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As low interest rates and high volatility become the new normal for the bond market, and the equity market seeks new directions amid sector rotation, how should investors balance stability and flexibility? Dr. Li Qian, Deputy General Manager of the Multi-Asset Investment Department at Huasheng Fund, has provided the answer—deeply integrating top-down macro drivers with bottom-up prosperity identification, using a "two-way closed-loop" investment framework that goes "from macro to meso, then to micro, and finally back to macro" to improve decision-making success rates.
The effectiveness of this framework is clearly visible: as of September 30, the funds managed by Dr. Li Qian, whether secondary bond funds or flexible allocation equity products, have ranked in the top 10% of their peers across multiple time dimensions, delivering a solid investment experience for investors.
Dr. Li Qian
Deputy General Manager of the Multi-Asset Investment Department at Huasheng Fund
Fund Manager of Huashang Credit Enhancement Bond and other funds
Fund Manager of Huashang Innovation Growth Flexible Allocation Mixed Initiation Fund
According to data from fund evaluation agencies, as of September 30, the Huashang Fengli Enhanced Regular Open Bond A, which Dr. Li Qian has managed for the longest period, ranked first among 18 peer funds over the past 5 years. The Huashang Credit Enhancement Bond Fund (A/C), also managed for over 5 years, ranked in the top 3% of its peers over the past 1 year, 3 years, and 5 years. With their outstanding performance, both funds were awarded the "Five-Year Five-Star Fund" rating by the aforementioned evaluation agency.
It is worth noting that the equity-type products Dr. Li Qian began managing in January 2025 have also performed impressively, with Huashang Innovation Growth Flexible Allocation Mixed Initiation A ranking in the top 10% over the past 1 year.
Funds managed by Li Qian rank in the top 10% of their peers
Data note: Data as of September 30, 2026. For more details, please refer to the data notes at the end of this article.
Dr. Li Qian joined Huasheng Fund in 2016. From researcher to "fixed income plus" investment and then to equity investment, he has spent a decade rooted in frontline investment research. In his early years, he covered cyclical industries such as finance, real estate, and construction materials, and later delved into macro strategy research. This research experience spanning "macro—meso—micro" laid the foundation for him to gradually build a unique investment framework. In a ever-changing market, he always carries the clarity of a cyclical researcher and the pragmatism of an industry investor. Amid sector rotation, he focuses on identifying segments with reasonable valuations, emerging signs of recovery, and the tightest supply-demand dynamics to capture excess alpha.
Looking ahead to the second half of the year, Dr. Li Qian stated: On the equity side, we believe the impact of external factors on A-shares remains阶段性 (periodic), the domestic fundamentals and medium-term logic have not changed, and there is no need to be pessimistic about the medium-term market trend. Coupled with the potential inflow of funds from household asset reallocation in the low interest rate era, the stock market still offers strong investment opportunities. On the bond side, the future may still be a market where investors need to rely on in-depth research, flexible trading, and refined management to generate returns. Under the new normal of "low interest rates and high volatility," trend trading becomes more difficult, and pursuing "small but stable" certainty returns remains the better path for survival and development.
Data note: The fund's "fixed income plus" strategy refers to using fixed income as the foundation while supplementing with equity assets, striving for long-term stable returns under strict risk control. The views expressed in this article are from the fund's 2026 interim report and represent only the fund manager's judgment for the reporting period, not a guarantee for future investment. Please refer to the fund's periodic reports for details. Fund peer performance ranking data and star ratings were published by the fund evaluation agency—Galaxy Securities—in October 2026, with data as of September 30, 2026. The past 1 year refers to 2025.10.1–2026.9.30, the past 3 years refers to 2023.10.1–2026.9.30, and the past 5 years refers to 2021.10.1–2026.9.30. Huashang Fengli Enhanced Regular Open Bond (Class A) is classified as a regular bond fund—regular open bond fund (secondary) (Class A); Huashang Fengli Enhanced Regular Open Bond (Class C) is classified as a regular bond fund—regular open bond fund (secondary) (non-Class A); Huashang Credit Enhancement Bond (Class A) is classified as a regular bond fund—regular bond fund (secondary) (Class A); Huashang Credit Enhancement Bond (Class C) is classified as a regular bond fund—regular bond fund (secondary) (non-Class A); Huashang Lixin Return Bond (Class A) is classified as a regular bond fund—regular bond fund (secondary) (Class A); Huashang Lixin Return Bond (Class C) is classified as a regular bond fund—regular bond fund (secondary) (non-Class A); Huashang Innovation Growth Flexible Allocation Mixed Initiation (Class A) is classified as a flexible allocation fund (benchmark equity ratio 60%-100%) (Class A); Huashang Innovation Growth Flexible Allocation Mixed Initiation (Class C) is classified as a flexible allocation fund (benchmark equity ratio 60%-100%) (non-Class A). Funds participating in performance rankings across various time dimensions must deduct a 3-month position-building period. Funds