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the central bank, china securities regulatory commission and other three departments released a "policy package" to ignite the passion for a-shares.

a shares surged for two consecutive days. on september 25, the turnover of the shanghai and shenzhen stock markets reached 1.16 trillion yuan, a five-month high. in the face of a long-awaited surge, what changes have ordinary investors made? what are the differences in the sales departments of first-tier securities firms?

"there are obviously more investors who actively come to consult." on september 25, securities china reporters visited several securities business offices, and almost every staff member mentioned this point. at dongxing securities' beijing da wang road business office, investment consultant jiang huaqiang had just connected two new customers to open accounts. he mentioned to securities china reporters that as soon as the new policy was released, many customers came to consult. although some customers have not increased their positions because they have not yet "untied", some have begun to prepare to increase funds and open financing permissions.

according to interviews with china securities journal reporters, the confidence of some investors has been greatly boosted by the new policy, and they are optimistic about the future market trend. someone from a sales department said that more individual investors have transferred money into securities accounts; another interviewee mentioned that some employees and important customers have agreed to communicate about policies and market performance during the national day holiday; and another securities company employee said frankly that the daily trading volume of his sales department has doubled in the past two days. however, some investors are still waiting and watching, and they are more concerned about the implementation of the policy and look forward to the introduction of subsequent incremental fiscal policies.

some brokerage firms have seen a 105% increase in customer trading volume in the past two days

a person from the beijing branch of a leading brokerage firm said frankly that with the introduction of policies such as lowering the interest rates of existing mortgage loans and creating swap facilities, it is obvious that investor sentiment has been mobilized. previously, the market had been falling for a long time, and there were few customers asking about it every day. even though it started to rise last week, investors did not respond much. however, after the policy was released, some customers came to communicate about the opening of margin trading and consulted on market views. at the same time, she also observed that more individual investors transferred money to securities accounts, and quantitative product trading became more active.

zheng jie, an investment consultant at dongxing securities, also felt the easing of clients' cautious sentiment. he mentioned that the market has been rising for two consecutive days, and the number of inquiries from clients has increased significantly. some clients believe that the current market valuation is low, and there are policy support such as the interest rate of existing mortgage loans, which can benefit ordinary people. encouraging listed companies to repurchase has also increased investors' confidence. clients have begun to look forward to the good performance of the market in the future. relevant data show that in the past two days, the number of dongxing securities customer account opening submissions increased by 36% and customer transaction volume increased by 105%.

a salesperson from a large east china brokerage also told the reporter, "customers have become more active in the past two days, and many customers have sent us inquiries about the new policy, especially many customers are not very familiar with the exchange facilities of securities, funds and insurance companies. in terms of funds, we can see some customers transferring funds in, but probably because it is close to the national day, the amount of funds is not particularly large."

someone close to the reporter from securities china also took advantage of this market trend to enter the market. he said, "i haven't moved my stock account for a long time. yesterday, the policy was released, and i felt hopeful, so i bought some more." another investor, mr. hui, has truly felt the benefits brought by the policy-driven market surge. he has been involved in stock market trading for more than ten years, mainly etf options, and also some stock trading.

on september 25, when the reporter visited, mr. hui was discussing the market with employees at the brokerage business department. "yesterday we were listening to the live broadcast of the state council information office. when the central bank governor finished speaking, we placed an order." mr. hui said that the policy has greatly boosted the stock market, especially the creation of innovative financial tools - swap facilities, which has attracted his attention the most. the enthusiastic response of the stock market to the policy has also made his option investment gain more than 5 times. next, he plans to buy some more long options depending on the market.

policy interpretation live broadcast hits new high in viewership

according to a reporter from securities china, investors' deepening understanding of policies is also related to the active interpretation of securities firms.

according to a relevant person in charge of galaxy securities, as soon as the new policy was released, the heads of various business departments forwarded the policy content issued by the central bank, such as lowering the reserve requirement ratio, lowering interest rates, and lowering the interest rates on existing mortgage loans, in the internal group at the first time. many business departments began to organize their employees to proactively convey policy information to customers through various channels such as telephone, corporate wechat, moments, and self-media accounts during the lunch break of the same day, in order to expand the policy's influence.

some securities firms also interpret the policy strength through live broadcasts and other forms, and the number of viewers and comments for each broadcast are also more and more positive.

taking cicc wealth management as an example, securities china reporters found that on september 24 and 25, cicc wealth management headquarters and branches had broadcast more than 10 live broadcasts and short videos. among them, the number of viewers of the headquarters live broadcast increased by more than 50% year-on-year, with more than 10,000 viewers; the number of viewers of the branch's market-related live broadcasts increased by more than 400% year-on-year, with more than 1,000 people watching the live broadcast; the number of short video views exceeded 10,000, an increase of 40% year-on-year. according to reporters, one of the live broadcasts in which multiple analysts jointly interpreted the reduction of reserve requirement ratios and interest rates had more than twice the number of viewers of daily live broadcasts.

