1/200 0.15-4.29 n 网上有很多人也用让子弹飞礼姜文的那句经典台词，09-02 06:29:09-09-02 06:29:18Many people on the internet also use the classic line "Let the bullets fly" from Jiang Wen's movie.
2/200 5.07-7.47 n 豪绅的钱如数奉还百姓的钱，09-02 06:29:10-09-02 06:29:16The wealthy man returned the money he had borrowed from the people.
3/200 7.83-8.67 jd 三气分账。09-02 06:29:12-09-02 06:29:13Three-part payment.
4/200 9.27-10.23 xss 我要说清楚啊，09-02 06:29:13-09-02 06:30:43I want to make it clear,
5/200 10.59-13.71 de 这是一句文学羞耻是情绪的表达，09-02 06:29:13-09-02 06:29:46This is a literary expression of shame.
6/200 13.95-15.03 jd 不是法律的指控。09-02 06:29:14-09-02 06:29:15Not a legal accusation.
7/200 15.45-18.51 de 我不指控任何机构任何主体存在违法和共谋，09-02 06:29:14-09-02 06:29:58I am not accusing any institution or entity of illegal activities and conspiracy.
8/200 18.81-21.87 n 那需要监管部门依法调查认定。09-02 06:34:16-09-02 06:34:18This requires the regulatory authorities to investigate and determine according to law.
9/200 22.23-26.37 jd 但您见过自己公司上市身价千亿却最不开心的老板吗？09-02 06:29:16-09-02 06:29:19Have you ever seen a CEO whose company is worth billions but is the most unhappy?
10/200 26.67-30.94 aaa 我见过了语树科技的老板王兴星里边有两句话，09-02 06:29:16-09-02 06:29:19I saw that Wang Xing, the CEO of Yutu Technology, said two things.
11/200 31.54-33.58 hp 一直在替资本市场里边做注释。09-02 06:29:17-09-02 06:29:21I have been providing commentary for the capital market.
12/200 34.24-37.72 n 一句是风挂里边的日中则仄，09-02 06:29:18-09-02 06:29:21A single line of poetry, the sun in the wind.
13/200 38.86-41.8 n 月盈则时另一句是钱卦的上九摇，09-02 06:29:18-09-02 06:29:21The other sentence is "Money in the upper nine."
14/200 41.98-42.58 jd 只有四个字，09-02 06:29:20-09-02 06:29:21Four words,
15/200 42.94-43.66 aaa 亢龙有回。09-02 06:29:20-09-02 06:29:22The dragon has its day.
16/200 44.2-45.16 hp 古人说的很清楚，09-02 06:29:21-09-02 06:29:23The ancients clearly said,
17/200 45.76-46.42 jd 涨到基础，09-02 06:29:22-09-02 06:29:23Reach the basics,
18/200 46.6-47.14 n 不是胜利，09-02 06:29:23-09-02 06:29:24It's not a victory,
19/200 47.5-48.04 n 是清醒。09-02 06:29:23-09-02 06:29:24I am awake.
20/200 49.12-50.14 aaa 八月十九号的时候，09-02 06:29:24-09-02 06:29:25On August 19th,
21/200 50.38-51.82 jd 宇数科技登陆了科创板，09-02 06:29:25-09-02 06:29:27Yusuo Technology listed on the Sci-Tech Innovation Board.
22/200 52.12-55.9 hp 发行价一百五十块八毛盘直接拉到一千一，09-02 06:29:25-09-02 06:29:31The price was originally 158 yuan, but it was directly raised to 1100.
23/200 56.14-58.84 n 涨了百分之六百二十九点四四，09-02 06:29:26-09-02 06:29:29Increased by 629.44 percent,
24/200 59.38-64.85 n 这一度冲上了四千四百四十九亿中一钱浮影四十七万。09-02 06:29:27-09-02 06:29:32It once reached a peak of 4,498,570,000 yuan.
