Core Viewpoint - The article discusses the significant growth of public fund sizes in China, surpassing 36 trillion yuan, and the challenges of sustaining performance in a highly uncertain environment. It highlights the platformization strategy adopted by Ping An Fund as a solution to these challenges, emphasizing the importance of systematic support and cultural transformation within the organization [1][2]. Group 1: Platformization Strategy - Ping An Fund has transitioned from relying on individual fund managers to a systematic approach, termed "platformization," which has been in place for seven years. This transformation involves restructuring the organization and fostering a culture of long-term correctness [1][3]. - The platformization strategy has led to a significant increase in performance, with Ping An Fund's active equity funds achieving a return of 50.11% year-to-date as of September 30, 2025, with 26 out of 52 products exceeding 50% returns [2][4]. - The firm has established a framework that allows investment performance to be viewed as a science rather than an art, focusing on replicable and sustainable strategies [3][4]. Group 2: Internal Mechanisms and Culture - The internal mechanism of Ping An Fund is built on "Four True Mechanisms," which include true mechanisms, true teams, true talents, and speaking the truth. These mechanisms ensure transparency, efficiency, and continuous evolution within the investment research ecosystem [12][13]. - The culture within Ping An Fund encourages open communication and respect for individual perspectives, allowing junior researchers to challenge senior fund managers' views, fostering a collaborative environment [5][14]. - The firm emphasizes a dual-track approach of "internal cultivation + external introduction" to build a diverse investment research team, which currently consists of 23 fund managers and 27 researchers [6][7]. Group 3: Diverse Investment Strategies - Ping An Fund employs a "Three Many Strategies" approach, which includes multiple teams, styles, and strategies to create a robust investment research system that can adapt to market fluctuations [7][10]. - The fund's product matrix is categorized into four main series: full market selection, thematic tracks, index enhancement, and absolute returns, providing a comprehensive toolbox for investors [8][9]. - Specific funds have demonstrated exceptional performance, such as the Ping An Advanced Manufacturing Theme A fund, which achieved a return of 116.98% over the past year, showcasing the effectiveness of the platformization strategy [12][8]. Group 4: Long-term Vision and Market Adaptation - The article concludes that Ping An Fund's platformization approach offers a reliable and understandable investment experience, especially in volatile markets, by ensuring continuity and stability despite individual fund manager changes [17][18]. - The firm’s focus on long-term sustainability and a culture that tolerates failure allows fund managers to adhere to their investment philosophies without succumbing to short-term market pressures [15][16]. - This strategic shift from reliance on individual star fund managers to a systematic platform-based approach is seen as a potential direction for the asset management industry as a whole [18].

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].