Chutian Jinbao News
Counting from April 2011, the A-share market has experienced a downturn for three and a half years. In the past three and a half years, the A-share investor structure has shown obvious institutional characteristics, which is concentrated in the continuous decrease in the number of retail accounts, while the number of large institutional accounts has continued to increase, with billions of yuan accounts surpassing 10,000 for the first time.
For the first time, tens of thousands of billion yuan accounts
Starting from January 2011, Zhongdeng began to announce the distribution of the stock market value of A-share accounts at the end of the month on a monthly basis. In the same month, the number of accounts in the A-share market with a circulating market value of less than 10,000 yuan was 17.6683 million, accounting for 31.90% of the total number of A-share accounts; 28,214,400 had a stock market value of between 10,000 and 100,000, accounting for The ratio is 50.95%; and the number of accounts with a stock market value of more than 100 million yuan is only 5,653, accounting for only 0.1%.
Since then, the number of accounts with 100 million yuan has remained at around 6,000 until December 2012. It began to rise steadily: in November 2013, it crossed the 8,000 mark; in July this year, it exceeded 9,000; in September this year It is the first time to exceed 10,000 households. Judging from the trend in recent months, the trend of accelerating growth is very obvious. Moreover, in recent months, the number of accounts with a stock market value of between 10 million and 100 million yuan has also increased significantly: in April this year, there were only 29,836 accounts, the number increased to 34,828 at the end of July, and it exceeded 40,000 at the end of September, reaching 40,204. Households, an increase of 34.75% in 5 months.
In addition, the number of accounts with a stock market value of 100,000 to 500,000, 500,000 to 1 million, 1 to 5 million, and 5 to 10 million has also been in the last 5 months. Significant increase. The increase rate at the end of September compared with the end of April was as high as 18.02%, 30.57%, 35.04% and 37.58%. The higher the stock market value, the greater the increase.
The number of retail accounts did not increase but declined
In stark contrast to the substantial growth of large institutional accounts, the number of retail holding accounts did not increase but decreased.
According to data from Zhongdeng, the number of accounts with a stock market value of less than 10,000 yuan at the end of September was 17.2604 million, a record low since May 2011. At the end of April this year, the number of accounts holding a stock market value of less than 10,000 yuan was as high as 20,219,100. In five months, the A-share market rebounded significantly, but the number of accounts less than 10,000 yuan fell by 2,867,700, a drop of 14.25%.
However, the change in the number of accounts in the range of 10,000 to 100,000 is of greater reference. In May 2011, the Shanghai Composite Index began to break down. In April of that year, the number of accounts with 10,000 to 100,000 yuan was 28,824,600, the highest value since 2011. Since then, regardless of whether the A-shares have continued to fall or rebounded sharply, the number of accounts with 10,000 to 100,000 has shown a declining trend. The latest number at the end of September this year was 24,777,800, and the higher point dropped by 4,047.8 million. 14.04%.
Over the past three and a half years, the number of accounts with 10,000-100,000 yuan has continued to decline, and the number of accounts below 10,000 yuan has also continued to decline. Both of them have decreased simultaneously, indicating that the decrease in the number of retail accounts is not just a reflection of stock prices. Volatility, but a trend change.
The number of shareholding accounts continues to decline
The distribution of the stock market value of A-share accounts announced by Zhongdeng Company reflects the A share held by investors The value of the stock market in circulation does not include restricted shares. At the end of April 2011, the tradable market value of A shares in the two cities was RMB 20.54 trillion, corresponding to 56.021 million tradable shares holding accounts, and the average holding market value of each account was 366,600 yuan. At the end of September this year, the tradable market value of A-shares in the two cities increased to 24.18 trillion yuan, and the tradable market value increased by 17.72%, but the number of corresponding tradable shares holding accounts dropped to 51,806,700. The average account holdings value calculated from this 466.9 million yuan.
In the past three and a half years, the continuous decline in the number of holding accounts of A-share tradable shares can only be explained by the continuous departure of retail investors.
Since 2011Looking at the trend of the A-share market since the beginning of the year, the stock market continues to be in a downturn and the lack of systematic opportunities in the market should be an important reason for the continued exit of retail investors.
(According to Securities Times)