"in the past two days, our team has been busy preparing a lot of promotional materials, such as texts and videos interpreting the policies, as well as market information released by traffic platforms. under the new policy, investors' enthusiasm for reading information has increased, and the data on traffic platforms has also increased significantly, almost doubling the traffic compared to usual days." a practitioner from the internet finance department of a medium-sized brokerage also told reporters.

the relevant person in charge of galaxy securities was also deeply touched by the changes in investor sentiment. according to his observation, the changes in investor sentiment can be divided into two stages. before the close of september 24, with the release and dissemination of the new policy, the market rose rapidly, and many investors consulted the specific content and impact of the new policy through phone calls or corporate wechat. at this time, although market sentiment has been significantly boosted, it can also be felt that some customers are waiting and watching the market.

however, from the close of september 24 to the morning of september 25, with the continued fermentation of the policy content and the interpretation of relevant media and practitioners, most ordinary investors have a deeper understanding of the deep meaning of this policy. according to the interviewed sales department personnel of galaxy securities, the questions consulted by customers have also shifted from whether to reduce positions and how to view the new policy to the impact of this new policy, the implementation of subsequent policies, whether the bottom has been established, and investment in equity products.

"now the number of customers who actively contact us has increased significantly, including inquiries about personal securities accounts, securities account opening procedures, permission opening conditions, related equity investment products, future market trends, etc." the above-mentioned person in charge mentioned that with the surge in customer business inquiries, the work pace of the sales department employees has also accelerated accordingly, and they need to handle various matters more efficiently. the sales department has also strengthened team collaboration to jointly respond to customer inquiries and business adjustments to ensure the smooth and orderly development of the business. many employees have reached invitations with some important customers during the national day holiday to communicate and discuss new policies and future market trends.

expect more incremental fiscal policies to be introduced

it is worth mentioning that with the change in investor sentiment, securities practitioners have also gained confidence in their work. zheng jie mentioned that due to the relatively long period of sluggish market conditions this year, front-line investment advisors generally feel that it is difficult to conduct business, whether opening accounts, product agency sales, or investment advisory services. customers have placed most of their funds in some stable products such as bank deposits, wealth management, and gold, and are unwilling to invest in stocks or buy funds. in this process, dongxing securities has held many professional training sessions to help investment advisors improve their investment research system and enhance their service capabilities. at the same time, it has held a number of investment education activities for customers, including etf investment and regulatory interpretation, to help customers establish the concept of asset allocation, have more coping methods in different market environments, and improve investment returns.

as the market warms up, front-line employees in the sales department are looking forward to a new lease of life. when visiting the beijing da wang road sales department of dongxing securities, china securities journal reporter jiang huaqiang, an investment consultant, mentioned that when the market is not good, customers will resist and resist, but now as investor sentiment warms up, he is more confident when recommending and opening accounts with customers. now many customers have said that they want to come here to open margin trading permissions or increase account funds. this recognition from customers makes them more motivated and confident in their work.

"after the market improved in the past two days, investor sentiment has improved a lot and is no longer as depressed as before. previously, our trading volume shrank by 80% year-on-year. it has never been so difficult. in the past two days, the daily trading volume has basically doubled," the general manager of a shanghai branch of a brokerage firm told china securities journal reporters, "the margin trading balance had been falling before, but now it has basically stabilized. i hope the market trend can continue."

indeed, there is no need to hide the fact that many investors are still in a wait-and-see mood. a person from the beijing branch of the aforementioned leading brokerage firm said that market confidence has yet to be fully restored, whether from the progress of sales business or customer communication. investors are still observing the possibility and effectiveness of policy implementation. in addition, the products previously configured by customers have not yet fully recovered, so it is difficult to convert and increase positions. it is expected that in the future, efforts will continue to be made to increase the activity and value of listed companies.

a person in charge of galaxy securities said that the confidence of some investors has been greatly boosted and they are optimistic about the future market trend. however, many investors also said that they are more looking forward to the introduction of subsequent incremental fiscal policies. investor mr. hui also expressed a similar view. in his opinion, the current policy still supports the market in the short term, but in the medium term, he will pay more attention to whether the fiscal policy will continue to accumulate strength, and in the long term, it depends on changes in the economic situation.

securities china reporters also interviewed a number of front-line investment advisors about the future market trends. they generally believed that this policy is quite strong and will release considerable funds to enter the market, boosting the market trend.

for example, zheng jie mentioned that since late july, a-shares have entered a state of low valuation and many policies. this cumulative effect will provide a large space for the improvement of market expectations, and the current market point should not be too pessimistic. with the implementation of major policies on september 24, the shanghai composite index rose sharply for two consecutive days, reaching a high of 2,952 points and standing above the 60-day moving average. this is a signal of a technical mid-line strengthening. i believe that everyone's confidence will become stronger and stronger.