What really caused the collapse of A-shares was not subordinated debt, nor Ping An’s 160 billion financing. These are just excuses, and at most they are external factors. In fact, the real reason is: internal strife between institutions and funds. The reasons are as follows: 1. Account for the entire A-share market.

Funds with a market share of more than 1/3 of the stock market built large positions in bank and real estate stocks in the fourth quarter of 2007. As a result, when 2008 came, the policy regulated credit and real estate, which were not hot topics. National policy orientation: agriculture/new energy, etc.

, the embarrassing situation occurred for two weeks because large-cap stocks did not cooperate with the "2.8" market, so it was necessary for funds to significantly reduce blue-chip stocks and prepare positions for reorganization in 2008. 2. The stock market is prone to overheating before the Olympics (international practice),

The adjustment now leaves room for growth for the Olympics, which is in line with the wishes of the management. 3. The move from 4800 points to 5500 points was mainly driven by private equity funds, occupying all the hot spots in 2008 and accumulating a large amount of profits.

, because 80% of the fund's positions were in large-cap blue-chip stocks such as banks and real estate, it had no position to participate at all. It was anxious and had no choice but to invest in the large-cap stocks under its control, overthrow it, start over, and then buy the hot sectors in 2008.

, to regain the right to speak in the market. There are many reasons, but there is only one truth. The reason is: internal strife between institutions and funds. As a result, retail investors have become victims! Knowing the reasons, there is no need for us to panic. The most terrifying thing is the majority of retail investors

A meat-cutting operation! Give up your golden chips to others!