Core Viewpoint - The recent announcement by Ping An Fund to suspend its mobile app operations reflects a broader trend among public funds to shift from direct sales through apps to lighter operational models, primarily due to high operational costs and the dominance of third-party distribution platforms [1][3][4]. Group 1: Company Actions - Ping An Fund will officially migrate its app services to its official website and WeChat service account on August 31, ceasing app operations and maintenance [1][3]. - Investors can still access services such as fund account opening, trading, and inquiries using the same account information through the website or WeChat [3]. Group 2: Industry Trends - Since the termination of app operations by Cinda Australia Fund in 2019, a wave of similar actions has been observed among smaller public funds, including Qianhai Kaiyuan Fund and Guoshou Anbao Fund [3][4]. - The shift in strategy is attributed to the rise of third-party distribution platforms that leverage their traffic advantages and diverse product offerings, creating a siphoning effect on market funds [4]. Group 3: Cost and Regulatory Factors - The operational costs associated with app maintenance, user acquisition, and compliance management have become burdensome for smaller public funds, leading to an imbalance between costs and revenues [4]. - Regulatory initiatives aimed at reducing operational costs and promoting resource optimization within the industry are also influencing this trend, as highlighted by the 2025 action plan from the China Securities Regulatory Commission [4]. Group 4: Future Outlook - The closure of public fund apps indicates a transition from "heavy asset direct sales" to "lightweight operations," with a focus on efficient and low-cost service models [4]. - Future developments may see smaller public funds adopting WeChat service accounts, mini-programs, and official websites for operations, while the industry may increasingly emphasize investment advisory services to enhance user experience and brand value [4].