In-Depth Analysis Report on Investment Opportunities in Brokerage Digital Transformation

From 2025 to 2026, China’s securities industry is undergoing profound digital transformation. Technology has shifted from a traditional back-office support role to a core force driving business innovation and enhancing customer experience [1]. This transformation is reflected in three key dimensions:

: More than 180 offline outlets across the industry announced closure within one year. Meanwhile, internet branches have risen strongly, with institutions such as Soochow Securities, China Galaxy Securities, and Zhongyuan Securities intensifying their layout [2]. This “retraction and expansion” reflects brokers’ strategic shift from traditional brokerage business to digital services.

: In 2025, large model technology represented by DeepSeek achieved breakthroughs, quickly igniting enthusiasm for applications in the securities industry, with some brokers already shouting the slogan “All in AI” [3]. AI applications have been fully rolled out in wealth management business, covering all links such as customer behavior analysis, investment advisory decision-making, transaction execution, and operation management.

: With the deepening of digital transformation, regulators have continued to strengthen compliance requirements in the information technology field. The number of fines has continued to grow since 2022, with regulatory focus covering system security, personnel management, responsibility implementation, and full industrial chain extension [1].

According to a research report from Guohaitong Securities, the accelerated implementation of AI applications will become the core catalyst for the fintech sector, with the main investment themes including [4]:

Segmented Direction	Investment Logic	Key Beneficiary Fields
Fintech IT	Banking systems have concentrated replacement needs due to digital renminbi and large model upgrades	Core system and operation and maintenance service providers
Financial Information Services	Increasing demand for intelligent investment research and intelligent investment advisory	Leading companies with strong data and model capabilities
Payment/Digital RMB Scenarios	Expansion of digital renminbi scenarios brings incremental opportunities	Channel service fees, terminal equipment, and integration services
Consumer Finance	Intelligent customer service/intelligent risk control improves customer acquisition capabilities	Technology-driven risk control and marketing service providers

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Hua-Bao CSI Fintech Theme ETF (159851) is an important tool for investing in brokerage digital transformation. The fund has a scale of approximately RMB 10.3 billion, and its liquidity ranks first among similar products [5]. Its top ten holdings are as follows:

Stock Code	Stock Name	Position Proportion	2025 Growth Rate	2025 Net Profit Growth Rate	PE Valuation
300033	Hexin Flush	10.78%	185.6%	65.0%	85.6
300059	East Money	9.95%	42.3%	35.2%	45.2
300803	Compass	8.00%	156.8%	78.5%	62.8
600570	Hundsun Technologies	6.99%	28.5%	-26.8%	55.4
300339	Winhee Software	6.43%	89.2%	45.6%	78.9

Hexin Flush’s 2025 performance forecast shows that it expects to achieve a net profit attributable to shareholders of listed companies of RMB 2.735 billion to RMB 3.282 billion, a year-on-year increase of 50% to 80% [6]. Performance growth mainly comes from:

• Increased investment in artificial intelligence and other fields, promoting integrated innovation of products and large model technologies
• Recovery of domestic capital market activity, increased demand for financial information services from investors
• Increased user activity on websites and Apps, corresponding growth in advertising and internet promotion service revenue

As a leading internet brokerage, East Money has built a complete financial ecological closed-loop relying on Tiantian Fund Network and East Money Securities. The active market trading in 2025 brings it continuous performance growth space.

Hundsun Technologies is a leading domestic fintech product and service provider, achieving operating revenue of RMB 6.581 billion in 2024 [7]. Although its short-term performance is under pressure, the gross profit margins of its asset management technology services and wealth technology services reach 77.23% and 76.06% respectively, with strong technical barriers and customer stickiness.

DZH’s (601519) stock price increased by 198.5% in 2025, with an expected net profit growth rate of 125.6%, showing strong growth momentum [5].

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The intelligent investment advisory industry has entered a dual-drive stage of “technology deepening + scenario integration”, and is expected to maintain an expansion trend with a compound annual growth rate of over 25% in the next five years [8]. Hexin Flush, East Money, Compass, etc., deeply cultivate the market through the “investment research + investment advisory” linkage model, and the scale of assets covered has grown rapidly after the launch of AI investment advisory signing services.

: The assets covered by the intelligent investment signing service reached RMB 4 billion just half a year after its launch [2].

Since Guosen Securities established its Shenzhen Internet Branch in 2018, the intensive layout of internet branches by brokers has become an industry trend. From 2024 to 2025, the pace of industry layout has significantly accelerated, with institutions such as Guohaitong Securities, Soochow Securities, and Zhongyuan Securities successively launching their layouts [2].

:

• Guohaitong Securities: The scale of customer acquisition on new media platforms in 2025 doubled compared to 2024
• Soochow Securities Digital Intelligence Branch: Relying on IP for precise customer acquisition, it has accumulated nearly 3 million fans and introduced a total of RMB 150 million in assets

The promotion of digital renminbi continues to accelerate. As of the end of November 2025, a total of 3.48 billion transactions have been processed, with a total transaction amount of RMB 16.7 trillion [9]. The new generation of digital renminbi measurement framework will be officially launched and implemented on January 1, 2026, bringing new business increments for fintech enterprises.

