Guoxin Securities Co., Ltd·2025-08-18 11:58Investment Rating - The report maintains a "Positive" outlook for the industry, expecting the industry index to outperform the market index by over 5% in the next six months [8][37]. Core Insights - The fintech sector is driving the development of internet brokerages, with a significant policy push encouraging the migration of household savings towards equity assets. The number of new A-share accounts reached 12.6 million in the first half of 2025, a 33% year-on-year increase [3][18]. - AI technology is reshaping the service ecosystem of internet brokerages, with leading platforms integrating large models for smart risk control and precise marketing. This shift is creating a competitive edge for internet brokerages over traditional firms [3][19]. - Cross-border payment technologies, particularly blockchain and digital currencies, are opening new international opportunities for internet brokerages. The CIPS system is significantly reducing cross-border settlement times, creating a substantial market for these services [3][20]. - Internet brokerages are building differentiated competitive advantages through scenario integration and vertical innovation, enhancing user engagement and transaction frequency [3][21]. - Future competition will focus on domestic substitution of key technologies and deep penetration into core business scenarios, with a need to break down data silos for better business collaboration [3][23]. Summary by Sections Market Review - The computer industry index rose by 5.38% from August 11 to August 15, 2025, outperforming the CSI 300 index by 3.01 percentage points. The computer sector ranked fifth in terms of growth among other industries [2][13][16]. Focus of the Week - The report highlights the dual drivers of policy and capital that are enabling the explosive growth of internet brokerages. The integration of AI technology is transforming service paradigms, while cross-border payment innovations are creating new market opportunities [3][18][20]. - The report emphasizes the importance of differentiated competition and the need for internet brokerages to leverage technology for sustainable growth [3][21][23]. Investment Clues - The market is characterized by diverse participants, including internet brokerages like Dongfang Caifu and Zhinancun, as well as specialized brokerages and exchanges. The integration of AI into core services is enhancing operational efficiency and user experience [4][24].