炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 智通财经1月8日讯（记者 陈俊兰）2025年，证券类APP在市场走势变化与技术深度变革的双重挑战下展现出强劲韧性。据QuestMobile最新数 据显示，今年前11个月，证券类APP月均活跃用户规模达1.27亿，行业活跃度在10月攀升至全年高点，单月月活跃用户数突破1.35亿，创下年 内新高。 | | | 前11个月APP月均活跃度百万以上券商 | | | --- | --- | --- | --- | | 序号 | 证券公司 | App | 前11个月均值 | | 1 | 华泰证券 | 涨乐财富通 | 824.95 | | 2 | 国信证券 | 国信金太阳 | 788.88 | | 3 | 中国银河证券 | 中国银河证券 | 753.50 | | 4 | 中信证券 | 中信证券信e投 | 704.82 | | 5 | 国泰海通证券 | 国泰海通君弘 | 696.34 | | 6 | 平安证券 | 平安证券 | 649.76 | | 71 | 广发证券 | 广发易淘金 | 497.31 | | 3 | 招商证券 | 招商证券 | 470 ...

Core Insights - The securities industry is experiencing a significant increase in monthly active users (MAU) for trading apps, reaching 172 million in November, a month-on-month growth of 2.06% [1] - Brokerages are leveraging AI tools to enhance service models and improve user experience amid a competitive landscape for customer acquisition [4][5] Group 1: Monthly Active Users and Account Growth - In November, the total number of new accounts opened in the market was 2.5506 million, reflecting a month-on-month increase of 3.38% [2] - Eleven brokerage apps had monthly active users exceeding 6 million, with Huatai Securities and Guotai Junan leading at 11.8149 million and 10.1848 million respectively, both showing month-on-month growth of over 2% [2] - Smaller brokerages like Guojin Securities and Chengtong Securities achieved significant month-on-month growth rates of 9.58% and 4.61% respectively, despite having lower user volumes [3] Group 2: Competitive Landscape and AI Integration - The competition among brokerages is intensifying, with a focus on mobile app functionality and service innovation, particularly through the integration of AI [4] - AI has become a central element in app updates, with features like "AI Dashboard" and AI-driven investment assistants being introduced to enhance user engagement and provide real-time market insights [4][5] - The application of intelligent technology is expected to improve response efficiency and personalized service levels, aiding brokerages in transitioning to comprehensive wealth management service providers [5][6] Group 3: Future Outlook and Strategic Directions - The ongoing evolution of financial technology positions intelligent solutions as a standard in the securities industry, with a focus on enhancing professional service levels and creating value for investors [6] - Large institutions are expected to leverage their resources to build comprehensive intelligent wealth management platforms, while smaller brokerages can focus on niche markets to establish competitive advantages [6]

Core Viewpoint - The trend of fund companies shutting down their mobile apps is accelerating, driven by high operational costs and declining user engagement, leading to a shift towards simplified operational strategies in the industry [1][6]. Group 1: Industry Trends - Since 2019, several mid-sized public fund companies have closed their independent app operations, including Qianhai Kaiyuan Fund and Guoshou Anbao Fund [1]. - The overall pressure on fund apps includes shrinking net values, declining monthly active users (MAU), and low operational scales [1]. - The initial goal of fund companies developing their own apps was to reduce reliance on third-party distribution channels, but this has changed due to high maintenance costs and limited direct sales revenue [1][5]. Group 2: User Engagement Data - In the first half of 2025, only five fund apps saw positive growth in monthly active users: E Fund e-Wallet (+26,300 to 138,600), Huaxia Fund Manager (+23,800 to 102,600), and others [2]. - Conversely, many fund apps are experiencing significant user losses, with Tianhong Fund's app dropping to 40,800 MAU, about one-third of its user base three years ago [2]. - Other fund apps, such as Bosera and Xingsheng Global, also reported declines of over 10,000 MAU [2]. Group 3: Competitive Landscape - The competitive landscape shows that brokerage apps maintain higher user engagement, with monthly active users in the hundreds of thousands, contrasting sharply with fund apps [2][5]. - The top-performing brokerage app, "Zhang Le Cai Fu Tong," had 10.97 million MAU, while the second, Ping An Securities, had 8.14 million [5]. - The decline in user numbers for fund apps is attributed to the siphoning effect of third-party distribution platforms, which have rapidly grown due to their traffic and product offerings [5][6]. Group 4: Regulatory Impact - The China Securities Regulatory Commission's 2025 action plan encourages fund companies to optimize resource allocation and reduce inefficient investments, further accelerating the trend of app closures [6]. - The industry is transitioning from "heavy asset direct sales" to "lightweight operations," with a focus on cost-effective models [6]. Group 5: Future Outlook - The future of direct sales channels in public funds is expected to diversify, with smaller institutions likely abandoning independent apps in favor of lighter platforms like WeChat services and official websites [6]. - The industry is predicted to deepen investment advisory services, enhancing competitiveness through professional services and brand building rather than high-frequency trading [6].

