In recent years, although the A-share market has undergone a series of reforms and developments, there are still many deep-seated problems. These issues not only restrict the healthy development of the market but also seriously affect the confidence of the vast number of investors. This article will comprehensively analyze the major internal injuries of the A-share market from several aspects such as systemic defects, market structure imbalance, lack of market confidence, insufficient internationalization, lack of market innovation, and serious insider trading, and propose corresponding solutions.

Firstly, systemic defects are a major chronic disease of the A-share market. The Science and Technology Innovation Board and the ChiNext Board have implemented the registration system. Although since April 10, 2023, the A-share main board market has officially entered the era of the registration system, there are still some issues that need to be improved urgently. Otherwise, it will not only hinder the effective allocation of capital but also weaken the competitiveness of the market. At the same time, the A-share market has long had the problem of "only entering and not exiting," and the delisting mechanism is not sound. Many companies with poor performance, even suspected of fraud, can still stay in the market and occupy valuable resources. In addition, the lack of transparency in information disclosure is also a major problem in the A-share market. Many listed companies disclose information that is not timely, accurate, or even false, which makes it difficult for investors to obtain true and effective information and make the correct investment decisions. Finally, the regulatory authorities' efforts to combat market manipulation and insider trading are insufficient, leading to frequent market chaos. Unscrupulous individuals disrupt market order and harm the interests of investors through means such as manipulating stock prices and spreading rumors.

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Secondly, market structure imbalance is also a problem that cannot be ignored. The A-share market has long been dominated by retail investors, with relatively weak institutional investors. Retail investors often lack professional investment knowledge and experience and are easily affected by market sentiment, blindly chasing rises and selling falls. This market structure not only increases market volatility but also reduces market stability. In contrast, the development of institutional investors in the A-share market is lagging, and many fund, insurance, and other institutional investors' investment philosophies and strategies are still immature, lacking a long-term value investment philosophy. This leads to a strong speculative atmosphere in the market, which is not conducive to the long-term development of the market.

The lack of market confidence is another major internal injury of the A-share market. Frequent government policy interventions make the market lack stable expectations, and many investors feel confused about the future trend of the market and lack confidence in long-term investment. This uncertainty not only affects market liquidity but also suppresses investor enthusiasm. At the same time, the A-share market has long lacked a long-term value investment philosophy, and many investors pursue short-term returns while ignoring the fundamentals of enterprises. This short-sighted behavior not only increases market volatility but also affects the healthy development of the market. In addition, there are many integrity issues in the A-share market, such as financial fraud and insider trading, which seriously damage investor confidence. Many investors lose trust in the market, and a market lacking trust is difficult to attract long-term capital inflow and achieve sustainable development.

Insufficient internationalization is also an important issue for the A-share market. Although the A-share market has gradually opened up in recent years, there are still many restrictions on foreign capital access, and many international investors face high thresholds when entering the A-share market. This limits the inflow of foreign capital and affects the internationalization process of the market. At the same time, the interconnection mechanism between the A-share market and the international market is not yet perfect, and cross-border investment channels are not smooth enough. This makes it difficult for domestic investors to participate in international market investment and limits international investors' understanding and participation in the Chinese market.

Lack of market innovation is another shortcoming of the A-share market. The A-share market lacks a variety of financial products, such as derivatives and structured products, which not only limits investor choices but also affects market liquidity and activity. At the same time, the financial service level of the A-share market is relatively backward, and many investors encounter many inconveniences in opening accounts, trading, and consulting. This not only affects the investor experience but also limits further market development.

Finally, serious insider trading is another major chronic disease of the A-share market. Insider trading not only seriously damages market fairness but also greatly harms the interests of investors. Many insider traders make huge profits through illegally obtained information, while ordinary investors suffer losses as a result. This unfair phenomenon not only weakens market credibility but also reduces investor confidence. Regulatory authorities need to increase their efforts to combat insider trading, establish and improve laws and regulations, strictly enforce the law, and protect the legal rights and interests of investors.

In summary, the healthy development of the A-share market requires the joint efforts of all parties. By improving market mechanisms, optimizing market structure, restoring market confidence, promoting internationalization, enhancing market innovation, and severely cracking down on insider trading, existing problems can be gradually resolved to truly achieve market prosperity and stability. Only by healing the wounds first can we better start, making the A-share market a wealth appreciation platform for investors and contributing to the continuous development of the Chinese economy.