Since 2026, against a low interest rate backdrop, household demand for reallocating deposits has kept rising; combined with intensifying volatility in equity markets, investor appetite has grown for products that balance risk control with return flexibility, drawing more attention to "fixed income plus" products.
Institutional research data shows that as of June 30, 2026, household deposits rose by 3.19 trillion yuan less year-on-year in the first half; over the same period, the scale of "fixed income plus" funds expanded to 3.5 trillion yuan, up 30% from the end of last year. (Reference: Huatai Securities, "Evaluating This Round of the Stock-Bond Seesaw," 2026.10.26)
As capital keeps flowing in, the management framework for fixed income plus is also becoming more refined. The currently offered Yinhua Huize Bond (Class A 029440, Class C 029441) adopts a dual-manager system, jointly managed by Kan Lei, a fund manager deeply rooted in fixed income, and Ben Xingzhen, a fund manager with long-term equity investment experience. Under a unified risk budget, the two managers make coordinated stock-bond decisions, jointly exploring a path to take fixed income plus "one step further."
Fund managers Kan Lei (left) / Ben Xingzhen (right)
Bonds as the foundation, equities with discipline in "fixed income plus"
Yinhua Huize Bond is a typical "fixed income plus" strategy fund. Under the fund contract, its bond investment ratio is no less than 80% of fund assets, while equity assets, convertible bonds (including separable convertible corporate bonds) and exchangeable bonds together account for 5%-20% of fund assets. (Reference: product prospectus)
On the fixed income side specifically, Kan Lei emphasizes "refined management." He says the bonds, at no less than 80%, must carry the portfolio's main sources of return and risk management responsibilities. Beyond coupon income, attention can also be paid to roll-down returns, capital gains from duration adjustments, yield curve changes and relative value among bond types. In his view, the key is not to push any single strategy to the extreme, but to make return sources more diversified; the focus is not on raising trading frequency, but on clarifying where each potential return comes from, what risk it corresponds to, and then judging whether it is worth allocating to.
Speaking of the "impossible trinity" of bond investing, Kan Lei says yield, volatility and liquidity are often hard to achieve at the same time, and "product positioning determines the order of trade-offs." Tools such as extending duration, adding leverage and credit downgrading are not off-limits, but only if the market offers sufficient risk compensation. In practice, he is steady: first set a relatively stable duration center, then gradually adjust based on macro fundamentals, policy, liquidity conditions and bond valuations. He especially stresses distinguishing two types of risk: first, interest rate risk, where the longer the duration, the more sensitive the portfolio's net value may be when market rates rise; second, credit and liquidity risk, where one must guard against excessive credit downgrading or concentrated holdings of illiquid bonds.
On the equity side, Ben Xingzhen's core idea is to "emphasize stock selection within a limited risk budget." He says the equity side is not about using limited positions in the most elastic stocks, nor simply raising equity exposure to increase returns, but about striving to improve the efficiency of every unit of risk exposure under a limited risk budget.
Does a relatively limited risk budget mean stock selection must be even more refined? Ben Xingzhen's answer is yes, and he breaks the specific research into three levels. The first is company quality. Study the company's business model, industry position, earnings quality, operating cash flow and balance sheet to judge whether profits are sustainable. The second is the purchase price. The same company can have completely different risk-return characteristics at different valuation levels. For high dividends, analyze whether dividend payouts are supported by cash flow; for low valuations, judge whether there is a possibility of continued deterioration in fundamentals. The third is portfolio structure. Limited positions do not mean risk is naturally limited; cross-industry comparisons are needed, focusing on different companies' earnings drivers, valuation levels and risk factors to avoid overexposure of the equity portfolio to a single direction.
Cannot manage each side separately; must calculate the total risk account
With two languages, stocks and bonds, placed into the same product, how do the two fund managers form a unified decision-making mechanism? Kan Lei says, "The final decision must return to the portfolio's total risk, rather than judging stocks and bonds separately. A unified risk budget and portfolio decision-making mechanism are meant to avoid both the equity and bond sides looking reasonable on their own while combining into excessive total risk."
