We can imagine.
In a market that can only do long unilaterally, once the funds are tight, the follow-up funds are not enough to promote the stock market to rise. What is the result?
When the money-making effect disappears, funds begin to withdraw continuously, and the market falls into liquidity exhaustion.
To put it simply, when the funds look backward, no one follows suit, and the final result is to kill more and sell more, resulting in trampling.
Therefore, the ups and downs in the unilateral market are very large.
In a market where short selling is not allowed, relatively abundant funds are needed to control fluctuations and protect the market environment.
The biggest foreseeable sequela is that it is difficult for A shares to form a real slow bull, which is a new product of a structural bull market.
In essence, the structural bull market is just a way of speculation in different segments after the funds are differentiated from the overall index.
A shares themselves are not without short-selling mechanism, but retail investors do not have short-selling mechanism. Institutions can short and suffocate retail investors, so the protection mode is opened.
For example, securities lending business, such as stock index futures, can essentially short the market.
Short selling itself is to make a profit by selling stocks and suppressing stock prices.
For example, short selling through securities lending means selling by borrowing shares first, then paying the share price at a certain price, and then buying back the securities lending to the brokers.
For example, 100 yuan is used to borrow 10000 shares, which is equivalent to borrowing 100000 shares, selling 100000 yuan first, and the share price falls to 50 yuan, and the repurchased shares are returned to the brokers.
The stock price fell by 654.38+00000 shares of 50 yuan, and you can earn 500,000 yuan by shorting.
The existence of short-selling mechanism makes the use of funds more efficient, and you can make money in the market whether you are optimistic about the market or not.
Compared with the unilateral market, when the market is pessimistic, a large number of funds will inevitably withdraw, leading to the downturn of the whole market.
The short-selling mechanism is equivalent to a balancing agent, which ensures the relative capital balance of the whole market.
However, because retail investors cannot use short selling, this mechanism has not been fully implemented.
Shorting itself has a capital threshold, whether it is stock index futures or shorting.
Having a threshold means being unfair to retail investors. Retail investors can only buy up, and large households and institutions can short, which will lead to a greater probability of retail investors losing money.
Therefore, in order to protect retail investors from being cut again by the system, the short-selling mechanism has not been introduced.
In a market without a short-selling mechanism, funds will inevitably have a cycle of entry and exit, and the result is a bull and a bear.
Even though the main funds have taken great care of the overall disk in recent years, they have failed to solve the essential problems.
Structural behavior has become a bull market in some sectors and a bear market in some sectors, which is not much different from the original A shares in essence.
The biggest difference between a unilateral city and a bilateral city is that one can make money in a bear market and the other can't.
Therefore, in the unilateral market, we must know how to avoid the bear market.
Bilateral markets, in principle, can always make money as long as the judgment is accurate.
In the unilateral market, only rising can make money, and falling can only short positions to avoid losses.
Therefore, the first rule of unilateral market survival is to know how to short.
Many investors try to get through the bull market and bear market in Man Cang and get positive returns by exchanging stocks in the unilateral market.
In the bear market, there are indeed bull stocks, but the proportion is extremely low.
It is actually unreliable to hold bull stocks through the bear market forever.
If in a bear market, only 30% of stocks go up and 70% go down every day.
Then, the probability of rising for five consecutive days is only 30% to the fifth power, which is 2.43‰.
For example, in the stock market crash in 2008, almost all positions were lost, and short positions were almost equal to defeating 99.99% of the shareholders.
What's more, the probability of big money making money is much higher than that of retail investors.
Retail investors are born, have no control over the disk, and rely on large funds to harvest. The probability of defeating the bear market is even more slim.
Many retail investors understand this truth, but if they really want to do it, it will be much worse. There are two reasons.
The first is luck, and the second is ignorance of bull and bear markets.
If the first is the weakness of human nature, then the second is the damage of technology.
Therefore, the second rule of unilateral market survival is to understand the trend.
Only by understanding the trend can we understand the bulls and bears, and it is possible to avoid the bear market and survive better in the unilateral city.
There are many trends here, if subdivided, such as capital trends, such as performance trends and so on.
But in the final analysis, there is only one, that is, the price trend of stocks.
If the stock price keeps hitting new highs, it is an upward trend.
What keeps the stock price low is the downward trend.
It's not that difficult to understand the trend, it just needs some patience.
