Securities companies are mainly engaged in securities brokerage business, securities issuance and listing, collective wealth management and self-operated business; Trust companies are mainly looking for projects and making non-standard investments, such as urban investment construction; Fund companies mainly engage in secondary market investment, but also participate in the interbank market, investing in monetary instruments and bonds. \x0d\x0d\ The difference between a trust and a fund and a securities company: \ x0d \ Trust is based on the entrustment of a trust, and it is a form of property management system of "entrusted by people to manage money on behalf of others". The investment scope of trust companies includes: using funds from money market and capital market, providing loans with self-owned funds and trust funds, investing in equity, and professionally managing and using funds in various forms such as financial leasing. Therefore, among all kinds of financial institutions, trust companies are the only institutions that can provide comprehensive financial services, and can provide all the functions of commercial banks and investment banks for all kinds of customers except bank savings and brokerage business. \x0d\ Multilateral credit behavior based on trust entrustment and in the form of operation and management of monetary funds and physical property. It appears with the development of commodity economy. Trust business appeared in Britain in the18th century. Trust business mainly includes two aspects: entrustment and agency. The former means that the property owner entrusts his property to others for the benefit of himself or his designee, and requests to properly manage and operate it for a certain purpose; The latter refers to some economic affairs that one party authorizes the other party to handle on its behalf. Trust business involves three parties: the principal, the trustee and the beneficiary. The person who transfers the property right, that is, the original owner of the property right is the principal; The person who accepts the entrustment to manage and operate the property on his behalf is the trustee; Those who enjoy property benefits are the beneficiaries. There are many kinds of trusts, including personal trust, legal person trust, arbitrary trust, special trust, public trust, private trust, self-interest trust, other benefit trust, capital trust, movable property trust, real estate trust, business trust, non-business trust, civil trust and commercial trust. Trust business is flexible and adaptable, which is conducive to invigorating the economy and strengthening economic and technological cooperation between regions; It is conducive to absorbing domestic and foreign funds and supporting the equipment renewal and technological transformation of enterprises. \x0d\x0d\ Fund has two meanings: funds and institutions: \ x0d \ as far as funds are concerned, funds are used for specific purposes and accounted for independently; Organizationally, a fund is an institution or organization that manages and operates funds for a specific goal, such as various foundations. \x0d\ The investment channels of money funds are very narrow, which are limited to short-term treasury bonds, some central bank bills and bond repurchases. The interest rate of these securities is fixed, the term is short and the price changes are relatively small. Interest income is the main source of money fund income. \x0d\ Equity funds refer to mutual funds that mainly invest in stocks of companies and enterprises listed on stock exchanges. The goal of equity funds is usually to achieve long-term growth through capital appreciation. Nevertheless, equity funds will also have dividend income and interest income from idle funds. \x0d\ Bond funds refer to mutual funds that mainly invest in bonds with fixed income of the government and companies. In addition to fixed interest income, bond funds will increase or decrease the value of bonds with the change of interest rate, thus bringing capital appreciation or loss. \ x0d \ x0d \ securities companies are intermediaries for investors to participate in stock market speculation. A stock exchange is a place where stocks are traded. Because ordinary investors can't enter the exchange to trade, and securities companies only have seats in the exchange, ordinary investors must trade stocks through securities companies. Securities companies only charge fees.