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Core Viewpoint - The establishment of specialized subsidiaries by major fund companies like E Fund, Huatai-PineBridge, and GF Fund marks a significant trend towards differentiated development in the wealth management sector, enhancing their competitive edge in the market [1][25][26]. Group 1: E Fund Developments - E Fund's subsidiary, E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd., has officially commenced operations after obtaining the necessary licenses, including the Securities and Futures Business License and the Fund Advisory Business Pilot Qualification [5][6]. - The launch of E Fund Wealth is seen as a pivotal moment for the industry, focusing on fund advisory services and aiming to facilitate the scientific allocation of residents' wealth through capital markets [5][6]. - E Fund's upgraded "e Wallet" platform now supports comprehensive market fund transactions and professional investment advisory services, enhancing customer experience [6][11]. Group 2: Huatai-PineBridge Developments - Huatai-PineBridge has announced the establishment of its wholly-owned subsidiary, Huatai-PineBridge Fund Sales (Shanghai) Co., Ltd., with a registered capital of 50 million RMB, focusing on securities investment fund sales [14][16]. Group 3: GF Fund Developments - GF Fund has registered its wholly-owned subsidiary, Ruichen Equity Investment Fund Management (Guangdong) Co., Ltd., with a registered capital of 100 million RMB, aimed at private equity investment fund management [18][21]. - The establishment of this subsidiary is viewed as a strategic move to enhance alternative investments and diversify the company's business matrix in response to evolving wealth management demands [21][26]. Group 4: Industry Trends - The trend of fund companies establishing specialized subsidiaries is gaining momentum, with various types of subsidiaries being set up to cater to diverse investment needs [23][25]. - Regulatory support for the establishment of these subsidiaries is evident, as the China Securities Regulatory Commission encourages fund management companies to create specialized entities for various financial services [25][26]. - The establishment of specialized subsidiaries is expected to lead to a more integrated wealth management approach, allowing firms to offer a wider range of services while maintaining independent and stable operations [25][26].