A small-town youth, trapped in the Indian stock market

In 2023, the Indian stock market will record an eight-year winning streak, with a market capitalization of more than $4 trillion, and from the trend point of view, it will continue to perform strongly.

As for the fundamental analysis of the rise of the Indian stock market, Jianwen VIP pointed out in the article "The Indian Stock Market Lying in Deficit" that there is indeed fundamental support.

But in addition to the support of fundamentals, it is worth paying attention to the proportion of derivatives trading in the Indian stock market. From a global horizontal comparison, the ratio of the notional value of derivatives to cash in the Indian stock market is more than 400%, far exceeding the second place South Korea.

South Korean retail investors are notoriously risk-averse. As a country with a small population, South Korea once ranked third in the world in terms of KOSPI200 index futures trading volume and first in the world in terms of options trading volume. And now, in front of the Indian stock market, there is more than one mention at all.

Secondly, in terms of trading volume, the leveraged trading of the Indian stock market is still in the process of rapid growth. It shows a growth trend of doubling in one year.

Indian investors prefer leveraged trading, mainly including the following points:

Young people gamble strongly

First of all, in terms of the age structure of the population of the whole country of India, it is quite young on the whole, the average age of the national population in India in 2022 is only 28 years old, and the society is in a period of rapid occurrence, but the per capita income is low, and the per capita nominal GDP in 2022 is only 2,400 US dollars.

There are many young people, low incomes, and they want to start growing their wealth. What to do? Then go to the stock market and increase leverage. The risk appetite of young people is higher than that of middle-aged and elderly people.

Whether it was South Korea in 2000 or Japan in 1970, when the proportion of young people was high, it was actually conducive to the rise of market valuation and investment activity.

And according to Axis Capital, options trading in the Indian stock market is able to provide investors with 400 times leverage.

According to a large discount trading platform in India, 65% of customers are trading for the first time, 60% of new accounts are from small town residents, and the average age is 29 years old.

Top up your faith

The performance of the Indian stock market is indeed remarkable. Since 2016, the annual line has closed up every year. This is not available in the global mainstream market.

Even if it is as strong as the NASDAQ and has many technology giants, it has also closed down for two years in the same period, in 2018 and 2022. Especially in 2022, the Nasdaq index fell by more than 33%.

Such a long-term rise in the Indian stock market has also strengthened investors' expectations for the market to rise, and they firmly believe that the Indian stock market is a perpetual motion machine.

Under the strong expectation of growth, the information of investors participating in the market game has been deepened.

In particular, small and medium-sized investments generally prefer deep out-of-the-money options. The amount of investment is small, and it can be achieved with small and large.

Rapid penetration of the Internet

The rapid development of the Internet has provided great convenience for options trading. In particular, India, which is already weak in the infrastructure sector, has broken the model of relying on telephone trading and business halls to watch the market in the early years.

A large number of rural Indians are able to place orders with a mobile phone. From the perspective of Internet penetration, especially after the outbreak of the new crown epidemic in 2020, India's Internet population has accelerated. During the same period, after 2020, Indian derivatives trading ushered in explosive growth.

It is estimated that by 2024, the Internet population will reach 1.4 billion, achieving "full coverage" in the true sense.

The reality is brutal

But the reality is cruel, options trading is a zero-sum game, and retail investors are generally losing money.

According to an analysis by India's official regulator, in the field of stock futures and options trading, in 19 and 22 years, 9 out of 10 traders lost money.

In 2022, the average loss amount of an option losing account is Rs 50,000, which is equivalent to $600. India's GDP per capita is $2,400.

If after deducting various taxes and fees, the basic living expenses, the working youth in India basically give the rest to the Indian stock market.

The year is cold and knows the pine and cypress

Dialogue with Hu Song of Cathay Fund

Cathay Fund x Wall Street News

January 10, 2024 at 19:00

Blockbuster launch

This article does not constitute personal investment advice, does not represent the views of the platform, the market is risky, investment needs to be cautious, please make independent judgment and decision-making.

