The total assets of graded private placement products shall not exceed 140% of the net assets of the products. Graded private placement products are graded according to the risk degree of investment assets (priority share/secondary share, and intermediate share is included in priority share). The classification ratio of fixed income products shall not exceed 3:1; The grading ratio of equity products shall not exceed1:1; The grading ratio of commodities, financial derivatives and mixed products shall not exceed 2: 1. Financial institutions that issue graded asset management products shall independently manage asset management products and shall not entrust them to inferior investors.

Private placement products generally refer to private placement funds.

Private equity investment (also known as private equity investment or PrivateFund) is a very broad concept, which refers to the investment in any kind of equity assets that cannot be traded freely in the stock market. Passive institutional investors may invest in private equity investment funds, which are then managed by private equity investment companies and invest in target companies. Private equity investment can be divided into the following categories: leveraged buyout, venture capital, growth capital, angel investment, mezzanine financing and other forms. Private equity investment funds generally control the management of the companies they invest in and often introduce new management teams to enhance the company's value.

Private equity funds are funds raised by private individuals or directly from specific groups. The corresponding Public Offering of Fund is Public Offering of Fund. People usually say that funds are mainly mutual funds, that is, securities investment funds.

There are three main analysis methods of securities investment: basic analysis, technical analysis and evolution analysis, in which the basic analysis is mainly applied to the selection of investment objects, while the technical analysis and evolution analysis are mainly applied to the temporal and spatial judgment of specific investment operations as an important supplement to improve the effectiveness and reliability of investment analysis. Private equity funds in a broad sense include private equity funds in addition to securities investment funds.

In China's financial market, "private fund" or "underground fund" is usually a collective investment that is privately raised by specific investors, as opposed to the securities investment fund that is supervised by the competent department of China government and publicly issues beneficiary certificates to unspecified investors. There are basically two ways, one is a contractual collective investment fund based on signing the entrusted investment contract, and the other is a corporate collective investment fund based on * * * contributing shares to establish a joint-stock company.