Core Insights - The A-share market is experiencing increased activity, prompting brokerages to focus on upgrading their trading apps, particularly through AI integration [2][3] - Leading brokerages are adopting an "All in AI" strategy, aiming to transform service models from standardized offerings to intelligent customization [3][4] - The competition among brokerages has shifted from merely adding features to a customer-centric service logic reconstruction, emphasizing the integration of AI throughout the app [5] Industry Trends - The number of active users for securities apps is projected to reach 988 million by mid-2025, with a year-on-year growth of 15.92% [4] - The focus of recent updates in securities apps includes functionality optimization, user experience enhancement, and the addition of new intelligent features [4] - The ability to provide intelligent services is becoming a key competitive advantage, with top brokerages enhancing their AI capabilities to improve user retention [4][5] Technological Developments - Major brokerages like Guotai Junan and GF Securities are leading the way in AI integration, with Guotai Junan launching the first fully AI-driven app [3][6] - Smaller brokerages are also entering the AI space, with products like Jianghai Securities' "Combination Home" app focusing on active thematic investments [3][6] - The development of AI-driven advisory services aims to address traditional limitations in wealth management, such as service radius and personalized investment needs [6][7] Target Demographics - The Z generation, defined as individuals born between 1995 and 2009, is reshaping brokerage services with their unique demands for AI functionalities that are scenario-based, personalized, social, and gamified [8][9] - Z generation investors prefer non-intrusive interactions, seeking a seamless experience that avoids excessive notifications while providing valuable insights [8][9] - Brokerages are creating innovative platforms and engaging content to attract younger clients, such as GF Securities' "Yuanshi Stock" app and Galaxy Securities' "Manta" app [8][9]

Core Viewpoint - The article discusses the significant upgrades in securities trading apps by brokerages in response to the increasing activity in the A-share market, emphasizing the integration of AI to enhance user experience and meet the evolving needs of Generation Z investors [2][4]. Group 1: Market Activity and Brokerage Response - The A-share market has seen a notable increase in activity, prompting brokerages to focus on upgrading their trading apps, which are frequently used by investors [2][4]. - Leading brokerages are adopting an "All in AI" strategy, with firms like Guotai Junan launching the first fully AI-driven app to address issues related to app complexity and service standardization [4][5]. - The number of active users for securities apps is projected to reach 988 million by mid-2025, reflecting a year-on-year growth of 15.92% [5]. Group 2: AI Integration and Service Transformation - Brokerages are shifting from merely adding features to rethinking service delivery through AI, aiming to create platforms that are intelligent, user-friendly, and business-aware [4][5]. - AI capabilities are being leveraged to enhance user engagement and retention, with a focus on personalized investment services that adapt to individual user needs [5][6]. - The competition among brokerages is evolving towards a customer-centric service model, where the integration of AI throughout the app's processes is crucial for attracting and retaining users [5][6]. Group 3: Addressing Pain Points in Wealth Management - Brokerages are addressing key pain points in wealth management, such as limited service reach, inability to meet personalized investment needs, and inefficiencies in data processing [7][8]. - New AI-driven features are being introduced, such as deep dialogue capabilities and personalized investment advice, to enhance user experience and provide timely support [8][9]. - The development of a comprehensive intelligent system for capturing user needs and dynamically adjusting investment strategies is being prioritized by brokerages [8][9]. Group 4: Catering to Generation Z - Generation Z, comprising approximately 300 million individuals in China, is reshaping brokerage services with their unique preferences for scene-based, personalized, and interactive investment experiences [11][12]. - Brokerages are focusing on creating engaging and practical AI functionalities that resonate with younger investors, emphasizing a non-intrusive interaction style [11][12]. - Innovative platforms targeting Generation Z, such as Guangfa's Yuan Shi Gu app, are being developed to attract younger clients through gamified and educational approaches [11][12].

Group 1 - The 14th China (Guangzhou) International Financial Trading Expo showcased new technologies, models, and achievements in financial services for the real economy, emphasizing the creation of a "technology-industry-finance" virtuous cycle [1][2] - The expo achieved a total signing amount exceeding 71 billion yuan across 51 projects, highlighting the importance of financial support for industrial modernization [2] - Financial institutions like Industrial Bank and SPDB are implementing innovative supply chain financial services using technologies such as blockchain and AI to meet diverse customer needs [2][3] Group 2 - Guangzhou is enhancing financial support for technology innovation enterprises, with a focus on a multi-layered capital market and local financial organizations [3] - Banks are introducing specialized financial products for tech companies, such as knowledge property pledge loans and integrated financial service plans, to facilitate the transformation of technological achievements [3] - The "Yiqi Win-Win Plan" by Guangfa Bank aims to provide comprehensive financial services for technology enterprises, with a total signing amount of 3.2 billion yuan for key projects [3] Group 3 - The expo featured advancements in smart financial services, including AI applications in wealth management and virtual reality technology for customer engagement [4][5] - The portable card-making device by China Everbright Bank allows for instant social security card issuance, enhancing customer convenience and efficiency [5] - The "Guangxin Yu" platform, developed by Guangzhou Digital Science Group, aims to create a new ecosystem for prepaid consumption, ensuring the safety of consumer funds through real-time settlement [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown significant growth across all business segments, with notable performance in proprietary trading and brokerage services [7] - The capital market reforms and gradual economic recovery are expected to enhance market investment enthusiasm, providing a favorable long-term policy environment for the securities industry [7] Financial Performance Summary - For Q1 2025, the company achieved total revenue of 7.24 billion yuan, a year-on-year increase of 46.3%, and a net profit attributable to shareholders of 2.76 billion yuan, up 79.2% year-on-year [7] - The earnings per share (EPS) for Q1 2025 was 0.33 yuan, with a return on equity (ROE) of 2.1%, an increase of 0.9 percentage points year-on-year [7] - Brokerage business revenue reached 2.05 billion yuan, a 50.7% increase year-on-year, accounting for 28.8% of total revenue [7] - The company’s asset management business revenue was 1.69 billion yuan, up 5.3% year-on-year [7] - Proprietary trading revenue was 2.33 billion yuan, reflecting a 106.5% increase year-on-year [7] Business Segment Performance - The brokerage and margin financing market share has steadily improved, with a margin balance of 111.3 billion yuan, a year-on-year increase of 28%, and a market share of 5.8% [7] - Investment banking revenue for Q1 2025 was 150 million yuan, a slight increase of 4.2% year-on-year, with a total underwriting scale of 6.3 billion yuan [7] - The asset management business continues to grow, with the company managing 253.5 billion yuan, a year-on-year increase of 23.9% [7] Earnings Forecast and Valuation - The company’s projected net profits for 2025-2027 are 12.1 billion yuan, 14.5 billion yuan, and 17 billion yuan respectively, with corresponding price-to-book ratios of 0.91, 0.84, and 0.77 [7]