Group 1 - The fund distribution industry is experiencing a transformation with new entrants adopting a "buy-side advisory" approach, which is reshaping the market dynamics [1][2] - New institutions like E Fund Wealth Management are being added as distribution partners for multiple funds, indicating a shift in strategy among fund companies [2] - The entry of new players is seen as a potential catalyst for accelerating industry evolution, despite the prevailing challenges faced by traditional players [2][3] Group 2 - The industry is witnessing a rapid reshuffle, with many traditional firms exiting the market due to increasing competition and regulatory pressures [3] - The recent fee reforms initiated in July 2023 are driving a systematic adjustment in the fund distribution sector, emphasizing the need for a more sophisticated approach beyond the traditional sales model [3][4] - The transition towards a buy-side advisory model is being supported by policy changes and market demands, which are expected to enhance the growth potential of the public fund industry [4]