前11个月A股新开户同比增长7.95%，外国投资者逐渐回归中国

Group 1 - The Shanghai Stock Exchange reported that in November, A-share new accounts reached 2.3814 million, a month-on-month increase of 3.1%, but a year-on-year decrease of 11.75%. Cumulatively, there have been 24.8402 million new accounts in the A-share market this year, representing a year-on-year growth of 7.95% [1] - The CSI 300 index has risen approximately 16% year-to-date, comparable to the performance of the S&P 500 index, while the Hong Kong Hang Seng Index is expected to achieve its largest annual gain since 2017 [1] Group 2 - Valuations and stable returns are attracting foreign investors back to the Chinese stock market. Morgan Stanley's Chief China Equity Strategist, Laura Wang, stated that the return of foreign investors marks the beginning of a gradual redistribution process [2] - Guotai Junan Securities indicated that the period from December 2025 to February 2026 will be a window for upward resonance of policies, liquidity, and fundamentals in China, recommending an increase in holdings in the Chinese market and a bullish stance on the cross-year market [2] - Dongwu Securities believes that the trading structure in December is expected to improve, with macro liquidity likely to maintain reasonable allocation, potentially leading to an early spring market rally [2]