上涨就是上涨的理由！

Group 1 - The core viewpoint is that the current bull market in A-shares is strong, with sectors like new energy and consumer goods driving the market despite a decline in chip stocks [1][14] - The state-owned investment team (referred to as "国家队") has made limited purchases in the liquor ETF, totaling only 3 billion, indicating that their involvement may not be as significant as perceived [3][6] - The state-owned investment team has historically been a major buyer during market downturns, with clear signals of buying activity in 2023 and 2024, including public announcements and bond issuances for financing [9][12] Group 2 - The ETF in question has shown a pattern of net buying during significant market drops, with the state-owned investment team increasing its holdings from 2.4 billion to 62 billion shares from 2023 to mid-2025 [6][9] - In 2024, the state-owned investment team issued seven bonds for financing, indicating a strategy to increase their market presence [8] - However, after reaching 3,500 points, there has been a noticeable lack of buying signals from the state-owned investment team, suggesting that the recent market rally is driven by other market forces rather than state intervention [12][14]