Class A Performance Ranks First Among Peers Over the Past 5 Years; Huashang Fengli Enhanced Fixed-Term Open Bond Fund Opens for Subscriptions and Redemptions Starting March 16

In a rapidly changing market, funds that can navigate cycles and consistently generate stable returns for investors are especially valuable. According to data from an authoritative fund rating agency, by the end of 2025, Huashang Fengli Enhanced Fixed-Term Open Bond A ranked first in its category for both 3-year and 5-year performance. Thanks to its outstanding medium- and long-term performance, this fund has become a leader among “Fixed Income+” products. It will open for a new subscription period from March 16 to March 27, 2026, during which investors can subscribe, redeem, or switch (please refer to the company’s official announcement for details).

Huashang Fengli Enhanced Fixed-Term Open Bond A ranks first in its category for 3-year and 5-year performance

Huashang Fengli Enhanced Fixed-Term Open Bond Fund primarily invests in bonds (no less than 80% of the fund’s assets), with a moderate participation in stocks (no more than 20%). Through active management, it aims to achieve stable returns while appropriately engaging in stock investments, demonstrating strong adaptability across different market environments (see the fund’s legal documents for the full investment strategy). According to the latest quarterly report, the fund’s bond asset allocation mainly involves AAA-rated credit bonds, strictly controlling credit risk, and timely participating in interest rate bonds, convertible bonds, and equity assets to enhance returns.

As of December 31, 2025, Huashang Fengli Enhanced Fixed-Term Open Bond A achieved net value growth rates of 41.05% over 3 years and 109.78% over 5 years. Thanks to its excellent performance, data from an authoritative fund evaluation agency shows that the fund’s Class A shares ranked first among 776 similar funds over 3 years and also topped the list among 488 funds over 5 years. Additionally, historical annual performance indicates strong performance (see the table below).

Data source: Fund quarterly reports, authoritative fund evaluation agencies, see data notes at the end.

Huashang Fengli Enhanced Fixed-Term Open Bond 2020-2025 Performance Overview

Data source: Fund quarterly reports.

Furthermore, the fund operates under a periodic open mode, which effectively improves fund capital efficiency, helps investors avoid emotional trading, and enhances overall holding experience.

Strong Fund Manager Lì Qiān Leads Asset Allocation Through Market Cycles

Lì Qiān, PhD in Economics

Deputy General Manager of Multi-Asset Investment Department, Huashang Fund

Fund Manager of Huashang Fengli Enhanced Fixed-Term Open Bond

Fund Manager of Huashang Credit-Enhanced Bonds and other funds

Lì Qiān, currently serving as Deputy General Manager of Huashang Fund’s Multi-Asset Investment Department, has nearly 10 years of securities industry experience (including 6 years in securities investment). He believes that due to significant market volatility, relying on a single asset class is difficult to sustain risk resistance. Only scientific, dynamic asset allocation can effectively diversify risks and strengthen the resilience of the portfolio through market cycles.

Behind the excellent performance is also a strong research and investment capability. In January 2026, Tianxiang Investment Consulting issued a fund manager rating, awarding Huashang Fund a 5A rating for active bonds over three years. In February of the same year, Ji’an Jinxin’s fund manager rating ranked Huashang Fund as a five-star manager for secondary bond funds over three years. Additionally, data from an authoritative fund evaluation agency in January 2026 shows that Huashang Fund’s active fixed income funds achieved the highest absolute return among 126 comparable firms over five years, and also topped the list over seven years among 112 firms.

Huashang Fengli Enhanced Fixed-Term Open Bond Fund dynamically adjusts its asset allocation through professional management to adapt to different market conditions, optimizing the investor experience. For investors seeking steady returns with some flexibility in their portfolio, this fund is an ideal allocation tool. We look forward to sharing this prosperous journey with you.

Data notes: The current open period for Huashang Fengli Enhanced Fixed-Term Open Bond Fund is from March 16 to March 27, 2026, during which subscriptions, redemptions, and switches are accepted. After 3:00 PM on March 27, 2026, the fund will suspend these operations and enter the next closed management period. The fund does not currently offer regular fixed investment plans. “Fixed Income+” is an investment strategy that primarily involves fixed income assets supplemented with equity assets, aiming for long-term stable returns while strictly controlling risks. The investment philosophies of the fund managers do not necessarily reflect the fund’s investment strategies; specific investment ratios and strategies are detailed in the fund’s legal documents. As of December 31, 2025, Lì Qiān has 3.7 years of securities research experience and 6.0 years of securities investment experience. His previous funds include Huashang Credit-Enhanced Bonds (since July 16, 2020), Huashang Fengli Enhanced Fixed-Term Open Bond (since December 25, 2019), Huashang Lixin Return Bonds (since August 29, 2023), and Huashang Innovation Growth Hybrid (since January 6, 2025).

Huashang Fengli Enhanced Fixed-Term Open Bond was established on September 20, 2016, with the CSI Aggregate Bond Index as its benchmark. Performance data for the past 5 years (January 1, 2021 – December 31, 2025) and 3 years (January 1, 2023 – December 31, 2025) are from the fund’s quarterly reports; ranking data is from Guotai Haitong Securities in January 2026. The latest net asset value of the fund units can be found on Huashang Fund’s official website.

Management’s 5-star, 5A, and peer ranking evaluations are as of December 31, 2025, based on the “Interim Measures for the Evaluation Business of Securities Investment Funds.” Ji’an Jinxin’s evaluation considers profitability, performance stability, risk resistance, and the appropriate scale of managed products, with ratings from five stars to one star. Tianxiang Investment Consulting’s evaluation assesses the fund management company’s overall strength, investment management ability, and operational stability, ranking them from AAAA to A. Active fixed income fund ratings include pure bond funds, mixed bond funds, and convertible bond funds, ranked by net value growth rate.

The subscription fee rate for Class A of Huashang Fengli Enhanced Fixed-Term Open Bond (non-pension clients) varies by subscription amount: less than 1 million RMB at 0.8%, between 1 million and 3 million RMB at 0.5%, between 3 million and 5 million RMB at 0.3%, and 5 million RMB or more at a flat 1,000 RMB per transaction. Class C has no subscription fee. Redemption fees depend on holding period: for Class A and C, less than 7 days at 1.5%, 7 days or more but redeemed within the same open period at 1.0%, and no redemption fee for holdings exceeding one closed period. Sales service fee for Class A is not charged; Class C is 0.4% per year. Please refer to the fund’s prospectus and legal documents for details. Pension investors subscribing directly through the fund’s sales center for Class A shares may be subject to different fee rates, as specified in the prospectus.

Risk warning: Periodic open bond funds carry the risk that investors may miss the open window and be unable to subscribe or redeem. The fund manager commits to managing and utilizing the fund assets with honesty, diligence, and prudence but does not guarantee profits or minimum returns. Past performance and net asset value do not predict future results. Performance of other funds managed by the same manager does not guarantee future performance of this fund. Investors should carefully read the fund’s legal documents before investing and choose products that match their risk tolerance and investment goals. This information does not constitute investment advice. Market risks are inherent in fund investments, so please invest cautiously.