How do bond funds distinguish between primary and secondary debt funds and credit funds?

Most of the bond type ** can be invested in**, and the proportion is in the range of 0-20%; It cannot be invested in the debt base of **.

It's called pure debt. The difference between the primary and secondary bond base of the bond type ** is the restricted aspect of investing in **. Credit Bonds.

It is a special classification based on the types of bonds that are invested in bonds**.

1.Tier 1 debt-based investment is limited to the proceeds from the subscription of new shares and is not in the secondary market.

**。The primary market here.

It is the first distribution market.

2.The way of secondary bond-based investment is not limited to new share subscription, but can also be in the secondary ** trading market.

Direct**. <>

3.The characteristics of the credit bond base is that the bond investment is mainly credit bonds, which can generally be intuitively seen from the name of **, credit bonds refer to bonds that are not guaranteed by any assets of the company, which are unsecured bonds, with relatively large risks but yields.

Higher. According to the prospectus, this kind of bond base is mainly invested in credit bonds, that is, theoretically you can invest in many types of bonds, but credit bonds are the main types of bonds, in addition, the credit bond base can also have a small part of the investment, which does not conflict with the classification of the primary bond base and the secondary debt base, and even the general bond type ** can also invest in credit bonds.

With the continuous development of the domestic financial market, the product line of ** products is becoming more and more perfect. At present, the domestic bond type can be further subdivided according to the limitation of its investment scope. According to the principle of investing in bonds, investing in new shares and investing in the secondary market**, bonds** can be divided into pure debt**, primary debt base and secondary debt base.

Secondary bond-based investment targets: In addition to fixed-income financial instruments, it is appropriate to participate in the trading of secondary market **, and also participate in the investment of new shares in the primary market.

Asset allocation: high-yield bond portfolio, new stocks, selected to increase income.

Product features: Pure Debt + IPO + Select**.

Risk characteristics: Medium and low risk first-class ** investment targets: In addition to fixed-income financial instruments, participate in the primary market IPO investment.

Asset allocation: high-yield bond portfolio to hit new stocks.

Product features: pure debt + new shares.

Risk characteristics: medium and low risk pure bonds** investment target: do not participate in **investment, only invest in fixed income financial instruments.

Asset allocation: high-yield bond portfolio.

Product features: pure debt.

Risk characteristics: low risk.

From the above table, it can be easily seen that the biggest difference between the three types of bonds is the difference in the scope of investment, the financial products that can be invested in pure debt are more restricted, and can only invest in fixed-income financial products, while the primary bond base can participate in the investment of new shares in the primary market on this basis, and the secondary bond base has expanded the investment scope on the basis of the primary bond base, and can appropriately participate in the secondary market ** trading. Among the three, the secondary bond base has the highest risk, but the expected return is also the highest; It is difficult to make a big breakthrough in the income of pure debt, but the advantage is that the income is stable and the risk is low.

Knowing the characteristics of each of the three types of bonds**, it is not difficult to find that pure debt** and primary bonds are more suitable for conservative investors who pursue stable returns, while secondary bonds provide a more aggressive choice for investors pursuing low risk. Due to the characteristics of its allocation, the secondary bond base can be both offensive and defensive in the market, and on the basis of the income of the bond market, the probability of seizing the opportunity to obtain excess returns will be improved.

The main investment direction of credit bonds** is corporate bonds.

The difference between a secondary debt base and a primary debt base is:

1. The investment objects are different. The primary bond base refers to the investment in the primary macro market.

bonds**, mainly investment bonds, do not participate in the secondary market.

**Traded bond type**, secondary bond base refers to the bond type that participates in secondary market investment** (the secondary market refers to **exchange, which can also participate in primary market investment;

2. The benefits are different from the risks. The return of the primary debt base is lower than that of the secondary debt base, and the risk is also lower than that of the secondary debt base;

3. The concept is different: the secondary bond base is a kind of low-risk bond type, and its risk and return are higher than those of the primary bond base. Tier 1 debt refers to investments in fixed-income financial instruments.

Including domestic public issuance and listing of treasury bonds, financial bonds, enterprise (corporate) bonds (including convertible bonds), repurchases, and other fixed-income financial instruments allowed by the China Securities Regulatory Commission to be invested.

The primary debt base can basically be understood as the primary debt base is a pure reserve debt type**.

