The fund's funding channels
First of all, we should understand the concepts and differences between the primary market and the secondary market.
The so-called primary market is to buy goods from commodity producers, such as buying houses directly from developers, which is a primary market transaction; If you buy a second-hand house, it is a secondary market transaction. So the primary market is also called the primary market, and the secondary market is also called the circulation market. For stocks, the purchase of newly issued stocks of enterprises is a primary market transaction; Buying the listed shares of stock holders is a secondary market transaction. The same is true of funds. Buying (subscribing or purchasing) or selling (redeeming) the purchased fund directly from the fund company and its agency is a primary market transaction. The secondary market of stocks and funds is currently the China Stock Exchange.
Primary market transactions are also called OTC transactions; Secondary market transactions are called floor transactions.
There are several channels for fund trading:
1. Bank office counter
Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank, Bank of China, Bank of Communications, Bank of Beijing, Guangdong Development Bank and Huaxia Bank.
As for banks, Shang Hui Bank, Nanjing Bank, Bank of Ningbo, Ping An Bank, Shanghai Rural Commercial Bank, Shanghai Pudong Development Bank, Shanghai Bank, Industrial Bank, China Merchants Bank, China Everbright Bank, Minsheng Bank, Postal Savings Bank and China CITIC Bank all have consignment funds, but the types of funds entrusted by banks are different. Most funds are sold in several banks at the same time. To buy a fund in a bank, you have to go to the counter to open an account with your ID card and bank card, and then you can buy the fund immediately. Opening an account and purchasing can be completed at the same time. Second subscription to other funds of the same fund company,
You don't need to open another account. If you want to buy funds from other fund companies, you need to open an account again, and the procedures are as above. The buyer needs to fill in (approve) the purchase application form, and the counter staff will give the buyer an account opening form after completion, and (approve) the purchase document. Novices often pay special attention to the above documents and keep them carefully for fear of losing them without vouchers. In fact, it is good to keep it properly, at least it can be used as fund investment information, but the loss of documents will not affect your fund investment at all. The bank's computer recorded your transaction. You don't need to show any certificates at all, just need a bank card to handle it. In most cases, the bank card will be deducted if the transaction is successful at the time of subscription. However, there is also the possibility of unsuccessful subscription. If there is no deduction on the bank card, it will definitely not succeed; If the money is deducted and the purchase is unsuccessful, the money will be returned to the card. In order to confirm the success, you can go to the bank to ask for a "confirmation form" the day after purchase. For those who have experience in fund investment, this step can be completely omitted. When you need to redeem the fund, you can fill in the "redemption form" at the bank counter with your bank card. The purchase or redemption price is calculated according to the net value announced by the fund company in the evening after the stock market closes on that day.
The trading hours of bank trading funds are 9: 30- 15: 00 on each stock market trading day, and trading is not allowed outside this time period and on stock market non-trading days (public holidays and holidays).
2. Online transactions
Log in to the bank website with a bank card with online banking, and you can buy all the funds sold by the bank. Take the transaction as an example. After logging in, click "Fund Supermarket", then click "Buy Fund", select the fund company and the fund to be purchased, fill in the purchase amount, then fill in the transaction password, and click "Submit" to finish. When redeeming, you can click "Inquire about Holding Funds", click "Redeem" on the right side of the fund to be redeemed, fill in the redemption share and confirm. The online banking transactions of other banks are also very simple, so I won't introduce them one by one.
The fund subscription and redemption of online banking can be operated at any time within 24 hours of any day. However, transactions completed at 0: 00- 15: 00 on the trading day are calculated as the net value of the day, and transactions completed at 15: 00-24: 00 on the non-trading day of the stock market are calculated as the net value of the next trading day. For example, the purchase or redemption completed after Friday 15: 00 is calculated as the net value of next Monday. For purchases or redemptions made in long price periods such as May Day, National Day and Spring Festival, the net value of the stock market on the first trading day after the holiday is taken as the calculation price.
Commercial banks have many outlets and simple transaction procedures, which are unmatched by other fund sales channels. However, many old citizens complained: "Every time you handle fund business, you need to go to the bank outlets in person, and you need to handle it at the designated time on weekdays, which takes up a lot of time and energy. Sometimes I am too busy at work and miss the best time to buy and sell. " With the gradual popularization of online banking, this situation is changing. According to bankers, online banking will provide "basic people" with more intuitive, efficient and fast online fund transactions, so that you can enjoy open-end fund transactions, inquiries and other services without leaving home. The initial online banking fund trading platform aims to meet the basic fund subscription, subscription, redemption, cancellation and inquiry services. In order to promote the use of online banking, banks have certain preferential policies for online banking fund transactions, and subscription and purchase of open-end funds can enjoy commission concessions.
