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economic observer network reporter hong xiaotang "like a wild horse running wild," this is how the economic observer network described today's stock market conditions when it interviewed hu hao (pseudonym), an equity fund manager at a public equity institution in beijing, at the close of trading on september 30.

indeed, as a number of policies to boost the economy and capital market have been launched since september 24, the a-share market has reversed rapidly and moved rapidly. the market had a history-making carnival on the last trading day before the national day: the shanghai stock exchange index recovered 3,300 points, and the gem index, science and technology innovation 50, and beijing securities 50 achieved their largest gains in history. as of the close, the shanghai stock exchange index rose 8.06% to close at 3336.50 points; the shenzhen stock exchange component index rose 10.67% to close at 10529.76 points; the gem index rose 15.36% to close at 2175.09 points. the turnover of the shanghai, shenzhen and north stock markets exceeded 2.60 trillion yuan, with more than 5,300 stocks rising, and more than 3,000 stocks rising by more than 9%. new stock changlian technology soared 1,700% on its first day of listing.

there is news in the industry that a certain fund manager originally wrote a letter of apology to the head office (the fund’s agency) because his stock position was too high. but after a round of rapid market growth, the report was changed to an experience sharing session.

when the economic observer network asked many fund managers for confirmation, they all laughed and said they did not know the authenticity of the matter, but everyone's mentality is changing.

hu hao said at the company's internal morning meeting today that the market has risen too sharply and it is difficult to judge the market outlook. it is necessary to continue to observe policy advancement and market changes.

not only hu hao, this rapid reversal of the market that exceeded almost everyone's imagination shocked many senior market participants.

an investment researcher from a large public equity institution posted in a circle of friends during the lunch break today, "it is never rationality that corrects irrationality, but the opposite of irrationality." use this to warn yourself not to be dazzled by the rapid rise in prices.

hu hao also said that this wave of market conditions came too fast and completely exceeded his team’s expectations. this once again proves that the investment market is not as rational as imagined.

today, when the a-share market is booming and the market is red, hu hao's leader came over during the session and asked him: why did it rise so much today, and how long can it last? hu hao said he didn't know how to answer. in addition, hu hao's phone calls were also "blasted" by some customers, friends and even family members. he temporarily added after-hours internal reviews, report writing and institutional roadshows.

hu hao said that he did not expect that the last trading day before the holiday would be so busy and dramatic.

today, hu hao did not perform any operations on the funds he manages. during the lunch break, colleagues did not rush to the cafeteria as usual, but gathered in groups to lament the market performance, or to call back the calls they missed because they handed in their mobile phones during the day.

hu hao revealed that most of his positions are concentrated in core assets and financial sectors. under the general rising market, the net value of the products he manages today should increase by more than 8%.

however, hu hao lamented that the rapid rise and fall of the market in recent years has been very testing. sometimes when it falls, some people doubt the level of the fund manager, and the fund manager also doubts himself; now that the stock market has risen, he will also doubt himself, because of this the change was not within one's expectations.

after chatting with the economic observer for a while, hu hao said that there were still many information replies and roadshows waiting for him, so he hung up the phone.

in addition to the investment research department, the sales department is also so busy that it feels hot underfoot. sales staff with etf (traded open-end index fund) layouts are busy sending out information about their own xxetf with daily limit. large-scale public offerings that focus on active equity products are actively sending out market attributions and outlooks needed by various institutional customers and channels, and thanks to "in the most difficult time, we persisted in configuring our products, and now we have finally waited for the rose of time..." etc.

however, the other side of the coin is public-funded institutions that mainly focus on fixed-income products. as debt bases face adjustments after the introduction of the new deal, fixed-income investment researchers and salespeople are trying to reassure customers and actively communicate whether they can redeem them...

the same thing is that in such a rare "fast bull" market situation, public offering practitioners are busy working overtime on the last trading day before the holiday.