25/200 65.44-68.2 aaa 八月二十五号股价跌回了六百零二块钱，09-02 06:29:27-09-02 06:29:30On August 25th, the stock price fell back to $602.
26/200 68.74-70.3 jd 市值两千四百三十八亿，09-02 06:29:28-09-02 06:29:30Market capitalization of 238 billion
27/200 70.68-73.14 n 六个交易日市值蒸发了约两千亿。09-02 06:29:30-09-02 06:29:33Six trading days, the market capitalization evaporated by about two trillion.
28/200 73.59-75.45 jd 从高点回撤了百分之四十五，09-02 06:29:31-09-02 06:29:32Retreated by 45 percent from the peak.
29/200 76.18-76.96 aaa 但请注意哈，09-02 06:29:31-09-02 06:29:32But please note,
30/200 77.53-79.21 hp 一边跌了百分之四十五以后，09-02 06:29:32-09-02 06:29:35After falling by 45%,
31/200 79.27-81.37 aaa 它依然是发行价的四倍。09-02 06:29:33-09-02 06:29:34It is still four times the original price.
32/200 81.91-83.77 n 现在这条内容我不评价任何个股，09-02 06:29:34-09-02 06:29:36Currently, I am not evaluating any specific stocks.
33/200 84.19-85.87 jd 也不做任何的投资建议。09-02 06:29:34-09-02 06:29:36I am not providing any investment advice.
34/200 86.05-88.69 n 我想把我思考的三件事儿分享给大家。09-02 06:29:35-09-02 06:29:37I want to share three things I've been thinking about.
35/200 89.44-90.52 aaa 第一个是拆制度，09-02 06:29:36-09-02 06:29:37The first is the dismantling of the system.
36/200 90.97-92.41 hp 就是新股上市纪巅峰。09-02 06:29:36-09-02 06:29:39It's the peak of IPO.
37/200 92.53-93.31 jd 它不是个个案，09-02 06:29:37-09-02 06:29:38It's not an isolated case.
38/200 93.49-94.99 n 它已经是群体现象了。09-02 06:29:38-09-02 06:29:39It has become a phenomenon.
39/200 95.17-96.01 aaa 它的短板在哪？09-02 06:29:38-09-02 06:29:39What are its weaknesses?
40/200 96.31-97.39 n 长期代价是什么？09-02 06:29:39-09-02 06:29:40What are the long-term costs?
41/200 97.83-100.6 jd 第二个看人一个技术创始人，09-02 06:29:40-09-02 06:29:41The second one is a person-oriented founder,
42/200 100.78-102.22 bg 在一天之内成为首富，09-02 06:29:40-09-02 06:30:14Become a billionaire in one day,
43/200 102.4-105.35 n 却一分钱也拿不到他的那种清醒和无奈。09-02 06:29:41-09-02 06:29:44But he couldn't get any money from his own clarity and helplessness.
44/200 105.79-106.15 aaa 第三个，09-02 06:29:42-09-02 06:29:42Third,
45/200 106.7-107.42 hp 回到我们自己，09-02 06:29:42-09-02 06:29:44Return to ourselves,
46/200 107.96-108.56 n 同一个股票，09-02 06:29:43-09-02 06:29:44The same stock,
47/200 108.68-110.06 jd 为什么有人能赚四十七万，09-02 06:29:43-09-02 06:29:45Why some people can earn 470,000
48/200 110.24-111.5 aaa 有人却亏百分之四十五？09-02 06:29:44-09-02 06:29:46Some people are losing 45%?
49/200 111.91-112.99 n 答案不在 k 线里边。09-02 06:29:45-09-02 06:29:47The answer is not in the candlestick.
50/200 113.17-114.37 n 在认知和条款里边，09-02 06:29:45-09-02 06:29:47In cognition and terms,
51/200 115.17-116.43 hp 我们先讲一个数字，09-02 06:29:46-09-02 06:29:49Let's start with a number,
52/200 116.99-118.19 jd 把它算清楚给你听。09-02 06:29:47-09-02 06:29:48Let me calculate it for you.
