When the market price of a fund is lower than its net asset value, it is said to be trading at a discount; conversely, when the market price is higher than the net asset value, it is said to be trading at a premium. Globally, closed-end funds trade at a discount during the vast majority of the time, and this is currently also the case in our country. However, there is still no unified consensus regarding the phenomenon of closed-end funds trading at a discount. Generally speaking, the currently widely accepted reasonable range for the discount is approximately between 10% to 20%, while also requiring a detailed analysis in conjunction with the supply and demand situation in the market.