投資與理财——基金（上）

基金有廣義和狹義之分。從廣義上說。基金是指為了某種目的而設立的具有一定數量的資金。例如投資基金、單位信托基金、公積金、保險基金、退休基金以及各種基金會的基金。我們通常所理解的基金是狹義的基金，即投資基金。

Funds are divided into broad and narrow senses. Broadly speaking. A fund refers to a certain amount of funds established for a certain purpose. Examples include investment funds, unit trust funds, provident funds, insurance funds, pension funds and funds of various foundations. The fund we usually understand is a narrow fund, that is, an investment fund.‍

證券投資基金的類型：

按法律地位的不同分類：

1、 契約型基金。契約型基金又稱單位信托基金，是指将投資人、管理人、托管人三者作為基金的當事人，通過簽訂基金契約的形式發行受益憑證而設立的一種基金。基金管理人負責基金的管理運作；基金托管人作為基金資産的名義持有人，負責基金的保管，對基金管理人的運作進行監督。

Types of Securities Investment Funds:

Different classifications by legal status:

1. Contractual funds. A contractual fund, also known as a unit trust fund, refers to a fund established by issuing beneficiary certificates in the form of signing a fund contract with investors, managers and custodians as the parties to the fund. The fund manager is responsible for the management and operation of the fund; the fund custodian, as the nominal holder of the fund assets, is responsible for the custody of the fund and supervises the operation of the fund manager.‍

2、公司型基金。公司型基金是指按照公司形式組成的，具有獨立法人資格并以盈利為目的的基金公司。公司型基金以發行股份的方式籌集資金，投資者購買基金公司的股份後，以基金持有人的身份成為基金公司的股東，依法享有收益。

2. Corporate funds. A corporate fund refers to a fund company formed in the form of a company, with independent legal personality and for the purpose of making profits. Corporate funds raise funds by issuing shares. After investors purchase the shares of the fund company, they become shareholders of the fund company as fund holders and enjoy the benefits according to law.‍

按是否可以自由贖買及基金規模是否固定分類：

1、 封閉式資金。封閉式基金指基金的資本總額及發行份數在發行之前就已确定。在發行完畢和規定的期限内，基金資本總額及發行份數是保持固定不變的。投資者隻能在二級市場上進行基金的買賣。

According to whether it can be redeemed freely and whether the fund size is fixed:

1. Closed-end funds. Closed-end funds refer to the total capital of the fund and the number of issued shares have been determined before the issuance. After the issuance is completed and within the specified period, the total capital of the fund and the number of issued shares remain fixed. Investors can only buy and sell funds in the secondary market.‍

2、開放式基金。開放式基金是指基金發起人在設立基金時，基金單位的總數不是固定的，而是根據市場供求情況發行份額，或被投資者贖回的投資基金。由于存在贖回機制，需要滿足投資者變現的需求，開放式基金一般會從所籌集資金中撥出一定比例，以現金的形式保持這部分資産。

2. Open-end funds. An open-end fund refers to an investment fund in which the total number of fund units is not fixed when the fund sponsor sets up the fund, but issues shares according to market supply and demand, or is redeemed by investors. Due to the existence of a redemption mechanism, which needs to meet the needs of investors to realize cash, open-end funds generally allocate a certain proportion of the funds raised and maintain this part of the assets in the form of cash.‍

按投資對象不同分類：

1、 股票基金，股票基金是指以股票為主要投資對象的投資基金。與投資者直接投資于股票市場相比，股票基金具有流動性強，分散風險等特點。雖然股票價格會在短時間内上下波動，但其提供的長線回報比現金存款或債券投資高。因此從長遠看股票基金收益可觀，但風險也比債券基金、貨币基金高。

According to different investment objects:

1. Stock funds, stock funds refer to investment funds that mainly invest in stocks. Compared with investors' direct investment in the stock market, stock funds have the characteristics of strong liquidity and risk diversification. While stock prices can fluctuate up and down in a short period of time, they offer higher long-term returns than cash deposits or bond investments. Therefore, in the long run, stock funds have considerable returns, but the risks are also higher than bond funds and currency funds.‍

2、債券基金。債券基金是指将基金資産投資于債券。通過對債券進行組合投資，尋求較為穩定的收益。通常債券基金收益會受貨币市場利率的影響，當市場利率下調時，其收益會上升。當市場利率上調時，其收益會下降。另外彙率也會影響基金的收益。

2. Bond funds. A bond fund refers to investing fund assets in bonds. Through portfolio investment in bonds, seek more stable income. Usually bond fund returns are affected by money market interest rates, and when market interest rates fall, their returns will rise. When market interest rates rise, its earnings fall. In addition, the exchange rate will also affect the return of the fund.‍

3、貨币市場基金。貨币市場基金是以貨币市場工具為投資對象的投資基金。通常包括短期存款，國債、票據再貼現和大額存單市場。貨币市場基金的優點是安全性高、流動性強、管理費用低，是短期閑散資金理想的投資工具。

3. Money market funds. Money market funds are investment funds that invest in money market instruments. Usually includes short-term deposits, government bonds, bill rediscount and large-denomination certificates of deposit markets. The advantages of money market funds are high security, strong liquidity, and low management costs. They are ideal investment tools for short-term idle funds.‍

4、對沖基金。對沖基金是一種風險低、回報穩定的基金。其操作宗旨在于利用期貨期權等金融衍生産品，以及對相關聯的不同股票進行買空賣空、風險對沖的操作技巧，在一定程度上規避和化解投資風險。對沖基金是以避險為特色的基金。

4. Hedge funds. A hedge fund is a fund with low risk and stable returns. The purpose of its operation is to use financial derivatives such as futures options, as well as the operation skills of short selling and risk hedging for different related stocks, so as to avoid and resolve investment risks to a certain extent. Hedge funds are hedge funds.‍

5、指數基金。指數基金是指采用被動方式投資，選取某個指數作為模仿對象，按照該指數構成的标準購買該指數包含的證券市場中全部或部分證券，目的在于獲得與該指數相同的收益水平。指數基金獨特的優勢在于僅以市場指數為投資參照物，排除了選擇個股和入市時機的管理風險。實現風險高度分散并取得穩定的投資收益。适合那些希望穩定分享證券市場成長的投資者。

5. Index funds. Index funds refer to passively investing, selecting an index as an imitation object, and purchasing all or part of the securities in the securities market included in the index according to the standards of the index, in order to obtain the same level of return as the index. The unique advantage of index funds is that only the market index is used as an investment reference, which eliminates the management risk of selecting individual stocks and entering the market. Achieve a high degree of risk diversification and achieve stable investment returns. It is suitable for investors who want to steadily share the growth of the securities market.‍

6、衍生基金。投資于金融衍生産品的投資基金即為衍生基金。包括期貨基金、期權基金等。

6. Derivative funds. An investment fund that invests in financial derivative products is a derivative fund. Including futures funds, option funds, etc.‍

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