CITIC Securities: The liquidity foundation and pricing efficiency of the capital market are expected to continue to improve.

CITIC Securities research report stated that, following the data from the Shanghai Stock Exchange, in March 2026, there were 4.614 million new A-share trading accounts, a sequential increase of 82.38% compared to the previous month, and a year-on-year increase of 50.10% compared to March 2025. The total number of new accounts in 2026 reached 12.0402 million, a year-on-year increase of 61.15%. In the short term, the significant rebound in account openings reflects the continued recovery of investor willingness to enter the market. The improvement in market sentiment is expected to further boost margin trading scale and trading volume, benefiting brokerage and wealth management businesses. In the medium to long term, the accelerating inflow of medium to long-term funds into the market, coupled with the trend of residents switching their asset allocation towards equity, will continue. This trend is expected to lead to continued improvement in the liquidity foundation and pricing efficiency of the capital market, providing stronger investor support for the development of a multi-level capital market during the "Fifteenth Five-Year Plan" period.