Today at the gym, I met a researcher from a domestic institution.

After a few greetings, we talked about the Chinese stock market. He said:
"Everyone in our field agrees on one thing, the stock market is a barometer of the economy."
Hearing this, I knew that this conversation could basically end here.
Because those who truly understand the market know:
The stock market has never been a barometer of the economy,
The stock market is an amplifier of liquidity,
A discounting mechanism for expectations,
A slaughterhouse for emotions,
And more, it is the result of the combined effects of policies, capital, narratives, and the structure of chips.
If someone still remains at the level of "good economy, good stock market; bad economy, bad stock market,"
Then they are not analyzing the market,
They are analyzing a textbook.