Huashang Fund, a firm committed to active management, will debut its latest performance-based fee offering on August 24: the Huashang Era Select Mixed Fund (A: 028605, C: 028606). This fund incorporates an innovative floating management fee structure, anchored by fund manager Ye Feng's investment philosophy of "holding to value while embracing change," and backed by Huashang Fund's over two decades of active management expertise. The goal is to deliver sustainable long-term returns for investors amid uncertain markets and meaningfully enhance their investment experience.

Focusing on investor satisfaction, the floating management fee design of the Huashang Era Select Mixed Fund bases its fee rates on both the investor's holding period and investment return levels. This approach emphasizes alignment with investors' interests and prioritizes their overall experience. Through a market-driven adjustment mechanism, it aims to guide the fund manager toward improving investment returns while encouraging long-term holding to unlock the benefits of compounding.

Specifically, per the fund's legal documents, the performance benchmark is "CSI 800 Index Return × 60% + CSI Hong Kong Connect Composite Index (CNY) Return × 20% + ChinaBond Composite Full Price (Total) Index Return × 20%": If the holding period is less than 1 year (365 days), a 1.20% annual management fee applies. If the holding period is 1 year or more, the fee is determined in three tiers based on the difference between the investor's annualized return (R) during the holding period and the benchmark's annualized return (Rb) over the same period. Specifically, if the annualized excess return relative to the benchmark (after deducting excess fees) exceeds 6% and the holding return (after deducting excess fees) is positive, a 1.50% annual fee applies; if the annualized excess return during the holding period is -3% or below, the fee is set at 0.60% annually; other scenarios use a 1.20% annual fee (see table below). Note: R is the annualized return for the share class, and Rb is the benchmark's annualized return over the same period. Notably, when the holding period reaches one year or more and R > Rb + 6% and R > 0, if the annualized return after deducting excess fees is less than or equal to Rb + 6%, or less than or equal to 0, the 1.20% annual fee still applies to that share, ensuring the post-excess-fee annualized return still meets the fund's threshold for charging excess fees. Detailed investment objectives, ratios, strategies, and fee information are available in the fund's legal documents.

Ye Feng, the designated fund manager, holds a master's degree from Peking University and serves as Assistant General Manager of Huashang Fund's Research and Development Department, managing funds such as Huashang Core Gravity Mixed Fund. He brings nearly 9 years of securities industry experience, including 4 years in securities investment. Through extensive practice, Ye Feng has developed a core philosophy of "holding to value, embracing change," skilled in managing portfolios with a "dynamic balance approach." In his view, the starting point of investing is adhering to value—deep fundamental research and a thorough understanding of valuations. Meanwhile, he maintains heightened sensitivity and appropriate openness to industries undergoing or about to undergo positive transformations. In portfolio management, he consistently applies the dynamic balance principle: when growth stocks are relatively cheap, he seeks quality growth opportunities; when value stocks are undervalued, he focuses on reliable value propositions. He firmly believes that all investment choices should ultimately return to fundamentals, value judgments, and valuations.

Looking ahead, Ye Feng suggests that a calmer response to market volatility, closer tracking of industry trends and individual stock fundamentals, and careful assessment of valuation levels may be the better strategy. Overall, he remains optimistic about the industry directions currently held in the portfolio while closely evaluating valuation changes in investment targets. The approach involves making macro-level judgments, comparing industries, conducting in-depth research, and pricing stocks to build a cost-effective portfolio while controlling drawdowns, aiming to deliver reasonable returns to holders.

Behind this product lies Huashang Fund's over 20 years of active management heritage and investment research strength. In December 2025, Huashang Fund received the "Active Equity Investment Golden Bull Fund Company Award" from China Securities Journal, a prestigious industry recognition. According to fund rating agency data as of June 30, 2026, Huashang Fund's active equity funds ranked in the top four among 128 and 140 comparable firms for 7-year and 5-year absolute returns, respectively, placing it firmly at the forefront of the industry in mid-to-long-term performance. In Tiantan Investment's Q2 2026 ratings, Huashang Fund earned a "3-Year Fund Manager Comprehensive Rating" of 5A, and also received top 5A ratings in both the 3-year active equity mixed fund and active bond fund subcategories.

