In 2000. 10 On June 8th, the "Pilot Measures for Open-end Securities Investment Funds" was promulgated and implemented, which opened the prelude to the development of open-end funds in China. Securities investment fund is a kind of collective securities investment mode with income * * * and risk * * *. By issuing fund shares, it concentrates investors' funds, which are managed by fund custodians and managed and used by fund managers to invest in financial instruments such as stocks and bonds.