In the first half of the year, the number of new A-share accounts exceeded 20 million, releasing multiple positive signals.

Data published on the official website of the Shanghai Stock Exchange on July 2 showed that a cumulative total of 20.1613 million new accounts were opened from January to June this year, an increase of 60.04% compared to 12.5977 million accounts in the same period of 2025. In practice, brokerages typically open accounts for investors on both the Shanghai and Shenzhen stock exchanges simultaneously, and the number of accounts opened on the two exchanges is roughly equal. Therefore, the actual number of new accounts opened in the first half of the year on both exchanges is at least 20.1613 million as released by the Shanghai Stock Exchange.

I believe that the increase in new A-share account openings in the first half of the year reflects the market's consensus on the continued improvement of the macro economy and the capital market, and also reflects a structural shift in Chinese residents' asset allocation from "real estate + deposits" to "diversified financial assets."

First, the steady growth in new account openings stems from the improving fundamentals of the macro economy, combined with the wealth effect generated by active stock market trading, which continuously attracts incremental capital into the market.

Since the beginning of this year, China's economy has been on a long-term positive trajectory, with stable and strong macroeconomic policies. The solid fundamentals, coupled with standout performances in sectors such as technology, have generated significant market profit opportunities. Data show that total A-share turnover in the first half of this year reached 317.50 trillion yuan, far exceeding the 162.10 trillion yuan in the same period of 2025. Electronics, communications, building materials, and machinery equipment led the gains in the first half, while emerging sectors such as semiconductors and AI performed remarkably well, drawing widespread attention and favor from investors regarding the safety, resilience, and innovation value of A-shares. The economic fundamentals have solidified market confidence, and market conditions have ignited investment enthusiasm. The two reinforce each other, accelerating capital inflows.

Second, the continuous rise in new account openings is also a reflection of the effects of inclusive and adaptive reforms in the capital market. Investors' optimistic expectations for deepening reforms have also accelerated their pace of entering the market.

Since the full implementation of the new "Nine Guidelines" and the "1+N" policy system, the market has operated stably and actively, with continuous structural improvements. The momentum of steady improvement in the capital market has become increasingly evident, and its long-term investment value has been rising. Moreover, the growing strength of long-term investment is continuously optimizing the A-share investment ecosystem and boosting market confidence. Central Huijin Investment plays a role similar to a "stabilizing fund," strengthening strategic reserves; the market value of A-share tradable shares held by medium- and long-term funds such as social security funds, insurance funds, and enterprise annuities has grown significantly. This not only improves the market environment but also provides residents with important confidence to enter the market and allocate assets. The role of long-term funds as "ballast stones" has become increasingly prominent.

Finally, the scale of over 20 million new accounts opened in the first half of the year is precisely a vivid footnote to the shift in Chinese residents' wealth allocation from "real estate + deposits" to "diversified financial assets." A-shares are becoming an important battleground for residents to preserve and grow their wealth.

Against the backdrop of the fading wealth effect of real estate and continuously declining deposit interest rates, household savings are gradually shifting to a broader and more diversified range of financial assets, including wealth management products, public funds, insurance, and stocks. As the pace of asset reallocation by residents accelerates and market activity steadily improves, the inflow of incremental capital is expected to continue, further consolidating the long-term improvement of the A-share market landscape.