The earliest Tier 1 bond base was the one that could invest in the Tier 1 market.

That is, to participate in the IPO.

Target. However, with the continuous improvement of the product structure of the industry, in July 2012, the China ** Industry Association recently issued the "Notice on Matters Concerning the Filing of Initial Public Offering Inquiry Objects and Placement Objects", and stopped accepting the filing applications of first-class bond-type **investment** and collective trust plans to become the objects of new stock placement; Suspend the qualifications of the first-class bond-type **investment** and collective trust plans that have completed the filing. This means that the first-tier bond base has basically bid farewell to the stage of "playing new stocks".

Investment target: In addition to fixed-income financial instruments, it is appropriate to participate in the trading of the secondary market, and also participate in the investment of new shares in the primary market. You can refer to the **contract** to determine whether the ** is a secondary debt base.

Asset allocation: high-yield bond portfolio, new stocks, selected to increase income.

Product features: Pure Debt + IPO + Select**.

Its expected risk and return are higher than those of the Tier 1 bond base.

Pure debt is a bond that invests in bonds. Bonds are issued by enterprises and state, and they all have one characteristic: they have a certain term, and the principal and interest will be repaid when they mature, and the interest is higher than the interest on bank deposits.

Tier 1 bonds refer to investments in fixed-income financial instruments, including domestic public and listed treasury bonds, financial bonds, corporate (corporate) bonds (including convertible bonds), repurchases, and other fixed-income financial instruments that are allowed to be invested in by the China Securities Regulatory Commission.

Erjing clapping hand grade bond base is a kind of low-risk bond-type base bright gold, you can refer to the **contract to judge whether the ** is a secondary bond base.

Distinction: It is the best sub-category of bond-type ** in the current market, and since the issuance of new shares has been suspended, the actual operation of this type of ** is similar to that of pure debt**, and the overall risk of this type of ** is small. The risks and returns of the secondary bond base are higher than those of the primary bond base.

Graded bonds** are actually no different from general bonds** in terms of investment operation, the difference is that graded bonds** divide the equity and allocate them to sub-bonds according to a certain strategy.

Like the ordinary graded bonds, the graded bond base also forms two categories: A and B, and the class A share of the graded bond** is a low-risk share, similar to fixed income products; Class B shares of graded bonds** are riskier due to leverage, but they also have the potential to achieve higher yields.

Grade A Grade A is like a fixed deposit, with low risk and fixed returns. Generally speaking, his income is the benchmark interest rate of a one-year fixed deposit plus a floating exchange rate.

Grade B For investors who are accustomed to playing A-shares, in addition to the low return, graded bond A has no feel and cannot experience the fun of operation, so bond grade B has become a better choice. Although the daily return of bonds does not fluctuate much, due to the high leverage, the fluctuations are not smaller than **.

How do I choose a grade B?

Pay attention to the volume size.

Most of the graded bond base B shares are listed on the exchange, and they can be bought and sold like ** every day (also T+1). However, the trading volume of most graded bond base B shares is very low, and some are even as low as tens of thousands of yuan, which is equivalent to saying that its ** may be seriously distorted, either too cheap (can't buy) or too expensive (can't be sold). However, with the development of the secondary market, the trading volume of the graded bond base will also be sharply enlarged to millions or even tens of millions, so if you can buy the ideal variety at a relatively high discount, you don't have to worry about not being able to sell it later; It's just that once you look at the opposite, it's hard to get rid of it in a short time.

First, what is the primary debt base and the secondary debt base?

Primary and secondary bonds refer to bonds**, both of which are important tools for investors to invest in the bond market. Primary bond base refers to the ** invested by investors, they invest in ** bonds, corporate bonds, financial bonds, etc., these bonds have low risks and low returns. The secondary bond base refers to the ** invested by investors, and they invest in non-standard bonds, convertible bonds, exchangeable bonds, etc., which have higher risks and higher returns.

2. The difference between the primary debt base and the secondary debt base.

1.The investment objects are different: the first-class bond-based investment is ** bonds, corporate bonds, financial bonds, etc., while the second-tier bond-based investment is non-standard bonds, convertible bonds, exchangeable bonds, etc.

2.The risks are different: the primary bond base is less risky, while the secondary bond base is more risky.

3.Yields are different: Tier 1 bonds have lower yields, while Tier 2 bonds have higher yields.

