前10月A股新开户涨超10%，机构加速入场凸显结构之变

Core Insights - The number of new A-share accounts opened in the first ten months of 2025 reached 22.4588 million, representing a year-on-year increase of 10.57% compared to the same period last year [1][5] - In October 2025, the Shanghai Stock Exchange reported 2.3099 million new A-share accounts, a decrease of 21.36% from September [2][4] - The increase in institutional investors indicates a maturation of the market, which is expected to enhance pricing efficiency and reduce irrational volatility [1][8] Summary by Category New Account Openings - A total of 22.4588 million new A-share accounts were opened in the first ten months of 2025, compared to 20.3115 million in the same period last year [5] - October 2025 saw 2.3099 million new accounts, down from 2.9372 million in September [2][4] - The number of institutional accounts reached 1.2366 million by the end of October 2025, with 83,800 new institutional accounts opened this year [5][6] Market Trends - The decline in new accounts in October was attributed to fewer trading days due to the National Day and Mid-Autumn Festival holidays, as well as market volatility affecting investor sentiment [4][9] - Year-on-year comparison shows a significant drop in new accounts for October 2025, down over 66% from the previous year's surge following the "9.24 market" [4][9] - The A-share market has seen a structural shift, with increased participation from high-net-worth individuals and institutional investors rather than retail investors [9][10] Investor Behavior - The increase in institutional accounts suggests confidence in the A-share market's future, with institutions favoring ETFs and blue-chip stocks, potentially leading to a more stable market driven by fundamentals [7][8] - The influx of new investors is characterized by a more rational approach, which is expected to contribute to the long-term stability of the A-share market [8][9] - The market is currently experiencing a phase of style rotation, with expectations of a balanced market approach in the coming months [10][11]