In fact, it is directly related to futures hedging. < br>a stock market many companies have market value management, especially private enterprises, which pay more attention to market value management. The reason is easy to understand. However, the major shareholder of tin industry is a state-owned asset, and for resource companies, the pricing power of tin price is abroad. Therefore, the tin industry passively carries out futures hedging operations to avoid large fluctuations in the futures market. With futures hedging, the company's focus is on the futures market, and the leverage amplification effect of futures will have a greater impact on the company's performance, but it has to be done. As for market value management, it is basically abandoned (state-owned assets generally do not need market value management), so the stock price of tin industry can only go with the flow, and it will follow the market when it rises, and it will not show weakness when it falls. Completely managed by a retail investor, there is no master ticket, and even the good performance is numb. This should be the reason why a friend's seven-year return is only 44%.