According to Article 12 of the General Principles of Civil Law, minors over the age of 10 are persons with limited capacity for civil conduct and can engage in civil activities appropriate to their age and intelligence. Other civil activities shall be represented by their legal representatives or with the consent of their legal representatives. Engaging in stock trading is a complex civil activity, which is not suitable for the age and intelligence of minors, so it is impossible to open a securities account.

But there is one exception, that is, inheritance requires securities transfer. In this case, minors can open securities accounts or fund accounts in securities companies. Only adults over 18 years old, or adults over 16 years old but under 18 years old, whose main source of livelihood is their own labor income, can open securities accounts.

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According to whether fund units can be increased or redeemed, they can be divided into open-end funds and closed-end funds. Open-end funds are not traded on the market (as the case may be), but are purchased and redeemed by banks, brokers and fund companies, and the fund scale is not fixed; Closed-end funds have a fixed duration and are generally listed and traded on the stock exchange. Investors buy and sell fund shares through the secondary market.

According to different organizational forms, it can be divided into corporate funds and contractual funds. A fund is established by issuing fund shares to establish an investment fund company, which is usually called a corporate fund; The establishment of fund managers, fund custodians and investors through fund contracts is usually called contractual funds. China's securities investment funds are all contractual funds.

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