If this is a multiple-choice question, I think there is no standard answer, because as far as the current custody business of Chinese commercial banks is concerned, the three types of ABC products or customers must be paid attention to, or it can be said that in different Times, opportunities vary.

The question does not say what D is, but in fact, the several types of products that are currently the focus of domestic custody business development should be roughly classified as follows. The first is public funds and similar public products, including item C closed-end products. Funds, as well as financial products issued by securities companies, trust companies, commercial banks, etc., the current total scale of public funds is about 3 trillion, which is not the largest, but it is the most profitable business for the custody business; the second is insurance funds, the total scale is larger, and the custody business in this area has been growing in recent years with the expansion of the investment scope of insurance assets and the increase in custody requirements of regulations; the third is pensions, if the national social security, local pensions, and enterprise annuities are combined If calculated in total, it can reach a huge scale. Judging from the experience of overseas countries, this business will be the most stable source of income and business for the custody business. At present, my country's pension system is still in the process of being established, and this process is a great opportunity for the custody business. The fourth is alternative investment products, including industrial investment funds in item B. The so-called industrial investment fund is a model with Chinese characteristics. The actual investment direction is similar to the currently popular "private equity fund" or PE, but it is mainly dominated by state-owned, local government or large corporate funds. This is different from the current various models in China. Various forms of PE coexist, forming a large-scale industry with considerable potential. It's certainly an opportunity in terms of the hosting business. But as far as the business itself is concerned, as I mentioned above, the classification is called "alternative investment custody", which is different from the previous several traditional custody businesses. Even in the international industry, it has just emerged or is being improved. The scope of alternative custody also includes hedge fund custody, real estate fund custody, etc. All of the above will continue to grow with the improvement and development of China's capital market. Therefore, it is impossible for any custodian bank to choose only one area.

I don’t know who asked this multiple-choice question, but it’s really not very good. If I had to give an answer, I would choose both ABC and D. If you have to choose a single choice, just choose D, because open-end funds are currently the largest.