Market volatility is a constant, yet the value of asset allocation remains timeless. The currently issuing Huashang Yongli Bond Fund (A: 028319, C: 028320), leveraging Huashang Fund's deep research capabilities and long-standing experience in multi-asset investing, aims to offer investors a configuration choice that is "offensive and defensive" in complex and changing market environments. The fund is scheduled to close its subscription period on August 14, 2026 (please refer to the fund company's announcements for specific details).
The Huashang Yongli Bond Fund adopts a scientific asset allocation framework, using bond assets as a safety cushion and equity assets to enhance return elasticity. By dynamically adjusting the stock-bond ratio, it pursues long-term, stable appreciation of fund assets while controlling volatility. Specifically, the fund's bond asset investment ratio is at least 80% of fund assets, while the combined investment ratio in equity assets, convertible bonds (excluding the pure bond portion of separable trading convertible bonds), and exchangeable bonds is 5% to 20% of fund assets (see the fund's legal documents for the complete investment strategy).
Zhang Fei, Manager of Huashang Shuangyi Balanced Hybrid Fund, is the proposed fund manager for the Huashang Yongli Bond Fund. Zhang Fei holds a bachelor's degree in engineering from Huazhong University of Science and Technology and a master's degree in finance from Shanghai Jiao Tong University. He has a background as a credit bond researcher and convertible bond researcher, with nearly nine years of securities industry experience (including 5.9 years of securities research and 2.0 years of securities investment). Adhering to a rigorous engineering research perspective, combined with solid technical knowledge, Zhang Fei insists on independent thinking in investments, deeply researching underlying technical details, and continuously learning to refine his understanding of various industries. He focuses on bottom-up discovery of hard-tech growth stocks, valuing technical barriers and growth potential. With a keen interest in economic development, product technology, and the business society, he concentrates on capturing investment opportunities from industrial changes and technological advancements, currently focusing on AI, humanoid robots, competitive manufacturing exports, dividends, and cyclical reversals.
His core investment framework is "creating a sharp fixed-income plus product, striving for a better risk-return ratio." In pure bonds, he focuses on obtaining stable coupon income without credit downgrading. In convertible bonds, he selects the most suitable sub-strategies based on market style and valuation levels. In stocks, he adopts a balanced allocation, adjusting sector exposure based on industrial景气度 changes and valuation extremes, seeking to capture structural opportunities in the equity market to achieve as much excess return as possible. Additionally, he emphasizes portfolio drawdown control, primarily through style hedging, rotation between high and low valuations, and prudent timing to optimize the risk-return profile.
Regarding the market outlook, Zhang Fei holds a positive stance. He believes that after the recent market adjustments, numerous undervalued investment opportunities have emerged in both the AI supply chain and many other industries, and the equity market still has room for upside in 2026. In his operations, he will adopt a balanced allocation approach, seeking companies within the AI supply chain with solid fundamentals, core positions, and significantly reduced valuation risk. Simultaneously, he will continue to uncover excellent manufacturing enterprises across various industries with strong global competitive advantages, steady earnings growth, and historically low valuations. He is also closely monitoring and proactively positioning in sectors like physical AI and humanoid robots, where positive industrial changes are occurring. Regarding convertible bonds, the current average hundred-dollar premium rate is at a historical high over the past decade. Facing both opportunities and challenges, Zhang Fei states he will adopt a "balanced and high-volatility" sub-strategy to actively capture structural opportunities while controlling fluctuations.
A strong product relies on a robust investment research platform. Huashang Fund consistently practices the philosophy of "deep research driving investment," and its multi-asset investment team has maintained leading long-term performance. According to data released by a fund rating agency in July 2026, as of June 30, 2026, Huashang Fund ranked first among 116 peers in absolute return of active fixed-income funds over the past 7 years, and also secured the top spot among 127 peers over the past 5 years.
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