Risk tips: this paper only aims to streamline market transactions and to operate with empty tools, and it refers to market subjects and trade instruments only as a demonstration of industry logic and does not constitute any investment proposal and does not recommend any transaction. There are multiple uncertainties in stock markets, such as multiple games, differences in rules, and capital games, and ordinary investors need to look at market fluctuations rationally and be careful to engage in leverage and voucher-based transactions。
Opening up the mobile software, many of the shareholders have a long-standing doubt that domestic industrial fundamentals are steadily being repaired, high-end manufacturing, ai calculus, aerospace track performance continues to be realized, but there is a constant pattern of repression in the market, and that many institutional funds have long been emptying their own markets through such instruments as coupons, stock-point futures, options, etc., and ultimately suffering from shrinking assets, panics, and loss of meat, all of which are financial consumers such as ordinary family members。
Also traded in the a stock market, the bulkers rely on rising equity prices to earn differentials, while institutions can rely on falling and stable arbitrage, emptied of both ends of the income and completely uneven risk. Many do not understand the true purpose of compliance with the requirements of empty and malicious harvests, nor do they understand the long-term purpose of capital as an empty local market for ordinary investors. Today, apart from the emotional point of view, the whole chain of passive damage to ordinary investors is sorted out by combining market rules, closed financial chains, industrial games, complete dismantling institutions, and long-standing four-tier core claims to empty local markets。
First, there is a distinction between two categories of emptiness: circumvention and malicious harvest
Before analysing empty motivations, it is important to draw a line between two types of empty behaviour in the market, avoiding generalizations and outright rejections of empty regimes. The establishment of two-way trading instruments in capital markets, such as coupons, stock pointing futures and so forth, has a legitimate institutional value, and the two categories of empty-acting starting points, operating techniques and effects on the dispersed households are completely different。
1. A compliance condom is empty and is intended only for hedge risks
Long-term agencies, such as public revenue, insurance and social security, hold billions of dollars and hundreds of billions of stock in their basements, subject to product-position rules, and are unable to clear their chips once and for all. When there is a systemic reversal in the market, large volumes of spot sales can directly trigger a pedal of stock prices, and the loss of self-sustainment will be further exacerbated。
Such institutions are modest in making air wide-based etf, 300 deep and 500 medium-value futures, essentially by assigning “down-insurance” to the base of their own large stocks. The fall in the time sheets generated gains, offsetting the contraction of cash holdings; the rise in the market gave up the profit margin and relied on the equity itself to add value. The whole trip does not concentrate, does not create false interests, does not deliberately create market panic, the indirect impact on the dispersed households is relatively limited, and it is regulatoryly permitted, and normalized, to do nothing。
2. Speculation harvests are empty, targeting ordinary financial consumers arbitrage
The long-term emptying of the market's aversion is mostly purely speculative in nature and is the subject of this paper's focus. Such funds are not in a long-term configuration, and the core profit objective is not to share the growth dividends of listed companies, but to collect the principal of ordinary investors by creating a downward trend。
The full operating closed loop is clear: using a coupon to borrow a stock chip to sell it at a high level, combine it with the air research report, the internet-based space media to heighten panic, prompts dispersion, cut meat to flee, and stock prices continue to decline; until a stock, index down, buys stock return vouchers at a lower price and earns a lower margin, collects cheap chips from the bulker at the bottom, and completes a two-way profit from the two ends of the boom and drops, all of the losses are borne by ordinary bulkers。
Ii. Motivation i: disparity in the use of tool resources to produce volatile harvests of bulk principal
There is a natural resource, a threshold gap in unit a, which is the basis for institutions to be able to rely on empty harvests for the long term。
From the opening threshold, the opening of the voucher business requires an average of $500,000 per day in the account for 20 trading days, with a direct isolation of more than 95 per cent of ordinary bulk households; even if a few of them meet the threshold, it is difficult to obtain the source of the coupons from the hotgates and lead enterprises. The coupons/translation platforms prioritize the allocation of high-quality cash chips to quantify private fundraising, large institutions, northward funds, with only a few small, cold, unencumbered share of the bulk pool left, and there are few channels available for the bulk to hedge down risk。
Retroactive institutional funds can be used for long-term bulk locking of high-volatile track tickets such as ai, semiconductors, and new energy sources, relying on large-scale leverage and pooling of discs, artificially breaking the existing upward trend of shares and creating a continuous fall in the disc. More crucially, the vast majority of voucher account lending functions are automatically opened by default, the bulk buys stocks without the need for manual confirmation, risk-free window tips, and the piecemeal holding warehouse automatically returns to the voucher pool to provide for empty rolls。
Numerous bulk holdings have been completely uninformed for years, holding their own stocks and being loaned to institutions for use against the market value of their accounts. Discrepancies receive only a few dozen small interestes a year on a stock loan, but bear the loss of a few dozen points and dozens of points of principal, which is equivalent to hitting their accounts with their own chips, with a complete imbalance between risk and returns。
