产业观察｜196万新开户数，A股市场的“热”与“势”

Group 1 - The core viewpoint of the articles highlights the significant increase in new A-share accounts, with 1.96 million new accounts opened in July 2025, reflecting a 71% year-on-year growth and a 19% month-on-month increase, indicating strong market enthusiasm and confidence [2][3][4] - The A-share market has shown a positive trend, with the Shanghai Composite Index reaching above 3600 points and a total trading volume of 1.01 trillion yuan in half a day, suggesting a robust market environment [2][3] - The increase in new accounts is driven by the market's profitability effect, as major indices have seen substantial monthly gains, with the Shanghai Composite Index rising by 3.74% and the ChiNext Index by 8.14% in July [3] Group 2 - The influx of new accounts is expected to enhance market liquidity and attract more domestic and international funds, improving the overall investor structure and market efficiency [3][4] - Despite the positive trends, there is a need for rationality regarding the growth of new accounts, as short-term market volatility is anticipated, and a healthy market development requires ongoing improvements in market regulations and company quality [3][4] - The increase in new accounts serves as a confirmation of the current market's profitability and development prospects, while also emphasizing the importance of risk management for investors [4]