中国股市泡沫，是如何洗劫穷人财富的？有学者表示：发现了强有力的证据，表明在中国的泡沫破裂事件中，掌握内部消息的大投资者获利，而绝大多数韭菜小投资者亏损。具体而言，2014年7月到2015年12月2月，由于活跃的交易，底部的85%家庭损失了2500亿，而顶部的0.5%，在这18个月期间获得了2540亿。这种财富再分配中，约有1000亿可归因于市场层面的交易损益，剩余的1500亿元的再分配是异质性投资组合选择的结果。亚洲金融(AsiaFinance)认为，10年前的股票泡沫事件，这一次大概率会重新上演：最底层的家庭集团，累计损失28%；与此同时，最富有的家庭集团，因此增长了31%。

China's stock market bubble raises questions about how to exploit the wealth of the poor. What are the socio-economic consequences of financial market bubbles and crashes? Using novel comprehensive administrative data from China, we document a substantial increase in the inequality of wealth held in equity by Chinese households during the 2014–15 bubble-crash episode: the largest 0.5% of households in the equity market gained, while the bottom 85% lost 250 billion RMB through active trading during this period, which represents 30% of each group's initial equity wealth. In comparison, the return differential between the top and bottom household groups from 2012 to 2014, a period of relatively calm markets, was around 1 to 3%. According to AsiaFinance, there is a high probability that the stock bubble event from 10 years ago will be repeated this time: the bottom group of households has experienced a cumulative loss of 28%, while the richest group has seen a corresponding growth of 31%.
https://x.com/AsiaFinance/status/1844635324242346395?t=Ta-Y0pRhA8d-8B1Wo2I9WQ&s=19