The current market environment presents new challenges for investors. With interest rates trending downward and equity markets offering both structural opportunities and volatility, the question arises: how can one identify anchors of certainty for asset allocation in such complex conditions? It is reported that the Huashang Ruixin Regular Open Bond Fund (002924), managed by veteran investor Zhang Yongzhi—Head of Multi-Asset Investment at Huashang Fund with 15 years of experience—is currently in its ninth open period. This may offer investors a pathway to pursue long-term, stable returns amid fluctuating markets. (After 15:00 on April 20, 2026, the fund will suspend subscription, redemption, and conversion services, entering its next closed management cycle. The specific reopening date will be announced by the company.)
**Huashang Ruixin Regular Open Bond Fund: Leading Medium- to Long-Term Performance** Historical performance serves as strong validation of an investment strategy. The Huashang Ruixin Regular Open Bond Fund has delivered impressive results across multiple time horizons. 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 among its peers. Over a three-year period, the fund's net value grew by 47.11%, ranking first in its category. Extending the horizon to five years, the fund’s net value increased by over 56%, securing the second position among comparable funds. These results significantly outperformed the benchmark ChinaBond Composite Index during the same periods. This reflects the fund’s stable, cycle-resistant performance underpinned by its “bond foundation, equity enhancement” strategy, supported by robust asset allocation and professional investment expertise.
**Performance of Huashang Ruixin Regular Open Bond Fund**
| Period | Net Value Growth Rate | Peer Ranking | Benchmark Performance | |-----------------------|-----------------------|--------------|------------------------| | 1 Year (Mar 2025–Feb 2026) | 32.19% | 2nd of 23 | 1.45% | | 3 Years (Mar 2023–Feb 2026)| 47.11% | 1st of 23 | 15.41% | | 5 Years (Mar 2021–Feb 2026)| 56.76% | 2nd of 23 | 26.26% |
*Data source: Performance data from Huashang Fund, verified by the custodian bank; ranking data from fund rating agencies; benchmark data from Wind Information.*
**Zhang Yongzhi: Anchoring Certainty Between Stocks and Bonds** Zhang Yongzhi, a founding figure at Huashang Fund, currently serves as Head of Multi-Asset Investment and manages funds including the Huashang Ruixin Regular Open Bond Fund. With over 20 years of experience in the securities industry and more than 15 years in investment management, he adheres to a steady and balanced investment philosophy. Zhang excels in adopting a macroeconomic perspective to identify anchors of certainty through asset allocation between equities and bonds. In bond investments, he employs proactive management strategies based on thorough analysis of macroeconomic conditions and micro-level market participants. For equities, he focuses on valuation levels as a core decision-making criterion, prioritizing sectors closely tied to macroeconomic trends and selectively participating in high-growth industries with clear growth prospects, aiming to achieve stable returns while controlling risk.
Understanding the source of this performance requires examining the market context. In the fund’s latest annual report, Zhang provided a detailed review and outlook across various markets.
In the bond market, he noted that one key theme of 2025 was the ongoing interplay between monetary policy implementation and market expectations. Early in the year, high expectations for unconventional easing pushed yields down rapidly. However, the central bank soon signaled a prudent stance, prompting a market correction and a rebound in rates. In the latter half of the year, the central bank maintained restraint in easing. Throughout the year, policy consistency contrasted with shifting market expectations, contributing to interest rate volatility.
In the equity market, A-shares exhibited a pattern of震荡修复 (fluctuation and recovery) alongside gains in 2025. Year-end data showed the Shanghai Composite Index rising approximately 18.41%, the Shenzhen Component Index up about 29.87%, and the growth-oriented ChiNext Index surging nearly 49.57%, significantly outperforming the main board.
In the convertible bond market, net supply contracted noticeably, shrinking by RMB 151 billion for the year. Market valuations rose, with the median price exceeding RMB 131 and the median conversion premium surpassing 32%. Select bonds in sectors like technology delivered particularly strong performance.
Looking ahead to 2026, Zhang expects macroeconomic policy to focus on high-quality development in capital markets, with appropriately accommodative monetary policies maintaining ample liquidity. The bond market is likely to exhibit stronger institutional characteristics. The upward trend in equities is anticipated to continue, accompanied by sector divergence and structural opportunities. Emerging industries such as AI and new energy, along with upgrades in traditional sectors, are expected to demonstrate more certain profit growth, becoming key focal points for the market. The convertible bond market will be shaped by tight supply-demand dynamics and equity market movements, likely maintaining high valuations, volatility linked to underlying stocks, and increasingly selective opportunities.
Zhang Yongzhi’s investment approach—balancing offense and defense—is fundamentally about seeking certainty amid uncertainty. Using bonds as an anchor and equities as a sail may offer a viable strategy in an era of low interest rates and high volatility. Currently, the Huashang Ruixin Regular Open Bond Fund is in its ninth open period, potentially warranting investor attention.
*Data note: The current open period for the Huashang Ruixin Regular Open Bond Fund runs from March 23 to April 20, 2026, during which subscriptions, redemptions, and conversions are processed. After 15:00 on April 20, 2026, these services will be suspended as the fund enters its next closed period. The fund does not currently offer systematic investment plans. As of March 31, 2026, Zhang Yongzhi has 20.2 years of securities industry experience, including 3.0 years in securities trading, 1.6 years in research, and 15.6 years in investment management. Views expressed are from fund periodic reports and reflect the manager’s philosophy, not investment advice. For detailed investment strategies, refer to fund legal documents.*
*Performance data for the Huashang Ruixin Regular Open Bond Fund over the past 1, 3, and 5 years has been verified by the custodian bank. Benchmark returns are from Wind Information. Peer rankings are from China Galaxy Securities, released on March 1, 2026, with data as of February 28, 2026. The fund is classified as a regular open ordinary bond fund (Level 2) (Class A). The fund was established on August 24, 2016. Fund manager tenure: Zhang Yongzhi (August 24, 2016, to present). The benchmark is the ChinaBond Composite Index. Annual net value growth rates from 2021 to 2025 were 19.90%, -6.16%, 3.92%, 3.10%, and 18.87%, respectively, compared to benchmark returns of 5.65%, 3.49%, 5.23%, 8.83%, and 0.57%. This information is from fund periodic reports. For the latest net asset value, visit the Huashang Fund website.*
*Subscription fees for the Huashang Ruixin Regular Open Bond Fund (non-pension clients) vary by amount: 0.8% for amounts under RMB 1 million, 0.5% for RMB 1–3 million, 0.3% for RMB 3–5 million, and a flat fee of RMB 1,000 for amounts over RMB 5 million. Redemption fees depend on holding period: 1.5% for less than 7 days, 0.1% for 7 days to 1 year, and 0% for 1 year or longer. The fund does not charge a sales service fee. Different subscription rates apply to pension clients investing through the manager’s direct platform. For details, see the fund prospectus and legal documents.*
*Risk提示: Regular open bond funds carry the risk that investors may miss open periods and be unable to subscribe or redeem. The fund manager is committed to managing fund assets with integrity, diligence, and prudence but does not guarantee profits or minimum returns. Past performance and net asset value do not indicate future results. The performance of other funds managed by the company does not guarantee this fund’s performance. The manager’s past record does not assure new fund results. Investors should carefully read the fund contract, prospectus, and other legal documents before investing. Choose products that match your risk tolerance and investment objectives. This content does not constitute investment advice. Market risks exist; fund investment requires caution.*
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