Undercover investigation reveals: The so-called quantitative trading in the A-share market is actually just a mouse warehouse scheme. In the past two days, Huahong has been a standard case of quantitative dumping, with retail investors' hard-earned money all going into Liang Wenfeng's pockets. In the A-share market, leading quantitative private equity firms (such as Huanfang, Jiukun, Mingcong, Lingjun, etc.) show a clear strategy focus on "heavy technical analysis (price and volume) and light on fundamentals." In the actual contribution to excess returns (Alpha), technical factors still dominate. This also indicates that the A-share market remains a policy-driven market, with significant weight factors in the index detached from fundamentals.