【西街观察】 开户热是对A股的信心投票

Group 1 - The number of new A-share accounts reached 1.9636 million in July 2025, a year-on-year increase of 70.5% compared to 1.1514 million in July 2024, and a month-on-month increase of 19.27% from 1.6464 million in June 2025, indicating strong investor confidence in the capital market [1] - The A-share market has shown characteristics of stability and activity, with major indices steadily rising since mid-April, and the daily trading volume consistently exceeding 1 trillion yuan, reflecting a positive market environment [1] - Economic factors such as high-quality development, macro policy expectations, and asset valuation recovery provide a solid foundation for maintaining a stable and healthy market, boosting investor confidence [1] Group 2 - The emergence of innovative sectors such as pharmaceuticals, semiconductors, artificial intelligence, and low-altitude economy is contributing to the optimization of economic structure during the transformation and upgrading process, enhancing the appeal of Chinese tech assets [2] - The implementation of new policies, including the "National Nine Articles" and the capital market "1+N" policy documents, has effectively promoted long-term capital inflow, public fund reforms, and significant breakthroughs in capital market reforms [2] - The dual enhancement of listed company quality and investment value has increased the attractiveness of A-shares to new investors, with stricter regulations ensuring higher quality listings and encouraging companies to increase dividend payouts [3] Group 3 - The low interest rates on bank deposits have made high-dividend and stable profit assets in the capital market more appealing, leading to a potential shift of funds from savings to stock investments [3] - The surge in new account openings reflects the actual actions of investors, indicating their confidence in the investment value of the A-share market [3]