面对席卷而来的数字化浪潮，银华基金始终将数字化转型视为重要战略，全面提升金融服务质效：一方 面，搭建金融服务平台，开设银华生利宝APP、银华基金通小程序，不断提升持有人的投资体验；另一 方面，立足"一体化、场景化、智能化、生态化"的数字银华2.0愿景，打造全感知全连接智能化的数字 化基金运作生态体系。 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 9月8日，为贯彻落实《推动公募基金高质量发展行动方案》，在北京证监局指导下，北京证券业协会携 手北京公募基金管理人、基金销售机构、基金评价机构及多家主流媒体，共同启动了以"新时代·新基金· 新价值"为主题的"北京公募基金高质量发展系列活动"，银华基金等四十余家机构参与其中。 今年5月发布的《推动公募基金高质量发展行动方案》，明确提出"提升行业服务投资者的能力"的要 求，引导基金公司、基金销售机构围绕投资者最佳利益，全面优化投资研究、产品设计、风险管理、市 场推广等资源配置，践行长期投资、价值投资、理性投资，努力给投资者带来更优回报。 当下，AI等新一代数字技术正在赋能各行各业，数字金融在资管行业各个领域得到了广泛应用。作为 重要的机构投资者，公募基金 ...

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].