1. For example, Zheshang Huijin No.28 is a regular wealth management product issued by the asset management subsidiary of Zheshang Securities, which belongs to the limited aggregate asset management plan. "Limited" refers to the scope of investment. Zheshang Huijin No.28 was "restricted" to invest mainly in products with relatively low risk and good liquidity, with at least 50,000 investors. The collective asset management plan is similar to bank wealth management products, with a purchase threshold of 50,000, which does not support early withdrawal, and the investment period is similar to the expected return. The collective asset management plan is to invest money in securities companies, and bank financing is to invest money in banks. Comparatively speaking, the security rate of collective asset management plan is lower than that of bank financing. After all, most users who buy bank wealth management can't accept losses. Once there is a problem with wealth management products, it will have a bad influence on the reputation of banks and society. Therefore, the supervision of bank wealth management funds is very strict, just to ensure that nothing happens. Zheshang Huijin No.28 does not directly invest in high-risk assets such as stocks and stock funds. Judging from the previous issuance, after Zheshang Huijin 28 expired, investors got back the expected return of the principal and performance benchmark, mainly because the issuer prepared a risk reserve for the expected return compensation. The wealth management page shows that the risk level of this product is medium risk, and the degree of risk is really not high. As a product of collective asset management plan, Zheshang Huijin No.28 has few security and bank management attributes. The gap between the two is equivalent to comparing the security of money funds with deposits, which is not comparable, but the risk itself is not much higher.

2. Zheshang Securities is the fourth domestic brokerage firm with Public Offering of Fund business qualification, and was once the major shareholder of Zheshang Fund. Zheshang Securities sold its 25% stake in August last year due to the loss of Zheshang Fund for years. Almost at the same time, Zheshang Asset Management, a wholly-owned subsidiary, successfully applied for a public offering license and prepared to go it alone, which set off a heated discussion in the industry.

Generally speaking, securities companies have two advantages in offering shares: on the one hand, the system from product research and development to marketing promotion is relatively perfect. On the other hand, the research system of securities firms is stronger than that of fund companies.

However, its disadvantages are also obvious: brokers are far inferior to fund companies in terms of asset management scale and investment talent reserve. Public Offering of Fund, the manager of Zheshang Securities was selected from the investment initiation of the collective asset management plan, and there was no external recruitment. There is only one fund manager at present.

Therefore, for investors, Zheshang Asset Management can only be said to be a new company joining Public Offering of Fund Brigade. Compared with the old Public Offering of Fund, there is a big gap in strength and reputation.