2025年的中国炒股软件市场月活跃用户已突破1.66亿，全网渗透率达到15.46%。在这个数字化投资时 代，工具的选择直接决定着信息获取速度与投资效率。 经过对数据覆盖、资讯时效、智能工具、交易体验和社区生态五大维度的全面评测，新浪财经APP、同 花顺与东方财富凭借差异化优势稳居用户规模前三。 01 市场格局与评测维度 2025年7月，证券服务应用活跃人数环比上升3.36%至1.67亿，同比增幅高达20.89%，创年内单月最高涨 幅。这一增长与市场情绪回暖直接相关——当月A股新开户数达到196万户，同比激增71%。 清晨的财经快讯推送比闹钟更早响起，全球四十多个金融市场的实时数据在手机屏幕上闪烁，一位投资 者在新浪财经APP上同步查看A股、港股和美股期货的联动走势，迅速做出了当天的第一个交易决策。 炒股软件评测的关键维度包括：数据覆盖广度、资讯时效深度、智能工具实用性、交易体验流畅度和社 区生态价值性。头部平台在各自领域形成了差异化竞争格局。 第三方应用与券商自营APP之间的差距正在缩小。大智慧APP与头部券商华泰证券"涨乐财富通"的月活 差距仅56.29万。 02 全能冠军：新浪财经APP的全面领先 新浪财 ...

Core Insights - The AI application market is experiencing rapid growth, with mobile and PC active user counts reaching 729 million and 200 million respectively by September 2025 [3][4][20] - Major companies are shifting focus from parameter competition to ecosystem collaboration, optimizing models to meet customer needs and expand application scenarios [4][9] - The In-App AI plugin model has become the leading growth driver, with 31 out of the top 50 AI applications being plugins [4][5][24] Market Overview - By September 2025, the mobile AI application market has surpassed 700 million users, with native apps, In-App AI, and mobile manufacturer AI assistants reaching 287 million, 706 million, and 535 million users respectively [20][9] - The growth of mobile applications is supported by a stable head of native apps, while the PC web applications face challenges, with over 75% experiencing growth difficulties [5][60] User Engagement - The average usage time for native AI applications is 117.7 minutes, significantly higher than In-App AI plugins at 31 minutes and mobile manufacturer AI assistants at 5.3 minutes [6][24] - The top AI applications show a stable user base, with notable growth in vertical applications like AQ and Doubao, which have seen substantial increases in active users [6][38] Competitive Landscape - The competitive landscape is solidifying, with nearly 60% of native apps experiencing negative growth, indicating a narrowing window for new entrants [31][34] - Vertical applications are thriving, with AQ, Doubao, and Jimeng AI showing impressive growth rates of 83.4%, 15.7%, and 12.1% respectively [38][40] Ecosystem Development - The MCP services have reached 9,384, facilitating ecosystem collaboration and marking a new phase of commercialization in the AI industry [4][9][80] - Companies are focusing on integrating AI into business scenarios, enhancing user experience through seamless service delivery [70][72] Future Trends - The AI market is transitioning from a focus on broad capabilities to specialized, efficient solutions, with a significant increase in model updates and iterations [16][18] - The integration of payment capabilities is seen as a key milestone for the commercialization of AI applications, paving the way for an "AI as a service" economy [85][87]

Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 462.40 CNY, compared to the current price of 351.01 CNY [7][13]. Core Insights - The company reported a significant increase in performance, with Q3 2025 revenue reaching 32.61 billion CNY, a year-on-year growth of 39.67%, and net profit of 12.06 billion CNY, up 85.3% year-on-year [13]. - The active trading environment in the capital market is expected to sustain high trading volumes, benefiting the company's performance [2][13]. - The company's AI products are enhancing services for end-users, contributing to a positive outlook for continued earnings growth [2][13]. Financial Summary - Revenue projections show a steady increase from 3,564 million CNY in 2023 to an estimated 8,443 million CNY in 2027, with a compound annual growth rate (CAGR) of 20.9% [5]. - Net profit is expected to grow from 1,402 million CNY in 2023 to 4,966 million CNY in 2027, reflecting a CAGR of 24.3% [5]. - The earnings per share (EPS) is projected to rise from 2.61 CNY in 2023 to 9.24 CNY in 2027 [5]. Market Activity - The average daily trading volume for stock funds in Q3 2025 was 25,182 billion CNY, marking a 112% increase year-on-year and a 66% increase quarter-on-quarter [13]. - The number of new accounts opened in Q3 2025 reached 7.5534 million, a year-on-year increase of 89.83% [13]. Future Outlook - The company is expected to benefit from the ongoing transformation in the Chinese capital market, which is anticipated to drive trading activity and enhance revenue from C-end value-added services and advertising [13]. - The company's AI capabilities are expected to expand its market share in niche segments, with a focus on improving user experience and increasing conversion rates [13].

Core Insights - The article highlights the rapid growth of AI-driven investment tools in China, with a significant increase in active users of securities apps, reaching 166 million by 2025, and a penetration rate of 15.46% [1] - The competitive landscape is dominated by three major players: Sina Finance APP, Tonghuashun, and Eastmoney, which have established a "tripod" market structure due to their differentiated advantages [1][2] User Scale and Comprehensive Ratings - Sina Finance APP leads with a comprehensive score of 9.56, excelling in data coverage, information quality, intelligent tools, trading experience, and community ecosystem [4][6] - Tonghuashun ranks first in monthly active users with 35.02 million, known for its trading efficiency and intelligent tools, while Eastmoney, with 17.21 million monthly active users, focuses on community interaction and fund services [2][4] Ranking Structure - The comprehensive ratings of major stock trading software in 2025 show Sina Finance APP at the top, followed by Tonghuashun and Eastmoney, both scoring 9.16 [4][6] Differentiated Advantages - Sina Finance APP is recognized for its global perspective and AI decision-making capabilities, providing rapid analysis of major global events and covering over 40 markets [7][8] - Tonghuashun is noted for its high-speed trading system, supporting over 90% of brokers with order completion in under 3 seconds, and offers advanced quantitative tools [9] - Eastmoney's strength lies in its community ecosystem, with over a million daily posts in its stock forum, serving as a sentiment indicator for retail investors [11][12] AI in Investment Decision-Making - AI technology is evolving from information filtering to strategy generation, with key features including predictive analysis, natural language processing, and risk management systems [13][16] - The global market for intelligent stock selection software is projected to grow from $1.763 billion in 2024 to $4.227 billion by 2031, indicating a rapid development phase for AI investment tools [16][17] Strategy Selection - Investors are advised to choose trading software based on their specific needs: cross-market investors should opt for Sina Finance APP, short-term traders for Tonghuashun, and learning investors for Eastmoney [18][20] Future Outlook - The future of investment software will be shaped by AI-driven features and ecosystem integration, with a focus on personalized strategies and dynamic portfolio management [20][21]

Investment Rating - The report maintains a "Buy" rating for the company [2][7][18] Core Views - The company reported a total revenue of 1.779 billion yuan for the first half of 2025, representing a year-on-year growth of 28%, and a net profit attributable to shareholders of 502 million yuan, with a year-on-year increase of 38% [7][8] - The revenue for Q2 2025 was 1.031 billion yuan, showing a year-on-year growth of 34%, while the net profit for the same period was 381 million yuan, up 47% year-on-year [7][8] - The growth in advertising and internet promotion services was particularly strong, with revenue reaching 640 million yuan, a year-on-year increase of 83%, driven by an active capital market and enhanced user engagement [7][8][9] - The company’s cash flow growth outpaced revenue growth, with Q2 2025 operating cash inflow increasing by 68% year-on-year, indicating potential for larger profit releases in the future [7][9][10] - The report highlights a significant increase in contract liabilities, suggesting that these may convert into revenue, further indicating profit potential [7][9][10] Financial Data and Profit Forecast - The projected total revenue for 2025 is 5.078 billion yuan, with a year-on-year growth rate of 21.3%, and net profit is expected to reach 2.286 billion yuan, reflecting a growth rate of 25.4% [6][18] - The company’s gross margin is forecasted to remain high, with estimates around 90% for the coming years [6][18] - The report anticipates continued growth in the capital market and improvements in AI capabilities, which will enhance the usability of the company's products and open up new growth opportunities [7][18]

