The clamor about the "2026-2027 Rampant Bull Run" is growing louder, and the blood of retail investors is starting to boil. But the problem arises — historical and real data are ringing alarm bells: this round of market movement likely does not belong to traditional retail investors. The capital structure is quietly changing, the investment logic is being deeply reshaped, and the profit distribution pie of the market is being completely rewritten.

For retail investors, blindly following the trend is already a bad strategy. Instead of doing that, it is better to first understand what the market is really doing and find a way to survive in the institutional ecosystem.

How deep is the institutionalization of the current market? Just look at this set of data: individual investors account for over 99.76% of the total, but institutions have taken away 43.98% of the holding rights of the freely circulating market value, while retail investors only hold 31.24%. In other words, a large number of people doesn't necessarily mean strong influence. The trading aspect is even more exaggerated—public funds and northbound capital, these professional institutions, account for more than 23% of total trading. Wherever their funds flow, the index tends to tilt in that direction.

Taking the northbound capital for 2025 as an example, there has been a continuous net inflow of nearly 60 billion yuan for 15 days, but 95% of the money has been funneled into the constituents of the CSI 300, directly pushing the large-cap blue-chip stocks to new heights. In contrast, the small and mid-cap stocks favored by retail investors? Their performance is just mediocre. This is the so-called truth of "making money on indices but not on profits" — the structural differentiation is there, whether you see it or not, you cannot avoid it.

What's more heartbreaking is that the driving logic of the bull run has changed. The 2015 round was purely driven by capital, simple and crude. But 2026-2027 is different; it's a combination of "fundamentals + policy dual drive." Institutional investors are targeting long-term indicators such as industry prosperity and corporate profit quality. Their layout in niche tracks like equipment upgrades and AI innovation has already outpaced retail investors by a large margin.