6000亿规模养不起一个APP！平安基金关停直销APP背后的固收之困

Core Viewpoint - Ping An Fund announced the suspension of its APP operations starting August 31, 2025, migrating all functionalities to its official website and WeChat service account, reflecting a broader trend among public fund companies to cut costs and improve efficiency [1][3][6]. Group 1: Company Strategy and Performance - Ping An Fund, managing assets of approximately 650 billion yuan, has struggled with customer stickiness and a lack of diverse product offerings, leading to the decision to shut down its direct sales APP [2][8]. - The company has been following a "fixed income first, equity second" strategy since 2015, which has resulted in a heavy reliance on fixed income products, causing challenges in expanding its equity product line [10][24]. - As of June 2025, Ping An Fund's total scale was about 656 billion yuan, with fixed income products accounting for a significant portion of its assets [13][14]. Group 2: Market Trends and Comparisons - The trend of public funds shutting down their APPs has been growing since 2019, with nearly 20 companies following suit, indicating a shift in the industry towards cost-cutting measures [4][5]. - Ping An Fund's closure of its APP is seen as a rational choice amid rising cost pressures and a shrinking market for direct sales channels [7][24]. - The company has not capitalized on the growth of the domestic ETF market, with its ETF product scale lagging behind leading fund companies [17]. Group 3: Financial Insights - The decline in total scale is attributed to a significant drop in bond fund sizes, which fell from 212.7 billion yuan to 163.7 billion yuan over a year, highlighting the challenges faced by the company [15]. - The management fees for equity funds are generally higher than those for fixed income funds, which impacts the overall profitability of Ping An Fund, as its equity product offerings remain limited [20][21]. - The shift in investor composition for the Ping An Hui Xiang Pure Bond fund indicates a growing reliance on institutional investors, raising concerns about the sustainability of its retail investor base [22][23].