A-share new account openings fall 35% year-on-year in October 2026

The divergence between a steep monthly and annual decline and a still-strong year-to-date total suggests the slowdown is a recent cooling rather than a reversal of the broader onboarding trend through 2026. Retail participation is the likely channel affected, since account openings are a proxy for new domestic demand rather than institutional positioning. Whether the October drop marks a turning point or a one-month pause after a strong run is the open question, and the November figure will be the first real test of that.