Core Insights - The A-share market experienced active trading in September 2025, with stock trading apps seeing a significant increase in user engagement, reaching a record high of 175 million monthly active users, marking a 0.74% month-over-month growth and a 9.73% year-over-year increase [1][4][3] User Engagement and Market Activity - The monthly active user count for securities apps reached 175 million in September 2025, setting a new record for the year and ranking as the third highest since the "9.24" market event [1][4] - The number of new A-share accounts opened in September was 2.9372 million, a 60.73% year-over-year increase, contributing to a total of 20.1489 million new accounts opened in the first three quarters of 2025, up 49.64% from the same period in 2024 [3][4] - The trading volume in the A-share market was bolstered by a 34.5% year-over-year increase in stamp duty revenue, with securities transaction stamp duty reaching 144.8 billion yuan, a 103.4% increase [3][4] Competitive Landscape of Securities Apps - The top three third-party securities apps, namely Tonghuashun, Dongfang Caifu, and Dazhihui, maintained a dominant position with monthly active users exceeding 10 million [1][6] - Among brokerage self-operated apps, Huatai Zhangle Wealth and Guotai Haitong Junhong both surpassed 10 million active users in September [1][8] - The user engagement of the leading third-party apps showed a clear tiered structure, with the top three apps significantly outperforming others in terms of user numbers [6][8] AI Integration in Securities Apps - The integration of artificial intelligence (AI) is becoming a core focus for securities firms, enhancing operational models and service quality [11][12] - Several brokerage firms are actively investing in AI technologies to improve customer service and streamline operations, with new AI-driven apps being launched [12][11] - The shift towards AI is expected to create a closed-loop ecosystem in the securities industry, enhancing competitive differentiation among firms [12][11]

Core Insights - The A-share market in September 2025 saw active trading, with stock trading apps experiencing significant user engagement, reaching a record high of 175 million monthly active users, marking a 0.74% month-on-month increase and a 9.73% year-on-year increase [1][6][4] User Engagement and Market Activity - The number of new accounts opened in the A-share market surged to 2.9372 million in September, a year-on-year increase of 60.73% and a month-on-month increase of 10.83%, making it the second-highest monthly figure of the year [5][4] - The Shanghai Composite Index rose by 0.64% in September, while the Shenzhen Component Index saw a significant increase of 6.54% [4] - The trading volume in September led to a notable increase in transaction stamp duty, which reached 314.2 billion yuan, a year-on-year increase of 34.5%, with securities transaction stamp duty alone amounting to 144.8 billion yuan, up 103.4% year-on-year [4][6] App Performance and Market Dynamics - The top three third-party securities apps, Tonghuashun, Dongfang Caifu, and Dazhihui, maintained a stronghold with over 10 million active users each, while the overall user growth for securities apps showed signs of slowing down [1][9][14] - The competitive landscape among securities apps is increasingly polarized, with larger firms gaining more traction compared to smaller ones, indicating a "Matthew Effect" in the industry [9][15] - The active user count for Tonghuashun reached 37.21 million, with a month-on-month increase of 1.31%, while Dongfang Caifu and Dazhihui had 18.23 million and 12.71 million active users, respectively [10][14] AI Integration in Securities Apps - The integration of artificial intelligence (AI) is becoming a core focus for securities firms, enhancing operational models and service quality [17][18] - Several securities firms are launching AI-driven applications to improve user experience and engagement, with features tailored to younger demographics [18][17] - The shift towards AI is expected to create a comprehensive ecosystem that connects various services, including trading, wealth management, and customer support [17][18]

Market Performance - The Asia-Pacific stock market experienced a strong rebound on October 20, with the A-share indices showing significant gains, particularly the ChiNext Index which surged by 2.5% [1] - Major indices such as the Shanghai Composite Index and Shenzhen Component Index also reported increases of 0.69% and 1.38% respectively, indicating a broad-based market recovery [2] Sector Highlights - Technology stocks saw widespread gains, with leading companies in the optical module sector, such as Yuanjie Technology, rising over 15%, and others like Tianfu Communication and Zhongji Xuchuang increasing by more than 10% [2] - The robotics sector was notably active, with Huazhi Co. and Zhongwei Electronics both hitting the daily limit up [2] Precious Metals - Precious metals experienced a pullback but later rebounded, with gold prices reaching as high as $4,263 per ounce in London and $4,266 per ounce on COMEX, marking a 1.3% increase [5] - Despite the recent highs, analysts caution that short-term investment risks are increasing, particularly if U.S. economic data exceeds expectations, which could pressure gold prices [5] Trading Activity - The trading volume in the A-share market saw a significant year-on-year increase of 106.8% in the first three quarters, reflecting a boost in market confidence due to supportive policies [5] - The number of active users on securities trading apps reached approximately 175 million in September 2025, marking a 9.73% year-on-year growth and setting a new monthly record [5] Future Outlook - Analysts from Huajin Securities suggest that technology growth and core assets may dominate the market post-National Day, with sectors like artificial intelligence and robotics expected to continue their upward trend [3]