What does the increase of 14.87 million shareholders show?


　　 Zhou Lin, reporter from Economic Daily and China Economic Net

　　According to data released by China Securities Depository and Clearing Co., Ltd., as of the end of October, a total of 14.87 million domestic stock market investors had been added this year, surpassing the 13.24 million newly added throughout the year last year.

Starting in March this year, the number of new investors per month exceeded 1 million for 8 consecutive months.

　　"From a macro point of view, the increase in the number of account openings is the vote of confidence that investors cast in my country's economy and securities market." Ma Tao, chief strategist at Bank of Communications Schroder Fund, said that the confidence in the steady development of the securities market comes from my country's resistance. The major strategic results achieved in the fight against the epidemic have come from the strong resilience of the Chinese economy and the flexibility and appropriateness of financial policies.

　　Since the beginning of this year, a large number of high-quality A-share listed companies have withstood the pressure of the epidemic and delivered good performance.

As of the end of the third quarter, the single-quarter net profit growth rate of the A-share main board changed from negative to positive year-on-year, and the growth rate of the small and medium-sized board and the ChiNext board maintained a historical high.

The securities market not only created a good return on investment, but also strongly supported the financing of the real economy, and the virtuous circle between finance and the entity was fully revealed.

According to statistics from the Bank of Communications Schroder Fund, in the first three quarters, the Shanghai Stock Exchange and the Shenzhen Stock Exchange ranked first and fifth in IPO financing on exchanges around the world.

　　Chen Li, chief economist of Soochow Securities, believes that the increase in the earning effect of A-shares will provide investors with substantial returns. In particular, the increase in the number of listings of new economy companies such as mobile Internet, big data, and cloud computing has improved the structure of the A-share industry. Attract more new investors into the market.

　　Wind information statistics show that in terms of the market value of each listed sector of A shares, the market value of the financial, industrial, energy and materials sectors in 2010 ranked first, and the market value of the major financial (banking, non-bank financial and real estate) sectors this year The proportion of information technology has surpassed that of the traditional industrial sector, the market value of daily consumption and medical care has surpassed that of materials, and the proportion of energy has fallen to the bottom third, reflecting the new economy related companies in the A-share market The proportion continues to expand and is sought after by various sources of funds.

　　The implementation of capital market reform and opening up measures effectively stimulated market vitality and strengthened investor confidence.

Deng Shubin, chief economist of Centaline Securities, believes that since the beginning of this year, my country’s capital market reform and opening up have overcome many unfavorable factors, and has successively launched a package of reform measures in areas such as improving the quality of listed companies, protecting the legitimate rights and interests of investors, and improving the multi-level market system. The vitality and resilience of the market create favorable conditions.

　　The driving effect of the continuous inflow of funds from overseas institutions has strengthened the recognition of the value of A-share investment by ordinary investors.

Centaline Securities statistics show that since the beginning of this year, driven by factors such as the accelerated opening of the capital market, poor A-share valuations, and the first economic recovery after the epidemic, foreign investors represented by the MSCI Index and FTSE Russell have passed interconnection. The mechanism continues to enter A shares, and the proportion of northbound funds in the average monthly turnover of A shares has stabilized at 10% since May 2020, reaching a maximum of 11.54%.

　　The surge in new investors also shows that the concept of household asset allocation is quietly changing.

According to Xia Chun, chief economist of Noah Holdings, for a long time, the savings rate of my country's resident sector has been too high, and the asset allocation is too concentrated in real estate. Such an asset portfolio cannot support the growth of my country’s residents’ property income, the strengthening of pension security, and the International wealth inheritance and other needs.

　　With the increasing awareness of residents' equity investment, the perception of "emphasizing real estate and neglecting stocks" has shifted in the past. Coupled with active transactions in the A-share market, many residents are choosing stocks, funds, trusts, and other methods to participate in securities market investment.

This not only shows that individual investors have increased their trust in asset management institutions and are willing to share the benefits of the equity market through professional institutions, but also reflects the acceleration of the institutionalization of A shares and the maturity of the market and residents’ financial awareness.

　　Ma Tao believes that the securities market provides a channel for optimizing the allocation of residents' assets. The improvement of the market environment has significantly enhanced the money-making effect of high-quality securities, making low-quality securities naturally eliminated, and that residents' savings can maintain and increase their value through continuous allocation in an efficient direction.

The securities market has also played a role in price discovery, giving higher valuations to key industries, and promoting high-quality resources to tilt toward key areas.

With the smooth progress of the registration system, relevant enterprises can obtain direct financing support in a timely manner and play a greater role, which constitutes a good supplement to the indirect financing system.

Zhou Lin