1. reflects different economic relations.

Stock reflects a kind of ownership relationship and is a kind of ownership certificate. Investors become shareholders of the company after purchasing shares. Bonds reflect the relationship between creditor's rights and debts, which is a kind of creditor's rights certificate. Investors become creditors of the company after buying bonds. The fund reflects the trust relationship and is a beneficiary certificate. Investors who buy fund shares are called beneficiaries of the fund.

2. The funds raised are invested in different sources:

Stocks and bonds are direct investment tools, and the funds raised are mainly invested in the industrial field; Fund is an indirect investment tool, and the funds raised are mainly invested in financial instruments such as securities.

3. Investment income is different from risk.

Under normal circumstances, the stock price fluctuates greatly and belongs to high-risk and high-yield investment varieties; Bond can bring some interest income to investors, and its volatility is smaller than that of stocks, so it is a low-risk and low-yield investment product. The fund invests in many stocks, which can effectively spread risks. It is an investment with relatively moderate risk and relatively stable income.

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