Core Viewpoint - The trend of public funds shutting down their direct sales apps is increasing, with many companies migrating their services to official websites and WeChat mini-programs, reflecting a shift towards more efficient and cost-effective operations in the industry [1][4][9]. Group 1: Company Actions - Ping An Fund announced the migration of its app services to its official website and WeChat service account, effective August 31 [1]. - Multiple public funds, including China Life Asset Management and Morgan Stanley Fund, have also ceased their app operations this year, indicating a broader industry trend [2][4]. - Over the past five years, more than 20 public funds and asset management companies have terminated their direct sales app operations [2][5]. Group 2: Industry Trends - The total fund scale managed by Ping An Fund is 655.1 billion yuan, with 403.7 billion yuan in money market funds and 251.4 billion yuan in non-money market funds, while many funds that have shut down their apps manage less than 100 billion yuan [5]. - The shift away from direct sales apps is attributed to high maintenance costs that outweigh the benefits, leading to a more rational decision to close these services [8]. - The public fund industry is transitioning from "heavy asset direct sales" to "lightweight operations," with third-party distribution platforms gaining prominence [9][10]. Group 3: Investor Experience - Investors find the direct sales apps cumbersome due to varying interfaces and complex processes, which can hinder their experience [8]. - The convenience of using WeChat service accounts and mini-programs is seen as a more efficient alternative for investors, providing essential trading functions at lower costs [9][10]. - The trend of shutting down direct sales apps may continue, but it will not completely eliminate direct sales channels, as some leading public funds will still focus on enhancing their direct sales capabilities [10].