1 are risky investment products (while money market funds and US Treasury bonds can be considered as risk-free)

2 are publicly traded products managed by CSRC and financed by the public

3...

Different:

1 Different types of risks are taken. Stocks are equity, bonds are fixed income, and funds are equity, fixed income and mixed according to their types.

2 Direct investment in stocks and bonds requires self-active portfolio management, while investment funds do not need to (only consider the asset allocation ratio)

3 In terms of returns, the performances of these three products are quite different in inflation cycle and deflation cycle, economic upswing and recession, industrialized countries and emerging countries, but they cannot be generalized.