[Guan Qingyou: 'A-shares are great except for being unfriendly to investors'] According to a report by Jinse Finance on September 2, citing Phoenix Finance, Guan Qingyou, Dean of the Rushi Financial Research Institute, recently stated that over the years, the A-share market has resolved many issues, 'except for being unfriendly to investors.' He believes that the A-share market remains a retail investor-dominated market over a relatively long period and cannot simply be compared to mature markets in Europe and the United States. 'It's not about giving special policies to retail investors; the key is to ensure the market is fair and healthy.' Unlike the Hong Kong stock market, where retail investors are hesitant to participate and only dare to buy some dividend stocks, which offers little benefit. However, the current problem lies in systemic unfairness and the lack of pricing functionality. 'Structurally and probabilistically, retail investors find it very difficult to make money.' Guan Qingyou remarked, 'Ask any retail investor participating in the A-share market, and who among them hasn't suffered losses?' He emphasized that while the financing function is undoubtedly important, the investment function must gradually recover. Only when the investment function improves can the market sustain itself, and residents can genuinely achieve property income. He further pointed out that many systems have undergone reforms in recent years, such as securities lending and quantitative trading issues. However, the excessively high pricing of new stock issuances must be given serious attention and incorporated into the mechanism reform process. Otherwise, the market will always be ridiculed as 'A-shares go up only to A down again, and even lower than before.' Although the A-share market has seen an increasing number of excellent listed companies, having good companies with inflated prices does not equate to good prices. If this issue is not resolved, it will remain difficult for investors to make money.