Today's decline mainly comes from those hyped-up hot topic sectors. Interestingly, performance stocks performed quite well, and some of the performance-related stocks that were previously bloodsucked by thematic funds still maintained their strength today.

Regulators want to cool down the market, but essentially, it's still those overhyped themes that are targeted, not an intention to let the entire market stagnate. This signal is very important.

In the morning, the volume was noticeably shrinking, and when trading volume contracts, the market tends to fluctuate repeatedly — but this is not necessarily a bad thing for performance-focused investors. Reduced volume and oscillation can actually help us identify truly valuable targets.

From this perspective, companies with genuine performance support often stand out in such an environment. Stocks that rely solely on hype tend to reveal their true nature easily.