Core Insights - The securities app market demonstrates strong resilience amid market fluctuations and technological changes, with an average monthly active user (MAU) of 127.28 million in the first 11 months of 2025, peaking at over 135 million in October [1][2]. User Engagement - The top 10 securities firms by MAU include Huatai Securities, Guosen Securities, and China Galaxy Securities, with Huatai's app achieving an average MAU of 8.25 million [4][5]. - A total of 18 firms reported an average MAU exceeding 1 million, indicating a competitive landscape [2][4]. App Development Trends - "High-frequency iteration" is a key trend, with the top 10 apps averaging 9 updates this year, focusing on trading features, market services, and AI capabilities [3][13]. - Guotai Junan's apps led the industry with 25 updates each, showcasing a commitment to continuous improvement [3][13]. Growth Metrics - Several apps achieved significant growth, with the highest increase seen in Industrial Securities' app, which grew by 67.64% from January to November [7][8]. - Year-over-year, 18 apps reported growth, with only two experiencing a decline [9][10]. Daily Active Users (DAU) - Huatai's app leads in DAU with an average of 337.97 million, significantly higher than the second-place app from招商证券 at 199.29 million [11][12]. AI Integration - The integration of AI in investment advisory services is a major focus, with firms like Guotai Junan and China Galaxy enhancing their apps with AI-driven features [13][14]. - The trend towards digital transformation is evident as firms aim to improve user experience and service efficiency through AI [13][14].

Core Insights - The active user count for securities apps reached approximately 175 million in September 2025, marking a month-on-month increase of 0.74% and a year-on-year increase of 9.73%, setting a new record for the year [1][2] User Activity Trends - The active user count in September 2025 is the third highest in the past year, only lower than October and November 2024 [2] - Leading brokerage apps like Huatai Securities' Zhangle Wealth and Guotai Junan's Junhong maintained over 10 million active users, solidifying their top positions [2][3] - Smaller brokerages showed significant growth disparities, with some like Guojin's Commission Treasure and Xibu Securities experiencing notable increases, while others faced declines [3] Daily Active Users - Huatai's Zhangle Wealth led in daily active users with 4.378 million, followed by Ping An Securities and GF Securities, both exceeding 3.5 million [4] - The competition among top brokerage apps in terms of daily active users is becoming more established, with smaller firms needing to overcome challenges in user scale and engagement [4] AI Integration in Brokerage Operations - The operational logic of brokerages is shifting from passive market participation to leveraging AI technology for enhancing user engagement and conversion efficiency [5][6] - Huatai Securities launched an independent AI application terminal, "AI Zhangle," which integrates AI capabilities across key functions like stock selection and trading, emphasizing transparency and user adaptation [6] - The industry is witnessing a comprehensive AI transformation, moving from isolated intelligence to full-scenario integration, with AI becoming a core driver for user operations and wealth management [6]