Group 1 - The article discusses the concept of "negative-sum game" in the A-share market, suggesting that avoiding clearly negative-sum categories can lead to positive returns [1][18] - Examples of negative-sum categories include newly listed stocks with high opening prices, convertible bonds with high premiums, and stocks facing delisting risks [1] - The article highlights the presence of a significant number of low-risk investors in the market, indicating a diverse investor base [2] Group 2 - The article mentions that the A-share market has seen substantial participation in new stock subscriptions, with over 500 billion in funds involved [4] - It emphasizes that the perception of the market as a negative-sum game may be flawed, as companies can generate profits and distribute dividends, leading to potential gains for investors [9][15] - The discussion includes the impact of monetary policy, noting that central banks are creating money, which redistributes wealth in the market, benefiting some while causing losses for others [14][19]