Young people in China have jumped into stock trading in the past two weeks since Beijing took its most aggressive steps yet to revive economic growth and persuade consumers to start spending.

自从北京采取迄今最积极的措施刺激经济增长和鼓励人们开始消费以来，中国年轻人在过去两周开始投身股市交易。

On one popular online stock trading app, new accounts surged among people under 30. An account manager at a brokerage firm in China’s northeast was flooded with questions from first-time investors. University students spent their Golden Week holiday break last week reading up on investment advice.

在一款流行的股票交易应用上，年龄在30岁以下的新账户激增。中国东北一家证券交易所的一名客户经理收到了众多来自初次投资者的咨询问题。在上周的黄金周国庆假期里，大学生们纷纷研读投资建议。

These new investors are trying to get a piece of the biggest rally in nearly two decades. But they are taking a big risk: The gains have been driven by the changes in policy and are likely to depend on further government actions to support the economy.

这些新投资者正在试图在近20年来最大的一次股市大涨中分一杯羹。但他们正在承担巨大风险：此次股市涨幅是由政策变动推动的，很可能取决于政府支持经济的进一步措施。

And markets will be on a hair trigger. On Wednesday, after rising 6 percent the prior day — the 10th straight day of gains — stocks in China traded lower.

此外，市场也会随时变动。周三，在前一天上涨6%（连续第十个交易日上涨）后，中国股市走低。

The frenzy to invest is a dramatic departure for people in China born after the turn of the century. A dismal economy has been the status quo during their adult lives. But now, the fear of exposure to China’s stagnant stock market has been replaced by a fear of missing out, despite the risks of investing in a volatile market.

对于20世纪初以后出生的中国人来说，这股投资热潮是一个重大转变。低迷的经济一直是他们成年后的现状。但现在，尽管在动荡的市场中投资存在风险，但对中国股市停滞不前的担忧已被对错失机会的担忧所取代。

“There have been so many customers opening accounts in the past couple of days, and most of them are newcomers,” said Tan Zhiming, an account manager at Northeast Securities, a brokerage firm based in Changchun.

“这几天开户的客户特别多，大都是新客户，”总部位于长春的东北证券客户经理谭志明（音）说。

Mr. Tan said he had received such a high number of inquiries from people new to the stock market — on some days up to 30 — that he wrote a boilerplate list of advice for beginners. Start small with a low-risk bet like an exchange-traded fund, he told them, and don’t spend the money you need to pay the rent or buy food.

谭志明说，他接到了大量股市新手的咨询，有时一天多达30个，因此他为新手写了一份建议清单。他告诉他们，从交易所交易基金等低风险投资开始，不要把需要交房租或者吃饭的钱花掉。

China’s economy has struggled to rebound from crippling lockdowns during the Covid pandemic. In the years since, there has been little cause for optimism. The unemployment rate for people 16 to 24 got so high that the government stopped publishing it. Until recently, Chinese stocks were some of the worst performing in the world.

中国经济一直在艰难地从新冠疫情期间的瘫痪性封锁中恢复。此后的几年里，一直不容乐观。16至24岁人群的失业率居高不下，以至于政府不再公布这一数据。直到最近，中国股市还是全球表现最差的股市之一。

But at the end of September, the Chinese government announced a series of measures that sent the country’s stocks soaring and led to the biggest weekly gain in nearly 16 years. Trading volume was so high on Sept. 26 that the Shanghai Stock Exchange experienced delays in processing transactions. On Tuesday, when markets reopened after the weeklong holiday, mainland Chinese stocks initially shot up over 10 percent before losing some steam to end the day nearly 6 percent higher.

但9月底，中国政府宣布了一系列措施，推动中国股市飙升，并创下近16年来的最大单周涨幅。9月26日，交易量如此之高，以至于上海证券交易所在处理交易时出现延迟。周二，当市场在一周假期后重新开市时，中国大陆股市最初上涨超过10%，随后有所回落，收盘上涨近6%。

5月，上海的一场招聘会。

A computer science student in the southern province of Guangdong who asked to be identified by only his surname, Chen, said he had previously paid no attention to the stock market. But the late-September buzz was impossible to ignore.

一位来自南方省份广东省的计算机专业学生（他只透露自己姓陈）表示，他以前没有关注过股市。但九月下旬的股市热潮却让人无法忽视。

While his classmates returned to their hometowns during the holiday last week, Mr. Chen, 20, spent his break studying the basics of investing.

在同学上周放假回老家的时候，20岁的陈先生把假期用来学习投资基础。

On Xiaohongshu, a social media app similar to Instagram, Mr. Chen described himself as “a newbie diving into stock trading, dreaming of striking gold on their first try.” He planned to use his scholarship money, a few hundred dollars, to invest once prices cooled off.

在类似Instagram的社交媒体应用小红书上，陈先生将自己描述为“炒股新手，梦想一鸣惊人。”他计划用自己的几千元奖学金在价格降温后进行投资。

“For people like us with just a few thousand yuan, there’s not much to lose,” Mr. Chen said. “I’m not going to wait until I’ve fully learned everything before I start investing.”

“像我们这种只有几千块的人，不会有太大损失，”陈先生说。“我不会等着什么都学会了再投资。”

Many young people have turned to online stock trading platforms like Futu and Snowball, where they can get started within a day or two. On Tiger Brokers, which gives investors access to Chinese stocks that are listed in Hong Kong, the number of users under 31 increased 77 percent in the days after the government’s announcements versus the week before, the company said.

许多年轻人开始使用富途和雪球等在线股票交易平台。在这些平台上，可以在一两天内就开始交易。老虎证券为投资者提供在香港上市的中国股票交易服务，该公司表示，政府发布公告后的几天内，31岁以下的用户数量比前一周增加了77%。

Bella Chen, a sophomore studying business in Guangdong, said she was worried that some new investors were making uninformed decisions.

在广东就读商科专业的大二学生贝拉·陈（音）表示，她担心一些新投资者会做出不明智的决定。

Ms. Chen, who posted on social media about her investments in mutual funds, said she warned her followers not to get caught up in their emotions when making investments. But some of them told her that they would just buy anything she bought, she said.

贝拉·陈在社交媒体上发布了自己对共同基金的投资情况，她警告自己的关注者在投资时不要受情绪左右。但她说，有些人告诉她，她买什么，他们就买什么。

“Honestly, I think this phenomenon is a bit crazy,” Ms. Chen said. “It seems like many only see ‘the bull market is here, I need to make money’ without fully recognizing the risks.”

“说实话，我觉得这种现象有点夸张，”她说。“很多人似乎只看到‘牛市来了，我得赚钱’，没有完全意识到风险。”

As confidence in traditional investments like real estate has continued to falter, young Chinese people have felt they have few investment options. Some purchased tiny beans of gold.

随着人们对房地产等传统投资的信心持续动摇，中国年轻人感到自己几乎没有投资选择。有些人购买小金豆。

“A lot of people have been waiting to put their money into the market,” said Vey-Sern Ling, an equities adviser based in Singapore at the private bank Union Bancaire Privé. “Finally now they have an opportunity to do so.”

“很多人一直在等待将资金投入市场，”私人银行瑞联银行驻新加坡的股票顾问凌炜森表示。“现在他们终于等来机会了。”