3800点，股民一线调研

Core Viewpoint - The current market sentiment among retail investors is cautious, with many expressing concerns about the sustainability of the bull market and showing a tendency to reduce their positions as the index approaches 3700 points. Despite an increase in new account openings, the overall number remains below the levels seen during the "9·24" period last year, indicating a lingering "fear of heights" among investors [1][2][4]. Group 1: Market Activity and Investor Behavior - New account openings in July saw a significant increase of approximately 70.54% year-on-year, reaching 1.9636 million, but this is still far from the 6.85 million accounts opened in October last year [3][4]. - The cautious behavior of investors is attributed to previous market fluctuations, leading to a more rational investment approach. The current market is characterized as a "slow bull" rather than the rapid increases seen in past bull markets [4][5]. - The activation of dormant accounts has become a key focus for brokerages, with some firms reporting a threefold increase in activated dormant accounts since August [6][7]. Group 2: Business Strategies of Brokerages - Brokerages are shifting their focus from merely increasing new account numbers to enhancing the value of existing clients, emphasizing the activation of dormant accounts and the provision of tailored services [6][9]. - The demand for professional investment advisory services has surged, with many investors seeking guidance on sectors like technology and innovative pharmaceuticals, leading to a significant increase in advisory service sign-ups [8][9]. - Brokerages are implementing digital strategies to enhance customer engagement, including educational content and specialized investment tools to cater to the diverse needs of their clients [10][11].