If we don't innovate low and innovate high, what is the trend?
The answer is to shock the city.
The fluctuating market needs to wait for a clear trend to appear.
In the process of shock, if you can't see clearly, you can't participate in the market. After all, the chances are slim.
The stock price trend itself is influenced by funds, whether it is up or down, it is the result of capital guidance.
Therefore, the third rule of unilateral market survival is to understand capital.
Many people don't understand funds, thinking that funds are chasing themes and achievements, but they are not.
Why do some stocks always have themes, but they don't speculate? Some stocks have been doing well, but they are not going up.
The reason is that what the fund really pursues is the money-making effect.
In a market that can't be short, funds will judge to enter a stock, and the probability of making money is greater, so they will enter the market to make more.
Whether the theme is good or the fundamental performance is worth mentioning, it is just a cover for making money.
The key to understanding funds is to understand the volume of transactions.
Volume itself is also one of the core indicators of capital's willingness to enter the market.
Because only more and more transactions can meet more and more competitive funds, ensure that funds can exit smoothly after entering the market, and create a money-making effect.
In the unilateral market, it is very important to know the funds.
The above three steps are the cornerstones to ensure survival in the unilateral market. If you master them in a down-to-earth manner, you can make money with great probability.
The countermeasures of unilateral city have been mentioned above. Now let's talk about some protective measures of unilateral city.
The so-called protective measures mean that if you really don't understand the market and are particularly subjective, do some protection to avoid too much loss and you can't turn over.
1, always put the protection of principal first.
In a one-sided market, the error rate of your principal and return on income.
Correct judgment will bring positive benefits every time, and wrong judgment will bring negative benefits.
Because you can only do more, it will always be a positive return on the principal.
At this time, the principal is extremely important.
In many cases, the loss of principal is irreversible, such as the stock price falling, and you judge that it may continue to fall.
In the bilateral market, you can immediately turn over more and make money by shorting.
One-sided market, the result of waiting is that the more you lose, the more you can stop.
Therefore, in the unilateral market, the principal is particularly important.
The correct stop loss is the best way to protect the principal.
2. Reduce the transaction frequency and strive for perfection.
The second protection method is to reduce the transaction frequency.
Unilateral market, bullish to make money.
It's like going to a casino to guess coins. You can only guess heads.
In the unilateral trading market, the more times you participate, the more times you make mistakes.
Just like a coin is always a head, even if it is 50% every time, the probability of such a continuous head is actually getting less and less.
Even short-term trading does not mean buying, selling and operating every day, but the short trading cycle does not mean that stock selection is random.
All transactions should be perfect, at least let go of the gambling mentality and pursue the maximization of probability income.
3. Strictly control positions and reduce losses.
As a passive defensive measure, controlling positions is also a very important way.
Simply put, if it goes up, it will be high, and if it goes down, it will be low.
In the unilateral market, if you don't know much about the operation, controlling the position is the best way.
The higher it is, the closer it is to adjustment, and the lower the position.
The more you fall, the closer you get to the rebound and the higher your position.
Reasonable mediation of positions is a good way for unilateral market to deal with bear market.
Earn as much as possible and lose less, strictly control positions and reduce losses.
In essence, shorting is just another way of playing, which makes stock investment more complicated, but the efficiency of capital utilization will be higher.
Short selling is unlikely to be allowed on a large scale in the A-share market, in order to protect the market environment and ensure the smooth issuance of IPO.
In an empty market, the recognition of value will be deformed and more speculative.
If we invest in an entity, how can we make money by shorting this enterprise?
Therefore, the system itself is actually reasonable, and it can't be decided by patting the head.
As a retail investor in the secondary market, we should treat the problem of shorting rationally and spend more time and energy on studying how to play this one-sided market that can only be long.
The rules are valid for most people. Only by understanding the rules can we survive in the cruel stock market transactions and make money.
Don't complain about the unfair rules. In fact, everyone's rules are the same, but the operation methods are different.
What is the sequela that A shares are not allowed to short? A shares can be short, and there are two ways to short:
The first is to short through stock index futures.
After opening a futures account, you can trade stock index futures in CICC, and in the medium term, you can trade indexes such as CSI 300 and CSI 500 in both directions. If you are bearish on the market and various indexes, you can short them through stock index futures, but stock index futures is a margin trading system, which is not suitable for most investors.