3. How investors choose the primary and secondary debt bases.

1.Investment objectives: investors should first clarify their investment objectives, if the investor's investment goal is to obtain high returns, then he can choose the secondary debt base; If the investor's investment goal is to obtain a safe return, then he can choose the primary bond base.

2.Investment experience: investors should also consider their own investment experience, if the investor has less investment experience, then he can choose the primary bond base; If the investor has more investment experience, then he can choose the secondary bond base.

3.Investment period: investors should also consider their own investment period, if the investor's investment period is shorter, then he can choose the primary bond base; If the investor's investment horizon is longer, then he can choose the secondary bond base.

Fourth, summary. Both vertical and secondary bonds are important tools for investors to invest in the bond market, and their investment objects, risks and returns are different. When investors choose the primary and secondary bond bases, they should choose according to their investment objectives, investment experience and investment horizon.

1) The investment target is different.

Tier 1 bonds are financial instruments that participate in the primary market in addition to fixed expected returns. In addition to the fixed stool with expected return financial instruments, the secondary bond base appropriately participates in the trading of the secondary market, and also participates in the investment of new shares in the primary market.

2) The scope of investment is different.

Since the primary bond base invests in pure bonds and new stocks, while the secondary bond base can also invest in secondary fine stocks in addition to these, that is to say, the investment scope of the secondary bond base is larger than that of the primary bond base.

3) Asset allocation is different.

Tier 1 bonds are new stocks with a portfolio of high-expected return bonds; The secondary bond base is a portfolio of high-expected yield bonds, and the selection of new stocks adds expected returns; In other words, the primary debt base is a combination of pure grinding debt and new shares; The secondary debt base is a combination of pure debt, new stocks and selected **, with different asset allocations.

4) The risk profile is different.

Due to the different characteristics of the investment target and product composition, the risk of the secondary bond base has increased; In general, the primary bond base is medium to low risk, while the secondary debt base is medium risk.

The differences are as follows: 1. The difference in its own nature is that the primary debt base is a pure debt type, while the secondary debt base is a bond type. 2. The scope of investment is different, and the primary bond base can invest in the primary market, that is, to participate in the new stocks; The secondary bond base belt can appropriately participate in the secondary market** trading, and can also participate in the primary market IPO investment.

3. The risks of the product are different, and the China ** Industry Association recently issued the "Notice on Matters Related to the Filing of Initial Public Offering ** Inquiry Objects and Placing Objects", and the first-class bond base basically bid farewell to the stage of "playing new shares"; The secondary bond base is a medium and low risk, and its expected risk and return are higher than those of the primary bond base. In general, it is a low-risk variety in **investment**. References**:

Encyclopedia - Primary Debt Base Encyclopedia - Secondary Debt Hall Eggplant Basis.

What does secondary debt base mean? What is the difference between the primary and secondary debt bases?

Compared with other **, the secondary bond base is less mentioned by investors. What does secondary debt base mean? Today, I will talk to you about the secondary debt base, so that you can have a deeper understanding of it, come and take a look!

It is understood that the secondary bond base is a type of bond, which in addition to the fixed expected annualized income of financial instruments, appropriately participate in the secondary market ** trading, and at the same time can also participate in the primary market new stock investment. Investors can refer to the contract to determine whether it is a secondary debt base.

After understanding what the secondary debt base means, let's take a look at the difference between the secondary debt base and the primary debt base:

1. The scope of investment is different.

The investment scope of the secondary bond base and the primary bond base is different. On the basis of investing in fixed-income financial products, the primary bond fund can also participate in the investment of new shares in the primary market; The secondary bond base has expanded the investment scope on the basis of the primary bond base, and can appropriately participate in the secondary market ** trading.

2. The risks are different.

Compared with the primary bond base, the risk of the secondary bond base is relatively high, but its expected return is also very high; Comparatively speaking, the primary bond base has less risk and more stable returns.

3. Suitable for different objects.

In terms of suitability, there is also a difference between the secondary and primary debt bases. Generally speaking, the primary bond base is more suitable for conservative investors who pursue stable income; The secondary bond base provides a more aggressive choice for investors who pursue low risk, and due to the characteristics of its allocation, it can be both offensive and defensive in the ** market.

I remind that the volatility of the secondary market is much greater than that of the bond market, so investors should add the ability to resist risks in addition to the profitability and performance stability of the secondary bond base when selecting the secondary bond base.