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Amid the ongoing rapid digitalization, consistent advancements in technologies such as 5G have become crucial. The demand for 5G technologies is expected to surge owing to the continued hybrid work culture, and 5G stock will emerge from the stocks of older tech and telecom companies. However, the COVID-19 epidemic continues to spread globally, causing a major impact on China’s macroeconomy and the stock market. It has a significant impact on the trading behavior of investors in 5G stock. Based on the framework of information economics and 5G Networks, we use the TVP-VAR model to empirically analyze the time-varying effects of rational and irrational market sentiment on investor herd behavior and overconfidence. The results show that rational market sentiment can always suppress herding behavior and overconfidence, while irrational market sentiment intensifies investors’ herd behavior most of the time, suppressing overconfidence in the short term and turning it into a positive effect in the medium term, and its long-term effects have almost disappeared. Compared with rational market sentiment, irrational market sentiment has a more direct and significant impact on herd behavior. The absolute values of the impulse responses of both market sentiments to the impact of overconfidence are relatively close. In addition, both market sentiments have typical characteristics of vulnerability to investor psychology. After the epidemic spread, both market sentiments accelerate the generation of overconfidence, while the positive impact on herd behavior gradually decreases. Our research shows that in the environment of information asymmetry, although investors will restrain their irrational conformity psychology, they still have not demonstrated their reasonable investment capabilities. Our conclusions will provide some references for government regulatory agencies and market investors under the background of the epidemic.

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Time-Varying Research on Investors’ Trading Psychology Rational and Irrational Market Sentiment Based on the Perspective of 5G Networks and Information Economics