Core Viewpoint - The announcement by Ping An Fund to suspend the operation of its "Ping An Fund" APP by August 31, 2025, reflects a trend among public funds to close direct sales channels through mobile applications [1] Group 1: Company Actions - Ping An Fund will integrate its APP functionalities into its official website and WeChat account starting from August 31, 2025 [1] - Other public funds, including Guoshou Anbao Fund, Morgan Stanley Fund, and Qianhai Kaiyuan Fund, have also closed their APPs this year, indicating a broader industry trend [1] Group 2: Industry Context - As of mid-2025, Ping An Fund's management scale reached 655.4 billion yuan, highlighting its significant presence in the market [1]

Core Viewpoint - Ping An Fund announced the suspension of its APP operations starting August 31, 2025, migrating all functionalities to its official website and WeChat service account, reflecting a broader trend among public fund companies to cut costs and improve efficiency [1][3][6]. Group 1: Company Strategy and Performance - Ping An Fund, managing assets of approximately 650 billion yuan, has struggled with customer stickiness and a lack of diverse product offerings, leading to the decision to shut down its direct sales APP [2][8]. - The company has been following a "fixed income first, equity second" strategy since 2015, which has resulted in a heavy reliance on fixed income products, causing challenges in expanding its equity product line [10][24]. - As of June 2025, Ping An Fund's total scale was about 656 billion yuan, with fixed income products accounting for a significant portion of its assets [13][14]. Group 2: Market Trends and Comparisons - The trend of public funds shutting down their APPs has been growing since 2019, with nearly 20 companies following suit, indicating a shift in the industry towards cost-cutting measures [4][5]. - Ping An Fund's closure of its APP is seen as a rational choice amid rising cost pressures and a shrinking market for direct sales channels [7][24]. - The company has not capitalized on the growth of the domestic ETF market, with its ETF product scale lagging behind leading fund companies [17]. Group 3: Financial Insights - The decline in total scale is attributed to a significant drop in bond fund sizes, which fell from 212.7 billion yuan to 163.7 billion yuan over a year, highlighting the challenges faced by the company [15]. - The management fees for equity funds are generally higher than those for fixed income funds, which impacts the overall profitability of Ping An Fund, as its equity product offerings remain limited [20][21]. - The shift in investor composition for the Ping An Hui Xiang Pure Bond fund indicates a growing reliance on institutional investors, raising concerns about the sustainability of its retail investor base [22][23].

Core Viewpoint - The decision by Ping An Fund to suspend its APP operations by August 31, 2025, signals a significant shift in the public fund industry, highlighting challenges faced by mid-sized and small fund companies in maintaining direct sales APPs due to high operational costs and low returns [1][5][6] Group 1: Industry Trends - Several public fund companies, including Guoshou Anbao Fund and Morgan Stanley Fund, have also shut down their APPs this year, indicating a broader trend in the industry [1][3] - The operational costs for maintaining a fund APP are substantial, with estimates exceeding 2 million yuan annually, making it difficult for many companies to justify the investment [5][6] - The trend of shutting down APPs has expanded from small public funds to mid-sized funds with over 100 billion yuan in assets under management [4][5] Group 2: User Engagement and Competition - Leading fund companies like E Fund and Huaxia have higher user engagement on their APPs compared to third-party platforms, but still lag behind in terms of active user numbers [2] - Despite some companies exiting the APP market, others are investing in enhancing their APP services, indicating a split strategy within the industry [2][7] - Recent upgrades to APPs by major firms have resulted in increased user activity, with some reporting significant month-on-month growth in active users [7] Group 3: Future Outlook - The industry is gradually shifting towards a customer-centric approach, with a focus on enhancing investor experience and reducing fees [8][9] - The development of a buyer advisory model is still in its early stages but is expected to grow, leveraging the strong research capabilities of fund companies [11] - Regulatory support for the fund advisory business is being strengthened, with new guidelines aimed at promoting standardized and automated services for institutional investors [10][11]

