What is the difference between Guotai Junan's "Tianhuibao" cash management and bank wealth management and general brokerage wealth management products?
"Tianhuibao" belongs to the bond pledge repurchase business, that is, brokers pledge bonds, report fixed income for each period, integrate the funds into customers, return the funds to customers on the maturity date and pay the income, and customers get stable income at the quoted interest rate. General wealth management products refer to banks or securities companies that concentrate their clients' funds and manage their investments on their behalf, with uncertain clients' income.