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Core Viewpoint - The article emphasizes the importance of understanding market behavior through quantitative data analysis rather than relying solely on surface-level news and trends. It suggests that institutional trading patterns often reveal the true market sentiment, which can be obscured by apparent market movements [1][10][16]. Group 1: Market Dynamics - The A-share market is likened to a theater where visible news and policies act as puppets, while the real influencers operate behind the scenes [1][9]. - The white liquor sector experienced a significant decline following the "liquor ban" announcement, with an average drop of over 6% in the following 20 trading days, highlighting the volatility and unpredictability of market reactions to news [2][4]. - Institutional funds had begun withdrawing from the white liquor sector earlier in the year, indicating that the subsequent market reactions were not as spontaneous as they appeared [4][6]. Group 2: Quantitative Analysis - The article advocates for the use of quantitative systems to track institutional trading behaviors, such as "institutional inventory" and "activity levels," which can provide insights into market trends [6][10]. - The "institutional inventory" data showed a lack of confidence in the white liquor sector despite temporary price rebounds, suggesting that the market's apparent resilience was misleading [6][8]. - Quantitative data can help investors identify true market intentions, allowing them to make more informed decisions rather than being swayed by superficial news [10][11]. Group 3: Investment Strategies - Investors are encouraged to adopt a data-driven approach to market analysis, focusing on behavioral patterns rather than just price movements [10][12]. - New investors should learn to recognize trading behaviors, exercise patience, and maintain independent thinking to avoid being misled by market noise [15][16]. - The article concludes that while the market environment is complex, the future of A-shares remains promising, with an emphasis on the growing role of quantitative investment strategies [15][16].