.data_color_scheme_dark{--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}.data_color_scheme_dark{--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BG-COLOR-ACTIVE: #373737}.data_color_scheme_dark{--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, .1)}.data_color_scheme_dark{--weui-REDORANGE: #ff6146;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6); --weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}.data_color_scheme_dark{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;---weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .. 8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .. 6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}.data_color_scheme_dark{--weui-elpsColor: rgba(255, 255, .8)}.data_color_scheme_dark{--weui-mask-elpsColor: rgba(255, 255, 255, .8);--weui-mask-gradient: linear-gradient(to right, rgba(25, 25, 25, 0), #191919 40%)}.data_color_scheme_dark{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}.rich_media_content{color:#000000e5; font-size:17px; font-size:var(--articleFontsize); overflow:hidden; text-align:justify}.rich_media_content{color:#ffffffa6; color:var(--weui-FG-HALF)}.rich_media_content{position:relative; z-index:0}.wxw-img{vertical-align:bottom}.weapp_text_link{color:#7d90a9; color:var(--weui-LINK)}.weapp_text_link:empty{display:none}.weapp_text_link:before{content:""; display:inline-block; vertical-align:middle; font-size:16px; width:1em; height:1em;-webkit-mask:url(data:image/svg+xml;charset=utf8; base64, 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) no-repeat 50% 50%; mask:url(data:image/svg+xml;charset=utf8; base64, 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) no-repeat 50% 50%;-webkit-mask-size:cover; mask-size:cover; background-color:currentColor; margin:-.2em 4px 0 0}.weapp_text_link:before{-webkit-mask-image:url(data:image/svg+xml;base64, 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); mask-image:url(data:image/svg+xml;base64, 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)}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]) .rich_media_content img:not(.wx_img_placeholder){filter:brightness(.8)}}.rich_media_content p{clear:both; min-height:1em}td p{margin:0; padding:0}a{color:#576b95; text-decoration:none;-webkit-tap-highlight-color:#0000;-webkit-user-drag:none}a{color:#7d90a9; color:var(--weui-LINK)}a,button{cursor:pointer}*{margin:0; padding:0}.rich_media_content *{max-width:100%!important; box-sizing:border-box!important;-webkit-box-sizing:border-box!important; word-wrap:break-word!important}@media screen and (min-width:1024px){body:not(.pages_skin_pc) :root{--appmsgPageGap: 20px;--appmsgPageBottomGap: 40px}}:root{--articleFontsize: 17px}:root{--sab: env(safe-area-inset-bottom)}:root{--wxBorderAvatarRatio: 3}:root{--discussPageGap: 20px}:root{--appmsgPageGap: 20px;--appmsgPageBottomGap: 40px}body,.wx-root,page{--weui-BTN-HEIGHT: 48;--weui-BTN-HEIGHT-MEDIUM: 40;--weui-BTN-HEIGHT-SMALL: 32}body{--weui-elpsLine: 2;-- weui-elpsFontSize: 1rem;--weui-elpsColor: rgba(0, 0, 0, .9)}body{--weui-mask-elpsLine: 2;--weui-mask-elpsLineHeight: 1.4;--weui-mask-elpsFontSize: 1rem;--weui-mask-elpsColor: rgba(0, 0, 0, .9);--weui-mask-gradient: linear-gradient(to right, rgba(255, 255, 255, 0), #ffffff 40%)}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]){--weui-elpsColor: rgba(255, 255, .8)}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]){-- weui-mask-elpsColor: rgba(255, 255, 255, .. 8);--weui-mask-gradient: linear-gradient(to right, rgba(25, 25, 25, 0), #191919 40%)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) body,body:not(.pages_skin_pc) .wx-root{--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .. 3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .) 6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .. wx-root[data-weui-mode=care],body:not(.pages_skin_pc) body[data-weui-mode=care]{--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: #000;--weui-FG-HALF: #000;--weui-FG-1: rgba(0, 0, 0, .6);--weui-FG-2: rgba(0, 0, 0, .42);--weui-FG-3: rgba(0, 0, .1);--weui-FG-4: rgba(0, 0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #dc3636;;--weui-ORANGERED: #d14730;--weui-ORANGE: #e17719;--weui-YELLOW: #bb8e00;--weui-GREEN: #4f8400;--weui-LIGHTGREEN: #2e8800;--weui-FIRE: #018942;--weui-BLUE: #007dbb;--weui-INDIGO: #0075e2;--weui-PURPLE: #6265f1;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, .1);-- weui-tag-text-orange: #e17719;--weui-TAG-BACKGROUND-ORANGE: rgba(225, 119, 25, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #007dbb;--weui-TAG-BACKGROUND-BLUE: rgba(0, 125, 187, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care][data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-mode=care][data-weui-theme=dark]{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;; --weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root, body:not(.pages_skin_pc) body{--appmsgExtra-BG: #F7F7F7}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .. 1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .) 6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--appmsgExtra-BG: #121212}}@media screen and (min-width:1024px){body:not(.pages_skin_pc)body:not(.pages_skin_pc){background:#191919; background:var(--weui-BG-2)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care]:not([data-weui-theme=light]),body:not(.pages_skin_pc) body[data-weui-mode=care]:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .. 5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){-appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]).my_comment_empty_data{ background-color:#111}}body,.wx-root{--weui-BG-6: rgba(0, 0, 0, .. 05);--weui-ACTIVE-MASK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-FG-1: rgba(0, 0, 0, .5);--weui-REDORANGE: #ff6146;--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .4 15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}.wx-root,body{--weui-BTN-ACTIVE-MASK: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BTN-DEFAULT-ACTIVE-BG: #e6e6e6}.wx-root,body{--weui-DIALOG-LINE-COLOR: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BG-COLOR-ACTIVE: #ececec}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body: not([data-weui-theme=light]){--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, ..1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--APPMSGCARD-BG: #1E1E1E}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--APPMSGCARD-LINE-BG: rgba(255, 255, 255, .07)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-COLOR-ACTIVE: #373737}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([ data-weui-theme=light]){--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, ..1);-weui-ACTIVE-MASK: rgba(255, 255, 255, ..1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-REDORANGE: #ff6146;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .. 6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, .03)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--nickName-FG: #959595}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .. 6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--appmsgExtra-BG: #121212}}

div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}