Core Viewpoint - The recent announcement by Ping An Fund to suspend its APP operations by August 31, 2025, has sparked significant market attention, indicating a potential shift in the public fund distribution strategy within the industry [1][3]. Group 1: Industry Trends - Several public fund companies, including Guoshou Anbao Fund and Morgan Stanley Fund, have also shut down their APPs this year, suggesting a broader trend in the industry [3][6]. - The closure of APPs by mid-sized public funds reflects the increasing operational and maintenance costs that are difficult to justify against low user engagement and financial returns [3][7]. - As of mid-2025, Ping An Fund's management scale reached 655.4 billion yuan, with a non-monetary scale of 251.7 billion yuan, ranking 24th in the industry [3][7]. Group 2: Operational Challenges - The annual cost of maintaining a fund APP is estimated to exceed 2 million yuan, which includes expenses for technical development and content operations, making it unsustainable for many mid-sized funds [7]. - The user engagement of fund APPs from leading companies is relatively low compared to third-party platforms like Tiantian Fund and Ant Wealth, leading to a significant disparity in active user numbers [3][7]. Group 3: Strategic Responses - Despite some companies exiting the APP market, leading firms are investing in enhancing their APP services to improve user experience and engagement [3][8]. - Recent upgrades to APPs from major funds, such as Nanfang Fund and Yinhua Fund, have resulted in increased user activity, with some reporting a month-on-month growth in active users [8][9]. - The industry is gradually shifting towards a customer-centric approach, focusing on enhancing investor experience and reducing overall fees, which may lead to a restructuring of sales channels [9][11]. Group 4: Future Outlook - The development of direct sales APPs is seen as promising, provided that they focus on delivering investment research insights and comprehensive services to investors [4][10]. - Regulatory frameworks are being established to support the growth of fund advisory services, indicating a potential expansion of the direct sales model in the future [12].

Group 1 - The core viewpoint of the article discusses recent controversies surrounding Ping An Fund, including the closure of its app and allegations of preferential treatment for institutional clients in redemption fees [2][25]. - Ping An Fund announced the closure of its app effective August 31, 2023, with all functionalities migrating to its official website and WeChat service account [27][28]. - The fund's total asset management scale exceeds 650 billion RMB, ranking 19th in the public fund industry, but over 60% of this is in money market funds [35][36]. Group 2 - On July 31, a bond fund under Ping An Fund announced a redemption fee discount, which was criticized as being tailored for large institutional clients, raising fairness concerns [3][12]. - The redemption fee structure showed that the majority of holders were institutional investors, with personal investors making up only 2.47% of the total [17][24]. - The app closure is seen as a cost optimization move, as maintaining the app was not yielding sufficient returns compared to its operational costs [40][41].

又一家公募基金暂停APP业务运营。 近日，平安基金公告称，为了给投资者提供更便捷的服务体验，公司将于8月31日将"平安基金"APP移动客户端 （含安卓客户端和iOS客户端）的功能及服务正式迁移至平安基金官方网站和微信服务号。届时，将暂停APP的 运营及维护服务，如有恢复运营计划，将另行通知。 平安基金表示，投资者可以登录平安基金官方网站或在微信内搜索"平安基金"微信服务号，使用APP同一账户 信息，办理基金开户、交易和查询等相关业务。 值得注意的是，平安基金并非首家关停APP的公募基金。自信达澳亚基金2019年率先终止APP运营以来，一场 中小公募的移动端撤退潮悄然开启。 近一年以来，已有包括前海开源基金、国寿安保基金、财通基金、光大保德信基金、长盛基金等多家公募终止 运营旗下移动客户端APP的业务。 "早期，公募基金公司积极开发运营APP，主要是希望建立直销渠道以降低对第三方代销平台的依赖，并积累自 有客户资源。然而，近年来行业态度发生显著转变。"财经评论员张雪峰向记者表示。 关于这种转变，排排网财富公募产品运营曾方芳分析表示，一方面，近年来，第三方代销平台凭借其流量入口 优势和多元化的产品体系迅速崛起，对 ...

