记者丨易妍君 编辑丨包芳鸣 A股震荡向上过程中，投资者队伍逐步壮大。 上交所官方数据显示，2025年10月，上交所A股新开户数为230.99万户。这意味着，今年前10个月，新 增A股开户数达到2245.88万户，较去年同期增长了10.57%。 不过，环比来看，受多重因素影响，10月上交所A股新开户数较9月有所下滑。 值得一提的是，今年以来，机构新开户数不断增加。截至今年10月末，上交所A股机构投资者累计总户 数达到123.66万户。 受访人士向21世纪经济报道记者指出，机构投资者增多是市场走向成熟的表现，这与散户更加理性的入 场方式相呼应，有助于减少非理性波动，提升市场定价效率，为A股市场中长期稳健发展打下更好的基 础。 年内新开户数超2245万户 自今年8月以来，上交所单月A股新开户数已连续三个月达到200万户以上。但10月新开户数呈现环比下 滑态势。 根据上交所官网披露的数据，2025年10月，上交所A股新开户数为230.99万户，较9月的293.72万户下降 了21.36%；其中，10月个人新开户数为230.22万户，机构新开户数为0.77万户。 不过，A股开户数并不完全等同于投资者人数。 | 日期 | ...

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].

Core Viewpoint - The A-share market is expected to enter a new phase supported by dual underlying logic: the increasing importance of capital markets in wealth allocation and a shift in market pricing logic from valuation-driven to fundamental-driven [1][2] Group 1: Market Outlook - The A-share market has seen a rise in valuations, but there is no systemic bubble present [1] - Capital markets may experience temporary disturbances but are unlikely to cool down significantly [1] - The focus will shift from sector effects to individual stock effects in the future [1] Group 2: Investment Focus - The company will concentrate on sectors with structural growth potential that can maintain profitability without relying on overall economic recovery [1] - Key areas of interest include emerging growth sectors such as AI technology innovation and energy infrastructure [1] - The semiconductor industry is expected to enter a critical breakthrough period as domestic technology, capacity, and supply chains improve [1] - Changes in global young consumer behavior are anticipated to create sustained growth opportunities in service-oriented and emotional value-driven consumption [1] Group 3: Cyclical Sector Opportunities - The "anti-involution" policy is expected to bring structural opportunities, shifting industry growth logic from disorderly expansion to quality improvement [2] - Leading companies with competitive advantages are likely to benefit from industry policy guidance and market clearing [2] - Expanding into overseas markets has become a necessary strategy for many leading companies, opening new growth avenues [2]

