From October 20 to 22, along the banks of Shanghai's Huangpu River, the 2026 Sustainable Global Leaders Conference will return once again. Nobel and Turing Award winners will take the stage to discuss the future and trends of technology, and the internet-famous professor who "rescues" people from anxiety and the era of involution, Macfarlane, will hold a live dialogue with Xiang Biao!
Spots are limited, so it is first come, first served. Let us join together for the appointment with sustainability! [Click to register] As low interest rates and high volatility become the new normal in the bond market, and the equity market searches for new directions amid meso-level rotation, how should investors balance stability and flexibility? Dr. Li Qian, deputy general manager of the Multi-Asset Investment Department at Hua Shang Fund, has given an answer: deeply integrate top-down macro drivers with bottom-up prosperity discovery, and improve the win rate of decisions through an investment framework of "from macro to meso, then to micro, and finally back to macro," forming a "two-way closed loop." 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, bringing investors a good investment experience. Dr. Li Qian is deputy general manager of the Multi-Asset Investment Department at Hua Shang Fund, fund manager of Hua Shang Credit Enhancement Bond and other funds, and fund manager of Hua Shang Innovation Growth Flexible Allocation Mixed Initiating Fund. Data from fund evaluation institutions show that as of September 30, Hua Shang Fengli Enhanced Regular Open Bond A, the fund Dr. Li Qian has managed for the longest time, ranked first among 18 similar funds over the past 5 years. Hua Shang Credit Enhancement Bond Fund (A/C), also managed for more than 5 years, ranked in the top 3% of its peers over the past 1 year, past 3 years, and past 5 years. With excellent performance, both funds were awarded a "Five-Year Five-Star Fund" rating by the above evaluation institution. It is worth mentioning that the equity products Dr. Li Qian began managing in January 2025 have also performed well. Hua Shang Innovation Growth Flexible Allocation Mixed Initiating A ranked in the top 10% over the past 1 year. The performance of funds managed by Li Qian ranks in the top 10% of peers. Data note: data as of September 30, 2026; see the data note at the end for more details. Dr. Li Qian joined Hua Shang Fund in 2016. From researcher to "fixed income plus" investment and then to equity investment, he has spent ten years rooted in frontline investment research. In the early period, he covered cyclical industries such as finance, real estate, and construction materials, and later became involved in 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. Amid industry rotation, he focuses on finding the segments with reasonable valuations, the first glimmer of dawn, and the tightest supply-demand structure, so as to capture excess alpha. Looking ahead to the market in the second half of the year, Dr. Li Qian said that on the equity side, we believe the impact of external factors on A-shares remains largely阶段性, the domestic fundamentals and medium-term logic have not changed, and there is no need to be pessimistic about the medium-term market trend. Combined with the potential inflow of funds from household asset reallocation in the era of low interest rates, the stock market still has relatively strong investment opportunities. On the bond side, the future may still be a market in which investors need to rely on in-depth research, flexible trading, and refined management to obtain returns. Under the new normal of "low interest rates and high volatility," trend trading is becoming more difficult, and pursuing "small but stable" certainty of returns remains the better way to survive and develop. Data note: the "fixed income plus" strategy of the fund refers to using fixed income as the foundation while supplementing it with equity assets, striving to pursue long-term stable returns under the premise of strictly controlling risk. The views in this article come from the fund's 2026 interim report and are only the fund manager's judgment for the reporting period, not a guarantee of future investment. Please see the fund's periodic reports for details. Fund peer performance ranking data and star ratings were published by the fund evaluation institution Galaxy Securities in October 2026, with data as of September 30, 2026. The past 1 year is 2025.10.1--2026.9.30, the past 3 years is 2023.10.1--2026.9.30, and the past 5 years is 2021.10.1--2026.9.30. Hua Shang Fengli Enhanced Regular Open Bond (Class A) is classified as ordinary bond fund - regular open ordinary bond fund (secondary) (Class A), Hua Shang Fengli Enhanced Regular Open Bond (Class C) is classified as ordinary bond fund - regular open ordinary bond fund (secondary) (non-Class A), Hua Shang Credit Enhancement Bond (Class A) is classified as ordinary bond fund - ordinary bond fund (secondary) (Class A), Hua Shang Credit Enhancement Bond (Class C) is classified as ordinary bond fund - ordinary bond fund (secondary) (non-Class A), Hua Shang Lixin Return Bond (Class A) is classified as ordinary bond fund - ordinary bond fund (secondary) (Class A), Hua Shang Lixin Return Bond (Class C) is classified as ordinary bond fund - ordinary bond fund (secondary) (non-Class A), Hua Shang Innovation Growth Flexible Allocation Mixed Initiating (Class A) is classified as flexible allocation fund (benchmark equity ratio 60%-100%) (Class A), and Hua Shang Innovation Growth Flexible Allocation Mixed Initiating (Class C) is classified as flexible