实探券商营业部：A股再冲3700点，新开户未现“924”热情景象

Core Viewpoint - The current bull market has led to a strong performance in brokerage and fintech stocks, but the enthusiasm for new account openings is relatively subdued compared to previous years, particularly the surge seen during the 2022 National Day holiday [3][4]. Group 1: Market Performance - On August 15, the Shanghai Composite Index briefly surpassed 3700 points, with notable gains in brokerage stocks such as Changcheng Securities and Tonghuashun, which saw increases of 20cm and over 16% respectively, pushing Tonghuashun's market capitalization close to 200 billion yuan [3]. - Since April, the A-share market has shown a stable upward trend, with the Shanghai Composite Index rising by 21.58%, the Shenzhen Component Index by 27.58%, and the ChiNext Index by 44.27% [4]. Group 2: Account Opening Trends - In July 2025, the Shanghai Stock Exchange reported 1.9636 million new A-share accounts, a significant year-on-year increase of 71%, with a total of 14.5614 million new accounts opened in the year, reflecting a 36.9% growth compared to the previous year [4]. - In contrast, October 2022 saw a record monthly opening of 6.8397 million new accounts, marking the third-highest monthly figure in A-share history since June 2015 [4]. - Despite the current market rally, the enthusiasm for account openings is not on par with last year's surge, attributed to a more moderate policy-driven market and a shift towards institutional investment, reducing the impulsiveness of retail investors [4]. Group 3: Fund Issuance - As of August 14, 2025, over 670 billion yuan worth of new fund issuance has occurred this year, with equity and mixed funds accounting for 44.93% of the total, and actively managed equity products seeing a 30% increase in issuance compared to the previous year [4].