Class A has increased over 109% in the past 5 years, ranking first among peers! The Huashang Fengli Enhanced Fixed-Term Open Bond is now open.

Investing has no standard answers. In a low-interest-rate era, how can investors break through? A “fixed-income plus” strategy—building a foundation with bonds and enhancing returns with equities—is perhaps becoming a powerful allocation tool for navigating market cycles. It is reported that, as of the end of 2025, the Huashang Rich and Beneficial Enhanced Regular Open Bond Fund A has posted a gain of over 109% in the past five years, with its performance currently ranking first among its peers. The fund is currently in an open period, and investors may办理申购、赎回及转换业务 through March 27 (specific details are subject to the company announcement).

The fund is managed by Li Qian, Deputy General Manager of Huashang Fund’s Multi-Asset Investment Department. Leveraging his deep capability in large-asset allocation, it has demonstrated strong adaptability and return potential across different market cycles. As of the end of 2025, according to data from authoritative fund evaluation institutions, the Huashang Rich and Beneficial Enhanced Regular Open Bond Fund A’s return over the past five years was 109.78%, ranking first among 488 funds in the same category; its return over the past three years was 41.05%, also taking the top spot among 776 funds in the same category.

Performance showcase of Huashang Rich and Beneficial Enhanced Regular Open Bond over the past 3 and 5 years

Source of data: Fund periodic reports, fund evaluation institutions; see the data notes at the end of the document for details.

Time is the best yardstick for testing the effectiveness of an investment strategy. As a secondary bond fund, the Huashang Rich and Beneficial Enhanced Regular Open Bond Fund primarily invests in bond assets (no less than 80% of the fund’s assets). At the same time, it flexibly allocates equity assets of no more than 20%, aiming to seek upside while staying稳健, and to capture returns during volatility (for the fund’s complete investment strategy, see the fund’s legal documents). In addition, the fund adopts a periodic open-ended operation model, with concentrated subscription/redemption after each closed period ends. This mechanism design not only provides the fund manager with a relatively stable operating space, but also helps investors avoid chasing after short-term market sentiment swings that can lead to buying at highs and selling at lows, thereby enhancing the sense of reward from long-term holding. According to the fund’s periodic report, the fund has demonstrated strong performance resilience across multiple complete calendar years (see the table below for details).

Performance showcase of Huashang Rich and Beneficial Enhanced Regular Open Bond for 2020–2025

Source of data: Fund periodic reports.

Li Qian　Doctor of Economics

Deputy General Manager of Huashang Fund’s Multi-Asset Investment Department

Fund manager of Huashang Rich and Beneficial Enhanced Regular Open Bond Fund

Fund manager of funds such as Huashang Credit Enhancement Bond

Behind the impressive performance is Li Qian’s scientific and dynamic large-asset allocation philosophy, which he has consistently adhered to. Li Qian currently serves as Deputy General Manager of Huashang Fund’s Multi-Asset Investment Department, with nearly 10 years of experience in securities practice (including 6 years of securities investment experience). He believes that capital market volatility is relatively high, and a single asset often cannot continuously withstand risks. Only scientific and dynamic large-asset allocation can effectively diversify risks and enhance the portfolio’s resilience to navigate market cycles.

From Li Qian’s investment performance and holdings, his overall style is稳健, with an emphasis on risk control. He will fully consider the safety, return potential, and liquidity of assets, striving to achieve stable appreciation of assets under strict risk control. His investment framework is clear and layered: it is mainly based on macro fundamentals, analyzing investment opportunities in different stages and different markets, and selecting investment directions from top down to ensure the investment directions are within the favorable cycle channel; meanwhile, it also implements bottom-up落实 of investment targets.

Strong performance cannot be achieved without Huashang Fund’s long-term deep focus and continuous accumulation in the fixed-income field. In January 2026, in a fund manager rating published by Tianxiang Investment Consulting, Huashang Fund received a 5A rating for active bond funds over a three-year period. In February of the same year, in Jixian Jinxin’s fund manager rating, Huashang Fund received a five-star rating for secondary bond funds over a three-year period. In addition, according to data published by an authoritative fund evaluation institution in January 2026, among 126 comparable companies, Huashang Fund’s active fixed-income fund category had the highest absolute return rate over the past five years, and over the past seven years it also ranked first among 112 comparable companies for absolute return rates.

Investment is like sailing a boat—only steady progress brings one far. The Huashang Rich and Beneficial Enhanced Regular Open Bond Fund will pause subscriptions and redemptions after 15:00 on March 27, 2026, and enter the next closed operational management period. We look forward to joining hands with fellow professionals who value stability and pursue steady outcomes for the next journey.

