How torn is the market right now? The tech sector is like an 18-year-old girl—youthful, vibrant, and full of life. Meanwhile, the old-timers in blue-chip stocks have become the perfect group for the 'grumpy grandpa' meme. On one side, semiconductors, optical modules, and AI computing power are skyrocketing. Even companies barely related to these sectors are seeing their stocks 'soar to the heavens.' Regulators are issuing late-night warnings, and hundreds of companies are scrambling to clarify: 'We’re not involved, we don’t have the products, we don’t have the orders.' But the rally can’t be stopped. Stories of Gen Z investors making 300K RMB just by buying tech stocks are everywhere. On the other side, blue-chip stocks with solid fundamentals, stable profits, and high dividends are bleeding out, suffering irrational plunges. What’s the essence of this? It’s the distortion of liquidity in a zero-sum game. The market’s pricing anchor has shifted from 'intrinsic corporate value' to 'expectation games' and 'liquidity premiums.' When pricing defies gravity, the party will eventually face the reckoning of mean reversion. The tech sector’s surge is a liquidity squeeze driven by leveraged funds, with institutions and speculative capital resonating together. Margin financing balances have hit record highs, with nearly 140 billion RMB of incremental funds flooding into hardware equipment and semiconductors. Meanwhile, traditional sectors like utilities, liquor, banking, and insurance are seeing jaw-dropping net outflows from financing. The decline in blue-chip stocks is like a bolt from the blue—fundamentals haven’t deteriorated, profitability remains intact. It’s just that funds are being forced to close positions or actively reallocate to chase the high-volatility tech stocks, artificially suppressing valuations.