Investor activity in China’s stock market surged in January, with new A-share accounts jumping by more than 200% from a year earlier, reflecting heightened market optimism as major indices posted solid gains across the board.
According to data released by the Shanghai Stock Exchange on February 3, China’s A-share market recorded 4.9158 million new accounts in January, surging 89% from 2.5967 million in December 2025 and jumping by 213% from 1.57 million the same period in 2025.
Among the 4.916 million new A-share accounts opened in January, 4.905 million were individual investors, while 10,554 were institutional accounts. This total easily exceeded the number of new accounts recorded in any month of 2025 and ranks as the fifth-highest monthly figure in nearly a decade. The only higher months were April 2015 (7.2 million), June 2015 (7.12 million), October 2024 (6.85 million), and May 2015 (6.74 million).
The continued surge in new A-share accounts in January closely mirrored the market’s upward momentum. The year began with a strong opening, as all three key stock indices closed higher and trading volumes hit record levels, boosted by supportive policies and abundant capital that enhanced market profitability.
By January 30, the Shanghai Composite Index stood at 4,117.95, up 3.76% for the month and holding above the 4,100-point mark; the Shenzhen Component Index rose 5.03% to 14,205.89; the ChiNext Index gained 4.47% to 3,346.36; while the STAR 50 Index led major benchmarks with a 12.29% increase.
In addition to the rise in major indices, trading activity also surged in January. The combined trading volume across the Shanghai, Shenzhen, and Beijing markets reached about 3.47 trillion shares, marking the second-highest monthly volume in history. Meanwhile, turnover exceeded 60 trillion yuan, setting a new record.
Institutional forecasts for the market remain broadly optimistic. Looking ahead, most sell-side firms expect continued positive trends, with many viewing the market as entering the second stage of a bull run, driven primarily by sustained inflows of new capital.
Industrial Securities notes that while the recent market rally benefited from global liquidity easing (β), its primary drivers remain improving domestic fundamentals, a strong policy “kickstart,” and α generated by abundant liquidity. Looking ahead, the fundamental logic supporting a spring market rally remains intact, with multiple catalysts at the policy, industry, and economic levels. Ample incremental funds are expected to continue fueling the rally’s momentum.
China Merchants Securities forecasts that in February, following recent regulatory cooling signals and significant ETF outflows, the market is likely to trade mostly sideways, and the long Chinese New Year holiday may further dampen activity due to a lack of clear catalysts. However, after the holiday, with the approach of the Two Sessions, policy-driven catalysts are expected to support stronger index performance.