citic securities collective plan is not a fund. CITIC Securities Collective Plan belongs to the collective asset management plan of securities companies. Collective asset management plan: as the name implies, it is a collection of customers' assets, which is managed by professional investors (brokers/fund subsidiaries).

it is an innovative wealth management service product developed by a securities company/fund subsidiary for high-end customers, and it is an asset invested in equity or fixed income investment products agreed in the product.

fund is a kind of collective securities investment mode with * * * benefits and * * * risks. By issuing fund units, investors' funds are concentrated and managed by fund custodians, and fund managers manage and use funds to invest in financial instruments such as stocks, bonds, foreign exchange and currencies, so as to obtain investment income and capital appreciation.