On June 24, Ningquan Asset, founded by Yang Dong, pointed out in its '2026 Mid-Year Investment Report' released on the 23rd that a large number of popular A-shares are likely to drop by 80% or even more than 90% in the future, and we can no longer participate. We do not have the ability to take risks without getting burned, and taking such risks would be irresponsible to our investors. Currently, quantitative funds are occupying an increasing share of the market, and the rapid information dissemination facilitated by the internet makes it difficult to predict the form and speed of a future collapse. Given the current level of market bubbles and the extreme differentiation, we are concerned that the timing of a collapse may not be far off. Moreover, a stock price collapse does not need to wait for a slowdown in demand or a surge in supply; simply being excessively overvalued can trigger a collapse.