53/200 118.37-120.41 de 因为网上传的很多版本是错的，09-02 06:29:47-09-02 06:30:07Because many versions circulating online are inaccurate,
54/200 121.08-124.86 aaa 语数这次网上发行最终是九百七十点七万股，09-02 06:29:48-09-02 06:29:51The total number of shares issued online was 970,700.
55/200 125.1-130.44 n 一千五百股九百七十点七万除以五百等于幺九四幺四。09-02 06:29:49-09-02 06:29:551500 shares, 97.7 divided by 500 equals 0.944.
56/200 131.06-135.69 n 就是网上中签号的全部数量一共一万九千四百一十四个。09-02 06:29:50-09-02 06:29:54There are a total of 19,414 winning numbers on the internet.
57/200 135.87-137.31 jd 而参与网上申购的呢，09-02 06:29:50-09-02 06:29:52And for those who participate in online subscription,
58/200 137.43-139.41 hp 是九百七十八点四六万户，09-02 06:29:51-09-02 06:29:55There are 978,460 households.
59/200 139.65-141.39 aaa 刷新了科创板的历史记录，09-02 06:29:52-09-02 06:29:53Set a new record for the Science and Technology Innovation Board,
60/200 141.84-144.65 jd 中签率是万分之一点八一万个，09-02 06:29:52-09-02 06:29:54The winning rate is one in 8.1 million.
61/200 144.71-146.27 aaa 申购单位里中不到两个，09-02 06:29:54-09-02 06:29:56The number of units to be subscribed is less than two.
62/200 146.57-148.49 n 这个概率已经不是运气问题了，09-02 06:29:55-09-02 06:29:56This is no longer a matter of luck.
63/200 148.55-149.51 jd 它是分配的规则。09-02 06:29:55-09-02 06:29:57It is the rule of distribution.
64/200 150.04-153.1 hp 网上有很多朋友也用让子弹飞的那个台词，09-02 06:29:56-09-02 06:30:01There are many friends online who also use the line "Let the bullets fly."
65/200 153.28-154.66 n 我说了他是情绪表达，09-02 06:29:57-09-02 06:29:58I said he was expressing emotions.
66/200 154.9-157.42 aaa 但情绪之所以能够引发共鸣，09-02 06:29:57-09-02 06:29:59But emotions are able to evoke resonance,
67/200 157.66-159.64 n 一定是因为他捕捉到了某种结构。09-02 06:29:58-09-02 06:30:01It must be because he has captured some kind of structure.
68/200 159.88-163.72 jd 这个结构我们今天可以完全用公开的信息把它拆开。09-02 06:29:59-09-02 06:30:01With this structure, we can completely disassemble it using publicly available information today.
69/200 163.9-170.31 n 有四层第一层定价的毛本身就是偏的语数的发行的市盈率是二百一十九倍，09-02 06:29:59-09-02 06:30:05The price-to-earnings ratio of the first layer is 219 times, which is a bit off.
70/200 170.92-172.6 de 行业均值约三十八倍，09-02 06:30:00-09-02 06:30:26The industry average is around 38 times.
71/200 172.9-173.56 aaa 高了六倍。09-02 06:30:01-09-02 06:30:02Six times higher.
72/200 174.01-175.57 hp 什么询价能询出这个价呢？09-02 06:30:02-09-02 06:30:05What kind of inquiry can get this price?
73/200 176.02-177.7 n 因为在现在的询价机制下，09-02 06:30:02-09-02 06:30:04Because of the current inquiry mechanism,
74/200 177.939-180.76 jd 机构面临的博弈不是这家公司值多少钱，09-02 06:30:03-09-02 06:30:05The game that institutions are facing is not how much this company is worth,
75/200 181.0-182.32 aaa 而是我报多少钱。09-02 06:30:04-09-02 06:30:05How much should I charge?
