#内容挖矿#

A paradigm revolution in market logic

The market is like a deep sea; when the tide goes out, the naked swimmers' embarrassment is always ruthlessly exposed. This round of market activity in the spring of 2025 is like a beam of strong light piercing through the fog of the capital market—those "old logics" that were once revered are now collapsing and reconstructing, emitting their final groans.

**The Collapse of the Old Order: When Carnival Becomes the Altar of Rationality**
Over the past two decades, the A-share market has consistently followed a script of "magical realism": retail investors' hot money surged in like a flood, and the competition between institutions and retail investors resembled a frantic relay race. However, the protagonists on this stage have quietly changed. In Q2 2024, Central Huijin controlled 65% of the holdings in broad-based ETFs, while insurance funds net subscribed 55 billion yuan to equity funds. Behind these numbers lies the takeover of the market's steering wheel by institutional funds in the guise of a "rational tyrant." As the proportion of passive funds jumped from 20% to 24%, the market no longer needs gambler-like speculators, but rather a finely tuned financial machine. The individual holding rate of the Sci-Tech Innovation 50 ETF reached as high as 99.12%, while the dividend ETF was firmly held by social security funds—this stratification has long been predetermined, and the spark of Prometheus can no longer ignite every corner.

**The Spotlight Island: The Battle for Narrative Power**
When AI computing power breaks through trillions of parameters, when the market value of RWA (Real World Asset tokenization) surpasses 22 billion USD, and when stablecoins gain legal status in the Hong Kong government's "draft regulations," the narrative power of the capital market is completely transferred. The once-boisterous myth of "everything can be blockchain" now leaves only three isolated islands: AI, RWA, and stablecoins. The financial technology ETF has surged 13% this year, with the stock limits of Xinyada and Dazhihui striking like lightning through the gloom, while 3,000 other stocks have collectively fallen silent in the shadow. This is not cruelty, but evolution—when the global stablecoin market value exceeds 246.3 billion USD, and when the CIPS system upgrades to become a new engine for the internationalization of the RMB, capital will naturally choose to stand at the intersection of technology and policy.

**The Curse of Being Stuck: The Life-and-Death Game Between Rising and Falling**
The eight consecutive rises of the Shanghai Composite Index in April, characterized by a "kidney deficiency style" increase, have exposed the fragile nature of the market. The massive amount of trapped positions washed out by multiple rounds of declines hangs over like the sword of Damocles. Whenever the price rebounds, there are always trapped positions that crash down like a tide, with the trading volume long languishing at the awkward figure of 1.03 trillion, reflecting the collective caution of investors. Ironically, the 1.5 trillion influx from social security and wealth management funds has become a double-edged sword for the market — they inject temporary vitality into dividend assets, but it is difficult to sustain the belief in continuous rises. This bizarre balance of "not rising, not falling deeply" is precisely a perfect annotation of structural differentiation.

**Awakening of the Survivor: From Gambling to Long Distance Running**
The baptism of the bear market has led investors to complete a cognitive iteration. Public funds have shifted their heavy positions from CATL to Tencent, with Hong Kong stock positions reaching a new high since 2016. These details reveal a fundamental change in strategy: certainty has become paramount. Retail investors are no longer chasing "air coins," but are embracing technological growth through the Sci-Tech Innovation 50 ETF; institutions are no longer fantasizing about a miracle of broad market growth, but are focusing on leading companies to build a moat. This shift from "short-term speculation" to "long-term holding" has finally freed the market from the curse of "casino logic."

**Navigational Chart of the New World**
When the tide goes out, true navigators begin to chart new courses. In the wave of technological breakthroughs, the starry sea of AI computing power and semiconductors is unfolding; in the undercurrents of financial innovation, the codes of stablecoins and RWA are rewriting the rules of traditional finance; and deep within the valuation trough, the "safe assets" of banks and utilities are becoming a safe haven. This paradigm revolution reminds us: the ultimate wisdom of the market lies not in predicting the rise and fall of tides, but in understanding the geological structure behind the tide.

Perhaps this is the most profound revelation of 2025 — when the "old logic" dies, it is not an end, but the prologue to a new beginning. #Gate 8月储备金报告出炉#