Core Viewpoint - Ping An Fund Management Co., Ltd. announced the termination of its mobile app operations, reflecting a broader trend among mid-sized public funds to exit direct sales via mobile platforms [1][2][3] Group 1: Company Actions - Ping An Fund will officially stop the operation and maintenance of its mobile app on August 31, 2025, requiring investors to migrate to the company's official website or WeChat service account for transactions [2] - The app's functionalities, including fund account opening, trading, and inquiries, will be available through the official website and WeChat service account using the same account information [2] - As of Q2 2025, Ping An Fund's asset management scale reached 660.225 billion yuan, ranking 20th among 162 public fund institutions, with money market funds accounting for 61.15% of its total assets [2] Group 2: Industry Trends - The public fund industry is experiencing a wave of app shutdowns, with several mid-sized funds, including Beixin Ruifeng Fund and Guoshou Anbao Fund, also ceasing their mobile app operations since 2023 [3][4] - The trend indicates a significant shift from smaller public funds to larger mid-sized institutions, highlighting a systemic issue within the industry [3] - The closure of these apps is attributed to high operational costs and increased competition, as maintaining a direct sales app requires continuous investment in technology and marketing, which many mid-sized funds find unsustainable [4][5] Group 3: Market Dynamics - The public fund distribution market is dominated by banks, securities firms, and independent sales platforms, which has reduced the survival space for mid-sized public funds' direct sales channels [5] - Investors prefer one-stop platforms for comparing funds, making it difficult for smaller companies to retain customer loyalty due to a lack of product diversity [5] - The ongoing digital transformation poses challenges for mid-sized public funds, necessitating a balance between cost control and user experience to remain competitive in the market [5]

Core Viewpoint - The closure of the "Guoshou Anbao Fund" app by Guoshou Anbao Fund Management Co., Ltd. reflects a broader trend of shrinking online direct sales channels among small and medium-sized public funds in the industry [3][6][9] Group 1: Company Actions - Guoshou Anbao Fund announced the termination of its app's operation and maintenance services starting March 31, marking its exit from the independent mobile client sector [3][5] - Investors can still manage their accounts through the company's official website and WeChat account, with processes remaining consistent with the app [5] - The decision to close the app is part of the company's strategic adjustment, emphasizing risk management and compliance [5][9] Group 2: Industry Trends - Guoshou Anbao Fund is the fourth public fund to shut down its online direct sales platform in 2023, indicating a trend among small and medium-sized public funds [6][8] - Other funds, such as Beixin Ruifeng Fund and Guojin Fund, have also announced similar closures, highlighting a wave of app shutdowns in the industry [6][7] - The closure trend is attributed to high operational costs, low user engagement, and the competitive landscape of the public fund industry [8][9] Group 3: Operational Challenges - The high costs associated with maintaining a direct sales app, including technology updates and marketing, are unsustainable for many small public funds [8] - Regulatory changes, such as limits on third-party payment services and strict compliance requirements, have further increased operational costs [8] - Despite the closures, many institutions are enhancing their website and WeChat services to maintain customer engagement and improve user experience [9]