3. Trading on the fund company's website is called "direct selling".
At present, in addition to China Post Fund Company, "direct selling" has been launched on the website. With their ID cards and bank cards, investors can open the fund company's website, click "online transaction" and "account opening" in turn, fill in the form according to the prompts, and complete the account opening procedures. The operation is very simple, and the average novice can complete it in 10 minutes. When trading, just open the fund company's website, click "Online Trading", fill in your ID number and trading password, and then log in for (recognition) purchase or redemption. The time and net value of trading on the fund company's website are exactly the same as those of trading on online banking.
Buying and selling online banking and transactions on the fund company's website requires investors to have corresponding computer equipment and Internet access conditions, and have strong network knowledge and application ability.
It should be noted that the above three trading channels are all primary market transactions, that is, over-the-counter transactions, and only open-end funds can be bought and sold, while traditional closed-end funds and innovative closed-end funds cannot be bought and sold.
4. Open an account in a securities company.
Under normal circumstances, the purchase and redemption of open-end funds are conducted off-site, that is, through fund management companies and their consignment agencies.
Investors who choose to trade on the floor need to hold their ID cards and bank cards to open accounts with securities companies recognized by Shenzhen Stock Exchange and Shanghai Stock Exchange. The account opening process of each securities company is similar, some need to fill out forms, and some need to leave video materials. If you open a fund account, only
Can buy and sell open-end funds like banking counters, and the handling fee is the same as banking counters, but in view of competition, some securities companies will give preferential treatment. If you open a stock account, you can either trade stocks or buy and sell funds like stocks. The opening fee of stock account is higher than that of fund account, but some securities companies can do it for free. After opening an account, you need to go to the bank to open a bank-securities transfer procedure, install the software that the securities company will give you at home, and you can log in to the transaction. The purchase and redemption of open-end funds during trading hours are the same as those at the bank counter. For closed-end funds, ETF funds and LOF funds, you can conduct secondary market transactions, that is, on-site transactions, and use competitive bidding to close the transaction at a matching price, and charge a commission of no more than 0.3%.
Securities companies generally sell the products of most fund companies on a commission basis, with a wide range of choices. The account managers of securities companies have professional investment ability and can provide good analysis and suggestions. They can entrust securities companies to handle various trading procedures of funds through online transactions and telephone calls. Funds can be transferred from online banking to the account of a securities company or from a securities company to an online banking card.
5. Comparison of various trading channels
For beginners who are new to fund investment, trading at the bank counter is the simplest and most convenient. However, there are two major disadvantages: (1) It takes a long way to queue at the bank. (2) There is no discount for the full handling fee for subscription and application. (3) The transaction of the day must be completed before 15: 00. Considering the time of queuing to fill out the form, it should be 14: 30 at the latest, and the stock market may change dramatically at the end of 14: 30- 15: 00. It should be noted that banks have the task index of promoting funds, and often take the initiative to introduce and buy a fund, instead of blindly following, and should buy excellent funds carefully selected by themselves. In this regard, many investors have had the experience and lessons of being cheated.
For fund subscription, subscription and redemption, the advantages of using online banking are obvious. The main reason is that fund trading hours are often working hours, so it is not convenient to go to the bank for trading. Online trading is more favorable than bank counters in handling fees, saving time and effort. You can keep an eye on the rise and fall of the stock market index at any time on the computer, and make a deal when it is close to 14: 50, so as to avoid "buying high and selling low" caused by violent fluctuations in the late session. It should be noted that on the day when the stock market rises or falls sharply, the number of traders suddenly increases, which may lead to online banking congestion and inability to log in. The solution is to log in to the online banking before 14: 30, fill in the form to complete the purchase or redemption, click "minimize" to save, and then click "confirm" to complete the transaction until 14: 50 or so.
The subscription rate for direct trading on the fund company's website is the lowest, with a minimum discount of 40%, which has the same advantages as online trading, but the congestion phenomenon may be more serious, and the solution is the same as online trading. The disadvantage is that when customers need to buy products from multiple fund companies, they need to open accounts in each fund company one by one, and investment management is more complicated.
Trading on the websites of online banks and fund companies requires familiarity with computer operation. Computers should be equipped with reliable anti-virus software, and must not be operated on public computers such as Internet buses, and must not disclose bank card passwords and transaction passwords. Novices who have just come into contact with funds often worry about the security of trading on online banking, fund company websites and secondary market transactions, that is, on-site transactions. In fact, they can identify local taxes. As long as the above principles are followed, the safety of funds is guaranteed. Even if someone steals the code to redeem your fund, the funds will return to your bank card.
Comparatively speaking, for investors with strong professional ability who can handle business online, it is a better choice to invest in open-end funds and choose fund companies to sell directly. For middle-aged and elderly fund investors, they can use the convenience of many bank outlets to complete the subscription and redemption of funds at bank outlets.