Kan Lei first looks at product positioning and risk budget, then at the risk contribution of each asset class; through scenario analysis and stress testing, he observes the portfolio's potential impact under conditions such as rising rates, widening credit spreads, equity market adjustments and tightening liquidity, then combines that with the risk tolerance available at the time to decide allocation ratios and adjustment pace.
Ben Xingzhen says that although stocks and convertible bonds both belong to equity-containing assets, their risk cannot be separated from the bond side; equity position arrangements must be considered together with the bond side's duration, credit and liquidity. Between stocks and bonds, convertible bonds have both bond-like and stock-like features, which also explains why the two fund managers cannot "manage each side separately."
Kan Lei believes the risk attributes of convertible bonds are not fixed. When convertible bond prices mainly follow the underlying stock's fluctuations, even if they are nominally still bonds, their risk performance is already close to equity assets. Therefore, one cannot judge that a portfolio's equity risk is low just because "the stock ratio is not high"; instead, the equity-like exposure of convertible bonds and the stock position must be observed together.
At the operational level, Ben Xingzhen summarizes three points for identifying duplicate risk: first, look at the underlying, confirming whether stocks and convertible bonds point to the same company or industry; second, distinguish equity-like characteristics, since deeply in-the-money convertible bonds are not much different from directly holding shares; third, look at industries, because if holdings are concentrated in a few highly correlated industries, risk will still stack up.
In this process, the two divide responsibilities and complement each other: Kan Lei starts from bond value, credit conditions and covenant design to assess convertible bonds' bond-like nature and downside risk; Ben Xingzhen starts from the underlying stock's fundamentals, earnings and valuation to add judgment on its equity-like nature and upside potential. On that basis, the two return to the portfolio's total risk budget to decide whether to allocate and how much.
Beyond calculating the risk account clearly, Ben Xingzhen adds, "The premise of dual-manager collaboration is not requiring both people to reach the same conclusion on every market variable, but to clearly explain the assumptions behind each judgment." For example, when discussing whether to increase equity allocation, one cannot simply say "bullish on stocks" or "bullish on a certain industry," but must break down the basis for earnings improvement, how much current valuations have already reflected, potential upside and adverse scenarios, and how much industry, style and volatility risk this allocation would add to the portfolio.
When the two fund managers have different views, they turn the disagreement into verifiable conditions rather than simply choosing one option.
Focusing on structural opportunities, deploying step by step
Under the unified risk budget framework, the two fund managers give their own judgments on the subsequent stock and bond markets: the bond side focuses on coupons and structural opportunities, while the equity side focuses on earnings delivery and valuation matching, with both emphasizing a step-by-step pace in building positions.
This year's bond market has not moved in a one-way trend; interest rates, liquidity conditions, government bond supply and risk appetite have repeatedly affected the market. Kan Lei judges that given current fundamentals, funding conditions and the supply-demand landscape, "the bond market will still have structural opportunities, but volatility may increase," and subsequent attention should be paid to government bond supply, policy pace and changes in equity market risk appetite.
In operation, he will not place all hope on a sharp decline in interest rates, but will "first secure coupon income, then seek opportunities from maturity, bond type and curve changes," keeping duration somewhat flexible and emphasizing credit quality and liquidity on the credit side.
On equities, Ben Xingzhen judges that over the medium to long term the market will gradually shift from valuation-driven to earnings-driven, and earnings delivery will become the core focus going forward. Earlier gains in some industries relied on valuation repair, and once valuation repair reaches a certain stage, whether earnings can keep up will face market testing. When selecting stocks, he will consider both industry space and fundamentals, verifying the realization of orders, revenue, profit and cash flow.
Speaking of position-building arrangements after the product is established, the two fund managers agree "not to rush to complete everything in one step." From the overall portfolio perspective, Kan Lei's priority is liquidity and risk structure. The bond side first builds a basic foundation, then gradually optimizes as market pricing evolves; equity and convertible bond positions always reserve ample room for adjustment, dynamically controlling the portfolio's risk exposure.
Ben Xingzhen's approach to building positions is similarly restrained, emphasizing that equities should initially prioritize targets with solid earnings quality, clear cash flow and reasonable valuations; for directions with large short-term gains and fully realized expectations, he keeps tracking them patiently and waits for better entry timing.
