The holding time of the Fund is calculated from the confirmation date of the Fund Company. Specifically, the subscription date of the Fund is D, and the subscription confirmation date is D+ 1. If the period from the subscription confirmation date (included in the holding date) to the fund redemption date (included in the holding date) reaches 7 days, there is no need to pay the redemption fee of 1.5%.

According to different standards, securities investment funds can be divided into different types:

(1) According to whether the fund unit can be increased or redeemed, it 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.

(2) 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.

(3) According to the different investment risks and returns, it can be divided into growth funds, income funds and balanced funds.

(4) According to different investment objects, it can be divided into stock funds, bond funds, money market funds and futures funds.

There are many forms of securities investment, mainly including stock investment and bond investment.

Bonds invested by bond investors can be divided into government bonds and corporate bonds according to different issuers, and can be divided into foreign bonds and European bonds according to different issuance market locations and face value currencies.

Securities investment has the following characteristics:

1. Securities investment has a high degree of "market power";

2. Securities investment is a venture investment in securities that are expected to bring benefits;

3. Investment and speculation are two indispensable behaviors in securities investment activities;

4. The securities investment in the secondary market will not increase the total social capital, but will be redistributed among the holders.

Investment securities are divided into three categories according to their nature:

One is bond securities. Debt certificates issued by issuing enterprises or government agencies and indicating the time and amount of repayment of principal and interest, including government bonds, financial bonds and other corporate bonds, indicate that enterprises have the creditor's rights of securities issuers.

The second is equity securities. Explain that the enterprise owns the ownership of the securities issuing company, such as the common stock issued by other companies, and its investment income depends on the dividend of the issuing company and the stock market price.

The third is mixed securities. Refers to the preferred stock purchased by the enterprise. Preferred stock is a mixed security between common stock and bond.