The second is to short through securities lending.
Short selling by short selling refers to borrowing stocks from securities firms, selling them at current prices, then buying back the stocks and returning the bonds when the stocks expire. At that time, if the stock falls, you can buy back the same number of shares at a lower price and return them to the brokers to realize short-selling profit. However, it is necessary to open a margin account, and the condition for opening an account is that the assets of the account need to reach 500,000 yuan.
The first method is only suitable for professionals, and the second method is only suitable for investors with assets greater than 500,000, so most investors are excluded (relevant data show that the retail capital of most A-share investors does not exceed 654.38+10,000 yuan). In fact, only a few people can achieve short selling.
This will have two negative effects:
First, investors can only make more money in one direction, so they buy desperately when they go up. Only by buying more and rising more can they earn more, which makes the stock market rise rapidly every round, causing a huge bubble. When the bubble bursts, it will fall sharply. However, due to human greed, many investors who made money were trapped at the top of the mountain.
Second, large institutions can hedge through stock index futures. When holding a large number of stocks, the market falls. Large institutions can use stock index futures to set up empty orders to hedge risks, and even make more money by using leveraged futures trading in autumn, while retail investors can only look down and expect well until the stop loss goes out and large institutions start to do more backhand.
This is a very asymmetric transaction, and most retail investors end up losing money. In the future, with the continuous improvement of the A-share system and the optimization of the investor structure, it is necessary to further liberalize the short-selling mechanism and allow market participants to participate equally, which will also help the market to better find prices and promote the stable operation of the whole market.
The mature capital market in the world is still a relatively perfect short-selling mechanism, and most stock markets have been rising, which is enough to show that short-selling is a good system. Therefore, it is certainly a good thing if A shares implement short selling mechanism, but the short selling mechanism is limited: naked short selling is not allowed.
Observing the stock markets of various countries, the European and American stock markets have hit record highs, and even the Indian stock market has risen sharply. Our A-share market is a wonderful flower in the world stock market-although various funds are constantly introduced, it just can't rise and become a "stand out" stock market.
I'm afraid there are two kinds of stock markets in this world: one is the stock market, and the other is the China stock market! If the China stock market rises sharply, even if it does, I don't know how to go down, just like if you climb to the top of the pyramid, how to go down? The risk of falling is even greater, and we can only let the market rise and fall! Finally, stock market crashes often occur, with a drop of more than 70%, while other stock markets rarely have stock market crashes!
The implementation of margin financing and securities lending can hedge risks well. After investors buy a stock, they find that they have misjudged this sector or the broader market and will fall. However, the trading rules of T+ 1 cannot be sold on the same day. At this time, we can short this stock or a stock of the same nature to reduce losses. Since A-shares can't be shorted, there are also price limits. Once the bearish situation comes, retail investors can't make money by shorting backhand, and they can't save themselves, so they are allowed to be slaughtered by bookmakers and institutions. Because China investors can only rely on doing more-doing unilateral market.
There are hedge funds abroad to maintain the market!
The common practice of hedge funds is to build some long assets and some short assets at the same time, and hedge the risks they want to avoid through the combination of long and short assets, so as to obtain the excess returns of long assets relative to short assets; However, in view of the low volatility of this excess return, it is difficult to have special appeal, and it is necessary to use "financing" to amplify leverage. Therefore, as long as this excess return exceeds the "financing cost", hedge funds can obtain higher returns by amplifying leverage.
Because of the short-selling mechanism, it is impossible for US stocks to have a roller coaster market that has skyrocketed and plummeted, because after the stock price has been violently pulled up, it can get out of the long-term slow bull market because of the constraints of the reverse short-selling force. However, since there is no short-selling mechanism for A-shares, it is easy to have a crazy market, and then re-enter the roller coaster market with a rapid plunge in the bear market, investors will be suffocated and act as cannon fodder.
Specifically, short selling, an investment model that can obtain absolute returns in the short market, generally has two specific trading operations: unilateral short selling and long-short combination. If you have two trading methods, you can prevent excessive extremes: the stock price is too low, and naturally some people are willing to raise more, and people who do business are afraid to suppress it; When the stock price is too high, some people start to borrow money, so that investors who are bent on doing more dare not pull it up, and the game is even. Then, there will be no extreme situation, the market will be greatly active, and there will be no short bull and long bear in China stock market.
