There are two main reasons for the recent decline: first, the previous rise was too fast and too fierce, and everyone's investment sentiment was too high. The market as a whole may be oversold in stages, and many tickets with bad fundamentals have also gone up with the big troops. Second, the overseas epidemic fermentation caused global panic, global risk assets were sold off, and the US stock market, Hong Kong stock market and Japanese and Korean stock markets all fell sharply. It is difficult for funds to avoid such a systematic and large-scale plunge, so most partial stock funds have fallen. The reason for the collapse of some funds may be that they invested heavily in GEM, technology industry and stocks. However, most of these plummeted funds also experienced a large increase in the previous period. We can't just see the sharp drop these days and ignore the previous rise.