76/200 182.5-184.16 n 能入围报低了，09-02 06:30:05-09-02 06:30:07I can't make it,
77/200 184.22-185.36 n 我一股都拿不到报，09-02 06:30:06-09-02 06:30:07I can't get any reports.
78/200 185.42-185.84 aaa 高了呢，09-02 06:30:06-09-02 06:30:07How are you?
79/200 186.21-187.89 hp 反正收入大概率有钱赚。09-02 06:30:07-09-02 06:30:10Well, the income is definitely profitable.
80/200 188.62-191.62 jd 当所有的人最优策略都是不敢暴低的时候，09-02 06:30:08-09-02 06:30:10When everyone's optimal strategy is to not make a low bid,
81/200 191.8-195.22 n 定价机制就从发现价值变成了争夺筹码，09-02 06:30:08-09-02 06:30:10The pricing mechanism has shifted from discovering value to competing for resources.
82/200 195.77-197.09 aaa 这是第一个短板。09-02 06:30:09-09-02 06:30:10This is the first short board.
83/200 197.45-198.29 jd 询价的激励，09-02 06:35:11-09-02 06:35:11Incentives for inquiry
84/200 198.41-200.03 de 指向的是入围率，09-02 06:30:10-09-02 06:30:35Focuses on the rate of entry.
85/200 200.39-201.35 n 不是准确性。09-02 06:30:11-09-02 06:30:12Not accuracy.
86/200 202.2-206.37 jd 第二层一小的流通盘遇上了无涨跌幅价格，09-02 06:30:12-09-02 06:30:14The second layer encountered a small trading volume with a flat price.
87/200 206.55-207.99 hp 发现就完全失灵了。09-02 06:30:12-09-02 06:30:15It completely failed to work.
88/200 208.56-209.46 aaa 数上市的初期，09-02 06:30:13-09-02 06:30:14At the beginning of its listing,
89/200 209.64-212.58 n 无限售流通股占比只有百分之七点四四，09-02 06:30:14-09-02 06:30:18The percentage of shares available for public trading is only 7.44%.
90/200 213.17-214.37 n 是科创板的规则。09-02 06:30:14-09-02 06:30:18These are the rules for the Sci-Tech Innovation Board.
91/200 214.61-217.01 bg 新股前五个交易日不设涨跌幅，09-02 06:30:15-09-02 06:31:18The first five trading days of a new stock will not have any limit on the daily fluctuation.
92/200 217.31-217.97 jd 请您体会一下，09-02 06:30:16-09-02 06:30:17Please, experience it.
93/200 218.09-222.17 aaa 这用总市值不到十分之一的筹码给整个公司定价，09-02 06:30:17-09-02 06:30:20This is pricing the entire company with a float that's less than one-tenth of its market capitalization.
94/200 222.41-223.31 hp 而且不设边界。09-02 06:30:17-09-02 06:30:20And there are no boundaries.
95/200 223.71-224.31 jd 结果是什么？09-02 06:30:18-09-02 06:30:19What is the result?
96/200 224.67-226.17 n 得到的不是价值的定价，09-02 06:30:19-09-02 06:30:21The result is not a pricing of value.
97/200 226.35-228.57 n 是流动性的溢价和稀缺性的溢价。09-02 06:30:20-09-02 06:30:22It is the premium of liquidity and the premium of scarcity.
98/200 228.75-229.77 jd 这不是市场愚蠢，09-02 06:30:21-09-02 06:30:22This is not market stupidity.
99/200 229.89-231.15 hp 这这是结构的必然。09-02 06:30:21-09-02 06:30:24This is the inevitable structure.
100/200 231.39-232.35 aaa 极小的浮动。09-02 06:30:22-09-02 06:30:23Tiny fluctuation.
101/200 232.59-234.45 n 供给价加上无限的情绪需求，09-02 06:30:23-09-02 06:30:24Supply price plus unlimited emotional needs,
102/200 234.99-236.37 jd 在没有价格的约束，09-02 06:30:23-09-02 06:30:24Without price constraints,
103/200 236.61-239.37 n 任何标的都有可能被推到失真的位置上。09-02 06:30:24-09-02 06:30:25Any object can be distorted.