Lonely sun doesn't last long. "yin and yang change again and again", there is no decline without rising, and there is no decline without rising. Yang will give birth to yin, and more will give birth to emptiness, while rising will give birth to falling, yin will give birth to yang, emptiness will give birth to more, and falling will give birth to rising. As long as the market appears in pairs, this is "the promotion and change of rigidity and flexibility". The long-short mechanism is a necessary system for a complete capital market. Long and short are perfect, and the game between long and short sides can make the market relatively stable.
Since the stock market cannot be short, there will be no bull market. The reason is simple: investors can't short: you know, 95% of the people in China stock market don't have 500,000 yuan, but they account for 70% of the investment. How can there be a bull market without the entry of retail investors? It can only be a partial bull market!
Without market supervision, the investment system has no elimination function, and it is impossible or difficult for the market to produce value investment and slow cattle. Without the short-selling mechanism, the stock value will further deviate from the preset track, and then the stock market will always rise and fall, which will do more harm to investors. Therefore, the A-share market urgently needs a standardized and reasonable short-selling mechanism, and a good system will make the securities market more attractive.
Judging from foreign experience, it can be said that the two-way trading system is attracting these investors to actively enter the market and activate the market. In a mature market, you can basically do more short!
Thank you for inviting me! What is the sequela that A shares are not allowed to short? There are so few praises in the Q&A recently. Although the market is not good, I hope I can help more. Thank you! After reading the praise, I have money, thank you for your attention! Why A shares are not allowed to short is because the supervision has not released the short-selling mechanism to protect investors.
What is wrong with not shorting?
1, retail investors can only do more.
Investors blindly guess the bottom, chase more stocks, and are unwilling to cut meat, which has a negative impact. They are not optimistic about the performance of the stock market, and A shares are in a bear market for a long time.
2. Retail investors have no hedging products.
Shareholders can't hedge long and short products, which leads to an increase in one-way buying risk and loss rate.
3. Insufficient liquidity.
Due to the increase in the locked market caused by the inability to short, the liquidity of funds that have not entered the market in the bear market has dried up, and individual stocks have continued to fall, resulting in a long-term downturn in market turnover, and there has been a bull short bear long market.
4. Listed companies can make fraud.
Problems such as fraudulent performance or illegal disclosure of listed companies have increased, and investors and institutions can't sell short to suppress stock prices, so they can only passively do more and be trapped to bear losses.
In short, not shorting and fluctuation of plus or minus 65,438+00% are all policies to manage and protect investors. As for whether it plays a role in protecting investors, investors all know.
China stock market is not without a short-selling mechanism, but has a short-selling investment system. Margin trading and stock index futures only have an account opening condition of more than 500,000 yuan, but many investors can't meet this requirement. Therefore, intuitively speaking, the short-selling mechanism has not been enjoyed by more investors. And more investors have no way to short, what will happen?
First, retail investors cannot hedge their risks. Many listed companies have obvious disadvantages, but they are unwilling to hand over their chips at a disadvantage and can only bear the loss of downside risks. There is no way to hedge such risks, because there are no quotas and empirical conditions for margin financing and stock index futures.
Second, many investors have turned to the spot, futures and foreign exchange markets. Many investors enter the spot, futures and foreign exchange markets because of the existence of T+0 system and short-selling mechanism in these markets, which can cope with the market well. Even if the market falls, they can make a profit by opening empty orders; And open more orders, as long as there is a rise, there will be profit. It can be said that the two-way trading system is attracting these investors to invest. Of course, this will separate some funds from the stock market and enter the spot, futures and foreign exchange markets.
Of course, at this stage, China does not have the basis for fully opening the short-selling mechanism. Spot, futures and foreign exchange are mainly based on external market prices. Even if there are many small and medium-sized investors, they will respond to the price of the external market as a guide. Unlike the China stock market, there is no important reference scale. There are/kloc-0.50 billion investors in China stock market, of which 95% are small and medium investors, accounting for 70% of the total market value. In other words, small and medium investors are more able to influence the rise and fall of the stock market. If the short-selling mechanism is fully opened, the mood of the stock market will rise and fall more seriously. Only when rational investors account for more than 50% can the short-selling mechanism be gradually opened.
