1. product differentiation: the product design flexibility of Public Offering of Fund special account is higher than that of Public Offering of Fund, with more product types and more detailed product design than that of Public Offering of Fund.

2. Difference of performance appraisal: The financial performance appraisal of Public Offering of Fund special account is based on absolute income, while that of Public Offering of Fund is based on relative income.

Expansion: Public offering funds refer to securities investment funds that raise funds from public investors in an open way and invest in securities. Publicly raise funds through the mass media, and promoters gather public funds to set up investment funds for securities investment.