104/200 239.55-241.92 hp 这是第二处点板供给端设计，09-02 06:30:25-09-02 06:30:29This is the second point-to-point supply design.
105/200 242.16-244.62 n 让首日价格天然的就是真了。09-02 06:30:26-09-02 06:30:28Make the price genuine on the first day.
106/200 245.15-247.22 jd 第三层筹码结构的不对称，09-02 06:30:27-09-02 06:30:29The asymmetry of the third-level chip structure.
107/200 247.74-251.46 n 线下发行两千两百六十五万股都占配后的百分之七十，09-02 06:30:27-09-02 06:30:3370% of the 265 million shares issued offline are allocated to existing shareholders after being fully subscribed.
108/200 251.82-254.4 aaa 网上呢九百七十点七万股，09-02 06:30:28-09-02 06:30:33Online, 970,700 shares.
109/200 254.58-255.36 de 占百分之三十。09-02 06:30:29-09-02 06:30:3730%
110/200 255.66-258.3 n 而在现行制度下网下货配的股份里，09-02 06:30:29-09-02 06:30:33In the current system, a portion of the shares allocated for online delivery are...
111/200 258.48-260.7 hp 只有小比例被摇号锁定六个月，09-02 06:30:30-09-02 06:30:34Only a small percentage of people are locked in for six months.
112/200 260.94-262.98 jd 其余在上市首日即可流通。09-02 06:30:31-09-02 06:30:33The rest will be available for circulation on the first day of listing.
113/200 263.53-264.01 aaa 也就是说，09-02 06:30:33-09-02 06:30:35That is to say,
114/200 264.62-266.96 n 在首日那个被推到极致的价格上，09-02 06:30:34-09-02 06:30:36On the first day, at its peak price.
115/200 267.14-272.87 jd 可以卖的人和只能买的人是两批人解是最伤也是最伤感情的。09-02 06:30:35-09-02 06:30:38Those who can only buy and those who can only sell are the two groups that are most hurt and most emotionally affected.
116/200 272.93-275.51 n 一处解禁节奏和定价是真的，09-02 06:30:35-09-02 06:30:37The information about the release date and pricing is accurate.
117/200 275.63-277.55 hp 时点是重叠的。09-02 06:30:36-09-02 06:30:38The time points overlap.
118/200 278.51-282.89 de 第四层也是我最想让政策层面和大领导们听到的一层，09-02 06:30:37-09-02 06:31:22The fourth layer is also the one I most want to hear from policymakers and senior leaders.
119/200 283.07-284.27 aaa 这不是零核的游戏，09-02 06:30:37-09-02 06:30:40This is not a zero-sum game.
120/200 284.39-285.47 n 这是复合的游戏。09-02 06:30:38-09-02 06:30:39This is a composite game.
121/200 286.11-289.65 de 很多人以为这只是钱从散户的口袋进了机构的口袋，09-02 06:30:39-09-02 06:31:21Many people think that this is just money flowing from individual investors to institutional investors.
122/200 289.89-291.15 n 一次财富转移而已。09-02 06:30:39-09-02 06:30:41A simple transfer of wealth.
123/200 291.27-291.63 hp 不是的，09-02 06:30:40-09-02 06:30:42No,
124/200 292.04-293.99 jd 他真正摧毁的是三样东西。09-02 06:30:41-09-02 06:30:42What he truly destroyed were three things.
125/200 294.23-294.41 aaa 第一，09-02 06:35:46-09-02 06:35:46First,
126/200 294.86-297.2 n 他摧毁了长期持有的正当性。09-02 06:30:42-09-02 06:30:44He destroyed the long-standing legitimacy.
127/200 297.73-301.03 aaa 如果新股上市第一天就是未来好几年的最高点，09-02 06:30:43-09-02 06:30:49If the IPO is on its first day, it will be the highest point for several years to come.