At present, there are two short-selling tools in the A-share market: stock index futures and margin financing and securities lending. However, due to the imperfect system and unreasonable rules, these two short-selling tools are dispensable for A shares. Over time, it formed. A shares are still in a unilateral market, which restricts the rise and fall. You can't short, you can only do more. This is also one of the main reasons for short selling of A shares. Because there is no effective short-selling mechanism to supervise A-shares, some problem companies take advantage of the reluctance of retail investors to hand over their chips easily and engage in unscrupulous fraud and malicious speculation, which makes investors' shareholding risk increase continuously. Once they can't bear it, they will immediately dump it, driving the stocks in the same sector to fall, thus producing a butterfly effect, triggering the risk of market index and even the risk of collapse. Without the short-selling system of market supervision, it is impossible or difficult for the market to produce value investment and slow cattle. Without the short-selling mechanism, the stock value will deviate far away, so the stock market will always go up and down, which will do more harm to shareholders. Therefore, the stock market urgently needs a standardized and reasonable short-selling mechanism to make the stock market more attractive.
The consequence of not shorting A shares is that there is no bull market. The so-called bull market is a continuous rise, not a so-called "fake bull market" that rises and falls back to its original shape or even hits a new low like the bull market in history.
Why is there no bull market without shorting? The reason is very simple: if you can't short, it will cause valuation disorder, and junk stocks, theme stocks, demon stocks and sub-new stocks will be frequently speculated. Because you can't short, the risk of speculation will decrease, because speculation lacks short opponents. As long as we take advantage of capital chips, we can form hype.
The consequence of these speculations is that in the absence of incremental funds, limited funds are squeezed by a large number of junk stocks, theme stocks, speculative demon stocks and sub-new shares. Can not effectively and efficiently flow to high-quality stocks. It is also because we can't short, which leads to the lack of risk awareness and awe in the market, which in turn amplifies the proliferation of speculation and follow-up awareness.
To sum up, you can't short, resulting in billions of junk stocks and even delisting from the stock market. According to Hong Kong stocks, the value of these stock markets is usually only a few million or even lower; The daily turnover is less than ten thousand yuan. The current situation is because even delisted stocks, fraudulent stocks and fake stocks have a market value of more than one billion, which not only wastes valuable listing resources, but also creates space for the reduction of stock price and market value, leading to a large number of cash-out behaviors and serious blood loss.
For a long time, it is precisely because we can't go short that funds can't be allocated effectively and efficiently, which leads to a lot of waste. As a result, the number of listed companies grew very fast under the continuous high-speed issuance of new shares, and the market did not withdraw from the market because a large number of fairy stocks died naturally due to short selling. The market could not focus and there was no way to get out of the sustained bull market.
At the same time, any short-term so-called bull market in history will fall back to its original shape because it cannot be short, and all participants can only do more unilaterally all the way. The overall performance is that it will either fall to death or rise to death in a short period of time, resulting in a persistent "mad cow disease" and a bear market. Usually, the so-called "fake bull market" needs more years to repair the valuation.
If there is a mechanism of short selling and overall free short selling, as long as a junk stock is fired below its due value, it will gather short selling power, then it will not be able to make waves. What goes up should go down. Compared with US stocks and Hong Kong stocks, there is no long-term index bull market in Hong Kong stocks, but it does not hinder the bull market of individual stocks; Ten years of bull market, junk stocks fell into fairy stocks and delisted stocks.
So it seems to protect investors, in fact, it hurts everyone, including regulators themselves. Don't short, unfairly short!
Being long and short is a mature mechanism of global stock market, but A shares are generally more profitable, but shorting still has the motivation to make money. As the saying goes, the more you don't make money by shorting, the more rebellious funds want to make money by shorting. Stock index futures and margin financing and securities lending are the biggest short-selling forces in the A-share market, which leads to the argument that A-shares are not allowed to do short-selling sequelae.
A shares are not allowed to be short, and the sequela is that they are too speculative. How can stocks fall back when they go up? A shares are the best example of the past decade. 10 years ago, more than 2,600 years later, it is still more than 2,600 points. Then there was the stock market crash of 20 15. At that time, there must be a strong short-selling force, otherwise it would be impossible to continue the overall daily limit, and the trading plummeted by 7% only in 17 minutes.
