Core Viewpoint - The A-share new account opening data in February showed a significant month-on-month decline due to the reduced trading days during the Spring Festival, but the number of new margin trading accounts still achieved a year-on-year increase, indicating a sustained market risk appetite [1][2]. Summary by Sections New Account Opening Data - In February, the total number of new A-share accounts reached 2.523 million, representing an 11% year-on-year decrease and a 49% month-on-month decline from January's 4.916 million accounts [2][3]. - Among the new accounts, individual investors opened 2.516 million accounts, while institutional investors opened 7,000 accounts. Despite the decline, the February figure is still higher than more than half of the monthly data for the entire year of 2024 [3][5]. Margin Trading Accounts - In February, the new margin trading accounts reached 117,000, marking a 20% year-on-year increase but a 38.6% month-on-month decrease [2][7]. - The total number of margin trading accounts as of the end of February was 15.9 million, with a margin trading balance of 2.67 trillion yuan, reflecting a month-on-month decrease of 46.1 billion yuan [7]. Market Conditions - The decline in new account openings in February is closely related to the market performance during that month, with only 14 trading days compared to 20 in January and 18 in the same month last year [5][6]. - The increase in margin trading accounts suggests a rising willingness among investors to participate with leverage, despite the overall decrease in new accounts due to fewer trading days [7].

Core Insights - In January 2026, the number of new A-share accounts opened reached 4.9158 million, representing a month-on-month increase of 89% and a year-on-year increase of 213% compared to January 2025, which had 1.57 million new accounts [1]. Group 1 - The total number of new accounts opened in January 2026 was 5.4627 million, with 4.9158 million being A-share accounts and 0.0005 million being B-share accounts [2]. - The cumulative total number of accounts as of January 2026 reached 42.48974 million, with 40.23454 million A-share accounts and 0.17173 million B-share accounts [2].

Core Viewpoint - The A-share market is experiencing a surge in new investor accounts, with September seeing a significant increase in both individual and institutional investors, indicating a positive market sentiment and potential for future growth [2][5][9]. Market Performance - As of October 14, the A-share indices opened higher, with the Shanghai Composite Index rising by 0.53% to above 3900 points, while the Shenzhen Component Index increased by 0.22% [1]. - The A-share market has shown a strong performance in September, with major indices collectively rising, contributing to a favorable environment for new investors [3][8]. New Investor Accounts - In September, the A-share market welcomed 2.9372 million new accounts, marking a year-on-year increase of 60.73% and a month-on-month increase of 10.83%, making it the second-highest monthly figure of the year [5][6]. - The total number of new accounts for the first three quarters of the year reached 20.1489 million, a 49.64% increase compared to the same period in the previous year [6][8]. Individual vs. Institutional Investors - Of the new accounts in September, approximately 2.9263 million were individual investors, while institutional investors accounted for 10,900 new accounts, the first time this year that institutional accounts surpassed 10,000 [6][7]. - The increase in institutional accounts suggests a growing confidence among professional investors in the current market conditions, indicating a potential shift towards a more fundamental-driven market [8]. Market Drivers - The surge in new accounts is attributed to three main factors: a recovering market, strengthened policy expectations for growth and consumption, and a low base effect from the previous year [3][9]. - The average daily margin balance in the third quarter reached 211.97 billion yuan, reflecting a 49.3% year-on-year increase, further indicating heightened market activity [8]. Future Outlook - While the current trend shows strong interest from new investors, there are concerns that external factors may lead to a decrease in new accounts in October, although the overall growth trend for the year remains positive [9]. - The potential for increased institutional investment in response to market corrections could lead to a focus on high-dividend and technology sectors, especially if supportive domestic policies are implemented [9].

Group 1 - In July 2023, the Shanghai Stock Exchange reported 1.9636 million new A-share accounts, a month-on-month increase of nearly 20% and a year-on-year increase of 71% [2] - The total number of new A-share accounts for the first seven months of 2023 reached 14.5613 million, a 36.88% increase compared to the same period last year [2] - Individual new accounts accounted for 1.954 million, while institutional new accounts were 9,600 [2] Group 2 - The A-share new account numbers experienced significant fluctuations throughout 2023, with a peak of 3.0655 million in March [3] - The increase in new accounts in July is attributed to the positive performance of the A-share market, with the Shanghai Composite Index rising by 3.74% during the month [3] - The total trading volume in July reached 29.4 trillion shares, marking a new monthly high for the year [3] Group 3 - Over 3,600 A-shares rose in July, with more than 1,000 stocks increasing by over 10% [4] - The margin financing balance increased from 1.85 trillion yuan at the end of June to 1.98 trillion yuan by the end of July, marking a growth of over 100 billion yuan [4] - The financing balance reached 1.971 trillion yuan, the highest in the last ten years [4]