After the year, the fund plummeted because the holdings of the fund's heavy positions rose too much, and institutions and large funds were also afraid of heights. At the same time, they are also worried about tightening liquidity. In order to release risks, they sold stocks to lock in profits, which led to the collapse of holding stocks.

There may be such a transmission path: the transfer of capital preference, from holding stocks to low valuation plates or stagflation small and medium-sized stocks->; Bao Tuan's share price plummeted-> Fund net value plummeted-> Ji Min kills the redemption fund-> Fund managers passively sell their shares->; Bao Tuan's share price plummeted-> The net value of the fund continues to plummet-> Ji Min continues to stifle the redemption fund->; Fund managers passively sell shares again. ...

This is an infinite loop, which will continue unless the share price of the fund newspaper group stabilizes and rebounds or the basic people stop redeeming the fund.