There are restrictions. Please refer to the following introduction to find out what kind of company your company belongs to: Regarding the definition and types of bills of exchange, according to Article 19 of the Bill Law, a bill is a bill issued by the drawer, and the payer is entrusted to unconditionally pay a certain amount to the payee or holder at sight or on a specified date. Bills of exchange are divided into bank bills and commercial bills. I. Definitions related to bill business (1) Regarding the definition of bill, according to the second paragraph of Article 2 of Bill Law, bill refers to bill of exchange, promissory note and cheque. (2) With regard to the definition and types of bills of exchange, according to Article 19 of the Negotiable Instruments Law, a bill is a bill issued by the drawer, and the payer is entrusted to unconditionally pay a certain amount to the payee or holder at sight or on a specified date. Bills of exchange are divided into bank bills and commercial bills. (3) About the Promissory Note and Its Scope According to Article 73 of the Negotiable Instruments Law, a promissory note is a note issued by the drawer, which promises to unconditionally pay a certain amount to the payee or the holder at sight. A promissory note in the negotiable instrument law refers to a bank promissory note. (4) With regard to the concept of cheque, according to Article 81 of the Negotiable Instruments Law, a cheque is a bill issued by the drawer, and a bank or other financial institution entrusted to handle cheque deposit business unconditionally pays a certain amount to the payee or the holder at sight. Two. Are there any restrictions on the investment bills of the asset management plan of securities companies (I) Relevant provisions of the asset management plan of securities companies According to the provisions of Article 11 of the Measures for the Administration of Customer Asset Management Business of Securities Companies, securities companies can engage in the following customer asset management businesses according to law: (1) Directing asset management business for a single customer; (2) Gathering asset management business for multiple customers; (3) Special asset management business for customers' specific purposes. Article 14 stipulates that a securities company shall sign a special asset management contract for customers' special purposes, set specific investment targets according to customers' special requirements and the specific conditions of basic assets, and provide asset management services to customers through special accounts. A securities company shall fully understand and disclose to customers the integrity and compliance of the owner of the underlying assets or the financing subject, the ownership of the underlying assets, whether there are guarantee arrangements and specific circumstances, the risk-return characteristics of the investment target and other related major matters. A securities company may set up a comprehensive collective asset management plan and special asset management business. Article 15 stipulates that a securities company that has obtained the qualification of customer asset management business can direct asset management business; Special asset management business shall also apply to the China Securities Regulatory Commission item by item in accordance with the provisions of this Law. According to the above provisions, asset management plans of securities companies can be divided into directional asset management plans, collective asset management plans and special asset management plans. At present, there is no explicit prohibition on bill investment in the special asset management plan. It should be noted that the special asset management plan of securities companies needs to be applied to the CSRC item by item. (II) Regarding whether the targeted asset management plan of a securities company is restricted from investing in bills, Article 25 of the Detailed Rules for the Implementation of Targeted Asset Management Business of Securities Companies stipulates that the investment scope of targeted asset management business shall be agreed by the securities company and its customers through contracts, which shall not violate laws, administrative regulations and the prohibitive provisions of the China Securities Regulatory Commission, and shall match the customers' risk awareness and tolerance, as well as the investment experience, management ability and risk control level of the securities company. The directional asset management business can participate in margin trading or lend the securities it holds to securities finance companies as the underlying securities for margin trading. According to the above provisions, the investment scope of the directional asset management plan is agreed by the securities company and the customer through the contract, and there is no restriction on bill investment. (III) Regarding whether there are restrictions on the investment bills of the collective asset management plan of securities companies, Article 14 of the Detailed Rules for the Implementation of the Collective Asset Management Business of Securities Companies stipulates that the funds raised by the collective plan should be used to invest in legally issued stocks, bonds, securities investment funds, central bank bills, short-term financing bills, asset-backed securities, medium-term bills, stock index futures and other financial derivatives, financial plans of commercial banks with guaranteed returns and guaranteed floating returns, and other investment products recognized by the China Securities Regulatory Commission. A collective plan can participate in margin trading, or lend the securities it holds to a securities finance company as the underlying securities for margin trading. Securities companies can set up collective plans to raise funds in China and invest in overseas financial products approved by China Securities Regulatory Commission. According to the Notice of the Public Office of China Securities Regulatory Commission on Strengthening the Supervision of Asset Management Business of Securities Companies, V. Securities companies should further strengthen the compliance management of products and businesses. The compliance director should earnestly perform his duties, strengthen the compliance review, monitoring and inspection of products and businesses, and provide effective support for the company to carry out asset management business in compliance with laws and regulations. (1) The investment scope of the collective asset management plan shall conform to the Detailed Rules for the Implementation of the Collective Asset Management Business of Securities Companies (AnnouncementNo. CSRC 20 1229), and it is forbidden to invest in investment products such as bills beyond the prescribed investment scope without permission; It is not allowed to expand the investment scope of the collective asset management plan in disguise by entrusting directional asset management or setting up a single asset trust ... According to Article 14 of the Detailed Rules for the Implementation of Collective Asset Management Business of Securities Companies, the funds raised by the collective plan can be invested in the investment varieties traded in securities and futures exchanges such as stocks, bonds, stock index futures and commodity futures issued in China according to law; Investment varieties of interbank market transactions such as central bank bills, short-term financing bills, medium-term bills, interest rate forwards and interest rate swaps; Securities investment funds, special asset management plans of securities companies, financial management plans of commercial banks, collective fund trust plans and other financial products approved or filed for issuance by financial regulatory authorities; And other investment products approved by China Securities Regulatory Commission. A collective plan can participate in margin trading, or lend the securities it holds to a securities finance company as the underlying securities for margin trading. Securities companies can set up collective plans to raise funds in China and invest in overseas financial products approved by China Securities Regulatory Commission. Regarding the "central bank bill" mentioned in the above provisions, according to the provisions of Hefei Central Sub-branch of the People's Bank of China, "What is a central bank bill?" Central bank bills, that is, central bank bills, are short-term debt certificates issued by the central bank to commercial banks to regulate their excess reserves, and their essence is central bank bonds. The reason why it is called "central bank bill" is to highlight its short-term characteristics (from the perspective of issued central bank bills, the shortest term is 3 months, and the longest is only 1 year). With regard to the "medium-term notes" mentioned in the above provisions, Article 2 of the Guidelines for Medium-term Notes Business of Non-financial Enterprises in the Inter-bank Bond Market stipulates that the medium-term notes mentioned in these Guidelines refer to debt financing instruments issued by non-financial enterprises with legal person status in installments in the inter-bank bond market according to the plan, and agreed to repay the principal and interest within a certain period of time. That is, "central bank bills" and "medium-term bills" are not "bills" in essence. Based on the above provisions, securities companies may not invest in bills when setting up asset management plans.