This year, the A-share market has witnessed vibrant trading activity and a resurgence in the refinancing sector, with public funds displaying keen interest in participating in private placements. By September 6, the total allocated amount for public funds had surpassed 47 billion yuan, marking a year-on-year surge of over 160%. Nevertheless, several sought-after private placement projects have recently encountered price inversions. For instance, the issue prices of private placements for tech stocks such as Jiangbolong have exceeded their secondary market prices, attracting significant market attention. This scenario underscores that “purchasing stocks at a discount” does not ensure consistent profitability. Amidst a market oscillating at elevated levels, rapid industry rotations, and diminishing discounts on private placements, the rationale behind traditional investment strategies is undergoing transformation. Institutional investors are now redirecting their focus towards assessing industry outlooks, individual stock valuations, and portfolio management prowess.