Institutional funds led by the 'national team' net sold nearly 150 billion yuan worth of ETFs in January. Large portions of core broad-based indices like CSI 300 and STAR 50 have already dropped back to levels seen before the '924' market rally in 2024. This means the 'support funds' that entered at the end of last year and the beginning of this year have already tactically taken profits amid market fluctuations at high levels.