Core Insights - The stamp market has been in a prolonged downturn, causing significant financial losses for many investors due to a lack of recovery [1][8] - The root cause of this decline is revealed to be long-standing illegal operations by stamp issuers, creating a stable chain of violations that hinders market recovery [1][2] Industry Issues - The stamp market's persistent low state is attributed to deep-seated industry problems, with stamp issuance previously regulated by the government now manipulated by certain issuers [2][4] - Issuers have been violating regulations by selling stamps below face value, leading to a series of profit-driven actions that disrupt normal market competition [4][5] Market Dynamics - The illegal practices have resulted in price chaos within the stamp market, making it difficult for investors to identify stamps with appreciation potential [6][10] - The annual issuance of stamps has significantly decreased, leading to an oversupply of unsold stamps and further contributing to price confusion [7][8] Investor Sentiment - Investors are left confused and uncertain due to the chaotic pricing in the market, with the face value of stamps being continuously depressed and a lack of stable price support [9][10] - For instance, the "Modern Literary Figures (I)" stamp set has a face value of 7.2 yuan but is currently priced at only 3.3 yuan, reflecting a staggering decline that undermines investor confidence [11][12] Need for Reform - The existing issues in the stamp market have led to a significant reduction in the collector base, with many investors unaware of the reasons behind their losses [12][13] - A comprehensive reform is necessary to break the chain of illegal operations by issuers, which is essential for restoring healthy market development [14][15] - Without fundamental changes to the current operational model, the market's low state is likely to persist, trapping investors in ongoing losses [16]