In addition, the sequela of A shares not being allowed to do more is that they are limited to the funds of small retail investors. Even if the stock market continues to fall, they can only desperately watch the money drain; For the main institutions, due to the capital advantage, they can invest in stock index futures, or open margin financing and securities lending to participate in A shares to earn more money, while many retail investors are not qualified to open accounts, resulting in such a big difference in the treatment of investors.
Another sequela is that the stock market will fall faster and faster, which will increase the losses of small and medium investors. Because when the stock market is in a bear market, those super-large funds will definitely not do more for A shares, nor will they be stupid enough to use funds to resist doing more; Instead, choose to follow the market trend and make money by shorting. Once super-large funds use stock index futures and margin financing and short selling, A shares in the bear market will be worse and investors' losses will increase.
The biggest sequela is to weaken the confidence of investors. Why do you say that? First, the global stock market can make money by shorting, while A shares can't, which leads to the extreme imbalance of investors and affects their confidence in A shares. Second, since A shares can't make money by shorting, why should we make money by shorting margin financing and stock index futures? Why not treat everyone equally? Isn't this obviously restricting retail investors from shorting and can only be used as cannon fodder for short-selling forces? This is obviously for small retail investors to harvest leeks.
In fact, there are too many sequelae for A shares not to be short. Either the short-selling mechanism is fully liberalized, or all investors are not allowed to make money by shorting. Treat all investors equally. Otherwise, once the short-selling power exists, most investors will become victims if they earn more. How can such a market develop healthily? It will only keep more and more retail investors away from the stock market.
In the mature stock markets in Europe and America, investors can either be long or short, and there is no limit to the price. However, in the A-share market, in order to protect the interests of the majority of small and medium-sized investors, not only price limits are set, but retail investors can't even do short selling. Small and medium-sized investors can only make money by actively doing more.
So, what is the sequela of A shares not being allowed to short? First of all, retail investors can't hedge long and short products, which leads to the risk of one-way buying up and the loss is also increased. Since A shares cannot be short, there are also price restrictions. Once there is a bearish situation, retail investors will not be able to hedge with long and short products, and the risk of unilateral buying will be amplified and the loss rate will increase.
Moreover, since the stock market cannot be short, there will be no bull market. There is a simple reason. Shareholders cannot be empty, which will lead to disorderly valuation, and junk stocks, theme stocks, demon stocks and sub-new shares will be unscrupulously speculated. Because you can't short, the risk of speculation has dropped. Because speculation lacks short-selling opponents, institutions can unscrupulously pull up stocks as long as they use capital chips.
Because of the short-selling mechanism, it is impossible for US stocks to have a roller coaster market that has skyrocketed and plummeted. It is possible to get out of the long-term slow bull market because of the constraint of the reverse short-selling force after the stock price is madly pulled up. Because there is no short-selling mechanism for A shares, it is easy to happen that the stock market rose by 800 points in March and April this year, and then re-entered the roller coaster market where the bear market fell rapidly.
In addition, because you can't short, the prices of junk stocks, theme stocks and even delisted stocks can be speculated. According to Hong Kong stocks, not only will the market value of these stocks fall very low, but the price of individual stocks will also fall very low, and even become fairy stocks. The daily turnover may be less than 10,000 yuan. Nowadays, in reality, delisted stocks and fake stock markets are worth billions or even billions, and valuable listing resources are wasted, leaving enough time for the non-high stock prices to reduce their holdings.
Finally, a large proportion of investors lose money, which is also a disaster caused by not allowing short selling. China's A-share market is falling for 85% of the time, which often leads to a long-term negative market. If you can short, investors can still make some money in the process of falling, but you can't short, you can only watch your stock fall every day, but there is nothing you can do. On the surface, short selling is not allowed to protect investors, but in fact, investors can't make money in the opposite direction and can only make more money, while A shares can only lose more and win less, which can only lead to more losses.
Since May this year, institutional investors can make money by shorting stock index futures, but small and medium investors can only make more money, and there is no open shorting mechanism. Without a short-selling mechanism, retail investors can only make more money, and the stock market has a high probability of losing more. At the same time, if retail investors encounter bad news in the market and cannot hedge their risks by shorting, the losses will gradually expand. More importantly, because A shares can't be short, it leads to the disorderly dance of poor performance stocks and delisted stocks. A-shares are often mixed, so it is difficult to have a long-term slow bull market.