In June, new A-share account openings reached 2.8646 million, up 3.59% month-on-month and 73.99% year-on-year; the first half cumulative total was 20.1614 million, up 60.04% year-on-year. The persistently high number of account openings reflects sustained market heat.

The driving force mainly comes from the structural tech rally: the STAR 50 index rose 64% in the first half, the ChiNext index rose 35%, and the profit-making effect of main themes such as AI and semiconductors was significant. Coupled with policy positives from the Lujiazui Forum and the Energy "15th Five-Year Plan", retail investors were attracted to enter the market faster. Among new account openings in the first half, A-share accounts accounted for 20.1613 million, with retail investors being the absolute majority.

Looking ahead, brokerages expect full-year account openings to exceed 30 million, providing incremental funds to the market. However, as July enters the interim report season, the market's logic will shift from sentiment-driven to earnings validation. Whether the tech main theme can sustain its strength will be a key observation point for the continuity of new investor participation.

In a word: the account-opening frenzy is a microcosm of a bull market, but the follow-up focus should be on the ability to deliver fundamentals.
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