The so-called hybrid fund is a mixture of stock funds and bond funds. The difference between it and traditional funds is that bull market can actively increase stock investment, and bear market can completely give up stock investment. In other words, it can become the most active stock fund (the stock investment ratio can reach 80% of the net assets) or the purest bond fund (the stock investment ratio is 0) according to different opportunities. For hybrid fund managers, due to the great flexibility of asset allocation, the income and risk of the fund depend entirely on the manager's judgment on the capital market, so it is difficult to manage. But it also gives managers room to give full play. Therefore, the most important factor affecting the performance of hybrid funds will depend on the quality of fund managers. Disadvantages: if it is lower than the stock base in this year's bull market, the risk is lower than that in the bear market.

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