Core Viewpoint - The total number of A-share investors in China has surpassed 240 million, indicating a shift from a phase of rapid growth to a more mature market structure focused on optimization rather than mere expansion [1][11][12]. Investor Growth and Structure - As of June 2025, the total number of active A-share investors reached over 240 million, with 12.6 million new accounts opened in the first half of 2025, primarily driven by individual investors [1][2][7]. - Individual investors dominate the market, accounting for over 99.76% of total investors by the end of 2024, with a similar trend observed in new accounts opened in 2025 [1][8]. - The number of institutional investors remains low, with a declining trend in new institutional accounts, highlighting the continued dominance of individual investors in the A-share market [8][11]. Credit Account Trends - The number of credit accounts has been steadily increasing, reaching 7.2 million by the end of 2024, with personal credit accounts making up the majority [9][10]. - In 2024, the number of new margin trading accounts increased by 17%, indicating a growing interest in leveraged trading among individual investors [10]. Market Maturity and Investor Behavior - The slowing growth rate of new individual investors suggests a transition from a "herd mentality" to a more experienced and risk-aware investor base, reflecting a maturation of the market [11][12]. - Investor behavior has shown resilience, with individuals continuing to buy during market downturns, indicating a shift towards more strategic investment approaches [11][12].