Stock > fund > national debt; The above is a comparison of risk degree and normal return. The difference is that stocks are personal direct investment; Capital is indirectly invested in stocks, bonds and currencies; National debt, also known as national debt, is a creditor-debtor relationship formed by the state on the basis of its credit and in accordance with the general principles of debt. National debt is a bond issued by the state, a government bond issued by the central government to raise financial funds, and a debt certificate issued by the central government to investors, which promises to repay the principal and interest within a certain period of time. Because the issuer of national debt is the country, it has the highest credit and is recognized as the safest investment tool.

The most secure thing is the national debt.

What is a fund?

From the perspective of capital relationship, the fund refers to the funds specially used for specific purposes and independently accounted for. Among them, including endowment insurance fund, retirement fund, relief fund, education reward fund, etc. In various countries, there are also special financial funds, collective welfare funds for employees, key construction funds for energy and transportation, and budget adjustment funds unique to China.

In terms of organizational nature, a fund refers to an institution or organization that manages and operates funds dedicated to specific purposes and conducts independent accounting. Such fund organizations can be non-legal institutions (such as financial special funds, college education incentive funds, insurance funds, etc.). ), public institutions (such as Soong Ching Ling Children's Foundation in China, Sun Economics Prize Foundation, Mao Dun Literature Prize Foundation, Ford Foundation and Huo Burridge Foundation in the United States, etc. ) or corporate institutions.

investment fund

Investment fund refers to an investment organization system that uses the mechanism of modern trust relationship to pool the scattered funds of various investors in order to achieve the expected investment purpose in accordance with the basic principles of * * * joint investment, * * * enjoying the benefits and * * * taking risks and some principles of joint-stock companies.

securities investment funds

Securities investment fund refers to a collective securities investment model with * * * risk * * *, that is, by issuing fund shares, investors' funds are concentrated, managed by fund custodians, managed and used by fund managers, and invested in financial instruments such as stocks and bonds. International experience shows that funds can greatly promote the transformation of savings funds into investment, stabilize and activate the securities market, increase the proportion of direct financing, improve the social security system and improve the financial structure. The development of China Securities Investment Fund also shows that the development of the fund has promoted the healthy and stable development of the securities market and the perfection of the financial system, and played an increasingly important role in the national economic and social development.

There are many kinds of securities investment funds, which can be classified in different ways. According to whether the beneficiary unit can subscribe or redeem at any time and the different transfer methods, it can be divided into open-end funds and closed-end funds; According to the different organizational forms of investment funds, they can be divided into corporate funds and contractual funds; According to the different investment objects, investment funds can be divided into money funds, bond funds and stock funds.

China Securities Investment Fund started in March, 1998. In a short time, it has successfully achieved several historic leaps from closed-end funds to open-end funds, from capital markets to money markets, from domestic fund management companies to joint venture fund management companies, and from domestic investment to overseas financial management. They have gone through decades and hundreds of years in developed countries and made remarkable achievements. At present, securities investment funds have reached a considerable scale and become the most important institutional investment force and one of the most important investment tools for investors in China securities market.

By the end of 1999, the assets of China fund industry were only 57.7 billion yuan, and by the end of 2006, the assets of funds had reached 622 billion shares and 856.4 billion yuan. As of June 65438+February 3, 2006, including 53 closed-end funds, there are 32/kloc-0 funds owned by 53 fund management companies in China for investors to choose from. Open-end funds have developed rapidly since they were launched in 200 1. By the end of 2006, the proportion of open-end funds in the net assets of all funds has exceeded 80%. From the perspective of fund types, China has launched stock funds, bond funds and money market funds, and has also rapidly developed ETF, LOF and other varieties, and has also taken great steps in trying QFII and QDII.

With the rapid development of China's fund industry, the status and influence of securities investment funds in China's capital market are constantly improving, and its positive role in the development of China's capital market is gradually emerging.