with fewer than 10 funds in the same classification shall not be rated or ranked by a single indicator. As of September 30, 2026, Li Qian has 10.5 years of securities industry experience, including 3.7 years of securities research experience and 6.8 years of securities investment experience. Li Qian's past fund management history: Huashang Fengli Enhanced Regular Open Bond Securities Investment Fund (20191225 to present), Huashang Dual Bond Fengli Bond Securities Investment Fund (20200310-20230712), Huashang Credit Enhancement Bond Securities Investment Fund (20200716 to present), Huashang Lixin Return Bond Securities Investment Fund (20230829 to present), Huashang Innovation Growth Flexible Allocation Mixed Initiation Securities Investment Fund (20250106 to present). Huashang Innovation Growth Flexible Allocation Mixed Initiation Securities Investment Fund: The subscription fee rate for this fund is divided into different standards based on the subscription amount (M): Class A subscription fee rate 0 yuan ≤ M < 1 million yuan at 1.5%, 1 million yuan ≤ M < 2 million yuan at 1.2%, 2 million yuan ≤ M < 5 million yuan at 0.8%, 5 million yuan ≤ M at 1,000 yuan per transaction; Class C does not charge subscription fees. The redemption fee rate is divided based on holding time (N): Class A redemption fee, 0 days ≤ N < 7 days at 1.5%, 7 days ≤ N < 30 days at 0.75%, 30 days ≤ N < 1 year at 0.5%, 1 year ≤ N < 2 years at 0.25%, 2 years ≤ N at 0; Class C redemption fee, N < 7 days at 1.5%, 7 days ≤ N < 30 days at 0.5%, 30 days ≤ N at 0%. Sales service fee: Class A does not charge, Class C at 0.6% per year. Please refer to the fund's prospectus and relevant announcements for details. Huashang Credit Enhancement Bond Securities Investment Fund: The subscription fee rate for this fund is divided into different standards based on the subscription amount (M): Class A subscription fee rate M < 1 million yuan at 0.8%, 1 million yuan ≤ M < 3 million yuan at 0.5%, 3 million yuan ≤ M < 5 million yuan at 0.3%, 5 million yuan ≤ M at 1,000 yuan per transaction; Class C does not charge subscription fees. The redemption fee rate is divided based on holding time (N): Class A redemption fee, N < 7 days at 1.5%, 7 days ≤ N < 1 year at 0.1%, 1 year ≤ N < 2 years at 0.05%, 2 years ≤ N at 0%; Class C redemption fee, N < 7 days at 1.5%, 7 days ≤ N at 0%. Sales service fee: Class A does not charge, Class C at 0.4% per year. Please refer to the fund's prospectus and relevant announcements for details. Huashang Fengli Enhanced Regular Open Bond Securities Investment Fund: The subscription fee rate for this fund is divided into different standards based on the subscription amount (M): Class A subscription fee rate 0 yuan ≤ M < 1 million yuan at 0.8%, 1 million yuan ≤ M < 3 million yuan at 0.5%, 3 million yuan ≤ M < 5 million yuan at 0.3%, 5 million yuan ≤ M at 1,000 yuan per transaction; Class C does not charge subscription fees. The redemption fee rate is divided based on holding time (N): Class A redemption fee, N < 7 days at 1.5%, for those with a continuous holding period of no less than 7 days (inclusive) but redeemed after subscription within the same open period at 1%, for fund shares subscribed in a certain open period and held for more than one closed period at 0%; Class C redemption fee, N < 7 days at 1.5%, for those with a continuous holding period of no less than 7 days (inclusive) but redeemed after subscription within the same open period at 1%, for fund shares subscribed in a certain open period and held for more than one closed period at 0%. Sales service fee: Class A does not charge, Class C at 0.4% per year. Please refer to the fund's prospectus and relevant announcements for details. Huashang Lixin Return Bond Securities Investment Fund: The subscription fee rate for this fund is divided into different standards based on the subscription amount (M): Class A subscription fee rate M < 1 million yuan at 0.8%, 1 million yuan ≤ M < 3 million yuan at 0.5%, 3 million yuan ≤ M < 5 million yuan at 0.3%, 5 million yuan ≤ M at 1,000 yuan per transaction; Class C does not charge subscription fees. The redemption fee rate is divided based on holding time (N): Class A redemption fee, N < 7 days at 1.5%, 7 days ≤ N < 30 days at 0.1%, 30 days ≤ N at 0%; Class C redemption fee, N < 7 days at 1.5%, 7 days ≤ N at 0%. Sales service fee: Class A does not charge, Class C at 0.3% per year. Please refer to the fund's prospectus and relevant announcements for details. Risk disclosure: The fund manager is committed to managing and utilizing fund assets with honesty, integrity, prudence, and diligence, but does not guarantee that the fund will be profitable or that minimum returns will be achieved. Past performance of a fund and its net value levels do not predict future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Past performance of the fund manager does not constitute a guarantee of the performance of new funds. Huashang Fengli Enhanced Regular Open Bond Securities Investment Fund is a regular open bond fund, and there is a risk that investors may be unable to subscribe or redeem due to missing the open period. When purchasing funds, investors should carefully read the fund contract, prospectus, and other fund legal documents. The views above are only judgments about the current market, not a guarantee for future investment, and do not represent investment advice. Markets carry risks, and fund investment requires caution. Investors are advised to choose products that match their risk tolerance and investment objectives. MACD golden cross signals have formed, and these stocks are rising well!
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