In the past year, influenced by internal and external factors, the A-share market has continued to operate in a high volatility state, with a significantly accelerated pace of sector rotation and increased investment difficulty. Compared to betting on a single track with high uncertainty, diversifying risks and capturing long-term structural opportunities through balanced allocation may be the key to breaking through the current asset allocation.

In response to the current complex and volatile structural market, Bank of China Fund adopts the concept of multi strategy asset allocation, forward-looking layout of industrial upgrading mainline, and strives to seize deterministic opportunities in rotation. Multiple products have outperformed their peers while controlling drawdown, bringing investors a good holding experience.

Taking the mixed strategy of Bank of China's theme strategy as an example, we strive for steady progress in our products, focus on the long term, and use our strength to maintain our leading performance. Data shows that as of the end of the second quarter, Bank of China Theme Strategy Hybrid A has achieved a net asset growth rate of 80.63% in the past year, with a benchmark return rate of 21.23% and an excess return of 59.40% during the same period. Over time, the long-term value of configuration becomes even more prominent. Since its establishment in July 2012, the product has achieved a net asset value growth rate of 619.46%, with a benchmark return rate of 111.32% and an excess return rate of 508.14% during the same period, demonstrating the product's advantages of both flexibility and resilience. (Data source: Fund Q2 2026, as of June 30, 2026)

The outstanding performance of the Bank of China's theme strategy mixed returns has also placed the product among the top in its class. According to data from Galaxy Securities, as of the end of June 2026, the Bank of China Theme Strategy Hybrid A ranked in the top 15% (129/919) in the past five years and received a five-year five-star rating from Galaxy Securities. (The same category refers to "2.1.1 Mixed Fund Equity Fund Equity Fund Equity Fund (Stock upper and lower limits of 60% -95%) (Class A)"; Ranking rating source: Galaxy Securities, data deadline: June 30, 2026)

Brilliant performance is not achieved overnight, and it cannot be achieved without the efforts of the investment research team and the management of the fund manager. As one of the representatives emerging from the Bank of China Fund, fund manager Huang Jun has 18 years of experience in securities management and 7 years of experience in public fund management. In her long-term investment practice, she has developed a unique investment framework with her own style.

Years of investment research accumulation have enabled Huang Jun's research scope to encompass both consumer and cyclical industries, and he excels in mining in consumer and growth industries. Having experienced multiple ups and downs in the industry, Huang Jun has always maintained independent thinking and does not blindly follow market trends. In terms of stock selection strategy, Huang Jun pursues investment cost-effectiveness and belongs to the "company selection+price selection" type, preferring high-quality companies with low leverage. In practical trading, Huang Jun adheres to his ability circle, clarifies the source of income for each investment, and seeks long-term value investment opportunities while also considering short-term and medium-term games, striving to bring long-term stable returns to investors.

The fund's second quarter report shows that the stock market closed higher and the bond market closed higher in the second quarter. The theme strategy of Bank of China has maintained a relatively high stock position and actively participated in structural investment opportunities in the market, with a focus on companies in industries such as electronics, machinery, non-ferrous metals, and transportation equipment. (Data source: Fund Q2 2026 report, as of June 30, 2026. The investment strategy and operational analysis of the fund during the reporting period are the views of the fund manager as of the end of the regular report. They may change in the future according to market conditions, but this does not necessarily mean that they will invest according to this point in time. Investors should carefully read the "Fund Contract", "Prospectus" and other materials before investing.)

It is worth mentioning that according to the annual report of the fund, fund manager Huang Jun has continuously held this product since taking over in 2019, and his holdings have always exceeded 1 million shares. With real investment and deep binding with investors, he shares profits and losses, fully demonstrating his firm confidence in advancing and retreating together with investors. (Source: Fund 2025 Annual Report, as of December 31, 2025)

Regarding the market, Huang Jun stated that there was a serious differentiation in market performance in the second quarter. Overseas computing power chains represented by AI technology and domestic semiconductor computing power chains also performed well. In addition to the electronics and communication industries, AI equipment upstream in machinery and AI small metals in non-ferrous metals also performed well. However, companies represented by pro cyclical consumption on the other side of the market performed poorly. The market sentiment towards technology in the second quarter was somewhat extreme, which is also related to overseas markets. AI storage related companies also performed far ahead in the US and South Korean markets. In the future, the market needs to pay attention to changes in overseas technology and changes in domestic economic data recovery, and find an opportunity to rebalance. (Source: Fund Q2 2026 Report, as of June 30, 2026. The investment strategy and operational analysis of the fund during the reporting period are the views of the fund manager as of the end of the regular report. They may change in the future according to market conditions, and do not necessarily mean that they will invest according to this point in time. Investors should carefully read the "Fund Contract", "Prospectus" and other materials before investing.)

