This paper builds a rational expectation equilibrium (REE) model that incorporates a heterogeneous information structure to explore the intrinsic mechanism of traders’strategies and corresponding equilibrium characteristics.Specifically, the model introduces technical investors who receive liquidity shock signals. The results show that value-investors adopt a speculative strategy, while technical investors employ a combination of positive feedback and offsetting strategies.Notably, two equilibria exist depending on the relative intensity of the offsetting strategies. Specifically, the paper examines the direct influence of the ratio of value investors on the price content, thereby clarifying the mechanism by which external factors shape market quality indicators. In the equilibrium of the information market, as the fraction of value investors increases, the information conveyed by prices also rises, creating an opportunity for technical investors to free ride on the security price. Consequently, information acquisition exhibits strategic substitutable in both equilibria.