128/200 301.5-305.28 n 那市场交给所有投资者的结论就是打新式彩票。09-02 06:30:43-09-02 06:30:47The conclusion of the market is that it has become a new type of lottery for all investors.
129/200 305.7-309.67 hp 长期持有是接盘和一个市场系统性的惩罚，09-02 06:30:44-09-02 06:30:49Long-term holding is a way to absorb and also a systemic punishment for the market.
130/200 309.91-311.11 jd 耐心奖励抢跑，09-02 06:30:45-09-02 06:30:46Patience is rewarded,
131/200 311.35-313.93 xss 它就永远长不出长期资金。09-02 06:30:46-09-02 06:32:53It will never be able to attract long-term investors.
132/200 314.5-314.68 n 第二，09-02 06:30:46-09-02 06:30:47Second,
133/200 315.1-317.26 jd 它污染了一级市场的估值了，09-02 06:30:47-09-02 06:30:49It has polluted the valuation of the primary market.
134/200 317.38-322.42 n 毛二级市场敢给二百一十九倍 pro i p o 就敢按一百五十倍报价，09-02 06:30:48-09-02 06:30:54The secondary market is willing to offer 219 times the IPO price, but it still quotes at 150 times.
135/200 322.54-324.16 n a 轮就敢按一百倍谈。09-02 06:30:48-09-02 06:30:53Only after the first round can I confidently talk about it at 100 times.
136/200 324.64-326.86 jd b g市场的估值不是靠产业逻辑，09-02 06:30:49-09-02 06:30:51The valuation of the B and G market is not based on industry logic.
137/200 326.98-333.36 hp 定的是靠退出预期倒推的首日的泡沫会沿着资本的链条一路逆流上去，09-02 06:30:50-09-02 06:30:55The expectation of exiting the market will cause a bubble to reverse along the chain of capital,
138/200 333.54-335.94 aaa 最终变成整个硬科技投资的成本。09-02 06:30:51-09-02 06:30:54The final cost of the entire hard technology investment.
139/200 336.69-338.19 jd 第三个也是最致命的，09-02 06:30:52-09-02 06:30:53The third and most deadly,
140/200 338.56-341.56 n 他消耗的是注册制的政治资本。09-02 06:30:53-09-02 06:30:55He is consuming political capital.
141/200 342.17-343.67 jd 注册制的核心承诺是什么？09-02 06:30:54-09-02 06:30:57What is the core promise of the registration system?
142/200 343.79-345.47 aaa 是把定价权还给市场。09-02 06:30:55-09-02 06:30:57Return pricing power to the market.
143/200 345.77-349.55 n 这个承诺成立的前提是市场定价大体有效。09-02 06:30:55-09-02 06:30:59The premise for this commitment is that market pricing is generally effective.
144/200 350.43-352.59 n 如果市场定价被证明系统性的时真，09-02 06:30:56-09-02 06:30:59If the market price is proven to be systematic,
145/200 352.77-358.63 hp 那么以资本市场支撑科技强国的这条链就会断在信任的这一环。09-02 06:30:57-09-02 06:31:03Then this chain of supporting a technological powerhouse with the capital market will be broken at this link, which is trust.
146/200 359.27-361.79 jd 科技强国需要的不是一次性的高价发行，09-02 06:30:57-09-02 06:31:00A technologically advanced country doesn't need a one-time high-priced release.
147/200 362.33-364.37 aaa 是一个能让钱持续廉价、09-02 06:30:58-09-02 06:31:01A tool that allows money to be kept cheap,
148/200 364.79-367.13 n 长期的流向硬科技的通道，09-02 06:31:00-09-02 06:31:02The long-term flow of hard technology,
149/200 367.83-369.57 n 而通道靠什么维持哦，09-02 06:31:00-09-02 06:31:02What keeps the channel going?
