1. A serious negative basis is very bad for shopping malls. Because it accelerates the departure of some hedge funds and hinders the entry of similar funds, such hedge funds, especially quantitative funds, usually play a very good role in increasing liquidity in shopping malls.

2. Once the stock enters the down limit, all the liquidity of the stock immediately disappears and cannot be realized. When there is no new capital to enter the market to buy stocks, all the stocks with daily limit will lose the ability to exchange cash during the daily limit, which will also cause huge losses, and investors can only sell other stocks to supplement them.

3. Naked stock index futures on the same day lead to market decline and negative basis, which leads to a larger financing liquidation and triggers a down limit market. This is a conceited cycle process. In order to interrupt this process, we need a lot of futures funds to buy in the futures market, especially the weakest CSI 500 futures market, to slow down the decline of the spot.