Incremental funds actively entering the market, new account openings increased by over 50% year-on-year

Securities Times reporter Hu Feijun

Since 2026, trading activity in the A-share market has remained consistently active, and investors have shown strong enthusiasm for entering the market. According to the latest data from the Shanghai Stock Exchange, the number of newly opened A-share accounts for Shanghai-listed companies in March this year exceeded 4.6 million, up 82.38% month-over-month and up 50.10% year-over-year. In the first quarter, the cumulative number of newly opened A-share accounts for Shanghai-listed companies reached 12.0402 million, up 61.15% year-over-year.

Since January, the number of newly opened A-share accounts in Shanghai has shown a trend of “strong opening, pullback, and then another push higher.” In January, the number of new accounts was 4.9158 million; in February, affected by fewer trading days during the Spring Festival holiday, it fell to 2.523 million; and in March, it rebounded sharply to 4.6014 million. Judging from the structure of newly opened accounts in March, retail investors opened 4.5882 million accounts, while institutions opened 0.0132 million accounts; retail investors are still the main force. In addition, in March, new account openings for Shanghai B-shares were 0.12 million, and new fund accounts were 3.94 million.

In March, the overall A-share market showed a pattern of surging up followed by a pullback and stabilizing into a consolidation. Although the broad market index performed relatively weakly, there were many structural opportunities in the market. Sectors such as power, pharmaceuticals, computing power, and chemicals rotated and strengthened, to some extent boosting incremental capital’s willingness to enter.

In the first quarter, the number of newly opened A-share accounts for Shanghai-listed companies increased by more than 60% year-over-year, directly boosting securities firms’ brokerage businesses. A general manager of the Shenzhen branch of a mid-sized securities firm told Securities Times reporter that, in the first quarter, overall market trading activity was active, and the brokerage business of the branch achieved a relatively noticeable increase.

A research report from CICC (China Investment Corporation) believes that, in the long term, the concentrated surge in newly opened accounts has laid a foundation for incremental capital in the A-share market, and will continue to inject long-term momentum. Dongwu Securities (601555) also said that, benefiting from the month-over-month improvement in trading volume and the increased activity in the capital market, it expects that securities firms’ first-quarter performance will continue to grow at a high rate.

Some securities firms have released optimistic expectations first. Dongguan Securities disclosed in its updated prospectus that it expects to achieve operating revenue of 861 million to 952 million yuan in the first quarter of this year, up 26.62% to 39.95% year-over-year; attributable net profit of 331 million to 366 million yuan, up 63.06% to 80.23%. The main driver for the expected year-on-year increase in performance is that the one-way transaction value of stocks and funds in the first quarter rose significantly year-over-year, which is expected to lead to both brokerage fee net income and net interest income increasing year-over-year.

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