Core Insights - The monthly active users of Chinese securities apps surpassed 166 million in 2025, with an overall penetration rate of 15.46% [1] - The top three apps, Sina Finance, Tonghuashun, and Eastmoney, dominate the market, creating a competitive landscape [1] Group 1: Company Analysis - **Sina Finance**: The app's core competitiveness lies in its global coverage and authoritative information. It covers over 40 markets, including A-shares, Hong Kong stocks, US stocks, forex, and futures, with millisecond-level data updates. Its AI assistant, "Xina," can interpret announcements in seconds, highlighting risks and opportunities [1] - **Tonghuashun**: With 35.02 million monthly active users, it excels in trading efficiency and smart tools. Its "Lightning Trading System" supports over 90% of brokers for rapid order execution, and it offers free Level-2 market data and an upgraded quantitative platform [2] - **Eastmoney**: This app has 17.21 million monthly active users and focuses on community engagement and inclusive finance. Its "Stock Bar" community generates over a million posts daily, providing a platform for retail investors. It also offers comprehensive fund services, significantly lowering investment barriers [3] Group 2: User Experience and Target Audience - **Interface and Operation**: Sina Finance provides smooth multi-platform collaboration; Tonghuashun has powerful but complex features; Eastmoney simplifies the interface for novice users [4] - **User Adaptation**: - Cross-market allocators prefer Sina Finance for global monitoring and arbitrage opportunities [4] - Technical traders favor Tonghuashun for quantitative backtesting and rapid order placement [4] - Fund investors are drawn to Eastmoney for its fund services and community sentiment analysis [4] - The competitive landscape reflects the diverse structure of Chinese investors, with a growing need for tools that match their specific investment strategies [4]

Core Viewpoint - The company reported strong forward-looking indicators and expects significant performance release in the future, driven by active market trading and rapid growth in C-end business [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 748 million yuan, a year-over-year increase of 20.90% but a quarter-over-quarter decrease of 59.60% [1]. - The net profit attributable to shareholders was 120 million yuan, up 15.91% year-over-year but down 89.73% quarter-over-quarter [1]. - Cash received from sales in Q1 2025 was 1.18 billion yuan, representing an 80% year-over-year increase [2]. - As of the end of Q1 2025, the company's contract liabilities amounted to 1.97 billion yuan, a 63% year-over-year increase and a 23% quarter-over-quarter increase [2]. Group 2: Market Activity and C-end Business - The A-share market's total trading volume in Q1 2025 reached 86.9 trillion yuan, a 67% year-over-year increase, with new stock accounts growing by 32% to 7.47 million [1]. - The active trading environment is expected to enhance user engagement and revenue from the company's APP, leading to accelerated growth in performance [1]. Group 3: AI Application Development - The company launched the upgraded version of its AI tool, WenCai 2.0, on February 7, 2025, which supports advanced analytical capabilities and serves over 5 million investors daily [3]. - The positive market response to WenCai as a vertical AI assistant in the stock domain is anticipated to drive rapid growth in AI-related revenue [3]. Group 4: Profit Forecast and Valuation - The company maintains its EPS forecasts for 2025-2027 at 5.41, 7.04, and 7.93 yuan, respectively [4]. - The target price for the company is set at 359.77 yuan, based on a PE ratio of 66.5x for 2025, maintaining a "buy" rating [4].