Core Viewpoint - The decision by Ping An Fund to suspend its APP operations has sparked significant market attention, indicating a potential shift in the public fund distribution strategy within the industry [1][3]. Group 1: Company Actions - Ping An Fund announced the suspension of its APP operations effective August 31, 2025, with functionalities being integrated into its official website and WeChat account [1]. - Other public funds, including Guoshou Anbao Fund and Qianhai Kaiyuan Fund, have also closed their APPs this year, reflecting a broader trend among mid-sized public funds [3][7]. - The operational costs of maintaining a fund APP are high, with estimates suggesting a minimum annual cost of over 2 million yuan, leading to many funds exiting the APP market [8][11]. Group 2: Industry Trends - The trend of shutting down APPs is not limited to smaller funds; it has now reached mid-sized funds with over 100 billion yuan in assets under management [6][7]. - Despite some funds exiting the APP space, leading firms are investing in enhancing their APP services, indicating a bifurcation in the market where larger firms continue to pursue digital engagement [3][10]. - The overall user engagement on APPs from leading funds remains lower compared to third-party platforms, highlighting a significant gap in user acquisition and retention [3][11]. Group 3: Future Outlook - Industry experts believe that the future of direct sales APPs hinges on not just selling proprietary funds but also on delivering investment research insights and comprehensive services to investors [4][12]. - The regulatory environment is evolving, with new policies aimed at enhancing investor services and promoting the development of fund advisory services, which could reshape the sales landscape [13][14].

Core Viewpoint - The public fund industry is witnessing a trend where even large-scale fund companies are gradually exiting the APP direct sales business due to cost pressures and the dominance of major players in the market [1][2]. Group 1: Industry Trends - The trend of public funds suspending or terminating their APP operations has expanded from smaller funds to mid-sized funds with over 100 billion in assets, and even to those exceeding 300 billion [2][3]. - The operational and maintenance costs of fund APPs are significant, often ranging from millions to nearly ten million, while the customer acquisition through these channels remains low, leading to poor economic viability [4][10]. Group 2: Competitive Landscape - The dominance of major third-party fund distribution platforms, such as Ant Group's fund management, is creating a "winner-takes-all" scenario, making it increasingly difficult for smaller funds to compete [5][6]. - The market share of leading platforms is stark, with Ant Group holding 7,388 billion in equity fund assets, significantly outpacing competitors like China Merchants Bank and Tiantian Fund [6]. Group 3: Strategic Responses - In response to the competitive pressures, some mid-sized funds are seeking to embrace internet platforms through equity acquisitions, as seen with the acquisition of a stake in Pioneer Fund by Zhinanzhen [8][9]. - The shift towards internet platforms reflects the need for smaller funds to adapt their business models in order to survive in a market dominated by larger players [9][10].