The market is a zero-sum market. The money earned by the bears is the money lost by the bulls, so the sum of the profits and losses of both sides is zero. 19 bears make money and bulls lose money. But what you have to do is that they short the Shanghai and Shenzhen 300 in large quantities, then short the futures index, make money in the futures index, then suck the Shanghai and Shenzhen 300 at the same time, then make multiple futures indexes, and then make money. To put it bluntly, after a period of running-in, the bulk of the final money is still institutions, and the loss is still retail investors.