Overlaying differences in transaction rules, the bulky centrally executes t+1 transactions, the chips purchased on the same day cannot be stopped and the sudden-onsets in the disk can only be passively damaged; the quantitative agencies can rely on coupons to achieve a disguised t+0 high-frequency transaction, double-shattering fluctuations in the fall, further exacerbating the shrinking of the bulky assets. Throughout the gaming chain, the bulk is passive and institutions rely on rules and resource advantages to stabilize harvests, which are the most direct profit-making purposes of the empty market for money over the long term。
Motivation two: scrambling to create panic low-level inhaler, completing high- and low-level leverage replacement
The second-tier core claim of long-term empty local markets is not simply to earn a drop in the coupon price, but to force the occupant to hand over the lower chips and complete a full round of high and low price swaps。
Dispersional investment is generally characterized by a marked emotional weakness: high stock prices catch up, stock prices fall in fear of loss, and once a stock suffers from a continuous vaginal line, indices continue to weaken, it can be easily influenced by negative sentiment, fearing further losses, cutting off the floor and handing over blood chips. The agency was able to grasp this psychological weakness and develop a standardized and empty dishwashing process。
As a first step, after the stock had risen to a reasonable valuation range, the agency centrally released the coupons, superseding the programmable high-frequency (hf) pressure sheets and making a continuous reversal of manufacturing; as a second step, synchronized with the downward revision of the rating of the foreign investment bank, magnifying the short-term profit from the industry, spreading the pessimism expectations across the network, and magnifying the fear in the dispersed households; and as a third step, the stock price fell to the low valuation, when the bulk of the spread of the spread of the spreads, synchronized with the closing orders, and heavily carried the cheap chips from the bulk to the bulk of the bulk。
In the case of new energy, semiconductor tracks, for example, many of the leading firms have experienced a steady increase in their annual earnings and net profits, with no significant operating margins, but the balance of the phased coupons has continued to rise and stock prices have fallen irrationally far beyond the basics. The core logic behind this is that the agency uses small empty costs for low-priced chips at the bottom of the volume to reduce the holding costs for the next lift。
The ordinary bulkers complete a loss cycle at the top of the board and at the bottom of the table, and the institutions use empty tools to earn the price differentials of falling arbitrage as well as low-quality chips, with a two-way profit from the cycle, which is also a central demand for continued funding of the air-native growth track。
Iv. Motivation iii: internal and foreign investment linkages for domestic core asset pricing rights
In addition to the short-term game of harvesting out of households alone, northward capital, and offshore hedge funds have been at the forefront of long-term stock-sharing, there is also a deeper industrial strategic demand for capital to crush high-end industrial valuations in the country and to compete for chain pricing。
New domestic energy, semiconductors, aerospace and light communications chains have developed globally leading and complete capacity, making it difficult for overseas firms to rely on product market competition to suppress domestic firms and instead use capital markets as empty tools to generate valuation repression. Foreign investment is often based on the use of monogamous boxing: the a share market coupons hit the top of the stock, the hong kong stock simultaneously opened the bill, and the publication of pessimism studies to lower the target price, all of which combine to suppress the market value of domestic industrial enterprises。
The set of operations has clear strategic objectives: first, to suppress the market value of high-end manufacturing enterprises, to reduce the valuation of refinancing, to limit the size of the enterprise's investment in expansion, research and development and to slow down the technological overlay of domestic production; secondly, to create a stock valuation that is significantly different from the fundamentals, and that, after continued underestimation, foreign investment can absorb core asset shares at low prices from the north, from the qfii channel, and become involved in enterprise operations over a long period of time and share the dividends of domestic industrial growth; and thirdly, to suppress the overall market sentiment in the racetrack, to channel domestic finance institutions and windfall, and to reduce the pricing power of domestic capital on national technology enterprises。
Many subdivisions of industry lead firms, whose performance has been growing at a rate of more than 30 per cent for many years, have been at a historically low level in valuation for a long period of time, the core causes of which have been a lack of liquidity for ongoing overseas funding coupons, a concentration of sales weights, and a chronic depression in steering the plates. This type of arbitrage goes beyond mere short-term arbitrage and is a long-term operation with a cross-cycle, industrial gaming character, and ultimately is still damaged by the general group of long-term holders of the core assets of national production。
V. Motivation iv: stock market games that rely on a two-way trade to stabilize profits
The a stock market is currently in the stock game phase, with limited access to incremental capital and increased overall market volatility, with the difficulty of relying solely on multi-stock earnings increasing. Institutional funds have two-way trading instruments, and whether the market rises or falls, they can find a steady profit path, while the dispersed households can rely only on one-sided profit-making, with no hedges in the weak phase。
For the quantification of private funds, the long-term maintenance of a certain size gap is a standardized trading strategy. The market boom phase, which reduces the number of coupons, relies on spot holding warehouses for profit; the market is in a weak phase, increasing the number of coupons, stock forwards to space positions, and relying on falling lines to lock off gains, which are not subject to market cycles。
