Core Viewpoint - The A-share market is experiencing a structural trend driven by technological advancements and policy expectations, while the bond market is undergoing a range-bound fluctuation, testing investors' decision-making abilities. The "fixed income +" strategy is increasingly favored by investors as a tool to navigate through cycles [1][8]. Group 1: Market Overview - In early 2026, the A-share market continues to show structural trends influenced by technology and policy expectations [1][8]. - The bond market is characterized by a range-bound fluctuation, with a "top" and "bottom" scenario, challenging investors' decision-making [1][8]. - The "fixed income +" strategy is gaining traction among investors for its ability to provide both offensive and defensive opportunities [1][8]. Group 2: Insights from Zhang Yongzhi - Zhang Yongzhi, General Manager of the Multi-Asset Investment Department at Huashang Fund, has nearly 20 years of experience in the securities industry, focusing on macro asset allocation and the development of "fixed income +" products [3][11]. - His investment style emphasizes a balanced approach, aiming for long-term sustainable returns while capturing certain opportunities in equity investments based on valuation [3][11]. Group 3: Bond Market Analysis - In Q4 2025, the bond market showed stable overall performance, with a steepening yield curve. Short-term bonds benefited from a loose funding environment, while medium to long-term bonds faced adjustments due to rising inflation expectations [4][12]. - The convertible bond market exhibited characteristics of both bond market liquidity and equity market risk appetite, with performance influenced by underlying stocks, particularly in growth sectors driven by industrial policies [4][12]. Group 4: Equity Market Analysis - The equity market is experiencing an upward shift in its oscillation center, with significant trading volume during periods of favorable policies. The market is characterized by a "high-low" process, driven by policy support and a search for sectors with marginal improvements in fundamentals [5][12]. - Strong performance continues in technology sectors, while defensive and high-dividend sectors like coal and banking are gaining attention in the current market environment [5][12]. Group 5: 2026 Outlook - Looking ahead to 2026, despite the recent rise in A-shares, the "stock-bond value ratio" indicates that equity prices still hold investment value, providing a rationale for medium to long-term capital allocation to equity assets [5][13]. - The investment philosophy emphasizes independent thinking and a long-term perspective, aiming to create stable returns for investors through flexible asset allocation and strict credit risk control [5][14].

Group 1 - The A-share market is experiencing a structural trend influenced by technological waves and policy expectations, while the bond market is testing investors' decision-making abilities in a fluctuating environment [1] - The "fixed income +" strategy is becoming a preferred tool for many investors to navigate through cycles, characterized by its ability to both seize opportunities and mitigate risks [1] - Zhang Yongzhi, a seasoned expert with nearly 20 years of experience in the "fixed income +" field, emphasizes a macro perspective on asset allocation to pursue long-term sustainable returns [1][3] Group 2 - In Q4 2025, the bond market showed stable overall performance, with a steepening yield curve; short-term bonds benefited from a loose funding environment, while medium to long-term bonds faced adjustments due to rising inflation expectations [2] - The convertible bond market exhibited characteristics of high-priced stocks, with performance influenced by both the liquidity environment of the bond market and the risk appetite of the stock market [2] - The equity market is characterized by an upward oscillation, with significant trading volume during periods of favorable policies; sectors such as technology and cyclical stocks are highlighted for their defensive and allocation value [3] Group 3 - Despite the recent rise in A-shares, the "stock-bond value ratio" indicates that the stock market still holds allocation value, providing a rationale for long-term capital to invest in equity assets [3] - Zhang Yongzhi advocates for independent thinking and a focus on absolute returns in a complex market environment, aiming to create long-term stable returns through flexible asset allocation and strict credit risk control [3]

Core Insights - In January 2026, 98% of the 7,578 comparable bond funds reported positive performance, with 7,459 funds increasing in value, while only 77 funds declined and 42 remained flat [1] - The strong performance in the stock market and stability in the bond market contributed to the rise, with 21 bond funds increasing by over 10% [1] - The top-performing funds included 工银可转债优选债券A and 工银可转债优选债券C, which achieved returns of 16.54% and 16.51% respectively [1] Fund Performance - 工银可转债优选债券A and C led the performance rankings with returns of 16.54% and 16.51%, respectively, with significant holdings in convertible bonds and a portion in stocks, primarily in gold mining [1] - 工银添慧债券A and C followed closely with returns of 14.76% and 14.73%, focusing on government and financial bonds, along with mining stocks [1] - 华商瑞鑫定期开放债券 and 华商可转债债券A and C also performed well, with returns of 13.14%, 11.47%, and 11.44% respectively, emphasizing convertible bonds and semiconductor stocks [2] Underperforming Funds - The bottom performer was 天治稳健双盈债券, which declined by 1.71% in January, with a significant portion of its assets in government and corporate bonds [3] - Other underperformers included 中海丰泽利率债C and A, which fell by 0.61% and 0.59%, respectively, focusing on financial bonds [4]

Core Viewpoint - Huashang Fund adheres to the core philosophy of "active management at its core, prioritizing the interests of holders," demonstrating strong long-term performance in active fixed income investment [1][11]. Performance Summary - As of December 31, 2025, Huashang Fund's active fixed income funds ranked in the top five of the industry over the past 3, 5, 7, and 10 years, achieving 23 entries in the top 10% of peers, with 9 instances of being ranked first in their category [1][11]. - Specific funds such as Huashang Fengli Enhanced Regular Open Bond A (003092) and Huashang Credit Enhanced Bond A (001751) have consistently performed well, with the former ranking first in its category among 23 funds and the latter ranking in the top 5% among 512 funds [3][14]. Fund Manager Performance - Fund managers like Li Qian and Zhang Yongzhi have led several funds to top rankings, with Li Qian managing Huashang Fengli Enhanced Regular Open Bond A and Huashang Credit Enhanced Bond A, both achieving high rankings in their respective categories [3][6]. - Zhang Yongzhi has also shown strong performance with Huashang Convertible Bond A and C, ranking second and first respectively in their categories [5][17]. Industry Recognition - Huashang Fund received the "Active Equity Investment Golden Bull Fund Company Award" from China Securities Journal in December 2025, highlighting its recognition in the industry for its performance [19].