150/200 369.69-373.11 jd 所有的投资者相信我在这里能赚到时间的钱呀。09-02 06:31:01-09-02 06:31:03All investors believe that I can make money in my spare time.
151/200 373.47-376.35 aaa 所以啊我认为需要认真讨论的方向，09-02 06:31:02-09-02 06:31:05So, I think the important direction to discuss is:
152/200 376.59-380.52 n 其实至少有五个第一个约束询价失真，09-02 06:31:03-09-02 06:31:07In fact, there are at least five first-order constraints that violate the query distortion.
153/200 381.12-382.68 n 提高报价偏离的问责，09-02 06:31:04-09-02 06:31:05Accountability for price deviations,
154/200 382.98-385.2 hp 提高印度化高价的剔除机制，09-02 06:31:04-09-02 06:31:08Improve the mechanism for removing high-value Indian products.
155/200 385.73-389.51 jd 把机构的中长期持有表现纳入评价二个，09-02 06:31:05-09-02 06:31:07Include the long-term holding performance of institutions in the two evaluation criteria.
156/200 390.04-391.54 n 提高首发的流通比例，09-02 06:31:06-09-02 06:31:08Increase the circulation rate of the initial release.
157/200 391.72-394.18 aaa 让价格发现有足够的筹码基础。09-02 06:31:07-09-02 06:31:09Give enough bargaining power to the price discovery.
158/200 394.48-394.96 n 第三个，09-02 06:31:07-09-02 06:31:08Third,
159/200 395.26-397.3 jd 引入并常态化律学机制，09-02 06:31:08-09-02 06:31:09Introduce and normalize legal mechanisms,
160/200 397.42-398.86 n 给市场初期的价格，09-02 06:31:09-09-02 06:31:10Initial market price,
161/200 399.1-399.7 hp 一个稳定期。09-02 06:31:09-09-02 06:31:12A stable period.
162/200 400.27-400.63 n 第四个，09-02 06:31:10-09-02 06:31:11Fourth,
163/200 401.1-402.0 de 梯度化的线手，09-02 06:36:12-09-02 06:36:20Gradient lines,
164/200 402.68-404.72 jd 让货配比例和锁定期挂钩，09-02 06:31:11-09-02 06:31:13Let the ratio of goods and the lock period be linked.
165/200 404.9-405.68 aaa 谁定的价高，09-02 06:31:12-09-02 06:31:13Who set the price high?
166/200 405.92-407.3 n 谁承担的时间就长。09-02 06:31:13-09-02 06:31:15Who has more time, they will live longer.
167/200 407.66-408.08 n 第五个，09-02 06:31:13-09-02 06:31:14Fifth,
168/200 408.59-411.71 hp 强化上市初期异常交易的监控和信息披露，09-02 06:31:14-09-02 06:31:18Enhance monitoring and disclosure of abnormal trading activities in the initial stages,
169/200 411.95-414.29 aaa 把首日的资金结构晒在阳光下。09-02 06:31:15-09-02 06:31:16Expose the financial structure of the first day.
170/200 414.87-416.01 jd 核心原则只有一条，09-02 06:31:15-09-02 06:31:16The only principle is:
171/200 416.31-419.37 n 就是让报价高这件事本身就带上成本，09-02 06:31:16-09-02 06:31:19This is because the cost of providing a high price itself.
172/200 419.94-422.34 n 没有代价的定价永远不会准确。09-02 06:31:17-09-02 06:31:19Pricing without a cost is never accurate.
173/200 422.64-423.78 jd 这不是个道德问题，09-02 06:31:17-09-02 06:31:19This is not an ethical issue.
174/200 423.9-425.88 aaa 这是个激励的问题是吧？09-02 06:31:18-09-02 06:31:19This is a motivational question, right?
175/200 426.36-426.72 bg 说到这，09-02 06:31:19-09-02 06:31:36So,
176/200 426.9-431.46 hp 咱们暂停一下我们刚才拆的这四层短板全是制度层面的问题，09-02 06:31:20-09-02 06:31:26Let's pause for a moment. The four short boards we just dismantled are all related to system-level issues,
177/200 431.64-432.42 jd 制度是冷的，09-02 06:31:20-09-02 06:31:21The system is cold.
