The China Securities Association (CSIA) and leading brokerages conducted a sampling survey, which showed that the proportion of active users on the A-share market who incur losses is as high as 79%-82%. Retail investors’ average return in the first half of the year was -23.6%, with an average unrealized loss of 21k per person. The median return was -25%. Among retail investors with funds below 100k, the loss rate was as high as 98%-99%, with nearly everyone wiped out.