<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OXr_IiO7IEMANNxvuVsOEmCULZLmsQo7HZx5qAKkcVdJYAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OXr_IiO7IEMANNxvuVsOEmCULZLmsQo7HZx5qAKkcVdJYAA/641"/>
Despite increased market volatility, the enthusiasm for opening A-share accounts in March 2026 remains strong.
In March, the number of new A-share accounts opened reached 4.6014 million, with the market experiencing a downward trend throughout the month, as the Shanghai Composite Index fell by 6.51% and the ChiNext dropped by 3.79%.
In terms of institutional trends, the ETF market saw a total net inflow of 2.112 billion yuan in March. However, it is noteworthy that the preference for risk aversion has significantly increased, with equity products experiencing a net outflow of 20.453 billion yuan in February, and the outflow further expanded in March, exceeding 60 billion yuan for the month.
The number of new accounts opened increased by 50.10% year-on-year
According to the latest data from the Shanghai Stock Exchange, the number of new accounts opened in March rebounded significantly, maintaining a high daily average. In March 2026, the number of new A-share accounts reached 4.6014 million, a 50.10% increase from 3.0655 million in March 2025, but about 310,000 fewer than the nearly 4.92 million total accounts opened in January.
March had a total of 22 trading days, with an average of nearly 210,000 accounts opened daily, compared to an average of 180,000 in February, indicating a continued increase in account openings, maintaining a high level.
In terms of the structure of new users, the number of individual investors opening accounts reached 4.5882 million, while institutional investors opened 13,200 new accounts, with individual investors remaining the main force in the market.
While the enthusiasm for opening accounts is high, the A-share market in March showed significant adjustments and structural differentiation. In terms of market performance, after experiencing fluctuations in the first half of March, the Shanghai Composite Index fell below 4,000 points in the second half, with a total decline of 6.51% for the month; the ChiNext performed relatively well, but still recorded a total decline of 3.79% for the month.
Corresponding to the performance of various sectors, against the backdrop of geopolitical conflicts, the oil and gas sector became the best-performing asset in March 2026, while previously popular sectors such as power grid, chemicals, non-ferrous metals, and gold experienced corrections.
Institutions continue to adopt a risk-averse style
Observing the flow of funds in ETFs reveals institutional trends. In March, amid market fluctuations, the S&amp;P Oil &amp; Gas ETF managed by Harvest surged by 36.28% in a single month, the Energy and Chemical ETF managed by CCB rose by 34.59%, and the S&amp;P Oil &amp; Gas ETF managed by Invesco increased by over 31%, leading the entire market; most other sectors performed poorly, with only bank-related ETFs showing slight recovery, while defensive varieties such as soybean meal, dividend low volatility, and innovative drugs saw monthly increases of over 2%.
In line with the structural differentiation in growth rates, funds accelerated their withdrawal from previously popular sectors, with related ETFs in non-ferrous metals, chemicals, and media ranking among the top for net outflows. The Southern CSI Non-Ferrous Metals ETF saw a net outflow of 5.540 billion yuan in a single month, the Penghua Chemical ETF had a net outflow of 5.961 billion yuan, and the GF Media ETF experienced a net outflow of 3.627 billion yuan, with related products showing significant pullbacks during the same period, as funds chose to exit for risk aversion amid ongoing adjustments
After experiencing significant outflows in February, the core broad-based A-share indices were further sold off in March, with the scale of outflows significantly expanding. The Huaxia A500 ETF saw a net outflow of over 8.3 billion yuan, the E Fund GEM ETF had a net outflow of 7.61 billion yuan, the China Southern CSI 500 ETF experienced a net outflow of 7.519 billion yuan, and the Huatai-PineBridge CSI 300 ETF recorded a net outflow of 3.786 billion yuan, with broad-based products facing concentrated redemptions.
The Hong Kong stock market also saw a shift in capital direction. In February, despite the market adjustment of related ETFs, a large amount of bottom-fishing capital was attracted; however, in March, the funds that previously bottom-fished Hong Kong stock assets began to gradually exit. According to Tonghuashun iFinD data, in March, the net outflow of the FT Fund Hong Kong Stock Connect Internet ETF exceeded 7.4 billion yuan, and the net outflow of the GF Fund Hong Kong Stock Connect Non-Bank ETF surpassed 4.2 billion yuan.
Over the past month, institutional capital flows continued to follow a risk-averse theme. The short-term bond ETF HFT Fund achieved a net inflow of over 10 billion yuan for two consecutive months, while the Sci-Tech Bond ETF from Harvest and the City Investment Bond ETF from HFT saw net inflows of 9.142 billion yuan and 8.671 billion yuan, respectively, with low-risk assets becoming a safe haven for funds.
In the overall defensive landscape, some industry-themed ETFs still gained reverse momentum. The Huaxia Power Grid Equipment ETF saw a net inflow of nearly 9 billion yuan despite a 6.74% decline; the Huaan Gold ETF had a net inflow of 4.404 billion yuan, and the Huaxia Sci-Tech 50 ETF recorded a net inflow of 3.7 billion yuan, indicating that funds still maintained a certain enthusiasm for sectors such as power grids, gold, and high-growth or anti-inflation tracks

501018

399006

159915

000001

162719

In March 2026, the number of new accounts opened in the A-share market reached 4.6014 million, a year-on-year increase of 50.10%. Despite increased market volatility, the Shanghai Composite Index fell by 6.51%, and the ChiNext dropped by 3.79%. Individual investors dominated account openings, with an increase of 4.5882 million accounts, while institutional investors only added 13,200 accounts. Fund flows indicate that institutions prefer to avoid risks, with over 60 billion yuan flowing out of equity products. The oil and gas sector performed outstandingly, with significant gains in related ETFs, while other popular sectors experienced corrections

腾讯新闻 - 财经

China Southern Crude Oil Fund-A

ChiNext

E Fund GEM ETF

SSE Index

GF Fund Dow Jones U.S. Select Oil Exploration & Production Index Fund(QDII-LOF)-A(CNY)

4.6 million new stock investors encounter "late spring chill": individuals buy more as prices fall, while institutions retreat cautiously