The new social security regulations actually tell retail investors once again: stay away from the A-shares! The new social security regulations are a means of wealth redistribution from the young and low-income individuals to the wealthy, with high burdens crushing the youth ➔ "weak consumption" dragging down the economy ➔ undermining the fundamentals of the stock market ➔ yet pensions still need to continue harvesting from the stock market. Its "regressive" design (where low-income earners have a higher effective contribution rate) further suppresses the consumption capacity of the most vulnerable in society, widening the wealth gap, and thus further weakening the foundational value of the stock market—the health of listed companies. In the face of the impending payment crisis, the government's other countermeasures are actually laying mines for the stock market: whether it’s the large-scale "transfer of state-owned capital to replenish the social security fund" or "pension funds entering the market," the essence is a transfer payment using the capital market: continuing to harvest from the stock market. Therefore, the fundamental function of the Chinese stock market is primarily to ensure the safety of funds related to "national economy and people's livelihood" and to maintain "social stability," and it is absolutely not about forming a healthy, market-oriented capital market, which means there will definitely not be a long-term, sustainable, healthy bull market!