A new benchmark for the public fund industry’s domestic innovation: Ping An Fund and Winsdom jointly achieve a full-stack domestic innovation transformation in valuation and operations

Log in to Sina Finance App and search for [Information Disclosure] to see more evaluation levels.

Reprinted from China Securities Journal · China Securities Network

Recently, Ping An Fund’s Valuation Accounting System V5.5 Trust Innovation Edition has been operating smoothly for half a year and has successfully passed the year-end settlement test. This marks the practical verification and industry recognition of the Trust Innovation integrated solution in the public fund sector.

This Ping An Fund Trust Innovation project covers a full range of trust innovation solutions, including Valuation Accounting 5.5, Unified Payment Platform 5.5, Operational Risk Control 2.0, Automated Valuation, Daily Reports, Information Disclosure, and PCF Basket. It is the first full-stack domestication benchmark for valuation-related systems in the public fund industry, providing a replicable and promotable implementation path for industry trust innovation transformation.

In recent years, the asset management industry has continued to grow, with increasingly complex scenarios such as public funds, private wealth management, and bank wealth management outsourcing. Meanwhile, regulatory requirements for financial security and autonomous control have deepened, revealing technical bottlenecks and security risks in traditional valuation systems, especially the dependence on foreign vendors for core hardware and software, which has become a key factor restricting high-quality industry development. Against this background, “security and efficiency” have become the core goals of public fund system transformation. As a core part of fund operations, the trust innovation transformation of valuation systems is particularly important. However, the public fund industry previously lacked mature integrated trust innovation transformation cases, and implementation faced many unknown challenges.

Faced with high difficulty in multi-module system coordination and adaptation, and limited industry reference experience, Ping An Fund closely collaborated with Winning Time, overcoming multiple technical challenges, and achieved official single-track operation of the system on July 1, 2025. During this period, the system successfully handled multiple business tests, including the National Day holiday, I9 standard switch, and 2025 year-end settlement, verifying its reliability and adaptability in complex scenarios. The project demonstrated four core highlights during implementation, reflecting the practical value of full-stack domestication transformation.

Highlight 1: Innovative Implementation Path, Ensuring Business Continuity Without Interruption

Public fund net value disclosure has strict timing requirements, making business continuity critical. During the early stage when trust innovation hardware and software were not fully stable, Ping An Fund and Winning Time relied on the operational team’s deep understanding of business and the IT team’s technical support, repeatedly validating solutions, and innovatively proposed a “two-round upgrade + multi-system synchronized adaptation” approach: first completing trust innovation application version upgrades and adapting modules such as payment, control, reports, and baskets, then proceeding with database switching. This approach avoided the risks of traditional “big bang” switching, effectively solving the adaptation difficulties of integrated multi-system and multi-module coordination, and explored a new path for smooth trust innovation system transition.

Highlight 2: Seamless Transition Design, Reducing System Switch Costs

Based on Winning Time’s extensive industry experience and自主研发能力, they launched a self-developed one-click data migration tool supporting product-based and table-based data migration, with breakpoint resume and rollback functions, enabling smooth, accurate, and efficient migration from the original system to the trust innovation environment. The system’s interface design, operation procedures, and data interfaces fully retain users’ original habits, significantly reducing learning costs for business personnel, effectively avoiding operational risks during switching, and ensuring business continuity.

Highlight 3: Technical Breakthroughs, Achieving T+0 Batch Processing Performance on Par

Currently, domestic databases still lag behind Oracle, posing challenges to system performance assurance. Winning Time collaborated with database vendors on targeted technical breakthroughs, including index restructuring, SQL splitting, code modification, and fine-tuning concurrency parameters, successfully improving system performance steadily. In automated end-of-day batch processing, over 96% of products can complete end-of-day valuation before 19:00, with overall batch performance comparable to Oracle-based trust innovation versions, achieving the core goal of “no performance decline.” The code optimization and parameter tuning experience can serve as a reference for peers, shortening adaptation cycles.

Highlight 4: Full-Stack Trust Innovation Architecture, Building a Secure and Controllable Defense Line

The system adopts OceanBase database, combined with Kirin OS and Ping An’s self-developed Rockyas middleware, forming a high-availability, high-security full-stack trust innovation architecture. Through national encryption algorithms and自主可控协议, the system achieves industry-leading levels in data security, business continuity, and system stability, complying with national trust innovation strategies and financial industry regulatory requirements, establishing a reliable and secure barrier for fund operations.

The successful launch of Ping An Fund’s Valuation Accounting System V5.5 Trust Innovation Edition is not only a significant milestone in its digital transformation process but also provides a replicable and promotable practical model for trust innovation transformation in the public fund industry, effectively reducing industry trial-and-error costs and accelerating trust innovation progress.