind for Malek and other investing leaders: What will retail traders do when the stock market, after multiple years of big gains, finally hits a lasting rough patch?</p>
<div class="lb-trans"><p>Siebert 的马莱克表示，他发现普通投资者越来越关注长期投资，这可以让他们在市场下跌时避免恐慌性抛售。不过，马莱克和其他投资领导者心中有一个问题：在经历了多年的大幅上涨后，当股市最终进入持久的低迷期时，零售交易者会怎么做？</p>
</div><p>For now, retail investors are taking notice of their improved standing.</p>
<div class="lb-trans"><p>目前，零售投资者正在注意到他们的改善地位。</p>
</div><p>Real estate professional Josh Franklin remembers a decade ago when they were easily written off by big investors. The 28-year-old Tampa resident, who has invested in stocks like Robinhood and Palantir over the years and spends dozens of hours a week studying the market, now sees the small guy as central to the story.</p>
<div class="lb-trans"><p>房地产专业人士乔什·富兰克林记得十年前，他们很容易被大型投资者忽视。这位 28 岁的坦帕居民多年来投资于 Robinhood 和 Palantir 等股票，并每周花费数十个小时研究市场，现在他认为小投资者是这个故事的核心。</p>
</div><p>&#34;Back then, no one really cared about retail. They thought retail was dumb money,&#34; said Franklin. &#34;Now, retail kind of leads the charts.&#34;</p>
<div class="lb-trans"><p>富兰克林说：“那时，没有人真正关心零售投资者。他们认为零售投资者是傻钱。现在，零售投资者在图表上处于领先地位。”</p>
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散户投资者结束了他们有史以来最好的一年之一。他们是如何在华尔街的游戏中击败华尔街的