When low interest rates and high volatility become the new normal in the bond market, and the equity market seeks new directions through sector rotation, how should investors balance stability and flexibility? Li Qian, PhD, Deputy General Manager of the Multi-Asset Investment Department at Hua Shang Fund, has provided the answer 鈥?deeply integrating top-down macroeconomic drivers with bottom-up prosperity discovery, and improving decision-making accuracy through a "bidirectional closed-loop" investment framework that goes "from macro to meso, then to micro, and finally back to macro." 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, have ranked in the top 10% of their peer groups across multiple time dimensions, delivering a solid investment experience for investors. 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 Fund and other products, and fund manager of Hua Shang Innovation Growth Flexible Allocation Mixed Initiated Fund.
Data from fund evaluation agencies shows that as of September 30, Hua Shang Fengli Enhanced Regular Open Bond A, which Dr. Li Qian has managed for the longest period, ranked first among 18 peer funds over the past 5 years. Hua Shang Credit Enhancement Bond Fund (A/C), which he has also managed for over 5 years, ranked in the top 3% of its peer group over the past 1 year, 3 years, and 5 years. With their outstanding performance, both funds received a "Five-Year Five-Star Fund" rating from the aforementioned evaluation agency. It is worth noting that the equity-type products Dr. Li Qian began managing in January 2025 have also performed well, with Hua Shang Innovation Growth Flexible Allocation Mixed Initiated A ranking in the top 10% over the past 1 year.
Funds managed by Li Qian ranked in the top 10% of their peer groups. Data note: Data as of September 30, 2026. For more details, please refer to the data notes at the end.
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 construction materials, and later ventured into macroeconomic strategy research. This research experience spanning "macro鈥攎eso鈥攎icro" laid the foundation for him to gradually build a unique investment framework. In a constantly changing market, he always carries the clarity of a cyclical researcher and the pragmatism of an industry investor. Amid 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: On the equity side, we believe the impact of external factors on A-shares remains阶段性 (temporary), and the domestic fundamentals and medium-term logic have not changed. 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 low interest rate era, the stock market still offers strong investment opportunities. On the bond side, the future will likely remain a market where investors need to rely on in-depth research, flexible trading, and refined management to generate returns. Under the new normal of "low interest rates, high volatility," trend trading becomes more difficult, and pursuing "small but stable" deterministic returns remains the better path for survival and development.
Data note: The fund's "fixed income plus" strategy refers to using fixed income as the foundation while supplementing with equity assets, striving to pursue long-term stable returns under the premise of strictly controlling risks. The views expressed in this article are from the fund's 2026 interim report and represent only the fund manager's judgment for the reporting period, not a guarantee for future investment. Please refer to the fund's periodic reports for details. Fund peer performance ranking data and star ratings were published by the fund evaluation agency 鈥?Galaxy Securities 鈥?in October 2026, with data as of September 30, 2026. The past 1 year is from October 1, 2025 to September 30, 2026; the past 3 years is from October 1, 2023 to September 30, 2026; the past 5 years is from October 1, 2021 to September 30, 2026. Hua Shang Fengli Enhanced Regular Open Bond (Class A) is classified as Ordinary Bond Fund 鈥?Regular Open Ordinary Bond Fund (Secondary) (Class A); Hua Shang Fengli Enhanced Regular Open Bond (Class C) is classified as Ordinary Bond Fund 鈥?Regular Open Ordinary Bond Fund (Secondary) (Non-Class A); Hua Shang Credit Enhancement Bond (Class A) is classified as Ordinary Bond Fund 鈥?Ordinary Bond Fund (Secondary) (Class A); Hua Shang Credit Enhancement Bond (Class C) is classified as Ordinary Bond Fund 鈥?Ordinary Bond Fund (Secondary) (Non-Class A); Hua Shang Lixin Return Bond (Class A) is classified as Ordinary Bond Fund 鈥?Ordinary Bond Fund (Secondary) (Class A); Hua Shang Lixin Return Bond (Class C) is classified as Ordinary Bond Fund 鈥?Ordinary Bond Fund (Secondary) (Non-Class A); Hua Shang Innovation Growth Flexible Allocation Mixed Initiated (Class A) is classified as Flexible Allocation Fund (Benchmark Equity Proportion 60%-100%) (Class A); Hua Shang Innovation Growth Flexible Allocation Mixed Initiated (Class C) is classified as Flexible Allocation Fund (Benchmark Equity Proportion 60%-100%) (Non-Class A). Funds participating in performance rankings across various time dimensions must deduct a 3-month position-building period. Ratings or single-indicator rankings shall not be conducted for funds with fewer than 10 funds in the same category. 