Core Insights - Multiple fund subsidiaries have recently been approved and are quickly launching their first business operations, indicating a trend towards differentiated development in the public fund industry [2][5] Group 1: Company Developments - E Fund announced the establishment of its wholly-owned subsidiary, E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd., with a registered capital of 100 million RMB, focusing on securities investment fund sales [2][5] - The subsidiary aims to provide buy-side investment advisory services and has built a team of over 100 people to support its operations [5] - 华夏基金 has partnered with listed companies to establish the 华夏致远创业投资基金, with a total subscription amount of 35 million RMB, focusing on equity investments in the biopharmaceutical sector [6][8] Group 2: Industry Trends - The establishment of specialized subsidiaries is seen as a response to regulatory encouragement for public fund companies to enhance their core business while achieving differentiated development [5][9] - The trend of multiple fund subsidiaries being approved reflects a broader strategy to enhance comprehensive wealth management capabilities and better serve the wealth management needs of Chinese residents [9] - Other fund companies, such as 汇添富基金, are also exploring investments in the primary market through their subsidiaries, indicating a shift towards a more integrated investment approach [8][9]