Zhongji Xuchuang failed to rebound despite positive news. Is it heading west, wiping out speculative funds and large investors? Many people tried to buy Zhongji Xuchuang today, but instead of rising, it fell. Isn't that disgusting? Let's look at today's market. On November 2nd, Zhongji Xuchuang closed at 550 yuan, down 0.54%. Total turnover was 18.883 billion yuan, with a net inflow of 516 million yuan from major funds. However, speculative funds saw a net outflow of 535 million yuan. Even more drastic is the margin trading. The margin balance has dropped to 19.229 billion yuan, a decrease of 3.221 billion yuan in the past five days, a drop of 14.35%. It's worth noting that the peak margin balance in mid-July was 31.577 billion yuan. In just over three months, it has been cut by nearly 40%. Leverage is being withdrawn, and speculative funds are fleeing. Who's taking over? JPMorgan Chase increased its stake in Zhongji Xuchuang's H shares from 14.92% to 15.05% on October 27th. On the same day, a large block trade occurred in the A-share market, with both the buyer and seller being institutional investors. Foreign capital is increasing, and institutions are buying. Speculative capital and leveraged funds are exiting. Looking at the fundamentals reveals why the "positive news couldn't move the stock price." Revenue for the first three quarters reached 69.5 billion yuan, a year-on-year increase of 178%. Net profit was 22.2 billion yuan, a year-on-year increase of 212%. The gross profit margin for Q3 was 46.6%, and it's still rising. Orders for 1.6T engines basically cover the entire year of 2027, and some customers have already provided guidance for 2028. The performance is fine, the orders are fine, and the valuation is not expensive, with a forward PE ratio of less than 20. So why didn't the stock price move despite the positive news? Because the shares are changing hands. Margin trading was reduced from 31.5 billion to 19.2 billion. This 12 billion+ yuan reduction is the mountain weighing on the stock price. Speculative funds followed the leveraged withdrawal, creating a short-term stampede. But JPMorgan Chase is buying, and institutional investors are buying in bulk. This isn't about "blowing out speculative funds and large investors." It's about speculative funds and leveraged trading bursting themselves. And foreign capital and institutions are buying at the bottom. So, when will it bottom out? It depends on the margin balance. Only when it stops cutting billions every day can we talk about stabilization. It's too early to say "heading west." But you're right that "good news doesn't drive it up." Good news failing to push it up means the selling pressure hasn't finished. Before the turnover of shares is complete, even the best performance is just a "reason to stop the decline," not "fuel for an upward trend." I'll continue to watch the show. What about you? Have you bought the dip?