继续跑步入场，A股7月新开户数大增71%

Core Insights - The A-share market is experiencing a significant influx of new investors, with new account openings reaching 1.9636 million in July, marking a year-on-year increase of over 71% and a month-on-month increase of nearly 20% [2][6] - Cumulatively, as of July 2025, the total number of new accounts opened in the A-share market has reached 14.5613 million, reflecting a growth of 36.88% compared to the same period last year [3][7] - The increase in new accounts is indicative of a recovering market and heightened trading activity, which is expected to positively impact brokerage firms' performance in the second half of the year [4][10] New Account Openings - In July 2025, the A-share market saw 1.9636 million new accounts opened, with 1.954 million being individual investors and 9,600 being institutional investors [6] - The monthly trend of new account openings has shown fluctuations, with peaks in March (3.0655 million) and a notable drop in May (1.5656 million) due to holiday impacts [6][7] - The total new accounts opened in the first seven months of 2025 reached 14.5613 million, significantly higher than the 10.6379 million accounts opened in the same period of 2024 [7] Market Performance and Brokerages - The A-share market has shown a notable recovery in trading activity, with major indices such as the Shanghai Composite Index rising by 3.74%, the Shenzhen Component Index by 5.20%, and the ChiNext Index by 8.14% in July [9] - The margin trading balance increased from 1.85 trillion yuan at the end of June to 1.98 trillion yuan by the end of July, with the A-share financing balance reaching a near decade-high of 1.971 trillion yuan [9] - Brokerage firms have reported significant performance improvements in the first half of the year, with 28 out of 30 listed brokerages showing a net profit growth of over 50%, and some firms experiencing profit increases exceeding tenfold [10]