There are no reverse arbitrage channels to reverse the general dispersion, which can only be passively held in deficit or cut off during the weaker phase. The long-term vacuum of institutions is essentially the exploitation of the differential advantages of trading instruments, the continued fragmentation of market gains in the stock market, and the fact that the bulk of the population, the most vulnerable as an instrument of trading in the market, is naturally the main contributor to losses in volatile situations。
Part of the headline quantification of institutional gains throughout the year depends not on individual stock increases, but only on multiple-way high-frequency transactions and coupons to generate stable returns, which is also the underlying operating logic of quantitative funding in recent years, which has continued to increase the size of vouchers and long-term empty markets。
Vi. Objective combo: long-term empty behaviour, with triple irreversible losses for ordinary financial consumers
In combination with the four above, it is clear that the various types of speculation, games and operations of the institution are empty and ultimately all of the losses are borne by the dispersed households, divided into three types of visual injury。
First, the holding assets are passively shrunk. Unintelligible holdouts of the dispersed households have been assembled into the voucher pool, the supply agencies have crashed, their own equity valuations have fallen irrationally, book assets have continued to shrink, they have only been able to receive negligible interest on loans, and the risk returns have been completely uneven。
Second, forced to cut meat at a low level, resulting in a permanent real loss. The agency deliberately created panic situations, the dispersed households suffered from emotional effects that ended their losses at the bottom, the stock price subsequently increased, while the dispersed households left the field irretrievably, and the agency took down the chips, waiting for the valuation to be restored to earn a double gain。
Third, there is a long-term loss of high-quality asset allocation opportunities. High-end domestic manufacturing, technology lanes have long-term growth space, but continuous empty-pressure block valuations, long-term shareholder confidence in repeated shocks, long-term dividends from alternative industries in national production are missed, and institutions are able to take advantage of the growth gains of the race track by making empty chips to collect them。
Vii. Ongoing tightening policies at the regulatory level to correct imbalances in the playing field hole
In response to the long-standing problems of disorderly issuance of coupons in the market, unequal multi-empty rules, and impairment of the rights of the diaspora, the regulation has in recent years led to more than one round of tightening policies, a constant compression of malicious space and a balancing of the market trading environment, with four core regulatory measures。
1. A total ban on sales-restricted shares, strategic shareholdings through the trade-off of loan coupons and the blocking of grey channels through which large shareholders cooperate with institutions by lending leverages, thus reducing the availability of empty chips from source sources。
2. To adjust the rules for the exchange of coupons from real-time to t+1 for the sale of coupons, to cut off the high frequency (hf) of the conversion of t+0 within the day of the quantification of institutional coupons and reduce the amount of disorderly shock in the disk。
Raise the threshold for empty leverage, raise the percentage of institutional coupons, increase the cost of large-scale pooling of empty funds and reduce cost-neutrality。
4. Quantified procedural transactions are incorporated into strong record-keeping, exchanges monitor unusual transactions such as high-pressure and high-frequency withdrawal orders on a real-time basis, and implement window guidance and transaction restrictions for agencies that maliciously create fluctuations。
After the fall of the series of policies, the overall size of the portfolio fell in an orderly fashion, and there was a marked decrease in disorderly concentration, and the imbalance in multi-space games was somewhat alleviated, but ordinary investors still needed to recognize the natural gaps in the tools and rationalize market volatility。
Viii. Managing the thinking of ordinary investors to reduce the impact of losses on space operations
Having identified the four types of motivations that the institution has been engaged in for a long time in emptying the market, it is not necessary for the occupant to be extremely pessimistic. It is possible to reduce the probability of damage to itself through simple operations, to fit the trading habits of ordinary investors and to sort out three ideas。
1. The automatic lending function for the closure of securities accounts. App, a logged-in voucher dealer, finds the securities lending, converts the relevant settings, manually closes the automatic lending, avoids being loaned unwittingly, and circumventing the chips from the source is used to squeeze the market value of the holding。
2. Diluting short-term stock price volatility and anchoring long-term enterprise fundamentals. Much of the institutional vacuum creates short-term emotional decline, and if business yields, net profits, and industry shares rise steadily, short-term valuation reversals do not change the long-term growth logic, avoid blind loss at the bottom of the panic, and avoid being washed away with empty funds。
3. Away from highly leveraged, voucher-based trading instruments. Common bulk money, access to information, and the resources of trading instruments are weaker than institutions, do not blindly open two-way trading privileges such as coupons, equity options, and avoid the additional risks posed by multi-space gamuts only through the unilateral use of their own funds。
End of discussion
The four-tier logic of combined capital arbitrage, leverage swaps, industrial games, stock market survival is that institutions have long been emptying their own markets, with their cores relying on tools, resource advantages, harvesting ordinary investors who lack hedge channels in a downturn, and compliance insurance needs to be clearly distinguished from malicious speculation。
You can share your views in the comment area: have you ever experienced an irrational decline in the basics of the stock and the concentration of coupons? What adjustments do you think will be required in the successor voucher rules to balance the multi-spaced trading environment between the diaspora and institutions
