The number of shareholders in listed companies has decreased, and the chips are very concentrated compared with the previous period, but the fund positions in the company have decreased significantly compared with the previous period. Where did the stock go? It has nothing to do with the reduction of fund positions and the concentration of chips. Chip concentration means that if there are few retail investors, the chips allocated to each account will be concentrated and can only be used as reference funds. If retail investors reduce their positions and are constantly covering their positions, or some retail investors cut their meat and flee, then the part that covers their positions will lead to the concentration of chips, and those who flee will lead to the decrease of shareholders. It is meaningless to judge only by this.