Against the backdrop of entering the "1% era" of risk-free interest rates and the continuous narrowing of traditional wealth management returns, investors' demand for asset allocation tools that balance stability and yield elasticity is increasing. Recently, Xingzheng Global Fund announced that its fixed income+product - Xingquan Youjia Hybrid Fund (Fund Code: Class A 026976) will be issued from July 3 to July 16. The fund is jointly managed by dual fund managers Gao Pengxiang and Si Ziwen, with a fixed income foundation and diversified equity enhancement, striving to provide investors with a cost-effective and stable appreciation plan in the era of low interest rates.

Fixed income based diversified enhancement, all-weather asset allocation strategy

As a new product of Xingzheng Global Fund's fixed income+track iteration, Xingquan Youjia Hybrid Fund accurately anchors the allocation needs of low - and medium risk preference investors, with a 10-30% equity position and a benchmark equity ratio of 25%, further opening up the strategy toolbox on the basis of traditional fixed income+.

It is reported that the investment scope of this fund can cover various types of assets such as stock ETFs and stock index futures in the entire market. Through diversified allocation, it strives to enhance the elasticity of returns while controlling overall fluctuations. The fixed income portion adopts a direct investment bond model, selects high-grade credit bonds to strive for stable coupon yields, captures trading opportunities in the interest rate bond market with small positions, attaches importance to liquidity management of bond allocation, and focuses on safety margins and coupon accumulation; The equity portion is coordinated by a diversified asset allocation team, flexibly utilizing multiple strategic tools to capture cross market and cross variety allocation opportunities.

Dual fund managers work together, with each showing their strengths in the division of labor between stocks and bonds

Xingquan Youjia Hybrid Fund adopts a dual fund management system, with Gao Pengxiang responsible for major asset allocation and equity strategies, and Si Ziwen responsible for fixed income and bottom position management. The advantages of stock and bond capabilities complement each other, building an efficient combination of "stable bottom position+diversified enhancement".

The proposed fund manager, Gao Pengxiang, has 7 years of experience in the securities industry. He has served as a researcher in the diversified asset allocation department and the head of investment advisory strategies. Currently, he is the fund manager in the company's diversified asset allocation department and has accumulated profound knowledge in macro policy research, bond and convertible bond research. Si Ziwen, the proposed fund manager, has 9 years of experience in the securities industry and is deeply involved in the field of pure bond investment. As of May 31, 2026, the net asset value of Unit A of Xingquan Zhaoyi Bond Fund managed by him has increased by 12.52% since taking office on April 16, 2024, surpassing the benchmark by 4.38 percentage points (performance data as of May 31, 2026, interval performance has been reviewed by the custodian bank).

Jinniu Fixed Income partners with a billion dollar FOF team, with profound strength and heritage

The Xingquan Youjia Hybrid Fund is jointly developed by Xingzheng Global Fund's fixed income and diversified asset allocation teams. According to public information, as of the end of the first quarter of 2026, Xingzheng Global Fund's public fixed income management scale exceeded 633.6 billion yuan, serving over 39 million holders. The company has won a total of 12 Golden Bull Fund Management Company Awards, and has won the Fixed Income Golden Bull Award for three consecutive years. In the past five and seven years, the absolute return of fixed income funds has ranked first in the medium-sized company industry (1/14, Guotai Haitong Securities, ranking data as of March 31, 2026).

It is reported that the diversified asset allocation department of Xingzheng Global Fund has been at the forefront of FOF and pension product layout in the industry since its establishment in 2016. As of the end of the first quarter of 2026, its public FOF has created a cumulative profit of over 3.2 billion yuan for holders, accounting for 17.55% of the total market FOF cumulative profit, ranking among the top in the industry (data source: Galaxy Securities' "Cumulative Quarterly Profit of Funds Managed by Fund Managers", only public FOF is counted); Data as of March 31, 2026.

Xingzheng Global Fund stated that the company has always been committed to launching and managing every product with care. In the future, we will continue to uphold the concept of responsible investment and create long-term and sustainable investment returns for our shareholders with professional investment research capabilities.

