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 A-share market is experiencing a gradual upward trend, with a significant increase in the number of new investor accounts, reaching 22.45 million in the first ten months of the year, a 10.57% increase compared to the same period last year [1][4]. Investor Trends - In October 2025, the number of new A-share accounts opened on the Shanghai Stock Exchange was 2.3099 million, a decrease of 21.36% from September's 2.9372 million [3]. - The decline in new accounts in October is attributed to fewer trading days due to the National Day and Mid-Autumn Festival holidays and market volatility affecting investor sentiment [3][4]. - Year-on-year comparison shows a significant drop of over 66% in new accounts for October 2025 compared to October 2024, which saw a surge due to the "9.24 market" [3]. Institutional Investor Growth - The total number of institutional investors on the Shanghai Stock Exchange reached 1.2366 million by the end of October 2025, with 83,800 new institutional accounts opened in the first ten months of the year [5][6]. - The increase in institutional accounts indicates a growing confidence in the A-share market and a shift towards more rational investment behaviors among retail investors [2][6]. Market Dynamics - The A-share market has seen a structural shift in investor composition, with significant contributions from financing funds, foreign capital, and various institutional funds [7]. - High-net-worth individuals are increasingly turning to equity markets, driven by a long-term investment perspective and reliance on professional institutions for stable returns [8]. Future Outlook - Analysts suggest that the A-share market may experience a style rebalancing in November, with potential fluctuations as investors adjust their portfolios ahead of the spring market [9][10]. - The market is expected to navigate through a period of consolidation, with a focus on balancing different investment styles and sectors [9][10].