Special account is not a product channel, but a trading account opened by a brokerage firm for a certain product, which is basically similar to the securities trading account opened by us personally in a brokerage firm. Future transactions, warning lines and clearance lines all depend on the net value of this trading account. If you are doing high-frequency trading, it will also involve the matching problem between the brokerage system and the fund manager system. The fund account of a fund is generally a resource that securities companies need very much. The reason is simple: first, there is a high transaction volume. Second, there is a part of commission income. So brokers will give some preferential policies. For example, reducing the commission rate, helping low-cost priority and so on.

As well as asset management, trust and fund subsidiaries. It is the product channel. You can also say the form of your product.

It is also a private placement through fund subsidiaries, and it belongs to the collective asset management plan through asset management (also a private placement, but now the scope is blurred. Some are also called sunshine private placement), which belongs to a single trust plan through trust (it can be called sunshine private placement)

These products have different channel costs, different regulatory departments, different scales and different audits.