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. Funds managed by Li Qian: Hua Shang Fengli Enhanced Regular Open Bond Securities Investment Fund (December 25, 2019 to present), Hua Shang Dual Bond Fengli Bond Securities Investment Fund (March 10, 2020 to July 12, 2023), Hua Shang Credit Enhancement Bond Securities Investment Fund (July 16, 2020 to present), Hua Shang Lixin Return Bond Securities Investment Fund (August 29, 2023 to present), Hua Shang Innovation Growth Flexible Allocation Mixed Initiated Securities Investment Fund (January 6, 2025 to present). Hua Shang Innovation Growth Flexible Allocation Mixed Initiated Securities Investment Fund: The subscription fee rate for this fund is divided into different standards based on the subscription amount (M): Class A subscription fee rate is 1.5% for M < 1 million yuan, 1.2% for 1 million yuan 鈮?M < 2 million yuan, 0.8% for 2 million yuan 鈮?M < 5 million yuan, and 1,000 yuan per transaction for M 鈮?5 million yuan; Class C does not charge a subscription fee. The redemption fee rate is divided based on holding time (N): Class A redemption fee is 1.5% for 0 days 鈮?N < 7 days, 0.75% for 7 days 鈮?N < 30 days, 0.5% for 30 days 鈮?N < 1 year, 0.25% for 1 year 鈮?N < 2 years, and 0 for N 鈮?2 years; Class C redemption fee is 1.5% for N < 7 days, 0.5% for 7 days 鈮?N < 30 days, and 0 for N 鈮?30 days. Sales service fee is not charged for Class A, and is 0.6% per year for Class C. Please refer to the fund's prospectus and related announcements for details. Hua Shang Credit Enhancement Bond Securities Investment Fund: The subscription fee rate for this fund is divided into different standards based on the subscription amount (M): Class A subscription fee rate is 0.8% for M < 1 million yuan, 0.5% for 1 million yuan 鈮?M < 3 million yuan, 0.3% for 3 million yuan 鈮?M < 5 million yuan, and 1,000 yuan per transaction for M 鈮?5 million yuan; Class C does not charge a subscription fee. The redemption fee rate is divided based on holding time (N): Class A redemption fee is 1.5% for N < 7 days, 0.1% for 7 days 鈮?N < 1 year, 0.05% for 1 year 鈮?N < 2 years, and 0 for N 鈮?2 years; Class C redemption fee is 1.5% for N < 7 days, and 0 for N 鈮?7 days. Sales service fee is not charged for Class A, and is 0.4% per year for Class C. Please refer to the fund's prospectus and related announcements for details. Hua Shang Fengli Enhanced Regular Open Bond Securities Investment Fund: The subscription fee rate for this fund is divided into different standards based on the subscription amount (M): Class A subscription fee rate is 0.8% for 0 yuan 鈮?M < 1 million yuan, 0.5% for 1 million yuan 鈮?M < 3 million yuan, 0.3% for 3 million yuan 鈮?M < 5 million yuan, and 1,000 yuan per transaction for M 鈮?5 million yuan; Class C does not charge a subscription fee. The redemption fee rate is divided based on 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 redeemed after subscription 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 redeemed after subscription within the same open period, and 0 for fund shares subscribed in a certain open period and held for more than one closed period. Sales service fee is not charged for Class A, and is 0.4% per year for Class C. Please refer to the fund's prospectus and related announcements for details. Hua Shang Lixin Return Bond Securities Investment Fund: The subscription fee rate for this fund is divided into different standards based on the subscription amount (M): Class A subscription fee rate is 0.8% for M < 1 million yuan, 0.5% for 1 million yuan 鈮?M < 3 million yuan, 0.3% for 3 million yuan 鈮?M < 5 million yuan, and 1,000 yuan per transaction for M 鈮?5 million yuan; Class C does not charge a subscription fee. The redemption fee rate is divided based on holding time (N): Class A redemption fee is 1.5% for N < 7 days, 0.1% for 7 days 鈮?N < 30 days, and 0 for N 鈮?30 days; Class C redemption fee is 1.5% for N < 7 days, and 0 for N 鈮?7 days. Sales service fee is not charged for Class A, and is 0.3% per year for Class C. Please refer to the fund's prospectus and related announcements for details. Risk disclosure: The fund manager is committed to managing and utilizing fund assets with honesty, diligence, prudence, and due care, but does not guarantee that the fund will be profitable or guarantee minimum returns. Past performance of a fund and its net asset value levels do not predict future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. 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 miss the open period and be unable to subscribe or redeem. When purchasing a fund, please carefully read the fund contract, prospectus, and other fund legal documents. The above views are only judgments on the current market, not a guarantee for future investment, and do not represent investment advice. Markets carry risks, and fund investment requires caution. Investors are advised to choose products that match their risk tolerance and investment objectives. MACD golden cross signals have formed, and these stocks are rising well!
Comments