The national team is systematically retreating from old blue-chip stocks. Last night, a major piece of news was buried in Kweichow Moutai's semi-annual report: Central Huijin and China Securities Finance Corporation, the two major national teams, have both exited Moutai's top 10 shareholders. Back in Q3 2015, the 'market rescue duo' of China Securities Finance and Central Huijin made their debut in Moutai's top 10 shareholders. At the time, China Securities Finance held a 2.99% stake, becoming the third-largest shareholder, while Central Huijin held 0.86%, ranking seventh—a textbook example of national team intervention to stabilize the market. Fast forward ten years to Q1 this year, their stakes had already shrunk to 0.83% (Huijin, fifth) and 0.32% (China Securities Finance, tenth). By Q2, they collectively exited the top 10 shareholder list altogether. Meanwhile, Moutai's shareholder count increased by 53,200 in Q2, reaching 296,400. As the national team exits, retail investors are stepping in. Looking further back, since Q1 2015, Moutai's shareholder count has grown by 100,000. Digging deeper, in Q2, the national team has already exited the top 10 circulating shareholders of consumer stocks like Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Haitian Flavouring; financial stocks like Industrial Bank, China Merchants Bank, Ping An Insurance, Haitong Securities, and Huatai Securities; and real estate/infrastructure stocks like Vanke, Poly Developments, Conch Cement, and Sany Heavy Industry. It's fair to say the national team is systematically retreating from old blue-chip stocks. Looking at the latest Q2 holdings data, the national team remains in the top 10 shareholders of only three sectors, with their Q2 holdings increasing compared to Q1: the four major state-owned banks, core hard-tech and 'new productive forces' leaders, and energy/strategic resources/high-dividend central enterprises.