The two fund managers each have their own strengths, but ultimately they manage the same portfolio and calculate the same risk account. This is precisely the "one step further" explored by this "fixed income plus" product - not simply stacking asset classes, but enabling both the equity and bond sides to research more deeply and collaborate more closely, striving to go steady and far while strictly observing risk constraints.
Risk disclosure: Yinhua Huize Bond fee details. Fee type: Amount (M) / Holding period (N) - charging method / fee rate. Class A subscription fee: M < 5 million yuan, 0.30%; M 鈮?5 million yuan, fixed per transaction, 1,000 yuan per transaction. Class A purchase fee: M < 5 million yuan, 0.30%; M 鈮?5 million yuan, fixed per transaction, 1,000 yuan per transaction. Class A redemption fee (individual investors): N < 7 days, 1.50%; 7 days 鈮?N < 30 days, 0.50%; N 鈮?30 days, 0. Class A redemption fee (non-individual investors): N < 7 days, 1.50%; 7 days 鈮?N < 30 days, 1.00%; N 鈮?30 days, 0. Class C redemption fee (individual investors): N < 7 days, 1.50%; N 鈮?7 days, 0. Class C redemption fee (non-individual investors): N < 7 days, 1.50%; 7 days 鈮?N < 30 days, 1.00%; N 鈮?30 days, 0. Management fee 0.50% per year; custody fee 0.10% per year; Class C sales service fee 0.20% per year. Note: For fee details, please refer to the fund product summary. As of 2026.10.12, please refer to the latest fund announcements and fund legal documents at that time.
Kan Lei's biography: Master's degree. Previously worked at China Life Asset Management Company Limited, Industrial Bank Fund Management Co., Ltd., and China Life AMP Asset Management Co., Ltd. Joined Yinhua Fund in February 2023, currently fixed income co-investment director / team leader / fund manager in the Fixed Income Investment Management Department. Formerly fund manager of Yinhua Huiying One-Year Holding Mixed A/C (2023.8.11-2025.2.17) and Yinhua Zhaoli One-Year Holding Mixed A/C (2023.9.22-2025.4.3). Currently manages the following funds: Yinhua Anying Short-Term Bond A/C/D (since 2023.8.11), Yinhua Anfeng Medium- and Short-Term Policy Financial Bond A (since 2023.8.11), Yinhua Anfeng Medium- and Short-Term Policy Financial Bond D (since 2023.9.7), Yinhua Suifeng Regular Open Bond Initiating (since 2023.9.22), Yinhua Zhichun Bond (since 2023.12.21), Yinhua Jingxin Bond A/C (since 2024.3.20), Yinhua China Bond 0-5 Year Policy Financial Bond Index (since 2024.4.25), Yinhua Shenghong Bond A/C (since 2024.4.26), Yinhua Credit Select One-Year Regular Open Bond Initiating (since 2025.3.12), Yinhua Shenghong Bond E (since 2025.11.10), and Yinhua Jijifeng 90-Day Rolling Holding Bond A/C (since 2025.12.2).
Performance of funds currently managed by Kan Lei: Yinhua Anying Short-Term Bond A was established on December 7, 2018. Its net value growth rates in 2021, 2022, 2023, 2024, 2025 and since the fund contract took effect were 2.97%, 2.39%, 2.66%, 3.74%, 1.59% and 21.88%, respectively, while the benchmark returns over the same periods were 1.79%, 1.46%, 1.72%, 1.50%, 0.65% and 11.89%. Yinhua Anying Short-Term Bond C was established on December 7, 2018. Its net value growth rates in 2021, 2022, 2023, 2024, 2025 and since the fund contract took effect were 2.70%, 2.15%, 2.42%, 3.44%, 1.33% and 19.79%, respectively, while the benchmark returns over the same periods were 1.79%, 1.46%, 1.72%, 1.50%, 0.65% and 11.89%. Yinhua Anying Short-Term Bond D was established on December 29, 2021. Its net value growth rates in 2022, 2023, 2024, 2025 and since the fund contract took effect were 2.39%, 2.66%, 3.73%, 1.58% and 11.98%, respectively, while the benchmark returns over the same periods were 1.46%, 1.72%, 1.50%, 0.65% and 6.05%. Yinhua China Bond 0-5 Year Policy Financial Bond Index was established on April 25, 2024. Its net value growth rates in 2025 and since the fund contract took effect were 0.69% and 6.90%, respectively, while the benchmark returns over the same periods were -1.26% and -0.21%. Yinhua Anfeng Medium- and Short-Term