The number of circulating shareholder accounts reflects the number of natural persons or institutions holding stocks, and is a key indicator to measure the degree of dispersion of stocks in the market. When the number of shareholder accounts is high, it indicates that stocks are easier to trade in the market, and it is easier for buyers and sellers to find counterparties, thereby reducing transaction costs. In addition, changes in the number of circulating shareholder accounts can also reflect changes in market sentiment. For example, if the number of shareholder accounts continues to increase, it may mean that the market's interest in the stock is increasing; conversely, if the number of shareholder accounts continues to decrease, it may imply that the market's interest in the stock is waning, or some investors choose to exit. It should be noted that the higher the indicator is, the better. An excessively high number of shareholder accounts may also mean that the market structure is too dispersed and lacks core investors, making the stock price more susceptible to market sentiment. Therefore, in practical applications, other factors such as shareholder holding structure and turnover rate are usually combined to comprehensively analyze the meaning of this indicator.