When low interest rates and high volatility become the new normal in the bond market, and the equity market seeks new direction amid sector rotation, how should investors balance stability and elasticity? Li Qian, Deputy General Manager of the Multi-Asset Investment Department at Hua Shang Fund, has an answer — deeply integrating top-down macro drivers with bottom-up prosperity discovery, using a "bidirectional closed-loop" investment framework that moves "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, ranked in the top 10% of their peers across multiple time dimensions, delivering a solid investment experience for investors.
Data from fund evaluation agencies shows that as of September 30, Hua Shang Fengli Enhanced Regular Open Bond A, the fund managed by Dr. Li Qian for the longest period, ranked first among 18 similar funds over the past 5 years. Hua Shang Credit Enhanced Bond Fund (A/C), also managed for over 5 years, ranked in the top 3% of its peers over the past 1, 3, and 5 years. With such outstanding performance, both funds were awarded a "Five-Year Five-Star Fund" rating by the aforementioned evaluation agency. It is worth noting that the equity-type product Dr. Li Qian began managing in January 2025 has also performed well — Hua Shang Innovation Growth Flexible Allocation Mixed Initiated A ranked in the top 10% over the past 1 year.
Dr. Li Qian joined Hua Shang Fund in 2016. From researcher to "fixed income plus" investment and then to equity investment, he has spent a decade rooted in front-line investment research. In his early years, he covered cyclical industries such as finance, real estate, and building 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 volatile market, he always carries the clarity of a cyclical researcher and the pragmatism of an industrial investor. In sector rotation, he focuses on finding 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 that on the equity side, external factors' impact on A-shares remains阶段性, while domestic fundamentals and medium-term logic have not changed, so there is no need to be pessimistic about the market's medium-term trend. Combined with potential capital inflows from household asset reallocation in the low-interest-rate era, the stock market still offers strong investment opportunities. On the bond side, the market may continue to require investors 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.
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