本报记者 于宏 证券类App是投资者进行股票交易的重要载体，其月活人数情况直观反映着资本市场的交易活跃度。 为把握行情向好带来的业务机遇，近期，券商纷纷对旗下App进行升级迭代，通过AI大模型赋能、优化 行情异动解读等功能帮助用户挖掘投资机遇，优化用户体验。 智能化转型加速推进 为把握近期市场交投活跃、开户数量显著增长带来的机遇，各大券商不仅显著加强对线上开户流程的介 绍和新客优惠的营销力度，还密集对旗下App进行功能迭代与升级，不断优化用户体验，打响"抢客大 战"。 当前，AI大模型已成为券商提升App服务效率、优化用户体验的重要抓手。近期，国泰海通证券推出灵 犀App，依托大模型打造对话、直播、盯盘等智能服务界面，用户通过对话即可完成行情、个股、数据 查询等服务，并基于AI技术对不同类型客群进行服务的自动化匹配。东吴证券旗下的东吴秀财App也上 线"AI看自选"功能，通过AI小助手智能解答投资者问题，并及时提供自选股异动情况、资金动向等信 息，为投资者决策提供多维参考。 证券类App月活全线上涨 近期，市场赚钱效应显著，吸引更多投资者积极入市。上交所数据显示，7月份，A股新开账户数为 196.36万户，环 ...

Core Viewpoint - The A-share market is experiencing a significant return of investor interest, with new account openings in July 2025 reaching 1.9636 million, marking a 19.27% month-on-month increase and a 70.5% year-on-year increase, primarily driven by individual investors [2][4]. Group 1: Market Dynamics - The surge in new accounts is attributed to a combination of market recovery and policy incentives, with the overall market showing a positive trend [4]. - In July, major A-share indices recorded increases, with the Shanghai Composite Index rising by 3.74%, the Shenzhen Component Index by 5.20%, and the ChiNext Index leading with an 8.14% increase [5]. - Trading activity also saw a significant uptick, with total A-share transactions reaching 29.4 trillion shares and a total transaction value of 37.58 trillion yuan, both setting new monthly records for the year [5]. Group 2: Investor Behavior - The new individual investors are showing a preference for sectors with clear policy support and strong industry trends, particularly in technology and high-end manufacturing [8][9]. - The average turnover rate in July reached 91.71%, a 15.13% increase from June, indicating high trading activity, especially in small-cap stocks [10]. - New investors are characterized by a tendency to chase market trends and engage in short-term trading, with many showing interest in high-growth sectors like the ChiNext and STAR Market [10][12]. Group 3: Brokerage Industry Impact - The increase in new accounts is expected to boost brokerage firms' trading volumes and revenues, with a notable rise in margin financing balances, which reached 1.9710 trillion yuan by the end of July [5][13]. - Despite the growth in trading activity, brokerage commission rates are declining, with the average commission rate in Shanghai dropping by 8.2% year-on-year to 0.201‰ [14][15]. - Brokerages are adapting by shifting focus from traditional transaction services to value-added services, such as personalized investment advice and wealth management, to meet the needs of new investors [15][16].

Core Viewpoint - The rise of AI technology in the securities industry is transforming business operations, with firms like Huatai Securities leading the way through significant technological investments and innovations [1][4][6]. Group 1: Technological Investment and Development - Huatai Securities has established four major R&D bases in Nanjing, Shanghai, Beijing, and Shenzhen, with a leading scale of R&D personnel and investment in the industry [3][4]. - The company plans to invest over 1 billion yuan in technology in 2024, alongside other major firms like CITIC Securities and Guotai Junan [4]. - R&D personnel account for over 20% of Huatai Securities' total workforce, indicating a strong commitment to technological development [4]. Group 2: AI and Digital Transformation - Huatai Securities has initiated the exploration and application of large model technology in financial business scenarios, strategically waiting for application maturity before investing heavily [6]. - The company has implemented digital employees that work 24/7, significantly enhancing operational efficiency and reducing human error in tasks such as report production and compliance checks [8][9]. Group 3: Business Empowerment through Technology - Technology has significantly empowered Huatai Securities' wealth management, investment banking, and institutional business lines, leading to notable improvements in service delivery and operational efficiency [9][10]. - In wealth management, the introduction of intelligent customer service has enabled 24/7 online support, enhancing customer engagement and service efficiency [10]. - The investment banking sector has benefited from a fully self-developed platform, "Investment Banking Cloud," which streamlines processes and enhances compliance and risk management [10][11]. Group 4: Innovative Products and Platforms - Huatai Securities has developed innovative platforms such as the CAMS credit analysis management system and the FICC Elephant platform, which leverage big data and AI for comprehensive market coverage and risk management [11]. - These platforms support the firm's transition to a fully digitalized strategy trading and quantitative investment risk management approach [11].

