It cannot simply be understood as "retail investors are massively buying in." I also saw the chart that Kitty shared; if you look closely, the net buying scale of retail investors is not large, and it is even lower than the average of the past four weeks. Last week's buying seems more like retail investors concentrating on structural bets in TACO-related sectors, rather than a broad-based bullish move.

On the other hand, institutions and hedge funds are clearly reducing their positions, likely due to the expected conflict between the tariff impacts of the "Big Beautiful Plan" and the Federal Reserve's monetary policy.

As for corporate buybacks, the intensity over the past week has already fallen below the four-week average, likely indicating the start of a blackout period before earnings season, and we are currently at the tail end of the buyback window. This also explains why the buying support is weakening.

Overall, it cannot be ruled out that part of this round of institutional selling is being absorbed by corporate buybacks. However, from the perspective of overall capital flow, the total inflow is very limited, indicating that this is not a trend-building phase, but rather a short-term game at the critical point between bulls and bears.

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