The history of the US stock market over the past hundred years tells us that less than 3% of companies truly create value, while the remaining 97% are essentially destroying value. This rule also applies to the A-shares and Hong Kong stocks.

Interestingly, this is quite similar to phenomena in the natural world. For example, the standard normal distribution shows that the probability of extreme events is painfully small, with most cases concentrated in the middle. The stock market also follows this logic—leading companies' profitability continues to strengthen, while smaller companies find it increasingly difficult to surpass these giants. In simple terms, it's the Matthew Effect: the strong get stronger.

However, despite this universal pattern, the A-share market has developed its own characteristics over the years. One notable trend is the "speculation on small and new stocks" micro-cap stock craze, which always sparks a wave of enthusiasm during every bull market. This is a unique cultural phenomenon of the A-share market.