Core Insights - The ETF brokerage rankings for May reveal a competitive landscape with significant shifts in market share among major players, particularly in the Shanghai Stock Exchange [1][2] Group 1: ETF Holdings - Galaxy Securities maintains the top position in ETF holdings with a market share of 24.63%, showing a slight increase of 0.06 percentage points from April [2][3] - Shenyin Wanguo Securities follows in second place with an 18.05% share, which is an increase of 0.18 percentage points, but still trails Galaxy by 6.58 percentage points [2] - The second tier of brokerages remains stable, with CITIC Securities at 6.06%, followed by China Merchants Securities at 4.78% and Guotai Junan Securities at 4.58% [2][3] Group 2: ETF Trading Volume - Huatai Securities leads the trading volume with an 11.30% share in May, maintaining its position as the top brokerage for ETF transactions [4] - CITIC Securities has shown remarkable performance, rising to second place with a trading volume share of 9.17%, surpassing Galaxy Securities, which fell to fifth place with a 5.71% share [4][5] - The trading volume dynamics indicate a competitive environment, with smaller brokerages like Dongfang Securities and Huabao Securities also making significant contributions [5] Group 3: Client Activity and Trading Accounts - Huatai Securities and Dongfang Wealth Securities continue to dominate in terms of trading account numbers, with shares of 11.59% and 11.18% respectively [10][11] - The overall client activity remains concentrated among the top brokerages, with Galaxy Securities and Ping An Securities also showing notable account shares of 5.55% and 5.44% [10][11] - The rankings for trading accounts highlight the importance of retail investor engagement, particularly for brokerages leveraging technology and information services [9][10]

Core Insights - The digital transformation in wealth management is centered around brokers enhancing their app platforms to create a new online service ecosystem [1][4] - In April, the total active users of securities apps reached 167 million, marking a year-on-year increase of 14.29% [2][4] - The trend of upgrading app functionalities, particularly through AI technologies, is becoming a focal point for brokers [3][4] Group 1: Market Activity - The A-share market has seen increased activity, with 9.4 million new accounts opened in the first four months of the year, a year-on-year growth of 31.51% [2] - In April, 11 brokers had apps with over 5 million monthly active users, with Huatai Securities' "Zhangle Wealth" leading at 11.22 million [2][4] - Despite a slight month-on-month decline of 2.7% in active users, the year-on-year growth remains strong [2] Group 2: Technological Advancements - Brokers are focusing on integrating AI and other advanced technologies into their app functionalities to enhance service quality and efficiency [3][4] - Recent updates to apps include features like intelligent investment tools, market tracking, and ETF investment options [3] - The use of AI models is seen as essential for brokers to meet diverse investor needs and improve resource allocation efficiency [4] Group 3: Competitive Landscape - The competition among brokers is intensifying, with a need to differentiate through unique features and services [5] - Brokers are encouraged to leverage user behavior data and AI algorithms to create customized investment solutions [5] - Future developments in broker apps are expected to focus on smart, scenario-based, and diversified services to enhance user engagement [5]

