The A-shares market isn’t designed for you to make money; it’s designed to channel your money into real industries. Once you understand this, you won’t feel conflicted anymore. Remember that bull market from ten years ago? In just a few months, it went from a crazy bull run to a stock market crash, flipping faster than turning a page. The reason boils down to two words: window guidance. When policies intervene in the market, it’s no longer an efficient market. And in an inefficient market, what advantages do retail investors have? You don’t make the policies. By the time insider info reaches you, it’s already fake news. The "good news" you get is just what others want you to see. The logic behind it is simple: They don’t play the stock market, but they absolutely don’t want to see you making money in it. Because if everyone could make money trading stocks, who would bother working hard in real industries? But they still need a "legal" way to channel retail investors’ money into real industries. And that’s where A-shares come in. IPO fundraising, private placements, refinancing—money flows from retail investors’ pockets to listed companies, completing the mission. This isn’t a conspiracy theory; it’s top-level design. Do you still think you can make money in A-shares?