Group 1 - The closure of mobile apps by public fund institutions is increasing, with several companies, including Ping An Fund, announcing the termination of their app services [4] - The core reason for the shutdown of direct sales apps is the difficulty in reducing operational costs, as the annual maintenance costs can range from millions to over ten million yuan, covering technology updates, security, and content operations [4] - Smaller public fund brands struggle with low app download rates and user engagement, leading to a significant imbalance between investment and returns [4] Group 2 - Companies like Xinda Australia Fund have previously terminated their app operations, indicating a trend in the industry [4] - The trend of shutting down direct sales apps reflects a broader contraction in the direct sales strategy among public fund institutions [4]

Core Viewpoint - Ping An Fund announced the migration of its "Ping An Fund" APP services to its official website and WeChat service account, effective August 31 this year, leading to the suspension of the APP's operation and maintenance [1][2]. Company Overview - Ping An Fund was established in 2011, headquartered in Shenzhen, with a registered capital of 1.3 billion RMB. It is controlled by Ping An Group [4]. - The fund has three shareholders: Ping An Trust Co., Ltd. (68.19%), Dahua Asset Management Co., Ltd. (17.51%), and Sanya Yingwan Tourism Co., Ltd. (14.3%) [4]. - As of the second quarter of this year, Ping An Fund's managed public fund scale reached 660.225 billion RMB, with a significant portion (403.739 billion RMB) in money market funds, accounting for 61.15% of the total [4]. Industry Context - The decision to shut down the APP is attributed to the high operational costs associated with direct sales APPs, which have low download and usage rates among individual investors [6]. - The operational cost of maintaining an APP is estimated to be between 2 to 3 million RMB annually, while the funds generated from the APP are minimal, leading to an unfavorable cost-benefit ratio [6]. - The competitive landscape shows a trend where third-party distribution giants dominate, making it increasingly difficult for small and medium-sized public funds to conduct direct sales [7]. - In response to high operational costs, some public funds are shifting towards lower-cost alternatives like podcasts to engage with investors and enhance brand recognition [7].