Core Viewpoint - The discussion emphasizes that the quality of listed companies should not be overly reliant on the regulatory body, the China Securities Regulatory Commission (CSRC), as it cannot determine a company's operational success or profitability. The CSRC's role is primarily to remove poor-performing companies and allow good ones to enter the market [3][7]. Group 1: Company Quality Issues - The quality of listed companies is not solely the responsibility of the CSRC, which can only facilitate the exit of underperforming companies [3][7]. - There is a concern regarding the reliance on management institutions by retail investors, as many have suffered significant losses while these institutions continue to collect management fees [3][7]. Group 2: Trading System and High-Frequency Trading - The current regulation allowing up to 300 trades per second lacks theoretical and practical justification, raising concerns about market manipulation through excessive order placements and cancellations [3][7]. - The market's design should focus on its fundamental purpose, and halting high-frequency trading could serve as a response to retail investors' concerns, reflecting the market's commitment to its participants [4][8].