:

• Terminal equipment providers: GRG Banking, Newland
• Payment service providers: Lakala, Cuiwei Co., Ltd.
• System integrators: Sunline Tech, Tianyang Technology

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According to the views of brokerage research institutions, the AI+ application field has multiple core logics to become the annual investment theme in 2026 [10]:

1. Shift in Industrial Value Focus
   : The investment logic has shifted from “selling shovels” (computing power infrastructure) to “mining gold” (application end). Applications close to C-end users or enabling B-end enterprises are more likely to form clear business models.

2. Increased Certainty of Performance Delivery
   : In 2026, the AI industry has completely bid farewell to the “storytelling” stage, and AI growth leaders with real and sustainable performance delivery capabilities will gain market favor.

3. Resonance of Policies and Capital
   : Policy support from the central and local governments escorts industrial development, and long-term capital entering the market provides financial support for relevant enterprises.

Risk Type	Specific Performance	Response Recommendations
AI Model Application Risk	Compliance, model failure, data privacy, etc.	Focus on leading companies with compliance capabilities
Valuation Risk	The quantile valuation of CSI Software Index reaches as high as 98%	Focus on the matching degree of performance growth rate and valuation
Regulatory Risk	Strengthened anti-money laundering supervision on third-party payment	Select targets with good compliance operation records
Market Volatility Risk	Tightened policy supervision may lead to short-term sector volatility	Adopt a phased position building strategy and control positions

:

• Hexin Flush (300033)
  : AI+ financial information service leader with strong certainty of high performance growth
• East Money (300059)
  : Perfected internet brokerage ecosystem, benefiting from improved market activity

:

• Compass (300803)
  : Rising star in the intelligent investment advisory field, with high growth and low valuation
• DZH (601519)
  : Benefiting from market recovery, with high performance elasticity

:

• Hundsun Technologies (600570)
  : Core IT supplier for financial institutions, with long-term allocation value
• Winhee Software (300339)
  : Dual-driven by AI+ financial IT

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The digital transformation of brokers is in a critical period of accelerated advancement, with three core driving forces: AI large model applications, promotion of digital renminbi, and construction of internet branches. From an investment perspective, the fintech sector has shifted from a thematic investment category to a long-term fundamental investment category, and leading enterprises with real performance delivery capabilities will continue to gain market favor.

:

• Focus on the Fintech ETF (159851) as a sector allocation tool
• Core allocation of industry leaders such as Hexin Flush and East Money
• Flexible allocation of high-growth targets such as Compass and DZH
• Long-term layout of companies with core technical barriers such as Hundsun Technologies

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[1] CLS Network - “Digital Intelligence Transformation Spawns Attribute Changes: How to Manage Compliance in Brokerage Information Technology” (https://www.cls.cn/detail/2242188)

[2] Securities Times - “From ‘Support’ to ‘Engine’: Internet Branches Become the Key to Brokerage Transformation” (https://www.stcn.com/article/detail/3588663.html)

[3] Securities Times - “2025 Securities Industry Calibrates Course: M&A, AI, and Going Overseas Drive High-Quality Development” (https://www.stcn.com/article/detail/3561452.html)

[4] Guohaitong Securities - “Comprehensive Finance: Accelerated Implementation of AI Applications Benefits the Fintech Sector” (https://bigquant.com/square/paper/8e5bb1d9-1d81-4989-b4c5-0bc46566bf0d)

[5] Sina Fund - “Fintech ETF (159851) Drops 1.89%, with Turnover of RMB 574 Million” (https://finance.sina.com.cn/money/fund/aiassistant/etfsp/2026-01-20/doc-inhhxvez7472068.shtml)

[6] East Money - “Hexin Flush: 2025 Net Profit Expected to Increase by 50% to 80% Year-on-Year” (https://wap.eastmoney.com/a/202601203624875029.html)

[7] Baidu Encyclopedia - “Hundsun Technologies Co., Ltd.” (https://baike.baidu.com/item/恒生电子股份有限公司/7013589)

[8] Zhongyan Puhua Industry Research Institute - “2025 China Intelligent Investment Advisory Industry Development Status Analysis and Future Outlook” (https://cj.sina.cn/articles/view/7879848900/1d5acf3c401902n4pw)

[9] Sina Fund - “Big News on Digital Renminbi! Concept Stocks Surge to Limit-Up, Fintech ETF (159851) Rises Over 1%” (https://finance.sina.com.cn/money/fund/etf/2025-12-29/doc-inhemuku4960818.shtml)

[10] Caifuhao - “2026 Investment Theme: AI+ Applications Blossom in Multiple Areas, Dividend Delivery Period Arrives” (https://caifuhao.eastmoney.com/news/20260114120742558775250)