Policy Financial Bond A was established on December 5, 2018. Its net value growth rates in 2021, 2022, 2023, 2024, 2025 and since the fund contract took effect were 3.44%, 2.66%, 3.19%, 6.22%, 0.52% and 26.59%, respectively, while the benchmark returns over the same periods were 0.91%, 0.11%, 0.32%, 1.22%, -0.63% and 2.64%. Yinhua Anfeng Medium- and Short-Term Policy Financial Bond D was established on September 7, 2023. Its net value growth rates in 2024, 2025 and since the fund contract took effect were 6.18%, 0.52% and 9.40%, respectively, while the benchmark returns over the same periods were 1.22%, -0.63% and 0.59%. Yinhua Suifeng Regular Open Bond Initiating was established on February 11, 2018. Its net value growth rates in 2021, 2022, 2023, 2024, 2025 and since the fund contract took effect were 4.26%, 2.46%, 3.73%, 6.10%, 1.39% and 39.58%, respectively, while the benchmark returns over the same periods were 2.10%, 0.51%, 2.06%, 4.98%, -1.59% and 15.49%. Yinhua Zhichun Bond was established on December 21, 2023. Its net value growth rates in 2024, 2025 and since the fund contract took effect were 6.31%, 0.34% and 8.88%, respectively, while the benchmark returns over the same periods were 4.98%, -1.59% and 4.72%. Yinhua Jingxin Bond A was established on March 20, 2024. Its net value growth rates in 2025 and since the fund contract took effect were 1.34% and 7.87%, respectively, while the benchmark returns over the same periods were -1.59% and 2.88%. Yinhua Jingxin Bond C was established on March 20, 2024. Its net value growth rates in 2025 and since the fund contract took effect were 1.09% and 7.05%, respectively, while the benchmark returns over the same periods were -1.59% and 2.88%. Yinhua Shenghong Bond A was established on April 26, 2024. Its net value growth rates in 2025 and since the fund contract took effect were 6.16% and 9.36%, respectively, while the benchmark returns over the same periods were 1.71% and 7.35%. Yinhua Shenghong Bond C was established on April 26, 2024. Its net value growth rates in 2025 and since the fund contract took effect were 5.83% and 8.68%, respectively, while the benchmark returns over the same periods were 1.71% and 7.35%. Yinhua Shenghong Bond E was established on November 10, 2025. Its net value growth rate since the fund contract took effect was -0.81%, while the benchmark return over the same period was 0.24%. Yinhua Credit Select One-Year Regular Open Bond Initiating was established on December 5, 2018. Its net value growth rates in 2021, 2022, 2023, 2024, 2025 and since the fund contract took effect were -0.17%, 3.31%, 5.24%, 4.15%, 2.43% and 35.67%, respectively, while the benchmark returns over the same periods were 2.1%, 0.51%, 2.06%, 4.98%, -1.59% and 11.10%. Yinhua Jijifeng 90-Day Rolling Holding Bond A was established on April 14, 2025. Its net value growth rate since the fund contract took effect was 3.05%, while the benchmark return over the same period was 0.09%. Yinhua Jijifeng 90-Day Rolling Holding Bond C was established on April 14, 2025. Its net value growth rate since the fund contract took effect was 2.78%, while the benchmark return over the same period was 0.09%.
Ben Xingzhen's biography: Master's degree. Previously a researcher at Beijing Urban Systems Engineering Research Center, and an industry analyst, strategy analyst, fund manager and deputy director of the Fund Management Department at New China Fund Management Co., Ltd. Joined Yinhua Fund Management Co., Ltd. in July 2016. Currently manages the following funds: Yinhua Quality Growth Mixed (since 2016.11.2), Yinhua Mixed Reform Dividend Flexible Allocation Mixed Initiating A (since 2018.5.22), Yinhua Industry Rotation Mixed (since 2018.12.3), Yinhua Steady Growth One-Year Holding Mixed (since 2021.2.3), Yinhua Mixed Reform Dividend Flexible Allocation Mixed Initiating C (since 2023.12.14), Yinhua Huiying One-Year Holding Mixed A/C (since 2025.2.12), Yinhua Huili Flexible Allocation Mixed A/C (since 2025.7.2), and Yinhua Yufeng Bond A/C (since 2025.8.7).
