Once it comes to quantitative analysis, the market will get a little better, indicating that they are harvesting too aggressively. Many quantitative strategies (especially neutral strategies) are 'long-short.' To achieve stable returns (Alpha), they buy a basket of stocks while shorting index futures for hedging. When regulators start strict inspections or impose restrictions on short selling (such as limiting margin trading or limiting opening positions in index futures), quantitative institutions must buy to close their short positions for compliance or hedging. This concentrated buying power directly pushes up the index. The recently popular DMA business is essentially a leveraged form of quantitative trading. Once regulations tighten, this leveraged capital needs to reduce positions or stop high-frequency 'T+0' trading. This leads to a reduction in high-frequency sell orders that are constantly 'sucking blood' from the market, alleviating selling pressure, and making the market naturally appear 'light.' Why do emerging markets develop such harvesting machines excessively? On one hand, private placements can only be bought by large investors, worsening the wealth gap; on the other hand, quantitative strategies do not focus on fundamental long positions but rather profit from others' flaws and market loopholes. The proportion of retail investors in A-shares is extremely high (with significant trading volume contribution). Retail investors have obvious behavioral flaws (chasing highs and cutting losses, emotional trading, slow order placement). In such an environment, quantitative algorithms are simply a 'dimensionality reduction strike.' They do not need to dig into the company's value but only need to exploit the mistakes of retail investors. The current contradiction is that we have introduced overly advanced and sharp harvesting tools into a market with a retail investor structure, and due to institutional differences (such as T+1), these tools are given asymmetric advantages. If this continues, the market will bleed out and lack vitality, and a large number of retail investors will exit the market due to continuous losses. I do not understand.