For the issuance of each fund, the fund company must first submit application documents to the China Securities Regulatory Commission, including: the name of the fund to be established, the necessity and feasibility of establishing the fund, the fund type, the fund scale and the duration. After receiving the documents, the China Securities Regulatory Commission shall review the qualifications of the fund company, the qualifications of the fund custodian and the fund contract, and approve the fund company to publicly issue funds if it meets the standards. Securities investment funds generally have the following four classification methods. According to the organizational forms of funds, there are contractual funds and corporate funds. Contractual funds are established according to the fund contract signed by the fund manager and the fund custodian. Fund investors purchase fund shares, enjoy rights and assume obligations according to law, and then become fund holders. Corporate fund is a joint-stock investment company established according to the articles of association of the fund company and legally with independent legal personality. According to the mode of fund operation, there are closed-end funds and open-end funds. A closed-end fund refers to a fund whose share is fixed during its duration and can be traded on a legally established stock exchange, but the fund share holder may not apply for redemption. Open-end fund refers to the fund whose total share is not fixed and can be purchased and redeemed at the time and place agreed in the fund contract. According to the investment target of funds, they can be divided into stock funds, bond funds, mixed funds and money funds. Equity fund refers to a fund whose main investment object is stocks, and more than 80% of fund assets are invested in stocks. Bond funds mainly invest in bonds, and more than 80% of fund assets are invested in bonds. Hybrid funds refer to funds that invest in stocks and bonds at the same time, and the ratio of stocks and bonds is almost 50/50; Money funds invest in money market instruments with a short investment period, generally within 1 year, including short-term bank deposits, treasury bills and other money market instruments. According to the investment objectives of funds, they can be divided into growth funds, income-oriented funds and balanced funds. Growth funds is the most common fund, pursuing long-term appreciation of fund assets. Income-oriented funds mainly invest in securities that can bring cash income, with the aim of obtaining the maximum income in the current period; Balanced funds invest their assets in securities with the above two characteristics, and balance bonds, preferred stocks and common stocks for the purpose of obtaining income.