Investment Rating - The industry investment rating is "outperforming the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [15]. Core Views - The A-share market experienced a low opening followed by a gradual rise, with significant performance in sectors such as battery, photovoltaic equipment, power grid equipment, and coal [2][3]. - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 16.22 times and 49.13 times, respectively, which are above the median levels of the past three years, suggesting a suitable environment for medium to long-term investments [3][14]. - The market is at a critical transition point, with expectations of a sideways trading pattern in November, preparing for potential index-level movements towards the end of the year [3][14]. - A rebalancing trend in market styles is anticipated, with attention to the rotation between growth and value styles, as well as large-cap and small-cap stocks [3][14]. Summary by Sections A-share Market Overview - On November 5, the A-share market opened low but rose slightly, with the Shanghai Composite Index facing resistance around 3946 points before maintaining a steady upward trend [7]. - The Shanghai Composite Index closed at 3969.25 points, up 0.23%, while the ChiNext Index rose by 1.03% [8][9]. - Over 60% of stocks in the two markets saw gains, particularly in the power grid, battery, photovoltaic, and wind power sectors, while sectors like insurance and software development lagged [7][9]. Future Market Outlook and Investment Recommendations - The market is expected to maintain a steady upward trend in the short term, with a focus on investment opportunities in power grid equipment, photovoltaic equipment, batteries, and coal [3][14]. - Investors are advised to adopt a balanced allocation strategy, seeking equilibrium between growth and value investments while considering both offensive and defensive positions [3][14].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The overall performance of A-share Q3 reports is good, providing bottom support for the market. However, the decline in domestic manufacturing prosperity in October may suppress subsequent market trends. There is a sense of "good news exhausted" in the market, and the pressure on the RMB exchange rate restricts the loose monetary policy. It is recommended to wait and see for now [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - **Contract Prices**: IF (2512) latest price is 4596.6, up 18.8; IH (2512) is 3002.6, down 0.4; IC (2512) is 7108.0, up 38.8; IM (2512) is 7310.8, up 56.0. Their corresponding secondary contracts also have varying price changes [2]. - **Contract Spreads**: IF - IH, IC - IF, IM - IC, IC - IH, IM - IF, and IM - IH monthly contract spreads all increased, while the spreads between quarterly and monthly contracts showed mixed trends [2]. - **Futures Positions**: IF and IC top 20 net positions decreased, while IH and IM top 20 net positions increased [2]. 3.2 Spot Price - **Index Prices**: The Shanghai - Shenzhen 300 index is 4627.26, up 8.6; the Shanghai 50 index is 3008.0, down 5.0; the CSI 500 index is 7229.3, up 18.5; the CSI 1000 index is 7464.9, up 29.1 [2]. - **Basis**: The basis of IF, IH, IC, and IM main contracts all decreased [2]. 3.3 Market Sentiment - **Trading Volume and Balance**: A - share trading volume decreased by 440.55 billion yuan to 18,943.40 billion yuan; margin trading balance decreased by 31.40 billion yuan to 24,916.23 billion yuan. North - bound trading volume decreased by 268.32 billion yuan to 2409.10 billion yuan [2]. - **Other Indicators**: The proportion of rising stocks increased by 32.15 percentage points to 62.07%; Shibor remained unchanged at 1.315%. Option prices and implied volatilities generally decreased, while PCRs of trading volume and positions increased [2]. 3.4 Industry News - **PMI Data**: In October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month; the non - manufacturing business activity index was 50.1%, up 0.1 percentage points; the composite PMI output index was 50.0%, down 0.6 percentage points [2]. - **Corporate Earnings**: As of October 31, 2025, the total revenue of A - share listed companies in the first three quarters was 53.41 trillion yuan, a year - on - year increase of 1.20%; the net profit attributable to shareholders was 4.70 trillion yuan, a year - on - year increase of 5.34%. The profit growth rate in Q3 reached 11.30%, up 10.19 percentage points from Q2 [2]. - **Market Performance**: Most A - share major indices closed higher. The Shanghai Composite Index rose 0.23%, the Shenzhen Component Index rose 0.37%, and the ChiNext Index rose 1.03%. Overseas, Powell's statement weakened the market's expectation of a December interest rate cut [2]. 3.5 Key Data to Watch - November 5, 21:15: US October ADP employment data; November 7, 9:30: China's October trade data; November 9, 9:30: China's October CPI and PPI [3].

- The report covers the period from October 27, 2025, to October 31, 2025[2][11] - The market sentiment remains high, with a potential shift towards small-cap stocks due to valuation pressures and performance verification issues in large-cap growth stocks[3][11] - Market style trends indicate a preference for small-cap and value stocks, with decreased volatility in both large-cap vs. small-cap and value vs. growth styles[12][14] - Market structure shows an increase in industry excess return dispersion, a decrease in industry rotation speed, and a decline in the proportion of rising constituent stocks[12][14] - Trading concentration has decreased, with the top 100 stocks' trading volume share declining and the top 5 industries' trading volume share remaining stable[12][14] - Market activity has seen an increase in volatility and mixed performance in turnover rates[13][14] - Commodity market trends show an increase in trend strength for non-ferrous metals and energy chemicals, a decrease in basis momentum across all sectors, and an increase in volatility except for agricultural products[26][33] - Option market analysis indicates stable implied volatility levels for SSE 50 and CSI 1000, with an increase in put option skewness and a decrease in call option skewness for CSI 1000, suggesting heightened risk hedging by market participants[37][38] - Convertible bond market shows a slight recovery, with stable and rising premium rates for bonds convertible at par and a rebound in the proportion of low premium convertible bonds[39][41]

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.05% to 3962.04 points, while the Shenzhen Component Index fell by 0.15% and the ChiNext Index increased by 0.17% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.1497 trillion yuan, a decrease of 81.4 billion yuan compared to the previous day, with over 3000 stocks in the market experiencing gains [1] - Sectors such as Hainan Free Trade Zone, power grid equipment, and duty-free shops saw significant strength, while the semiconductor and quantum technology sectors faced the largest declines [1]