178/200 432.54-434.16 n 但股市里的人是热的。09-02 06:31:21-09-02 06:31:23But the people in the stock market are excited.
179/200 434.46-436.56 n 我们骂了这么多年的上市纪巅峰，09-02 06:31:22-09-02 06:31:25We have been complaining about the shortcomings of listed companies for so many years.
180/200 436.8-437.46 aaa 骂的是适度，09-02 06:31:22-09-02 06:31:23The criticism is appropriate.
181/200 437.7-440.88 jd 但承担结果的其实是一个个具体的人。09-02 06:31:23-09-02 06:31:25But the ones who actually bear the consequences are individual people.
182/200 441.24-443.22 de 而在这轮语数上市的风暴率，09-02 06:31:24-09-02 06:32:02And in this round of the language and mathematics competition,
183/200 443.46-446.82 de 虽然我触动的那个人不是赚了四十七万的中签者，09-02 06:31:24-09-02 06:32:34Although the person I touched wasn't one of the 470,000 lucky winners who won a lottery prize,
184/200 447.3-448.08 aaa 也不是亏了。09-02 06:31:25-09-02 06:31:26It's not bad.
185/200 448.2-449.46 n 百分之四十五的追高者，09-02 06:31:26-09-02 06:31:2845% of the latecomers,
186/200 450.03-451.77 n 恰恰是那个身家千亿，09-02 06:31:26-09-02 06:31:29That's the guy with a net worth of billions.
187/200 451.95-453.51 jd 却一分钱也拿不到，09-02 06:31:27-09-02 06:31:29But I didn't get a single penny.
188/200 453.93-456.09 hp 还要承担所有后果的人。09-02 06:31:28-09-02 06:31:31Those who will bear all the consequences.
189/200 456.63-460.05 aaa 为什么一个在上市当天成为首富的人脸上没有笑容？09-02 06:31:29-09-02 06:31:31Why didn't the person who became a billionaire on their IPO day have a smile?
190/200 460.59-462.45 n 那么一个技术的天才要在上市，09-02 06:31:29-09-02 06:31:32So, a tech genius needs to be able to launch.
191/200 462.63-464.07 jd 第二天就给自己泼冷水，09-02 06:31:30-09-02 06:31:30DiErTianJiuGeiZiJiPoLengShui，
192/200 464.31-465.57 n 他到底看到了什么？09-02 06:31:31-09-02 06:31:32What did he see?
193/200 465.81-467.01 de 又对什么无奈呢？09-02 06:36:32-09-02 06:36:45What are you so frustrated about?
194/200 467.61-470.25 jd 下一条我们把镜头从盘面移开，09-02 06:31:32-09-02 06:31:34Next, we move the camera away from the table.
195/200 470.55-472.11 hp 对准那个叫王星星的人，09-02 06:31:33-09-02 06:31:36Aim at that person named Wang Xingxing.
196/200 472.35-476.01 aaa 以及我们这些普通人在那根上窜下跳的 k 线面前，09-02 06:31:34-09-02 06:31:37And in front of these ordinary people, we are just like those who climb up and down on that candlestick.
197/200 476.31-478.29 n 到底该怎么守住自己的钱？09-02 06:31:34-09-02 06:31:36How to protect your own money?
198/200 479.07-480.7 n 感谢点赞赞关注和转发，09-02 06:31:35-09-02 06:31:37Thank you for liking, following and sharing.
199/200 480.94-483.1 jd 让我们一起打破时代跟认知的束缚，09-02 06:31:36-09-02 06:31:38Let's break free from the constraints of time and thought.
200/200 483.4-484.42 hp 穿越财富的周期。09-02 06:31:37-09-02 06:31:39Navigate the cycle of wealth.