The reason for the surge caused by large redemption mainly lies in the change of market supply and demand. When investors redeem funds or stocks in large quantities, it will often lead to the outflow of funds from the market and reduce the supply of funds in the market. This outflow of funds may lead to the following situations, leading to a sharp rise in prices:

1. imbalance between supply and demand: large redemption leads to capital outflow, which reduces the market capital supply. In the case of constant demand, the reduction of capital supply will lead to imbalance between supply and demand, thus pushing up prices.

2. Market panic: Large redemption may cause investors to panic, which may lead them to sell their assets for fear of market decline. This panic may aggravate the market decline and further push up prices.

3. Liquidity exhaustion: large redemption may lead to the liquidity exhaustion of some funds or stocks, and it is difficult for buyers to find enough sellers to execute transactions. This will further aggravate the imbalance between supply and demand and push up prices.

4. Expected change: large redemption may cause investors to change their expectations of the market and think that the market may have reached a high point. This expected change may attract more investors to join the selling ranks, further aggravating the price increase.

It should be noted that the price surge caused by large redemption is usually only a short-term phenomenon. When the market sentiment gradually stabilizes, or there is enough new capital flowing into the market, the price may return to normal level. In addition, large redemption may also bring certain risks to investors, because there may be a sharp decline after the skyrocketing. Therefore, when making investment decisions, we should fully understand the market dynamics and avoid blindly following the trend.