Sub-position of funds means that the main business of brokers is brokerage business, and fund companies cannot apply for seat trading, but can only rent seats from brokers. Fund companies regularly allocate the trading volume of their funds to brokers according to a certain proportion.

Capital warehouse trading of securities firms: refers to the trading of funds on the seats of securities firms. Because the fund does not have its own seats, it can only trade through the seats of brokers. This kind of trading behavior will bring two major benefits to brokers: first, it will generate a large amount of commission income (the higher rate is about 0.08%, much higher than the 0.03%-0.05% of large institutions); The second is to generate a large number of transactions and increase the market share of brokers.

That's almost what it means.