00后“互联网原住民”试水A股，追热点、高活跃、新趋势

Market Overview - The A-share market has seen a significant return of investor interest, with 1.9636 million new accounts opened in July 2025, a month-on-month increase of 19.27% and a year-on-year increase of 70.5% [1] - Individual investors accounted for 99.5% of new accounts, indicating strong participation from retail investors [1] Driving Factors for Investor Entry - The surge in new accounts is attributed to a recovering market and the release of policy benefits, with the overall market sentiment improving [2] - Major A-share indices recorded gains in July, with the Shanghai Composite Index up 3.74%, the Shenzhen Component up 5.20%, and the ChiNext Index leading with an 8.14% increase [2] Trading Activity and Market Dynamics - A total of 29.4 trillion shares were traded in July, an increase of over 8 trillion shares from June, with a trading volume of 37.58 trillion yuan, marking a monthly high for the year [2] - Over 3,600 A-shares rose in July, with more than 1,000 stocks gaining over 10% and nearly 200 stocks rising over 30%, indicating structural opportunities attracting outside capital [2] Investor Behavior and Preferences - New individual investors are showing a preference for sectors with clear policy support and strong industry trends, particularly in technology and high-end manufacturing [4] - The average turnover rate in July reached 91.71%, up from 76.58% in June, with small-cap stocks being the primary focus for high-frequency trading [6] Brokerages and Business Impact - The increase in new accounts is expected to drive growth in brokerage firms' trading volumes, with a notable rise in margin financing balances, reaching 1.98 trillion yuan by the end of July [2][7] - Despite the growth in trading activity, brokerage commission rates are declining, with the average commission rate in Shanghai at 0.201‰, down 8.2% year-on-year [8] Strategic Shifts in Brokerage Services - Brokerages are transitioning from a focus on transaction-based services to value-added services, aiming to meet the needs of new investors who are more sensitive to commission rates [9] - Many brokerages are leveraging AI tools to provide personalized investment advice and enhance customer engagement, reflecting a shift towards wealth management services [9]