Risk StatementFunds carry risks and investments need to be cautious. The fund manager manages and utilizes the fund assets in accordance with the principles of due diligence, honesty, prudence, and diligence, but does not guarantee a certain profit or minimum return for the fund. In a few extreme market situations, there is a risk of losing all principal in fund investments.The past performance of a fund does not predict its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the performance of this fund.Before investing in the fund, investors need to fully understand the product characteristics and investment risks of the fund, and bear the possible losses that may occur in the fund investment.Investors are advised to carefully read legal documents such as the Fund Contract, Prospectus, and Summary of Fund Product Information before making investment decisions, to understand the specific situation of the fund, and to judge whether the fund matches the investor's risk tolerance based on their own investment purpose, investment period, investment experience, asset status, etcAnd complete the matching test between risk tolerance and product risk according to the requirements of the sales agency. The views expressed in the article do not constitute investment advice or any other advice and may change with the changing circumstances.

This fund is a hybrid fund, with expected returns and expected risks higher than money market funds and bond funds, and lower than equity funds.

This fund belongs to the R3 risk level product and is suitable for investors who have been evaluated for their customer risk tolerance level and have a result of C3 or higher.When subscribing to a consignment agency, the risk rating rules of the consignment agency should be followed.

Performance Review:

Bank of China Theme Strategy Hybrid A was established on July 25, 2012, and Huang Jun managed the fund on March 13, 2019. The fund's returns/performance benchmark returns in the past five years: 32.15%/-3.12% in 2021, -14.69%/-16.86% in 2022, -7.31%/-8.40% in 2023, -2.17%/13.73% in 2024, 39.55%/14.33% in 2025, and 44.67%/6.46% in the first half of 2026.

Bank of China Theme Strategy Hybrid C was established on March 16, 2022, and Huang Jun has been managing the fund since its establishment. Fund return/performance benchmark return: From the establishment date to December 31, 2022, 0.61%/-1.48%, 2023-7.68%/-8.40%, 2024-2.58%/13.73%, 2025-39.03%/14.33%, and 2026 first half 44.39%/6.46%.

Huang Jun is in charge of similar products: Zhongyin Excellent Growth Hybrid and Zhongyin Xin New Consumption Growth Hybrid. The same category refers to "hybrid fund equity oriented fund equity oriented fund (stock upper and lower limits of 60% -95%)", Galaxy Securities.

Bank of China Excellent Growth Hybrid A was established on May 5, 2023, and Huang Jun managed the fund from the establishment date. Fund return/performance benchmark return: From the establishment date to December 31, 2023-12.16%/-11.66%, 2024-1.09%/13.54%, 2025-41.05%/14.85%, and 2026 first half 42.87%/4.40%.

Bank of China Excellent Growth Hybrid C was established on May 5, 2023, and Huang Jun managed the fund from the date of its establishment. Fund return/performance benchmark return: From the establishment date to December 31, 2023-12.39%/-11.66%, 2024-1.50%/13.54%, 2025-40.50%/14.85%, 2026 first half 42.58%/4.40%.

Zhongyin Xin New Consumption Growth Hybrid A was established on September 6, 2021, and Huang Jun has been managing the fund since its establishment. Fund return/performance benchmark return: From the establishment date to December 31, 2021, 1.52%/0.53%, 2022-9.47%/-16.56%, 2023-6.35%/-8.86%, 2024-0.15%/13.54%, 2025-41.64%/14.85%, and 2026 first half 42.30%/4.40%.

Zhongyin Xin New Consumption Growth Hybrid C was established on September 6, 2021, and Huang Jun has been managing the fund since its establishment. Fund return/performance benchmark return: From the establishment date to December 31, 2021, 1.39%/0.53%, 2022-9.82%/-16.56%, 2023-6.73%/-8.86%, 2024-0.26%/13.54%, 2025-41.07%/14.85%, and 2026 first half 41.91%/4.40%.

Bank of China Theme Strategy Mixed A Rate:

Bank of China Theme Strategy Mixed C Rate: