Reflection on the 2025 A-Share Retail Investor Profitability Data

The 2025 A-Share retail investor profitability data serves as a mirror, revealing the brutal "Matthew Effect" in the investment world: the larger the capital, the higher the probability of profit; the smaller the capital, the almost certain loss. These figures are not cold numbers but lessons learned by countless investors with real money, deserving our deep reflection.

First, the mismatch between cognition and capital is the core reason for losses in small accounts. Accounts with less than 10,000 yuan have a loss rate as high as 99.9%, driven by a speculative mindset of "betting small to win big." Many small-capital investors treat the stock market like a casino, frequently chasing gains and selling in panic, following trends without understanding that the essence of investing is cognitive realization. Small capital should be a stage for trial and error and learning, but it is often used to pursue overnight riches, ultimately becoming market "cannon fodder." In contrast, large-capital accounts usually have a more mature investment system, more professional research capabilities, and a more rational mindset. They are not swayed by short-term fluctuations but adhere to long-term principles, which is the key to profitability.

Second, the investment philosophy of "staying still to face all changes" is confirmed by the data. The high profitability rate of large accounts is largely because they can remain patient and do not blindly follow trends. Small investors, eager to recover losses or pursue high returns, trade frequently, incurring high fees and missing genuine opportunities amid chasing gains and selling in panic. Investing is not about who trades more often but about who can stay within their competence zone and use stable strategies to cope with market volatility.

Finally, this data also reminds us that investing is a lifelong journey. Whether small or large, investors need to keep learning, enhance their cognition, and build their own investment system. Small investors should not be anxious; they should treat each loss as tuition and focus on studying the market. Large investors must also remain cautious, always maintaining a sense of reverence and not letting victory go to their heads.

There are no shortcuts on the road of investing. Only by abandoning speculative mindsets and adhering to rationality and long-term principles can one stand firm amid market fluctuations and achieve true wealth appreciation. #当前行情抄底还是观望？