从 2024 年 9 月到 2025 年 1 月，中国 30 岁以下投资者人数增加 1 倍，约占全国 2.4 亿名散户中的约三分之一；35 岁以下投资者在 2025 年新开交易帐户中的占比超过 45%，较前一年上升 5 个百分点。这批投资者偏好高成长与科技股，并以更短线、情绪驱动的方式交易，因而放大市场波动。2025 年，在这类资金推动下，沪深 300 指数上升 18%，创下疫情初期以来最佳年度表现，显示即使单笔资金规模有限，庞大人数仍足以影响市场方向。
文章也将中国现象置于全球脉络中比较：美国 35 岁以下成年人在 2016 年至 2022 年间，从最不可能持有券商帐户的群体变为最可能持有的群体；而中国年轻投资者则因房地产降温、低利率、政策支持，以及高学历青年就业不足，较晚大规模进入股市。尽管中国约 2.5 亿这一世代成员的可投资资金仍普遍不高，他们对 AI、科技与中小型股的偏好，已将更多资金导向 Xi Jinping 希望扶植、以对抗美国竞争的新兴产业。个案如 Jane Wang 持有的 Sungrow Power Supply Co.，其股价于 2025 年在中国内地上涨 130%，也凸显这一代与父母之间在市场判断上的代际分歧。
The article argues that China’s Gen Z retail investors, nicknamed “Xiao Dengs,” are rapidly becoming a major driver of investment growth in the world’s second-largest economy. A 24-year-old Shanghai student, Lito Chen, illustrates the shift: after losing money in blue-chip stocks bought on conventional advice in 2020, he turned in the first half of 2024 to AI chatbots such as Kimi and Zhipu and to online communities for stock selection, recovering losses and moving into profit through technology, defense, and mining shares. Their reliance on AI and crowd sentiment shows skepticism toward mainstream financial analysis and a more self-directed, tech-centered investing style.
From September 2024 to January 2025, the number of Chinese investors under 30 doubled and reached about one-third of the country’s 240 million retail traders; investors under 35 accounted for more than 45% of new trading accounts in 2025, up 5 percentage points from the previous year. This cohort favors high-growth and technology stocks and trades in a shorter-term, sentiment-driven way, amplifying market volatility. With their support, the CSI 300 Index rose 18% in 2025, its best year since the early pandemic period, showing that even modest individual sums can collectively move prices when the participant base is large.
The piece also places China in a global comparison: in the US, adults under 35 went from the least likely group to have brokerage accounts in 2016 to the most likely in 2022, while China’s youth entered later because property had remained the main wealth channel. Their delayed arrival was accelerated by the property slowdown, low interest rates, policy support, and underemployment among highly educated young people. Although the roughly 250 million people in this generation still have limited capital on average, their preference for AI, technology, and small- and mid-cap stocks is directing funds toward emerging sectors that Xi Jinping wants to strengthen against US competition. Jane Wang’s successful hold in Sungrow Power Supply Co., which rose 130% in mainland China in 2025, further highlights the generational divide in market judgment.