Core Viewpoint - JD.com has launched a new initiative allowing PLUS members to purchase funds without any subscription fees, marking a significant move in the fund distribution sector among internet giants [2][4]. Summary by Sections Initiative Details - The JD Financial App has introduced a program where PLUS members can enjoy unlimited fund purchases with zero subscription fees, excluding certain fund types [5][6]. - The program allows for direct fee waivers or refunds in the form of JD Beans for certain funds, enhancing the attractiveness of the offer [6][7]. Market Context - The initiative aligns with the China Securities Regulatory Commission's recent policy aimed at reducing investor costs in public funds, indicating a broader trend in the industry towards lowering fees [2][8]. - Other financial institutions, such as China Merchants Bank, have also implemented similar fee reductions, suggesting a competitive shift in the fund sales market [13][14]. Customer Acquisition and Challenges - While the zero subscription fee initiative may attract existing PLUS members, the effectiveness in acquiring new customers remains uncertain due to the hidden nature of the financial services section within the JD.com app [10][11]. - The current market dynamics indicate that merely reducing fees may not be sufficient to shift investor habits, as many users are accustomed to other platforms [10][14]. Industry Trends - The overall trend in the fund sales market is towards decreasing fees, with various channels competing to enhance their offerings and attract more investors [12][14]. - The market is expected to evolve into a more diversified landscape, where institutions that provide quality products and services will stand out [14].