1. Brokers are securities dealers and brokers of securities companies.

1. A securities firm is a financial institution established with the approval of the competent authority of securities, which is engaged in securities issuance business, securities trading business, self-operated securities trading business, and securities debt service and dividend payment business. It is mainly composed of legal institutions. Securities firms can be divided into two categories: one is the securities firm in the securities issuance market, which belongs to the securities underwriter; The other is the securities dealers in the securities circulation market, belonging to the securities brokers. Securities brokers can be divided into two categories: securities dealers in stock exchanges and securities dealers in OTC markets.

2. Securities broker: A securities firm that buys and sells securities on behalf of its clients and is an intermediary for securities investors to participate in the securities market. The profit source of securities brokers is the fee income collected from investors who entrust securities trading, which is called commission. Generally, various countries make certain provisions on commission income. Securities brokers have rich professional knowledge and experience in securities investment, and have a wide range of information sources and high efficiency; Ordinary investors know little about the securities market, and the amount of investment is small, so they can't directly enter the securities trading market. It is a desirable way to buy and sell through securities brokers.

2. A fund company is a securities investment fund management company (fund company), which refers to an enterprise legal person established in China with the approval of China Securities Regulatory Commission and engaged in securities investment fund management business. The board of directors of the company is the highest authority of the fund company.