allocation fund (benchmark equity ratio 60%-100%) (non-Class A). Funds participating in performance rankings across various time dimensions need to deduct a 3-month position-building period. Funds with fewer than 10 funds in the same classification may 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 fund history: Hua Shang Fengli Enhanced Regular Open Bond Securities Investment Fund (20191225 to present), Hua Shang Dual Bond Fengli Bond Securities Investment Fund (20200310-20230712), Hua Shang Credit Enhancement Bond Securities Investment Fund (20200716 to present), Hua Shang Lixin Return Bond Securities Investment Fund (20230829 to present), Hua Shang Innovation Growth Flexible Allocation Mixed Initiating Securities Investment Fund (20250106 to present). Hua Shang Innovation Growth Flexible Allocation Mixed Initiating Securities Investment Fund: the subscription fee for this fund is divided into different standards according to subscription amount (M): Class A subscription fee is 1.5% for 0 yuan ≤ M < 1 million yuan, 1.2% for 1 million yuan ≤ M < 2 million yuan, 0.8% for 2 million yuan ≤ M < 5 million yuan, and 1,000 yuan per transaction for 5 million yuan ≤ M; Class C does not charge a subscription fee. Redemption fees are divided according to holding time (N): Class A redemption fee is 1.5% for 0 days ≤ N < 7 days, 0.75% for 7 days ≤ N < 30 days, 0.5% for 30 days ≤ N < 1 year, 0.25% for 1 year ≤ N < 2 years, and 0 for 2 years ≤ N; Class C redemption fee is 1.5% for N < 7 days, 0.5% for 7 days ≤ N < 30 days, and 0 for 30 days ≤ N. The sales service fee is not charged for Class A and is 0.6% per year for Class C. See the fund prospectus and related announcements for details. Hua Shang Credit Enhancement Bond Securities Investment Fund: the subscription fee for this fund is divided into different standards according to subscription amount (M): Class A subscription fee is 0.8% for M < 1 million yuan, 0.5% for 1 million yuan ≤ M < 3 million yuan, 0.3% for 3 million yuan ≤ M < 5 million yuan, and 1,000 yuan per transaction for 5 million yuan ≤ M; Class C does not charge a subscription fee. Redemption fees are divided according to holding time (N): Class A redemption fee is 1.5% for N < 7 days, 0.1% for 7 days ≤ N < 1 year, 0.05% for 1 year ≤ N < 2 years, and 0 for 2 years ≤ N; Class C redemption fee is 1.5% for N < 7 days and 0 for 7 days ≤ N. The sales service fee is not charged for Class A and is 0.4% per year for Class C. See the fund prospectus and related announcements for details. Hua Shang Fengli Enhanced Regular Open Bond Securities Investment Fund: the subscription fee for this fund is divided into different standards according to subscription amount (M): Class A subscription fee is 0.8% for 0 yuan ≤ M < 1 million yuan, 0.5% for 1 million yuan ≤ M < 3 million yuan, 0.3% for 3 million yuan ≤ M < 5 million yuan, and 1,000 yuan per transaction for 5 million yuan ≤ M; Class C does not charge a subscription fee. Redemption fees are divided according to holding time (N): Class A redemption fee is 1.5% for N < 7 days, 1% for fund shares held for no less than 7 days (inclusive) but subscribed and then redeemed within the same open period, and 0 for fund shares subscribed in a certain open period and held for more than one closed period; Class C redemption fee is 1.5% for N < 7 days, 1% for fund shares held for no less than 7 days (inclusive) but subscribed and then redeemed within the same open period, and 0 for fund shares subscribed in a certain open period and held for more than one closed period. The sales service fee is not charged for Class A and is 0.4% per year for Class C. See the fund prospectus and related announcements for details. Hua Shang Lixin Return Bond Securities Investment Fund: the subscription fee for this fund is divided into different standards according to subscription amount (M): Class A subscription fee is 0.8% for M < 1 million yuan, 0.5% for 1 million yuan ≤ M < 3 million yuan, 0.3% for 3 million yuan ≤ M < 5 million yuan, and 1,000 yuan per transaction for 5 million yuan ≤ M; Class C does not charge a subscription fee. Redemption fees are divided according to holding time (N): Class A redemption fee is 1.5% for N < 7 days, 0.1% for 7 days ≤ N < 30 days, and 0 for 30 days ≤ N; Class C redemption fee is 1.5% for N < 7 days and 0 for 7 days ≤ N. The sales service fee is not charged for Class A and is 0.3% per year for Class C. See the fund prospectus and related announcements for details. Risk disclosure: the fund manager undertakes to manage and use the fund assets in good faith, diligently, cautiously, and prudently, but does not guarantee that the fund will necessarily make a profit or guarantee a minimum return. The past performance of a fund and its net value level do not indicate its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance, and the past performance of the fund manager does not constitute a guarantee of the performance of a newly issued fund. Hua Shang 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 because they miss the open period. When investors purchase funds, please carefully read the fund contract, prospectus, and other fund legal documents. The above views are only judgments about the current market, not a guarantee of future investment, and do not represent investment advice. Markets carry risks, and fund investment must be cautious. Investors are kindly requested to choose products that match their risk tolerance and investment objectives. A MACD golden cross signal has formed, and these stocks are rising well!
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