Performance of funds currently managed by Ben Xingzhen: Yinhua Quality Growth Mixed was established on June 9, 2006. Its net value growth rates in 2021, 2022, 2023, 2024, 2025 and since the fund contract took effect were -6.68%, -16.70%, -13.33%, 5.95%, 21.16% and 645.09%, respectively, while the benchmark returns over the same periods were -2.86%, -16.90%, -8.24%, 13.80%, 14.15% and 251.08%. Yinhua Industry Rotation Mixed was established on December 3, 2018. Its net value growth rates in 2021, 2022, 2023, 2024, 2025 and since the fund contract took effect were -4.41%, -14.58%, -12.98%, 5.91%, 20.79% and 127.54%, respectively, while the benchmark returns over the same periods were -3.12%, -16.86%, -8.40%, 13.73%, 14.33% and 55.66%. Yinhua Mixed Reform Dividend Flexible Allocation Mixed Initiating A was established on May 22, 2018. Its net value growth rates in 2021, 2022, 2023, 2024, 2025 and since the fund contract took effect were -8.11%, -13.70%, -18.52%, -8.14%, 3.53% and -0.73%, respectively, while the benchmark returns over the same periods were 0.50%, -9.48%, -3.21%, 12.35%, 9.12% and 41.75%. Yinhua Mixed Reform Dividend Flexible Allocation Mixed Initiating C was established on December 14, 2023. Its net value growth rates in 2024, 2025 and since the fund contract took effect were -9.02%, 3.16% and -22.91%, respectively, while the benchmark returns over the same periods were 12.35%, 9.12% and 30.52%. Yinhua Steady Growth One-Year Holding Mixed was established on February 3, 2021. Its net value growth rates in 2022, 2023, 2024, 2025 and since the fund contract took effect were -14.86%, -13.79%, 6.02%, 22.17% and -16.45%, respectively, while the benchmark returns over the same periods were -13.12%, -9.17%, 14.86%, 16.85% and -8.26%. Yinhua Huiying One-Year Holding Mixed A was established on March 20, 2020. Its net value growth rates in 2021, 2022, 2023, 2024, 2025 and since the fund contract took effect were 4.92%, -3.39%, 1.22%, 3.86%, 5.02% and 17.33%, respectively, while the benchmark returns over the same periods were 0.56%, -2.00%, 0.03%, 6.96%, 1.61% and 11.80%. Yinhua Huiying One-Year Holding Mixed C was established on March 20, 2020. Its net value growth rates in 2021, 2022, 2023, 2024, 2025 and since the fund contract took effect were 4.50%, -3.79%, 0.81%, 3.46%, 4.60% and 14.42%, respectively, while the benchmark returns over the same periods were 0.56%, -2.00%, 0.03%, 6.96%, 1.61% and 11.80%. Yinhua Huili Flexible Allocation Mixed A was established on May 14, 2015. Its net value growth rates in 2021, 2022, 2023, 2024, 2025 and since the fund contract took effect were 4.14%, -2.57%, 2.22%, 2.70%, 2.26% and 80.50%, respectively, while the benchmark returns over the same periods were 2.53%, 2.53%, 2.53%, 2.54%, 2.53% and 32.00%. Yinhua Huili Flexible Allocation Mixed C was established on April 1, 2016. Its net value growth rates in 2021, 2022, 2023, 2024, 2025 and since the fund contract took effect were 3.88%, -2.84%, 1.83%, 2.45%, 1.96% and 39.37%, respectively, while the benchmark returns over the same periods were 2.53%, 2.53%, 2.53%, 2.54%, 2.53% and 28.87%. Yinhua Yufeng Bond A was established on August 7, 2025. Its net value growth rate since the fund contract took effect was 1.21%, while the benchmark return over the same period was 1.76%. Yinhua Yufeng Bond C was established on August 7, 2025. Its net value growth rate since the fund contract took effect was 0.94%, while the benchmark return over the same period was 1.76%. (Source of the above data: fund periodic reports, as of 2026.6.30)
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