此“牛”非彼牛，为何股民感叹牛味大不同

Core Viewpoint - The A-share market is experiencing a significant increase in trading volume, indicating a potential bull market, although some investors feel the profit effect is not yet apparent [1][2]. Group 1: Trading Volume - The trading volume in the A-share market has reached historical highs, with a total trading volume of 3.18 trillion yuan on the recent trading day, marking an increase of 594.4 billion yuan from the previous day, the second-highest in history [1][2]. - In 2024, there have been 18 trading days with volumes exceeding 2 trillion yuan, indicating a strong influx of new capital into the market [2][3]. Group 2: New Account Openings - In 2024, the total number of new A-share accounts reached approximately 24.99 million, a 16.6% increase from 2023 [4][6]. - The highest monthly new account openings this year were 196,361 in July, significantly lower than the peak of 684,680 in October 2023 [4][5]. - Despite a slower pace in individual account openings, the overall new account openings reflect a positive sentiment towards market trends, with a total of 14.56 million new accounts opened in the first seven months of 2025 [5][6]. Group 3: Market Trends - The current bull market is characterized by a "structural bull" trend, with a steady increase in the index from 3,094 points to 3,883 points since April 8, without any single-day increase exceeding 2% [7][10]. - New investors are reportedly more likely to profit compared to seasoned investors, who may be more cautious due to past market experiences [7][10]. - Stocks favored by institutional investors are performing better, with significant trading volumes observed in top stocks such as Dongfang Caifu and Hanwha Technology [8][9].