There may be little impact on funds during the two sessions, because the market will run smoothly.

If the two taxes can be unified into one, it will be good for blue-chip stocks, but the stock market has already digested this good news in advance.

Fund, English is fund, broadly refers to a certain amount of funds established for a certain purpose.

It mainly includes trust investment funds, provident funds, insurance funds, retirement funds, and various foundation funds.

From an accounting perspective, funds are a narrow concept, meaning funds with specific purposes and uses.

The funds we mention mainly refer to securities investment funds.

Fund form: It is not certain which was the earliest hedge fund.

During the great bull market in the United States in the 1920s, there were countless such investment tools specifically for the wealthy.

The most famous of these is the Graham Newman Partnership, founded by Benjamin Graham and Jerry Newman.

In 2006, Warren Buffett claimed in a letter to the Museum of American Finance magazine that the Graham Newman Partners funds of the 1920s were the earliest hedge funds he knew of, but that others

It’s also possible that funds will appear earlier.

During the economic recession of 1969-1970 and the stock market crash of 1973-1974, many early funds suffered heavy losses and closed down one after another.

In the 1970s, hedge funds generally specialized in one strategy, with most fund managers adopting a long/short stock model.

During the recession of the 1970s, hedge funds were largely ignored until the media reported several highly successful funds in the late 1980s.

The bull market of the 1990s created a new class of wealthy people, and hedge funds blossomed everywhere.

Traders and investors pay more attention to hedge funds because of their emphasis on interest-aligned income distribution models and "beat the market" investment methods.

In the next ten years, hedge fund investment strategies have emerged in an endless stream, including credit arbitrage, junk bonds, fixed income securities, quantitative investment, multi-strategy investment, etc.

In the first decade of the 21st century, hedge funds once again became popular around the world. In 2008, the total assets held by global hedge funds reached US$1.93 trillion.

However, the credit crisis in 2008 severely damaged hedge funds and their values ??shrank. Coupled with the obstruction of liquidity in some markets, many hedge funds began to restrict investor redemptions.

Open-end fund: Open-end fund (LOF), the full name in English is "ListedOpen-EndedFund" or "open-endfunds", in Chinese it is called "listed open-end fund", and abroad it is also called ***tong fund.

That is to say, after the issuance of a listed open-end fund, investors can either subscribe and redeem fund shares at designated outlets, or buy and sell the fund on the exchange.

However, if investors subscribe for fund shares at a designated outlet and want to sell them online, they must go through certain transfer custody procedures; similarly, if they purchase fund shares online at an exchange and want to redeem them at a designated outlet, they must also

Certain transfer procedures must be completed.

It is a fund whose issuance amount is variable, the total number of fund shares (or units) can be increased or decreased at any time, and investors can subscribe or redeem according to the fund's quotation at the business location designated by the fund manager.

Compared with closed-end funds, open-end funds have the characteristics of no limit on the number of issuances, the buying and selling price is based on the net asset value, buying and selling over the counter, and relatively small risks. They are particularly suitable for small and medium-sized investors to invest.

Closed-end funds: Trust funds refer to investment funds whose fund size is determined before issuance, remains fixed within a specified period after issuance, and is traded on the securities market.

Since closed-end funds are traded on the stock exchange through bidding, the transaction price is affected by market supply and demand and does not necessarily reflect the net asset value of the fund. That is, the transaction price of closed-end funds is at a premium relative to its net asset value.

, discount phenomenon.

The practice of foreign closed-end funds shows that their transaction prices often fluctuate with price fluctuations of first premium and then discount.

Judging from the operation of my country's closed-end funds, no matter how the fundamental situation changes, the trading price trend of my country's closed-end funds has never been able to break away from the price fluctuation pattern of first premium and then discount.