Du Meizhu, the internet celebrity with millions of followers who once sent Kris Wu to jail, has a fantastic figure, but she revealed that she lost hundreds of thousands of yuan by investing in stocks with loans! Today, both the big players and retail investors in the A-share market must be numb with losses, right? While spending 1.05 million yuan on Rolex and Patek Philippe watches, she said: "The money I lost is just enough to buy one watch." From a trader's perspective, this statement is extremely jarring. She doesn't feel the pain of losing hundreds of thousands because her cash flow is strong. You feel the pain of losing hundreds of thousands because you used leverage you shouldn't have. She regrets "buying stocks," but ordinary people should regret the leverage itself. And today, countless people like her are being humiliated in the A-share market. Look at how terrible the market is today. The ChiNext index plummeted, and the semiconductor and AI computing power chains collapsed across the board. There are two main reasons: First, the spillover effect from the collapse of US tech stocks. The Philadelphia Semiconductor Index plummeted. The A-share ChiNext and Nasdaq are deeply intertwined; with the US stock market bursting its bubble, A-share tech stocks are bound to follow suit with valuation corrections. Secondly, liquidity is drying up. Yesterday, institutional funds saw a net outflow of nearly 100 billion yuan, leveraged funds are withdrawing, and off-market funds are all on the sidelines. Even more disheartening is that the bottom for the A-share market may still be far off. While the policy bottom has been secured, a market bottom requires real money. Externally, there's the risk of the US AI bubble bursting; internally, there's the hurdle of margin trading withdrawals. Those rushing in to buy the dip now are likely to catch a falling knife halfway down the mountain. Even someone like Du Meizhu, who lost money investing in stocks with loans, can still buy a Patek Philippe. But ordinary people who have leveraged and suffered margin calls in the A-share market will be struggling to even pay their mortgages tomorrow. Ordinary people should stay away from the stock market and the cryptocurrency market.