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3800点,股民一线调研
Zhong Guo Ji Jin Bao·2025-08-24 07:48

Core Viewpoint - The current market sentiment among retail investors is cautious, with many expressing concerns about the sustainability of the bull market as the index approaches 3700 points. Despite an increase in new account openings, the total remains significantly lower than the peak levels seen during the "9·24" period last year, indicating a prevailing "fear of heights" among investors [1][2][3]. New Account Openings - New account openings in July showed a nearly 20% increase compared to the second quarter, with July's new accounts reaching 1.9636 million, a year-on-year growth of 70.54% and a month-on-month increase of 19.27%. However, this is still far from the 6.85 million accounts opened in October of last year [3][4]. - The cautious behavior of investors is attributed to previous market fluctuations, leading to more rational investment decisions. The current market is characterized as a "slow bull" rather than the rapid increases seen in the past [4][5]. Activation of Dormant Accounts - A significant trend is the activation of dormant accounts, with some firms reporting a threefold increase in activations since August. For instance, Dongwu Securities saw a 768.29% year-on-year increase in margin account openings [7][8]. - The activation of these accounts is expected to convert many dormant investors into high-net-worth clients, as they begin to engage with more complex investment products [7][8]. Investment Trends and Preferences - Funds are increasingly directed towards sectors with strong performance support, such as "hardcore technology" and high-dividend stocks, with a gradual shift towards high-end manufacturing and new energy sectors [8][9]. - There is a notable increase in demand for professional investment advisory services, particularly among older investors who are seeking guidance in specialized areas like technology stocks and innovative pharmaceuticals [9][10]. Service and Product Diversification - Brokerages are shifting their focus from merely increasing new account numbers to enhancing the value of existing clients, emphasizing the importance of customer service and tailored investment solutions [6][10]. - The introduction of diversified investment services, including wealth management and professional advisory services, is becoming a trend among brokerages to retain clients and meet their evolving needs [10][11].