又一家公募宣布将终止旗下APP运营。近日，平安基金管理有限公司（以下简称"平安基金"）发布公告 称，将于8月31日正式停止旗下"平安基金"移动客户端的运营及维护服务。投资者需迁移至公司官方网 站或微信服务号办理业务。这一决策成为继国寿安保、前海开源等机构后，又一中型公募退出移动端直 销业务的案例。 观察 平安基金公告业务迁移 根据公告，平安基金将于8月31日将"平安基金"APP移动客户端（含安卓客户端和iOS客户端，以下简 称"APP"）的功能及服务正式迁移至公司官方网站和"平安基金"微信服务号。届时，该公司将暂停APP 的运营及维护服务，如有恢复运营计划，将另行通知。 平安基金表示，APP停止运营后，投资者可以登录公司官方网站或在微信内搜索"平安基金"微信服务 号，使用APP同一账户信息，办理基金开户、交易和查询等相关业务。投资者如有疑问，可拨打客服热 线400-800-4800咨询，人工服务时间为工作日9：00至17：00。 作为平安集团投资板块的重要成员，平安基金成立于2011年，总部位于深圳，注册资本13亿元。Wind 数据显示，截至2025年二季度，其资产管理规模达6602.25亿元，在162家公募 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has optimized the registration review process for Hong Kong mutual recognition funds to enhance investor protection and ensure stable operations of these funds, requiring a minimum asset scale of 200 million RMB in the year prior to application [1] - Several small and medium-sized public fund companies have begun shutting down their mobile applications due to low user engagement and high operational costs, with companies like Ping An Fund and Guotai Junan Fund announcing similar plans [1] Group 2 - The Ministry of Finance has allocated a budget of approximately 90 billion RMB for childcare subsidies this year, with the central government covering about 90% of the funding needed for local governments [2] - In the first half of the year, 10 healthcare companies have listed in Hong Kong, raising a total of 2.1 billion USD, while 35 more companies have submitted listing applications [2] - A report indicates that by 2024, the revenue share of self-developed Chinese games from overseas sales is expected to reach 33.62%, with the Chinese and US gaming markets projected to be worth 47 billion USD and 46.1 billion USD respectively [2] Group 3 - Giant Star Legend has announced a partnership with Yushu Technology to develop consumer-grade robots, with plans to allocate approximately 38.2% of their recent fundraising for expanding retail channels, including vending machines and smart devices [3] - Huawei has launched its new flagship tablet, the MatePad Pro, featuring HarmonyOS 5 and starting at a price of 3,999 RMB [3] Group 4 - Greenland Holdings has refuted rumors regarding its CEO's disappearance, confirming that he is on personal leave but remains in his position [4] - Glencore plans to cut costs by 1 billion USD and has raised its long-term profit forecast for its commodities trading division for the first time since 2017, with expected profits now between 2.3 billion and 3.5 billion USD [4] - Zhongwang Software is facing a copyright infringement lawsuit from Autodesk in the US, which the company intends to contest vigorously [4] Group 5 - Pudong Construction reported a 1.89% decrease in the number of new engineering projects signed in Q2, with a 22.53% drop in project value to 3.278 billion RMB [5] - Anhui Construction announced a slight increase of 0.65% in new contract value for its engineering business, totaling 33.523 billion RMB [5] - Sinopec Oilfield Services has won a contract worth 3.597 billion RMB for a natural gas pipeline project, accounting for 4.44% of its projected revenue for 2024 [5] - Inner Mongolia Huadian reported a decline in revenue by 8.75% to 9.827 billion RMB and a net profit drop of 11.91% to 1.557 billion RMB for the first half of the year [5] Group 6 - Weihong Co. reported a 9.51% increase in revenue to 260 million RMB for the first half of the year, but a 28.86% decrease in net profit to approximately 29.25 million RMB [6] Group 7 - The Shanghai Composite Index rose by 0.17% despite a mixed performance in the market, with significant declines in high-profile stocks, while sectors like film, oil and gas, and baby products saw gains [7]

近日，平安基金发布APP业务迁移的公告称，将于2025年8月31日将"平安基金"APP的功能和服务正式迁移至官网和"平安基金"微信服务号。届时，公司将 暂停APP的运营及维护服务，如有恢复运营计划，将另行通知。 关停旗下APP似乎在中小型公募基金公司中已成为一种趋势。今年以来，国寿安保基金、前海开源基金等公募相继宣布，终止运营旗下移动客户端APP的 业务；更早之前，光大保德信基金、长盛基金、财通基金等公募均于去年暂停或终止运营APP。 "对多数中小基金公司而言，APP用户活跃度较低，其带来的资金流量很小，却需要投入上百万元甚至上千万元的费用去运营维护和优化，投入产出并不 成正比。"有业内人士表示。 今年5月，证监会印发《推动公募基金高质量发展行动方案》，其中明确提出，"出台《公募基金运营服务业务管理办法》，推动降低信息技术系统租赁与 使用费，助力行业机构降本增效。" 同时，近年来，公募基金行业资源与流量的头部效应愈发明显，第三方基金代销机构"赢家通吃"的虹吸效应进一步加大中小基金直销业务压力，这也是导 致部分公募基金宣布放弃运营APP的更深层原因。 今年3月，中国证券投资基金业协会发布2024年下半年基金销售 ...

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]