In this round of market行情, the actions of leading exchanges have become the focus of attention. From public statements, a major exchange emphasizes the concept of "harmonious coexistence"—this is both the core tone externally and a reflection of the current trend of ecological collaboration. Interestingly, there is often a discrepancy between official reputation and internal operational style. On the surface, they appear harmonious, but behind the scenes, the competitive logic varies. Market participants are becoming increasingly savvy, able to read between the lines from subtle clues. There are more stories to tell in the future, and continuous observation is worthwhile.