嘴撸这事最近一直被人诟病，但去看 top yapper 也不是什么项目都嘴撸的。一刀切有点矫枉过正，刷推的时候，看见嘴撸的项目需要重点摸清筹码结构、看看谁在玩，这样 TGE 多空也更有把握，这也是 infofi 中信息获取的小妙招比如前两天 @OpenledgerHQ 的韩国行刷屏了，项目方 Pre-TGE 阶段在韩国市场发力 + 做营销的话算是个好的正面指标。现在韩国市场基本术语 TGE 的试金石，只有韩国市场做好了才敢 TGE，像这就是个值得注意的信息点并且小章鱼最近在 @KaitoAI 和 @cookiedotfun 双平台搞营销，奖励分配包括：- Kaito 上 top 200 yappers 瓜分 2M 代币- Cookie 上 30 万美金等值的 $OPEN 代币在三个月发放 + 5 万美金等值 $COOKIE 代币奖励在第一个月发放这些活动也可以留个印象，对撸毛人又是一个值得注意的信息点Openledger🔛Seoul | ETHCC✈️ (@OpenledgerHQ):https://t.co/SAQHN6CZrR ...

Summary of Conference Call Notes Industry Overview - The report focuses on the A-share market and its valuation dynamics, indicating that since mid-April, the market has been primarily driven by valuation increases, reaching a neutral position [1][3]. Core Insights and Arguments - **Market Outlook**: The A-share market is expected to have upward potential in the second half of the year, although fluctuations are anticipated due to policy catalysts [1][3]. - **Capital Inflows**: Indicators such as institutional net buying and large financing balances show that capital is still flowing into the market, supporting current valuations [1][4]. - **Earnings Structure**: The earnings center of the A-share market has shifted to a neutral to slightly positive position, suggesting that long-term investments should wait for short-term or earnings lows to enhance safety margins [1][6]. - **Small vs. Large Cap Stocks**: Small-cap stocks are currently experiencing low trading volumes compared to large-cap stocks, which may lead to short-term outperformance of small caps. However, large caps are expected to maintain an advantage post fundamental recovery [1][7]. - **Sector Rotation**: The market is currently in a neutral to slightly positive earnings position, which may accelerate sector rotation. It is advised to invest in undervalued sectors with low earnings, such as electronics, semiconductor technology, and lithium batteries, while being cautious of crowded high-valuation sectors like pharmaceuticals [1][8]. Important but Overlooked Content - **Risk Factors**: There are risks associated with potential tariff changes or policy shifts that could lead to reduced trading volumes and adjustments in market dynamics [1][10][11]. - **Profitability Indicators**: The divergence between the support of the profit center and the profitability of early investors indicates a weakening overall trading profit effect, necessitating attention to capital flow and volume changes [2][12]. - **Market Sentiment**: Recent trends show that while institutional net buying and financing balances have surged, there is a need to monitor for potential cooling effects from policy changes that could lead to volume adjustments [10][11][13]. This summary encapsulates the key points from the conference call, providing insights into the current state and future outlook of the A-share market, along with associated risks and sector-specific recommendations.