With "dynamic balance" as its investment anchor and "floating fees" as a bridge of trust, combined with Huashang Fund's deep research foundation, the Huashang Era Select Mixed Fund officially opens for subscription on August 24. Walking with the times and driven by value, it invites investor attention. Data notes: The fundraising period for the Huashang Era Select Mixed Fund runs from August 24, 2026, to September 11, 2026. Excess return represents the portion of fund returns exceeding the performance benchmark over a specified period. As of June 30, 2026, Ye Feng has 8.9 years of securities experience, including 4.4 years in research and 4.0 years in investment. His fund management history includes: Huashang Core Gravity Mixed Securities Investment Fund (from May 27, 2025), Huashang Wanzhong Innovation Flexible Allocation Mixed Securities Investment Fund (from May 27, 2025), and Huashang Quality Select Mixed Securities Investment Fund (from January 27, 2026). The information reflects only the fund manager's investment philosophy; specific strategies are detailed in the fund's legal documents. The fund manager's views come from the Q2 2026 report of funds under Ye Feng's management. The investment directions mentioned are based on current market conditions and may adjust; please refer to legal documents for specific strategies. Fund company rankings and absolute return data are from Guotai Haitong Securities, released in July 2026; as of June 30, 2026, Huashang Fund's active equity funds ranked 4/128 and 4/140 for 7-year and 5-year absolute returns, respectively, evaluated per the "Interim Measures for Securities Investment Fund Evaluation Business." Net asset values of public funds are published after verification by custodians. Absolute return refers to the weighted average growth rate of actively managed fund NAVs based on assets under management during the period. Active equity funds include active stock open-end, strong equity hybrid, partial equity hybrid, balanced hybrid, flexible hybrid, flexible strategy hybrid, and active hybrid closed-end funds, excluding index, life-cycle hybrid, partial bond hybrid, Hong Kong flexible strategy hybrid, Hong Kong partial equity hybrid, Hong Kong strong equity hybrid, and QDII funds. The AAAAA ratings data is from Tiantan Investment, released in July 2026, with 3-year ratings as of June 30, 2026, evaluated per the "Interim Measures for Securities Investment Fund Evaluation Business." Tiantan's comprehensive rating assesses fund managers across basic strength, investment management capability, and company stability (including compliance), ranking from AAAAA to A. Active equity mixed funds include five subcategories: stock funds-active equity, hybrid funds-partial equity, hybrid funds-flexible allocation, hybrid funds-balanced allocation, and hybrid funds-partial bond. Active bond funds include three subcategories: bond funds-pure bond, bond funds-mixed bond, and bond funds-convertible bond. Subscriptions/purchases of Class A shares through direct sales channels incur no subscription/purchase fees; through agency channels, fees apply. Class A shares do not charge sales service fees, while Class C shares have a 0.4% annual sales service fee. Through direct channels, Class C shares incur no sales service fee; through agency channels, if held for more than one year (365 days), the continued sales service fee is refunded to investors upon redemption, conversion, or fund termination. Risk disclosure: The fund manager commits to managing fund assets with honesty, diligence, and prudence but does not guarantee profits or minimum returns. Past performance does not indicate future results, and the performance of other funds managed by the same manager does not constitute a guarantee. The management fee consists of fixed, contingent, and excess components, depending on holding period and annualized returns, so the overall fee level cannot be predetermined at subscription. The NAV is calculated at a 1.20% annual fee rate, which may differ from the final applicable rate. Actual redemption or liquidation proceeds may differ from those calculated based on disclosed NAV; please rely on registrar-confirmed data. The floating fee model does not represent a guarantee of returns. If investing in Hong Kong Stock Connect stocks, investors bear exchange rate and overseas market risks. Before purchasing, please carefully read the fund contract, prospectus, and product summary. Market risk exists; invest cautiously. Choose products that match your risk tolerance and investment objectives. MACD golden cross signals forming, these stocks are showing strong momentum!