Readers: There have been many criticisms about fund dividends recently. Will the fund pay dividends? As a citizen, how should we treat fund dividends? Morgan Stanley: For the vast number of individual investors, buying a fund is the pursuit of wealth appreciation, that is to say, your wealth can only be appreciated if the net value of the fund rises. From a static point of view, fund dividend is actually to transfer a part of your fund assets from your left pocket to your right pocket without changing the total amount. In operation, most investors set the fund dividend method as dividend reinvestment, that is to say, fund dividend is actually equivalent to replacing large denomination banknotes in your left pocket with small denomination banknotes and continuing to put them in your left pocket. It is recommended that the reading cycle be prepared to go down slowly. The rubber market is still in the process of bottoming out. 20 12 nonferrous metals will be eclipsed. The price of sugar will fall below 6500. Or start the price trend of 20 12 steel, or the sluggish demand will drag down the weak situation of PVC. Confidence will recover a little. Methanol will enter a consolidation period. If it is dynamic, the impact of fund dividends on investors depends entirely on the short-term market trend after dividends: if the market rises, dividends will have a certain negative impact on the growth of fund net value, especially for investors who choose cash dividends, which is equivalent to lightening their positions; If the market falls, fund dividends will reduce the decline of fund net value, which is more or less beneficial to investors in the short term. For fund companies, fund dividends should be operated in accordance with the fund contract and maintain long-term consistency, that is, bull market and bear market should be the same standard. In fact, from the perspective of fund managers, most fund managers don't like dividends, especially large-scale dividends, because dividends will inevitably increase the trading volume of stocks and affect operations. Of course, if there is a clear stipulation in the fund contract, it must be strictly observed. It is worth noting that the fund dividend is neutral, and the fund dividend should follow the fund contract and fund dividend strategy and maintain long-term consistency.