Core Insights - Huatai Securities reported a significant recovery in performance for Q1 2025, with operating revenue of 8.23 billion yuan, up 34.8% year-on-year, and net profit attributable to shareholders of 3.64 billion yuan, up 59.0% year-on-year [1][2] Revenue Breakdown - The company's revenue from various business lines includes brokerage at 1.94 billion yuan (up 42.6%), investment banking at 540 million yuan (down 5.9%), asset management at 420 million yuan (down 61.7%), interest income at 960 million yuan (up 319.5%), and proprietary trading at 3.51 billion yuan (up 66.8%) [2] Market Activity - The average daily trading volume in the market reached 15.2 trillion yuan, an increase of 70.3% year-on-year, with margin trading balance at 1.92 trillion yuan, up 24.8% year-on-year [2] - The company's brokerage income increased to 1.94 billion yuan, with a market share of 7.0%, a slight decrease of 0.15 percentage points from the beginning of the year [2] Asset Management Performance - By the end of Q1 2025, the market's non-monetary fund size was 18.9 trillion yuan, down 1.7% from the beginning of the year, while the company's non-monetary fund management scale was 632.67 billion yuan and 552.26 billion yuan for its subsidiaries, both down approximately 2.4% [3] Investment Banking and Bond Underwriting - The equity financing market saw a contraction, with IPO and refinancing scales down 30.2% and up 60.4% respectively, while bond financing grew by 19.5% [3] - Huatai Securities' IPO and refinancing scales were down 63.7% and up 113.5% respectively, with market shares of 9.3% for IPOs and 4.4% for refinancing [3] Proprietary Trading and Investment Returns - The company's financial asset scale reached 378 billion yuan, up 5.1% from the beginning of the year, with investment income of 3.51 billion yuan, up 66.8% year-on-year, reflecting a strong resilience in investment returns [4] - The annualized investment return rate was 4.6%, an increase of 2.43 percentage points year-on-year [4] Technological Advancements - Huatai Securities is recognized as a pioneer in financial technology, successfully developing leading platforms such as "Zhangle Wealth" and "Xingzhi," which are expected to continue generating positive effects in wealth management and fintech [4] Future Projections - The company forecasts net profits attributable to shareholders of 13.48 billion yuan and 15.06 billion yuan for 2025 and 2026, respectively, with corresponding price-to-book ratios of 0.81 and 0.75 [4]

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 aims to leverage technology and customer-centric strategies to enhance wealth management and institutional services, while capitalizing on opportunities from capital market reforms and financial openness in 2024 [1][2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 41.466 billion yuan and a net profit attributable to shareholders of 15.351 billion yuan [1]. - The company announced a dividend of 3.7 yuan per 10 shares, totaling 5.237 billion yuan for the year [1]. Group 2: Service to Technology Innovation - The company has served over 270 technology innovation enterprises since 2012, with a total market value of approximately 9.47 trillion yuan [2]. - In 2024, the company ranked second in A-share IPO underwriting with a scale of 8.5 billion yuan, while leading in the underwriting scale for the Sci-Tech Innovation Board and the Growth Enterprise Market [2]. - The total bond underwriting scale reached 1.296 trillion yuan, ranking third in the industry [2]. Group 3: Global Financial Services Expansion - The company has maintained a strong position in the Hong Kong market, ranking third in the number of IPO sponsorships and underwriting scale among Chinese brokers [3]. - The company is expanding its international business, having obtained new underwriting qualifications in various global markets, including the Tokyo PRO-BOND market and the Nasdaq [3]. Group 4: Technological Support for International Business - The company has launched a global trading platform (GTP) to support its international operations, connecting major markets 24/7 [4]. - In 2024, the research department produced 587 overseas research reports, a 96% increase year-on-year, covering multiple regions [4]. Group 5: Business Transformation Driven by Technology - The company is focusing on technology to drive business transformation, enhancing its service capabilities for institutional clients [5]. - By the end of 2024, the company ranked second in the industry for various fund sizes, including equity funds and non-monetary market funds [5][6]. - The company has become one of the first brokers to participate in the "Cross-Border Wealth Management Connect 2.0" pilot program [6]. Group 6: Commitment to Sustainable Development - The company improved its MSCI ESG rating from AA to AAA in 2024, achieving the highest rating in the global investment banking industry [6]. - The company actively invests in social initiatives, including rural revitalization and environmental protection, and received a 5A rating in a social organization evaluation [6].