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Personal Note: Layered investment products, underlying assets that ordinary investors can’t understand; those behind it know they won’t cheat the poor, but will relentlessly exploit the poor, and are likely to accept cheating the middle class.

It’s December 2025, and a large number of investors in Zhejiang Province are still blocking doors to seek redress due to investment losses – this event has been particularly hot in the financial investment field, and we can find several keywords: state-owned background, low yields, civil servant/teacher as investment subjects (minimum purchase of 200,000 RMB, KYC of 400,000 RMB), etc. This proves that no matter how sophisticated a financial tool is or how strong its backing, which groups are buying it has evolved into an “othering” risk. If you only see these keywords, it means your understanding of the full picture is still too shallow. There’s a lot to dig into regarding this actual loss – it’s worth investigating deeply.

• Still doing nothing, Xiaomi didn’t fall below my current price level. It has fallen consecutively for two days, and was finally stabilized by a buyback. The US market last night was interesting – it started to rally, but the next day it completely crashed. Today, both A-shares and Hong Kong stocks are basically worthless.
• At this point, falling so much is actually good; I didn’t continue following the broader market, just laid down and relaxed, waiting for a better opportunity.

Why the Decline

https://wallstreetcn.com/articles/3759889 Other viewpoints may or may not be correct; quantitative funds are increasingly influencing domestic stock markets. Individual stocks often closely align with index movements. The original text is lengthy, and Bobo (豆包 - a common online nickname) has extracted the core content.

The frequency of article releases has noticeably increased with the use of AI, and I intend to differentiate this in the tags within the text as well. The author’s column will also note the names of large models. However, the issue persists: articles generated by AI have significantly reduced my level of involvement, with many articles being forgotten after a month or so. This occurs similarly when writing code – instead of analyzing problems based on existing knowledge, I instinctively turn to AI for analysis and troubleshooting, leading to a clear increase in “laziness.”

• The U.S. stock market’s sustained bull run is largely driven by the “watering” of the dollar, rather than America’s inherent “hard power.”
• The modern monetary system has gradually become an important theoretical cornerstone for many economies worldwide since the 2008 financial crisis, emphasizing the subjective initiative of large governments in intervening in markets and utilizing government fiscal deficits as a primary tool to achieve full employment while stabilizing inflation.
• The term “large government” is most commonly associated with Keynesianism, which highlights the government’s role in “smoothing peaks and troughs” during economic cycles – for example, suppressing overheating and stimulating contraction. It places great emphasis on the multiplier effect of government spending, i.e., how much an increase in monetary stimulus can amplify consumer multipliers; a 1-unit increase in government expenditure stimulates an equivalent increase in corporate and individual income, leading to business expansion and job creation, and ultimately mitigating economic downturns. Furthermore, it adopts a relatively conservative approach to fiscal deficit limits and sustainability. The multiplier effect will drive market recovery, thereby increasing government revenue, especially during periods of overheating, where government debt potential and interest rate levels can be accumulated as stimulus funds for the next cycle.
• The modern monetary system is more like an extreme extension of Keynesianism, but with differences; its biggest characteristic is the limitation on government debt, which means the central bank should not have independent autonomy, primarily focused on inflation and full employment. With limited resources and productivity, inflation refers to the government continuously increasing purchasing power through unlimited fiscal deficits as technological progress improves production efficiency, until it reaches the ideal level of full employment and production bottlenecks; continuing to increase monetary supply will lead to inflation, at which point it chooses to set a limit on fiscal deficits, as long as there are idle production resources, increased debt will not trigger inflation.

After the Financial Crisis

Of course, reality is not an ideal world, and execution in each stage involves human participation. Keynesianism is also selectively applied, leading to more economic stimulus during downturns and less overheating suppression. Economic imbalances generate achievements, while overheating also does, making it extremely difficult to suppress them. The numerous economic problems brought about, even a new financial crisis, are not inferior to the economic shocks caused by traditional overcapacity. The 2008 global financial crisis was actually a market self-reinforcement resulting from extreme Keynesianism, leading to the proliferation of speculative structural financial investment products such as real estate and financial investment products derived from real estate as their underlying assets. Even before the crisis erupted, there was a lack of risk awareness at academic, political, and market levels, treating debt-fueled prosperity as achievements, and more people benefited from it, such as the enormous financial system: losses are yours, dividends are ours, it’s bankruptcy – we made a fortune, money cannot be spat out. Ultimately, this led to massive investment by participants, bearing the profits of previous stages.

• Hua Tai Bei Rui HongShan 300 ETF and related funds issued a notice lowering the overall fee rate to the lowest among peers.

• The hammer is falling.
• Following the surge of short videos, investment advisory services are reportedly entering a fast lane.
• In late September, after a period of intense activity in the A-share market, Douyin (TikTok) recommendations for stocks garnered attention from various parties.
• Numerous financial commentators have risen to prominence on Douyin, indirectly causing some volatility in capital markets.
• Behind these rapidly rising financial commentators lies a significant force: third-party investment advisory service companies.
• It’s understood that many third-party advisory firms operate multiple accounts on short video platforms, using content distribution (投流) to attract users to watch investment teaching videos and boost enthusiasm for purchasing corresponding products.
• There are even rumors that one third-party advisory firm achieved revenue of 10 billion yuan in October alone, exceeding its first-half earnings.
• However, “good times” are facing more uncertainties.
• Since November, multiple departments have issued notices requiring securities service institutions to strengthen the compliance management of self-media accounts.
• On November 15th, Futu Securities (300033.SZ) announced that a subsidiary was penalized by the China Securities Regulatory Commission for engaging in suggestive stock recommendations through livestreaming.
• This may be signaling a stricter regulatory environment.
• The expansion of third-party investment advisory service firms like Fangyuan Intelligence Investment (9636.HK) is likely to face greater pressure.

Close Monitoring by Regulators

The rise of short video platforms like Douyin (TikTok) has amplified emotional voices and indirectly impacted trading behavior.

Regarding byte order: A layman’s explanation Host Order, Network Order, observed directly via debugger

In the field of computer science, certain design habits have formed due to historical reasons, just like the width of a hip dictates the width of a rocket’s thrusters – there’s no need to rigidly analyze their “advantages” and “disadvantages”; it’s simply a matter of historical convention.

Wang Yi-zi said: Human relationships, spanning a lifetime of mutual support and dependence, may be held within one’s embrace, understood in the confines of one room; or they may arise from entrusted messages, dissolving into the vastness beyond.

• In a lifetime, like a fleeting flower. Like grass and trees blossoming and withering, like the rising and setting of the sun and moon.
• Yet, in this life, desires are numerous.
• As a child, I lay under lotus plants and hemp in the stream, busy catching the east wind to fly kites, chasing yellow butterflies in haste,
• Also learned to grow gourds by the shade of mulberry trees, returning home with a full meal after dusk, not shedding my cloak to lie beneath the moonlight.
• As I grew older, I hoped to be inscribed on the gold list, to have a beautiful woman accompany me, to have endless wealth, to rise continuously, to have a full table of guests, to sing and play every night.
• When old, I wanted health and longevity, welcome childhood servants, young children waiting at the door, a chessboard, a confidant, a bottle of wine, a courtyard, enjoying family harmony.