Do you remember how shocking it was when the trading volume first broke through one trillion? At that time, everyone was extremely nervous, and regulators were especially cautious. But people are like that—before long, they get used to the new normal.

Then three trillion appeared, and the market started to feel uncomfortable again. Soon after, four trillion followed, and everyone had to tighten their nerves. But wait a little longer, and this anxiety would dissipate; the market always gradually finds its rhythm.

The story of the US stock market is the same pattern. Back then, companies with a trillion-dollar market cap were rare, and the whole market was watching. Later, a certain tech giant pushed its market cap to five trillion dollars, and surprisingly, few people exclaimed about it. The market was unusually calm. It’s like playing mahjong—at first, seeing a big win is exciting, but after a while, it’s just normal.

On the A-share side, when the single-day trading volume reaches five trillion, everyone will probably get used to it, and the nervousness will have long disappeared. Market psychology evolves gradually through the iteration of numbers, from surprise to acceptance, then to numbness, cycle after cycle.