Core Insights - The A-share market remains active, leading to a significant increase in the user base of securities service apps, with monthly active users reaching 174 million in September, a year-on-year increase of 9.73% [1][2]. User Growth - The number of new A-share accounts surged to 2.9372 million in September, marking a year-on-year growth of 60.73% and a month-on-month increase of 10.83%, continuing a trend of four consecutive months of growth [3]. App Performance - In September, the top securities apps maintained a stable ranking, with 11 apps exceeding 6 million monthly active users. Huatai Securities' "Zhangle Caifutong" app led with 11.9517 million users, followed by Guotai Junan's app with 10.2922 million users [4][5]. Third-Party App Landscape - The third-party app market shows significant concentration, with Tonghuashun, Dongfang Caifu, and Dazhihui leading the pack, each maintaining over 10 million monthly active users. Tonghuashun holds the top position with 37.2104 million users, reflecting a year-on-year growth of 8.78% [6][7]. AI Integration - The securities industry is increasingly adopting AI technologies, with several broker apps launching AI-driven features to enhance user experience. Notable examples include Guotai Junan's AI app and Huatai Securities' "AI Zhangle" app, aimed at improving investment advisory services [8]. User Experience Challenges - Despite advancements in AI, user feedback indicates that some features lack practical application and personalization, suggesting room for improvement in tailoring services to individual user needs [8][9]. Strategies for Engagement - Industry experts suggest enhancing app engagement through deeper AI integration, focusing on long-term customer value, and creating a seamless experience across online and offline channels [9].

Core Insights - The user base of securities service apps continues to grow, driven by the active A-share market and a significant increase in new account openings [1][2] User Growth and Market Activity - In September, the monthly active users of securities service apps reached 174 million, marking a year-on-year increase of 9.73% and a month-on-month increase of 0.74%, setting a new record for the year [2] - The number of new A-share accounts opened in September was 2.9372 million, representing a year-on-year growth of 60.73% and a month-on-month increase of 10.83%, achieving the fourth consecutive month of growth [2] App Performance and Rankings - The top tier of securities service apps remains stable, with 11 apps exceeding 6 million monthly active users. Huatai Securities' "Zhangle Caifutong" app leads with 11.9517 million users, followed by Guotai Junan's app with 10.2922 million users [2] - 20 brokerage apps saw a year-on-year increase in monthly active users exceeding 10%, with notable performances from smaller brokerages like Industrial Securities' "Yuli Bao," which grew by 35.95% [3] Market Dynamics and User Engagement - The active user growth among different securities service apps showed divergence in September, influenced by the overall market's high volatility and trading volume [3] - The concentration in the third-party app market remains significant, with Tonghuashun, Dongfang Caifu, and Dazhihui leading the pack, each maintaining millions of active users [3] Technological Integration - The securities industry is embracing technological transformation, with many brokerage apps undergoing functional iterations and integrating AI as a core strategy [6] - Several brokerages have launched AI-driven apps to enhance user experience, although there is still room for improvement in terms of practical application and personalization [6] Strategies for Improvement - Industry experts suggest that brokerages can enhance app engagement by deepening AI applications, shifting focus from short-term promotions to long-term customer value, and integrating online and offline services [7]

Core Points - The Shanghai Composite Index has successfully broken through the 3,800-point mark, with trading volume in the Shanghai and Shenzhen markets reaching 2.55 trillion yuan on August 22, indicating a growing "bull market" sentiment and attracting new capital [1][2] - The phenomenon of "deposit migration" among residents is becoming a widely discussed topic, although it is still in its early stages. The recent market uptrend is primarily driven by active funds, with individual investors remaining cautious due to "fear of heights" and profit-taking sentiments [1][5] - The number of new individual investor accounts has surged, with 1.9636 million new accounts opened in July 2025, a year-on-year increase of 71% and a month-on-month increase of 19% [2][4] Market Trends - Since April 2025, the A-share market has entered a four-month upward trend, with the Shanghai Composite Index rising from around 3,360 points to surpass 3,600 points within a month [2] - The average daily trading volume in the A-share market has increased to approximately 2 trillion yuan in August, compared to 1.63 trillion yuan in July and 1.39 trillion yuan in the first half of the year, indicating a gradual improvement in individual investor sentiment [4] - The active user base of securities service applications reached 167 million in July, marking a month-on-month increase of 3.36% and a year-on-year increase of 20.89%, reflecting heightened engagement among investors [3] Investor Behavior - The influx of new accounts is not solely from inexperienced investors; rather, it is primarily driven by experienced retail investors who are familiar with trading processes and are actively seeking to optimize their trading conditions [3] - The trend of "deposit migration" is evidenced by a significant reduction of 1.11 trillion yuan in household deposits in July, while deposits in non-bank financial institutions increased by 2.14 trillion yuan, indicating a shift of savings towards financial markets [5][6] - Despite the trend of deposit migration, the current market uptrend is not predominantly driven by retail investors, as their activity levels remain lower compared to earlier in the year, suggesting lingering caution among this group [7]