Core Insights - The core message of the presentation by Sheng Ruisheng, Secretary of the Board and Brand Director of Ping An, is to highlight how the company is leveraging technology as a core driver to reshape its development strategy through a dual-driven approach of "comprehensive finance + healthcare and elderly care" to tap into trillion-level market opportunities [1][2]. Group 1: Strategic Focus - Ping An aims to shift market perception from short-term performance to its long-term strategic positioning and core competitiveness, emphasizing the importance of understanding its foundational strategies amidst a recovering valuation post-pandemic [2][3]. - The company has established a dual-driven development strategy focusing on "comprehensive finance + healthcare and elderly care," which addresses the diverse wealth allocation needs of consumers and the unmet demands arising from societal changes due to deep reforms and aging population [2][4]. Group 2: Business Model and Competitive Advantage - Ping An is one of the few comprehensive financial service groups in China, with insurance as its core business while also covering banking, asset management, and other diversified services. The company emphasizes a customer-centric approach, providing integrated financial solutions that enhance customer retention and reduce risks associated with single business cycles [3][6]. - The healthcare and elderly care sectors represent a significant market opportunity, with Ping An innovatively adopting a Chinese version of the HMO model, integrating high-quality resources without heavy asset investments, and offering a cost-effective service model [4][6]. Group 3: Technological Integration - Technology is identified as the core driver for the diversified strategy of Ping An, with advancements in AI enhancing service efficiency and customer experience. The company has implemented a global operational management center and integrated technology into its service processes, achieving significant improvements in claims processing and customer service [5][6]. - The company has achieved a high level of digitalization, with 80% of service scenarios being handled through AI, significantly improving operational efficiency [5][6]. Group 4: Customer Service and Future Outlook - As of now, Ping An has served 250 million customers, providing a full lifecycle of services from basic financial products to comprehensive health management and elderly care solutions [7]. - Looking ahead to 2026, Ping An plans to enhance AI applications with three major innovative services: a universal service entry point, AI family doctors with high accuracy rates, and a unified global emergency rescue service [8].

本报记者 于宏 从券商App近期更新案例来看，AI已成为券商推动App迭代与服务创新的核心抓手。例如，中金财富证 券旗下App"中金财富"新设"AI小看板"功能，通过智能交互，帮助投资者迅速掌握实时市场行情与热点 信息，并依托金融大模型推出AI数字人"Jinn"以及AI智能体"中金财富投资助手"，致力于为投资者提供 更智能、更专业的财富管理陪伴式服务；东吴证券也持续推动AI技术在旗下App"东吴秀财"中的落地， 推出AI盯盘、AI信号、AI对话等功能，基于用户持仓自选数据，为投资者提供实时智能解读和个性化 交易时机参考。 "券商纷纷依托AI大模型对旗下App进行迭代升级，体现出证券行业正持续深化在智能服务方面的布 局，希望通过对前沿技术的应用加速重塑服务模式与客户体验。"深圳市优美利投资管理有限公司董事 长贺金龙向《证券日报》记者表示，智能技术的应用能够显著提升券商对客户需求的响应效率和个性化 服务水平，同时有助于券商进一步获取细化的用户数据，为其后续角色转变为财富管理综合服务商打下 坚实基础。 此外，智能投顾也是券商App优化布局的重点领域。在传统的服务机制之下，受限于人力资源成本，投 顾服务资源往往更加向 ...

Core Insights - The third quarter of 2023 saw a total of 190 million monthly active users in the Chinese securities service application industry, reflecting a 5.4% quarter-on-quarter growth, indicating overall market expansion [1] - The growth in user base is driven by two main factors: an average of 2.5076 million new individual investor accounts opened monthly and an average monthly increase of 3.5052 million active users, showing a strong correlation of 0.75 between the two metrics [1] User Growth Dynamics - The securities industry is currently driven by both "new user acquisition" and "existing user activation," with new accounts serving as a vital source of external growth [1] - The monthly active user growth often surpasses the new account openings, highlighting the importance of product iteration and operational optimization in enhancing the activity levels of existing users [1] Application Performance - Tonghuashun and Dongfang Caifu lead the market with a point index exceeding 8000 and monthly active users in the millions, establishing a significant competitive advantage [2] - Zhangle Wealth Pass, representing a top brokerage's proprietary application, maintains over 10 million monthly active users and shows a remarkable over 100% quarter-on-quarter growth in downloads [2] - The competitive landscape is intense in the four-star range of the point index (7200 to 7799), with over ten applications having monthly active users between 5 million and 12 million [2] Future Trends - The head brokerage firms are solidifying their positions through ecosystem advantages, while smaller brokerages are leveraging high-quality channels and market opportunities [2] - The next phase of competition may hinge on differentiated advantages stemming from AI application innovations, with a focus on the parallel development of algorithms and data [2] - The ability to assetize data and apply it in multidimensional ways is becoming a decisive factor for the scalable implementation of AI and the generation of differentiated value [2]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Viewpoints - The non-bank financial industry has shown significant improvement in market activity, with a notable increase in trading volume and a positive outlook for brokerages as capital market reforms continue to progress [3][10]. - The report highlights a substantial rise in securities transaction stamp duty, reaching 118.7 billion yuan for the first eight months of 2025, a year-on-year increase of 81.7% [10][28]. - The average daily trading volume in August 2025 exceeded 2 trillion yuan, indicating a robust market sentiment and active trading environment [10][28]. Summary by Relevant Sections Investment Suggestions - The report emphasizes the ongoing improvement in market trading activity, with a significant increase in securities transaction stamp duty and average daily trading volume, suggesting a stable recovery in the capital market [10]. - Brokerages are expected to benefit from the deepening of capital market reforms, with opportunities for both external and internal growth, particularly in overseas markets [10]. Market Review - The major indices displayed mixed performance, with the Shanghai Composite Index declining by 1.30% and the ChiNext Index increasing by 2.34% during the week [11]. - The total A-share trading amount reached 12.59 trillion yuan, with an average daily trading volume of 2.52 trillion yuan, reflecting an 8.23% increase week-on-week [11][16]. Industry Key Data Tracking 1) Market Performance and Scale: - The report notes a decline in the Shanghai Composite Index by 1.30% and a slight decrease in the CSI 300 by 0.44%, while the ChiNext Index rose by 2.34% [11]. - The total A-share trading amount for the week was 12.59 trillion yuan, with an average daily trading volume of 2.52 trillion yuan, marking an 8.23% week-on-week increase [11][16]. 2) Credit Business: - As of September 19, 2025, the market had 300.71 billion pledged shares, accounting for 3.68% of the total share capital, with a margin balance of 2.40 trillion yuan, reflecting a 1.98% increase [16][23]. 3) Fund Issuance: - In August 2025, new fund issuance reached 102.02 billion units, with 140 funds launched, representing a 6.62% increase from the previous month [16][24]. 4) Investment Banking Business: - The report indicates that the equity underwriting scale in August 2025 was 23.48 billion yuan, with IPO amounts at 4.09 billion yuan and refinancing amounts at 19.38 billion yuan [16]. 5) Bond Market: - The report notes a 1.96% decline in the total price index of bonds since the beginning of the year, with the 10-year government bond yield at 1.88%, up 27.12 basis points year-to-date [16][18]. Regulatory Policies and Industry Dynamics - The report highlights that the number of active users of securities applications reached a record high in August 2025, with a total of 173 million users, reflecting a 4% month-on-month increase and a 27.26% year-on-year increase [28]. - The significant increase in securities transaction stamp duty in August 2025, reaching 25.1 billion yuan, indicates a strong market activity [28].

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]