一场没有硝烟的金融侦探战正在上演！当股价剧烈波动时，到底是谁在幕后操盘？国泰君安祭出"傅里叶变换"这一信号处理神器，从海量高频数据中捕捉机构算法交易的独特"指纹"——那些规律性的高频峰值，就像DNA一样暴露了机构的真实身份。与此同时，东吴证券另辟蹊径，按交易金额将市场参与者分为四大阵营，惊人发现：散户与机构的占比竟能完全颠覆传统动量因子的表现！更令人震惊的是，当机构大单密集出现时，股价往往面临反转危机；而散户主导的市场，动量效应却异常强劲。这种"反常识"的发现，让传统的"强者恒强"理论在A股市场彻底失效。基于这一突破，东吴证券构建的新动量因子年化收益高达23.23%，月度胜率超72%，远超传统因子表现。但这场"交易者身份识别"的军备竞赛才刚刚开始。当算法越来越聪明，当机构开始伪装成散户，当市场结构不断演化，这些"指纹识别"技术还能奏效多久？在这场永不停歇的博弈中，谁将笑到最后？答案可能比你想象的更加复杂和惊人...
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