Core Viewpoint - The public fund industry is experiencing a shift from self-operated direct sales apps to leveraging WeChat for customer engagement and sales, as many fund companies find their apps to be costly and ineffective [1][4][18]. Group 1: Transition to WeChat - Fund companies are increasingly shutting down their direct sales apps and migrating their services to WeChat platforms, which allows them to tap into a larger user base without requiring users to download an app [3][5]. - The recent closure of apps by major fund companies like Ping An Fund, which manages over 640 billion yuan, signals a potential trend for other mid-sized and large fund companies to follow suit [4][10]. - The shift to WeChat is seen as a strategic move to reduce operational costs and improve customer acquisition efficiency in a competitive market [8][18]. Group 2: Industry Trends and Statistics - The direct sales channel's market share has been declining, dropping from 84% in 2016 to 26.42% in 2021, as third-party distribution channels gain dominance [15]. - As of the end of 2024, banks hold a non-cash fund management scale of 4.22 trillion yuan, while third-party platforms manage 3.24 trillion yuan, indicating a significant reliance on these channels [15]. - Only a few fund companies, such as E Fund and Huaxia Fund, have seen positive growth in active users on their apps, while many others are facing user attrition [8][10]. Group 3: Cost and Operational Challenges - Operating a direct sales app requires substantial investment, often exceeding millions of yuan annually, which many smaller fund companies cannot afford [9][10]. - The operational pressure and low user engagement have led to the perception of direct sales apps as "cost black holes" rather than strategic assets [11][18]. - The industry is recognizing the need to optimize resource allocation and reduce inefficient expenditures, as encouraged by regulatory bodies [18]. Group 4: Future Outlook - The trend indicates that fund companies that successfully integrate their sales strategies within the WeChat ecosystem may gain a competitive edge in customer retention and engagement [25]. - While some large fund companies continue to invest in their apps, the focus is shifting towards enhancing user experience and integrating with WeChat for better service delivery [22][24]. - The potential for regulatory changes regarding WeChat's direct sales capabilities could further influence the industry's sales strategies in the future [21][25].