The current market environment presents new challenges for investors. With interest rates trending downward and the equity market offering structural opportunities alongside volatility, how can one find an "anchor of certainty" for assets in such a complex landscape? The Huashang Ruixin Fixed-Term Open Bond Fund (002924), managed by industry veteran Zhang Yongzhi, Head of Multi-Asset Investment at Huashang Fund, is currently in its ninth subscription period. This may offer investors a path to seek long-term, stable returns amidst market fluctuations. Please note that after 15:00 on April 20, 2026, the fund will suspend subscriptions, redemptions, and conversion services, entering its next closed operation period. The specific reopening date will be announced by the company.
Historical performance serves as strong validation of an investment strategy. The Huashang Ruixin Fixed-Term Open Bond Fund has delivered impressive results across various timeframes. According to data released by an authoritative fund rating agency in March, as of the end of February 2026, the fund achieved a net value growth rate of 32.19% over the past year, ranking second in its peer group. Its three-year net value growth rate reached 47.11%, ranking first among peers. Over a five-year period, the fund's net value increased by over 56%, securing the second position in its category. Furthermore, these returns significantly outperformed the fund's benchmark, the CSI Aggregate Bond Index. This demonstrates the fund's robust, cycle-resistant performance, achieved through its "bond foundation, equity enhancement" strategy, supported by strong asset allocation capabilities and professional investment management.
Zhang Yongzhi, a founding figure at Huashang Fund, brings over 20 years of experience in the securities industry, including more than 15 years in securities investment. Adhering to a steady and balanced investment philosophy, he excels at identifying "anchors of certainty" between stocks and bonds through a macro perspective and strategic asset allocation. In bond investments, he employs proactive management strategies based on thorough analysis of macroeconomic conditions and micro-level market participants. For equity investments, his decisions are centered on valuation levels, focusing on industries with strong macroeconomic linkages and selectively participating in sectors with high growth certainty, all while prioritizing risk control to seek stable returns.
Understanding the source of this performance requires examining the specific market context. In the recently disclosed annual report, Zhang Yongzhi provided a detailed review and outlook for various markets.
Regarding the bond market, he noted that a key theme in 2025 was the ongoing interplay between the actual pace of monetary policy and market expectations. Early in the year, high expectations for unconventional easing led to a rapid decline in yields. However, the central bank promptly signaled a prudent stance, guiding market expectations and causing rates to rebound quickly. In the latter half of the year, the central bank exercised restraint in easing measures. Throughout the year, consistent policy determination created discrepancies with market expectations, contributing to interest rate volatility.
In the equity market, A-shares experienced a pattern of oscillating recovery and growth in 2025. Year-end data showed the Shanghai Composite Index rose approximately 18.41%, the Shenzhen Component Index gained about 29.87%, and the growth-oriented ChiNext Index surged nearly 49.57%, significantly outperforming the main board.
For the convertible bond market, net supply contracted noticeably by 151 billion yuan for the year. Market valuations rose, with the median price exceeding 131 yuan and the median conversion premium surpassing 32%. Certain bonds, particularly in the technology sector, demonstrated particularly strong performance.
Looking ahead to 2026, Zhang Yongzhi expects macroeconomic policy to focus on the high-quality development of capital markets, with moderately accommodative monetary policies maintaining ample liquidity. The institutional character of the bond market is anticipated to become more pronounced. The upward trend in equities is likely to continue, accompanied by sector divergence and structural opportunities. Emerging industries like AI and new energy, along with upgrading traditional sectors, are seen as having stronger certainty for profit growth, making them core areas for market focus. The convertible bond market will be shaped by persistently tight supply-demand dynamics and the trajectory of the equity market, potentially characterized by sustained high valuations, volatility tied to underlying stocks, and increasingly structural opportunities.
The essence of Zhang Yongzhi's strategy is finding certainty within uncertainty. Using bonds as an anchor and equities for growth may offer a viable approach in this era of low interest rates and high volatility. The Huashang Ruixin Fixed-Term Open Bond Fund is currently in its ninth subscription period, potentially warranting investor attention.
The current subscription period for the fund runs from March 23, 2026, to April 20, 2026. Subscription, redemption, and conversion services will be suspended after 15:00 on April 20, 2026, as the fund enters its next closed period. Systematic investment plans are not currently available for this fund.
Investors should be aware that fixed-term open-ended bond funds carry the risk of being unable to subscribe or redeem shares if an open period is missed. While the fund manager is committed to managing assets with integrity and diligence, there is no guarantee of profit or protection against loss. Past performance is not indicative of future results. Investors should carefully review the fund's legal documents, including the prospectus, and choose products that align with their risk tolerance and investment objectives.
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