Core Viewpoint - A-shares show resilience compared to the global market, supported by three key positive factors despite external market volatility [1][2][4]. Group 1: Positive Factors Supporting A-shares - The China Warehousing Index for October 2025 is reported at 50.6%, an increase of 1 percentage point from the previous month, indicating a steady recovery in economic activity [2][3]. - The People's Bank of China announced a 700 billion yuan reverse repurchase operation on November 5, aimed at maintaining liquidity in the market, alleviating concerns over external liquidity tightening [2][4]. - Active market segments, particularly in Hainan and Fujian, have shown significant gains, with multiple stocks reaching their daily limit up, reflecting strong investor interest [3][4]. Group 2: External Market Concerns - The global market adjustment is primarily attributed to sudden liquidity tightening in the U.S., driven by the ongoing government shutdown, which raises questions about the extent of its impact on A-shares [4][5]. - Analysts suggest that the U.S. liquidity crisis narrative may be overstated, as the current reserve levels are adequate, and the Federal Reserve is not under immediate pressure to expand its balance sheet [5][4]. - Concerns over high stock valuations and uncertainty regarding potential interest rate cuts in December are contributing to volatility in the U.S. market, which may indirectly affect A-shares [5][4].

Summary of Key Points Core Viewpoint - The Shanghai Stock Exchange (SSE) reported a significant decline in new A-share accounts in October, indicating a cooling investor sentiment compared to the previous year and the previous month [1][2]. New Account Openings - In October, the SSE saw 2.3099 million new A-share accounts, a decrease of 66.26% year-on-year and a 21.36% decline month-on-month [1][2]. - Of the new accounts, 2.3022 million were individual investors, while institutional investors accounted for only 7,700 [2]. - From January to October, the total number of new A-share accounts reached 22.4588 million, reflecting a year-on-year growth of 10.57% compared to 20.3114 million in the same period last year [4]. Market Performance - The A-share market exhibited a volatile trend in October, with the Shanghai Composite Index rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.10% and 1.56%, respectively [5]. - The average daily trading volume in October was 2.14 trillion yuan, down 10.34% from September's 2.39 trillion yuan, indicating a contraction in market activity [5]. Market Outlook - Analysts suggest that the market is in a consolidation phase, awaiting catalysts for future movements. Short-term sentiment has dropped to a low point, but there is potential for long-term growth [5]. - Focus areas for future investment include emerging industries related to the "14th Five-Year Plan," as well as sectors like quantum communication, cloud computing, commercial aerospace, and deep-sea technology [5]. - November is viewed as a trading window for "local tracks" and "preparing for cyclical recovery," with expectations of a buildup for a significant market rally by year-end [5].

Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [15]. Core Viewpoints - The A-share market is currently experiencing a phase of slight fluctuations and consolidation, with the Shanghai Composite Index facing resistance around 3985 points. Key sectors such as banking, insurance, electric grid equipment, and environmental protection are performing well, while sectors like batteries, precious metals, wind power equipment, and energy metals are underperforming [2][3]. - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 16.27 times and 50.01 times, respectively, which are above the median levels of the past three years, suggesting a suitable environment for medium to long-term investments [3][14]. - The market is at a critical transition point, with expectations of a sideways trading pattern in November, as it prepares for potential index-level movements towards the end of the year. A rebalancing trend between growth and value styles, as well as large-cap and small-cap stocks, is anticipated [3][14]. Summary by Sections A-share Market Overview - On November 4, the A-share market showed slight fluctuations, with the Shanghai Composite Index closing at 3960.19 points, down 0.41%. The Shenzhen Component Index closed at 13175.22 points, down 1.71%. The total trading volume for both markets was 19,387 billion, slightly lower than the previous trading day [7][8]. - Over 60% of stocks in the two markets declined, with banking, tourism, railways, electric grid equipment, and packaging materials showing the highest gains, while energy metals, precious metals, batteries, and wind power equipment faced the largest declines [7][9]. Future Market Outlook and Investment Recommendations - The report suggests a balanced investment approach between technology growth and dividend value, focusing on sectors such as electric grid equipment, banking, insurance, and environmental protection for short-term opportunities [3][14].