Data notes: The current open period for the Huashang Rich and Beneficial Enhanced Regular Open Bond Fund is from March 16, 2026 to March 27, 2026, during which investors may办理 subscription, redemption, and conversion for this fund. After 15:00 on March 27, 2026, the fund will pause subscription, redemption, and conversion and enter the next closed operational management period. This fund does not currently offer a regular fixed-amount investment business. “Fixed-income plus” is a type of investment strategy for fund products: while primarily based on fixed-income assets, it also supplements with equity assets, aiming to pursue long-term稳健 returns under the premise of strictly controlling risk. The above investment philosophy of the fund manager does not represent the fund’s investment strategy. For the fund’s specific investment proportions and investment strategy, please refer to the fund’s legal documents. As of 2025.12.31, Li Qian has 3.7 years of securities research experience and 6.0 years of securities investment experience. Li Qian has held the following fund roles: Huashang Credit Enhancement Bond from 2020.07.16 to present; Huashang Rich and Beneficial Enhanced Regular Open Bond from 2019.12.25 to present; Huashang Lixin Return Bond from 2023.08.29 to present; Huashang Innovative Growth Mixed-Initiated Fund from 2025.01.06 to present.

Huashang Rich and Beneficial Enhanced Regular Open Bond was established on 2016.09.20. Its performance benchmark is the CSI All-Bond Index. The fund’s performance data for the past 5 years (2021.01.01 - 2025.12.31) and the past 3 years (2023.01.01 - 2025.12.31) come from the fund’s periodic reports; the performance ranking data are published by Guotai Hailong Securities, a fund evaluation institution, in January 2026. The fund ranking category is偏债债券型, and there is no ranking data for the past 1 year. For the latest net asset value per fund share, please refer to the Huashang Fund website.

Manager ratings of 5 stars, 5A ratings, and peer ranking ratings data are as of 2025.12.31. Ratings are conducted in accordance with the 《Interim Measures for the Administration of Fund Evaluation Business》. Jixian Jinxin’s evaluation: it examines profitability, performance stability, risk-anti ability, and the scale appropriateness of managed products for secondary bond funds; the results are divided into five tiers from five stars to one star, with each tier accounting for 10%, 22.5%, 35%, 22.5%, and 10% respectively. Tianxiang Investment Consulting’s evaluation: based on analyses across three major aspects—fund managers’ basic strength, investment management capability, and company stability (including compliance)—it assesses fund managers that participate in evaluations in all three major areas and are comparable. Based on the overall comprehensive score of fund managers’ strength, it also considers their industry standing. According to total scores sorted from high to low, they are divided into five grades: AAAA-level A grade to A grade. The active bond fund rating includes three secondary classifications: bond funds—pure bond funds, bond funds—mixed bond funds, and bond funds—convertible bond funds. The active fixed-income category evaluation by Guotai Hailong Securities is: based on the net value growth rates of active fixed-income funds managed by fund companies (net value growth rate calculated using assets under management over the period as weights), ranked from high to low. Active fixed-income funds include pure bond open-ended funds, pure bond closed-ended funds, quasi-bond open-ended funds, quasi-bond closed-ended funds,偏债债券型,偏债债券封闭型, convertible bond funds, and short-term bond funds.

Huashang Rich and Beneficial Enhanced Regular Open Bond Fund A subscription fee rates (non-pension customers) are divided into different standards based on the subscription amount: when the amount is < 1 million yuan, the fee rate is 0.8%; when 1 million yuan ≤ amount < 3 million yuan, the fee rate is 0.5%; when 3 million yuan ≤ amount < 5 million yuan, the fee rate is 0.3%; when amount ≥ 5 million yuan, a fee is charged at 1,000 yuan per transaction. Class C does not charge a subscription fee. Redemption fee rates are determined by holding period: for Class A and Class C redemptions, if holding time is < 7 days, the fee rate is 1.5%; if holding time is ≥ 7 days but after purchasing within the same open period and redeeming the fund shares, the fee rate is 1.0%. For fund shares purchased in an open period and held beyond one closed period, no redemption fee is charged. The sales service fee for Class A is not charged, and for Class C it is 0.4% per year. This fund applies different subscription/redemption fee rates to pension customers who subscribe/subscribe to Class A fund shares through the fund manager’s direct sales center, and to other investors. Please refer to legal documents such as the fund prospectus for details.

Risk warning: Open-ended regular bond funds carry the risk that investors may miss the open period and therefore be unable to subscribe or redeem. The fund manager undertakes to manage and use fund assets with honesty and creditworthiness, diligence in fulfilling duties, and prudence and diligence, but does not guarantee that the fund will definitely be profitable, nor does it guarantee a minimum return. The fund’s past performance and the level of its net value do not predict its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund’s performance. The past performance of the fund manager does not constitute a guarantee of the performance of any newly issued fund. When purchasing a fund, investors should carefully read fund legal documents such as the fund contract and the prospectus. Investors are kindly requested to choose products that match their risk tolerance and investment objectives. The above does not constitute investment advice. There are risks in the market; fund investments require caution.

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