Fund investment is an indirect way of securities investment. By issuing fund shares, fund management companies concentrate investors' funds, which are managed by fund custodians and managed and used by fund managers, and invest in financial instruments such as stocks and bonds, and then * * * bear investment risks and share profits. Although the fund itself has certain risk prevention ability, it is difficult to completely avoid the overall systemic risk of the securities market.

Such risks mainly include: First, policy risks. It mainly refers to the risk that the macro policies of the country such as fiscal policy, monetary policy, industrial policy and regional development policy have changed obviously, which will lead to violent fluctuations in the fund market and affect the fund's income.

The second is the economic cycle risk. It means that with the cyclical change of economic operation, the income level of the securities market changes periodically, and the income level of fund investment will also change accordingly.