In some fund operations, we often have news about the discount rate of funds, which is constantly used in fund investment, mainly as an indicator to measure the price difference between closed-end funds and net assets. So is this indicator high or low? What do you think? Is the discount rate high or low? The discount rate is generally lower, because the lower the discount rate of the fund, the smaller the difference between the market price and the net value, so it is closer to the normal level of the market. There are many factors that affect the discount rate, but the discount rate is positively related to the size of the fund and the liquidation cycle, which also reflects investors' recognition of the fund management level, so the market price is often the closest to the net value, so the corresponding fund is better. Generally speaking, the discount rate is often influenced by many factors, and the influencing factors of different funds are not the same. For example, an open-end fund has the same net value and market price, so the discount rate will be relatively small. The closed-end fund is a little different, because its own discount premium is driven by investors' emotions, so the market price and the actual value of the fund are often different, that is, there is a high fluctuation around the net value. Therefore, for us investors, although buying a closed-end fund with a high discount rate may be profitable, if the discount rate is so different, then this fund is definitely problematic. In this regard, we still try to choose funds with low discount rate in operation. After all, it has a high margin of safety.