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in the past week, with the introduction of various unexpected economic stimulus policies such as interest rate cuts and reserve requirement ratio cuts, the a-share market has once again set off a climax. on september 27, there were queues to open accounts and abnormalities in the trading system. on that day, citic securities, the leading brokerage, hit the daily limit, and the shanghai composite index recovered 3,000 points on heavy volume.

all this is reminiscent of the market situation at the end of 2014. what are the similarities and differences between the current market situation and the end of 2014? industry insiders believe that the similarities include the introduction of various unexpected policies such as interest rate cuts and reserve requirement ratios under the background of the real estate downturn; the differences are mainly in the sources of incremental funds. leveraged funds began to enter the market at the end of 2014, and this time there are more repurchases of listed companies, shareholder increases, and the entry of various long-term funds, etc.

last week, a series of policy combinations continued to boost market confidence. "this series of unconventional and high-density policy combination operations has an undoubted igniting effect on the market." tian xuan, dean of the national institute of financial research at tsinghua university and deputy dean of the pbc school of finance, said at the 2024 tsinghua university on september 28 said at the pbc chief economist forum.

how long can the high sentiment in a-shares last? many guests participating in the forum believed that after last week's package of support policies to "stimulate", the next step will be to see how the policy expectations are fulfilled and implemented, and whether the real economy can develop stably.

as for the continuity of the future market and the upcoming national day holiday, some market participants remain optimistic, and more advocates "hold shares for the holidays and go with the trend."

common ground: low valuation before the market starts