There is a big difference. There are many kinds of private equity funds, and the risks and benefits are also very different. Bonds and stocks, as an investment of private equity funds, are different. This kind of investment is risky and the income fluctuates greatly. The starting point is above100W. If you want to do private placement, I suggest you do it. The starting point is similar, the income fluctuation is not as big as that of private placement bond Fund, and the annualized income is around 30%, but the risk is much smaller. Although the stock market experienced a year-long bear market last year, most funds suffered serious losses, but almost no stock funds suffered losses. Nothing more than high or low returns. Last year it was around 5%.