年内A股新开户数超2245万户

Core Viewpoint - The A-share market is experiencing a gradual upward trend, with a notable increase in the number of new investor accounts, indicating a growing investor base and market maturity [1][6]. Summary by Sections New Account Openings - In October 2025, the Shanghai Stock Exchange (SSE) recorded 2.3099 million new A-share accounts, a decrease of 21.36% from September's 2.9372 million accounts [3][5]. - The total number of new A-share accounts for the first ten months of 2025 reached 22.4588 million, representing a year-on-year growth of 10.57% compared to 20.3115 million in the same period last year [6][5]. Institutional Investors - As of the end of October 2025, the total number of institutional investors on the SSE reached 1.2366 million, with 83,800 new institutional accounts opened in 2025 [6][8]. - The increase in institutional accounts reflects a growing confidence in the A-share market and a shift towards more rational investment behaviors among retail investors [9][8]. Market Dynamics - The decline in new account openings 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 [5][6]. - Year-on-year comparisons show a significant drop in new account openings in October 2025 compared to the previous year, where the number was exceptionally high due to the "9.24 market rally" [5][6]. Investor Behavior - The influx of new investors in 2025 is characterized by a diverse range of identities, with significant contributions from high-net-worth individuals and institutional funds rather than retail investors [11][12]. - The market is witnessing a structural shift, with institutional investors favoring ETFs and blue-chip stocks, which may lead to a more stable market driven by fundamentals [8][9]. 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 [12][13]. - The overall macroeconomic environment remains stable, but market dynamics may face challenges due to funding pressures, leading to a period of consolidation [12][13].