According to a research report released by Chen Guo's team, the contraction in liquidity was the key to the weakening of the market in the third quarter. Market transactions have shrunk and financing funds continue to be repaid. Combined with the expansion of IPOs, capital diversion has led to capital diversion, suppressing the performance of growth stocks. However, there have been marginal improvements recently. Science and Innovation and GEM ETFs have ushered in large net inflows, trading congestion has clearly been released, valuations in the Double Innovation sector have declined markedly, equity risk premiums have risen, and the attractiveness of growth assets has increased.

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