Risk Statement

This fund is a hybrid fund with expected risk and return higher than bond funds and money market funds, and lower than equity funds. The fund manager has rated its risk as R3. The total proportion of the fund's assets invested in equity assets, convertible bonds, and exchangeable bonds is 10% -30%. Among them, the proportion of investment in domestic stock assets (including ETFs that only invest in A-shares) is not less than 10% of the fund's assets, and the proportion of investment in Hong Kong Stock Connect target stocks is 0-50% of the stock assets; The market value invested in other funds shall not exceed 10% of the net asset value of the fund. The management fee for this fund is 0.6% per year, and the custody fee is 0.15% per year. The A shares of this fund do not charge subscription fees through direct sales agencies; Collect subscription/purchase fees through agency A, specifically (M is the subscription/purchase amount): 0 ≤ M<5 million yuan, 0.50%; M ≥ 5 million yuan, 1000 yuan per transaction. The C shares of this fund do not charge subscription fees. Xingzheng Global Fund promises to manage and utilize fund assets in accordance with the principles of honesty, trustworthiness, diligence, and responsibility. However, it does not guarantee that the fund will always be profitable, nor does it guarantee a minimum return. Investors should carefully read the fund's legal documents such as the fund contract and prospectus, understand the risk return characteristics of the fund, and judge whether the fund is suitable for investors' risk tolerance based on their own investment purposes, investment period, investment experience, asset status, etc. They should independently judge the investment value of the fund, make investment decisions independently, and bear investment risks on their own. The operation time of funds in our country is relatively short and cannot reflect all stages of stock market development.The performance of other funds managed by the fund manager or the performance of other portfolios previously managed by the proposed fund manager does not constitute a guarantee of fund performance. Past performance does not predict the future. Funds carry risks and investments must be made with caution. Please choose wisely.

Mr. Gao Pengxiang: Master of International Economics and Trade from Xiamen University, with 7 years of experience in the securities industry. I joined Xingzheng Global Fund in July 2018 and have served as a channel manager, strategic financial analyst, researcher in the diversified asset allocation department, investment advisory strategy manager, and strategy researcher in the diversified asset allocation department. Current manager of Xingquan Youjia Hybrid Fund (from May 26, 2026 to present). Mr. Si Ziwen: 9 years of securities industry experience (including 2 years of investment management experience). Served as a bond researcher in the Fixed Income Department of Xingzheng Securities Asset Management Co., Ltd., and as a researcher/fund manager assistant/investment manager assistant at Yongying Fund Management Co., Ltd. Joined Xingzheng Global Fund in January 2024, currently serving as the fund manager of Xingquan Zhaoyi Bond Fund (since April 16, 2024), Xingzheng Global Hengrong Bond Fund (since June 25, 2024), Xingzheng Global Xingyi Bond Fund (since October 29, 2025), and Xingquan Youjia Hybrid Fund (since May 26, 2026).

Data explanation: Since the establishment of Xingquan Zhaoyi Bond Fund (2023/7/5-2026/5/31), the performance and comparison benchmark have been 14.31%/8.57%. During the tenure of A-shares (2024/4/16-2026/5/31), the performance and comparison benchmark have been 12.52%/8.14%. The non reporting period performance has been reviewed by the custodian bank. Xingquan Zhaoyi Bond Fund is a bond fund with expected returns and risks higher than money market funds, but lower than hybrid funds and stock funds. Since its establishment on July 5, 2023, Xingquan Zhaoyi A's performance and comparative benchmark as of May 31, 2026 are (14.31%/8.57%). Its annual performance and comparative benchmark since its establishment are: July 5, 2023- December 31, 2023 (0.38%/-1.23%), 2024 (6.13%/6.96%), 2025 (4.67%/1.62%); Since its establishment on July 5, 2023, Xingquan Zhaoyi C's performance and comparative benchmark as of May 31, 2026: (12.99%/8)57%), annual performance and benchmark since its establishment: July 5th, 2023 to December 31st, 2023 (0.18%/-1.23%), 2024 (5.70%/6.96%), 2025 (4.26%/1.62%). The performance benchmark of this fund is: China Bond Composite (Full Price) Index yield x 85%+CSI 300 Index yield x 10%+Hang Seng Index yield (converted using valuation exchange rate) x 5%. Changes in previous fund managers: Zhang Rui (2023.7.5-2024.15), Xu Liuming (2023.7.5 present), Si Ziwen (2024.4.16 present).

Fixed income data source: Xingzheng Global Fund, regular reports for each product, as of March 31, 2026. Any differences in management scale are rounded up. Source of number of public fund holders: 2025 annual report, simple addition without deduplication. The employment period ends on March 31, 2026. Please refer to the risk warning at the end of the article for the detailed resume of the fund manager. Absolute return ranking data source: Guotai Haitong Securities, as of March 31, 2026, statistical caliber: including pure bond type, pure bond closed type, quasi bond type, quasi bond closed type, partial bond type, partial bond closed type, convertible bond fund and short-term bond fund, excluding money market funds, wealth management bond funds, amortized cost method bond funds and index bond funds. Pure bond funds include pure bond funds, pure bond closed-end funds, and short-term bond funds. Source of award data: 12 Golden Bull Fund Management Company Awards. Award years: 2008, 2009, 2010, 2011, 2012, 2015, 2016, 2017, 2018, 2019, 2020, 2022. Award years for three consecutive years: 2021, 2022, 2023.

Source of FOF total profit data: Galaxy Securities' "Cumulative Quarterly Profit of Funds Managed by Fund Managers", only counting public FOF; Data as of March 31, 2026.