Recently, I noticed an interesting phenomenon while watching the market: it seems to have reached a subtle turning point.

Retail investors have clearly cooled off in their buying enthusiasm. Previously, they would rush in to buy the dip every time there was a price pullback, but now the curve has started to flatten, and the sentiment of waiting and observing has risen.

On the contrary, professional players have started to take action.

Looking back at the trends over the past six months, from the end of last year to November this year, hedge funds and professional investors have actually been reducing their positions. They are very savvy - they started to withdraw before the signals of tightening monetary policy emerged, selling at relatively high levels. That period happened to be when retail investors were the most aggressive; every time institutions sold off, retail investors would buy into the dip, becoming the actual main force in absorbing the sell-off.

But now the script has changed.

Retail investors are hesitating, while institutional users are quietly testing the waters, and hedge funds are also starting to build positions on a small scale at the bottom. This role reversal is quite interesting.

Next, let's see who has a steadier mindset, who can withstand the fluctuations, and who can seize the rebound window.

Do you think this round will be led by professional funds, or will retail investors take the lead again?