Both. Investors can choose to invest in stocks or funds according to their risk tolerance. If investors have high risk tolerance, they can choose stocks to invest. If investors have low risk tolerance, they can choose funds to invest.

Investors can also allocate funds and stocks simultaneously. When the market is good, they can allocate more stocks and less funds. When the market is bad, they can allocate more funds. The specific distribution ratio is determined by investors.

In addition to funds and stocks, there are other wealth management products, such as bonds, wealth management products, futures, foreign exchange and precious metals.