Core Insights - The number of brokerage apps with over 1 million monthly active users reached 25, showing a positive month-on-month growth with an average increase of 3.35% in March compared to February [1][2] - The highest month-on-month growth was observed in Xinda Securities' app "Xinda Tianxia" with an increase of 5.29%, while the lowest growth was in Huaxi Securities' app "Huacai Rensheng" with an increase of only 2.07% [1][2] Monthly Active User Growth of Brokerage Apps - The top brokerage apps by month-on-month growth in March are as follows: - 1st: "Zhangle Caifutong" by Huatai Securities with a growth of 2.79% [2] - 2nd: "Guotai Haitong Junhong" by Guotai Junan Securities with a growth of 2.66% [2] - 3rd: "Ping An Securities" with a growth of 2.80% [2] - 4th: "Zhaoshang Securities" with a growth of 4.37% [2] - 5th: "CITIC Securities Xin E-Tou" with a growth of 3.95% [2] - 6th: "Guotai Haitong Tongcai" by Haitong Securities with a growth of 2.38% [2] - 7th: "Qingting Diankin" by CITIC JianTou Securities with a growth of 4.09% [2] - 8th: "GF Securities Yitaojin" with a growth of 3.84% [2] - 9th: "Xiaofang" by Fangzheng Securities with a growth of 3.53% [2] - 10th: "China Galaxy Securities" with a growth of 2.75% [2] - Other notable apps include "Xinda Tianxia" by Xinda Securities with a growth of 5.29% and "Yuli Bao" by Industrial Bank with a growth of 5.89% [2]

Core Viewpoint - The company has demonstrated strong financial performance in 2024, with significant growth in revenue and net profit, while maintaining a leading position in the securities industry amidst a favorable market environment [3][18][25]. Company Overview - In 2024, the company achieved operating revenue of 20.167 billion yuan and net profit of 8.217 billion yuan, representing year-on-year increases of 16.46% and 27.84% respectively [18][25]. - The company has maintained a strong market position, with total assets reaching 501.506 billion yuan and net assets of 118.692 billion yuan by the end of 2024, reflecting growth of 8.33% and 7.45% compared to the previous year [18][25]. Industry Performance - The securities industry experienced a significant increase in trading volume, with total trading volume in the Shanghai and Shenzhen markets reaching 254.8 trillion yuan, a year-on-year increase of 20.1% [3]. - The industry saw a rise in operating income to 451.169 billion yuan and net profit to 167.257 billion yuan, with increases of 11.15% and 21.35% respectively compared to the previous year [3]. Business Segments - Wealth management and institutional business generated operating revenue of 8.810 billion yuan, up 17.97% year-on-year, reflecting the company's focus on providing comprehensive financial services [27]. - The investment and trading business reported operating revenue of 9.002 billion yuan, a substantial increase of 68.86% year-on-year, indicating strong performance in trading activities [53]. Competitive Advantages - The company benefits from a strong shareholder base, with over 80% of shares held by state-owned enterprises, providing a stable foundation for growth [9]. - The company has established a robust digital financial ecosystem, leveraging technology to enhance service delivery and operational efficiency [12][13]. Future Outlook - The company aims to continue enhancing its service capabilities and expanding its market presence, particularly in the context of ongoing reforms in the capital market and the growing demand for diversified financial services [21][31].