As 2026 begins, the macroeconomic landscape presents increasingly complex layers. Differing from the market's focus on "structural divergence," the domestic economy is demonstrating a picture of resilience—"forging ahead with perseverance toward new and improved growth." Against this backdrop, the bond market has not experienced significant volatility; instead, it has become a stable window for observing macroeconomic resilience and policy determination. This perspective is clearly articulated in the periodic reports of Liu Hao, Fund Manager of the Multi-Asset Investment Department at HuaShang Fund.
Liu Hao serves as the Fund Manager for the HuaShang Hongsheng Pure Bond Fund, the HuaShang Hongying 87-Month Regular Open Bond Fund, and the HuaShang Hongyi One-Year Regular Open Bond Fund. According to available information, Liu Hao has 11.1 years of experience in the securities industry, including 3.6 years in securities trading, 1.9 years in securities research, and 4.9 years in securities investment. He joined HuaShang Fund Management Co., Ltd. in January 2025 and currently manages the aforementioned funds.
In his fund's periodic report reviewing the fourth quarter of 2025, Liu Hao noted that the domestic economy advanced under pressure, developing with a focus on innovation and quality. The construction of a modern industrial system continued to progress, and positive developments were made in resolving risks in key areas. However, challenges such as insufficient domestic demand and low price levels persisted. The U.S. economy experienced moderate expansion, with slowing employment growth and a slight rise in the unemployment rate. Inflation remained high, and the Federal Reserve continued to cut interest rates. During the quarter, the manufacturing PMI rose from 49 to 50.1, indicating ongoing marginal improvement. Foreign trade demonstrated strong resilience, with export competitiveness continuing to strengthen. While some cities' real estate markets showed signs of stabilizing after declines, volatility remained. Monetary policy maintained reasonably ample liquidity, creating a suitable environment for economic recovery. The average rates for DR001 and DR007 were 1.33% and 1.47%, respectively, down by 15 basis points and 3 basis points from the third quarter of 2025. The yield on the 10-year government bond slightly decreased from 1.86% at the end of the third quarter to 1.85% by the end of the fourth quarter, showing little change.
In terms of operations, Liu Hao stated that during this period, the fund adjusted its leverage and duration in response to market conditions, aiming to achieve steady returns for clients while ensuring safety.
Data indicates that as of December 31, 2025, Liu Hao had 11.1 years of securities industry experience, comprising 3.6 years in trading, 1.9 years in research, and 4.9 years in investment. His fund management history includes managing the HuaShang Hongsheng Pure Bond Fund since July 11, 2025; the HuaShang Hongying 87-Month Regular Open Bond Fund since July 11, 2025; and the HuaShang Hongyi One-Year Regular Open Bond Fund since September 26, 2025. The views expressed are derived from fund periodic reports and represent the investment philosophy of the fund manager. Detailed investment strategies can be found in the fund's legal documents.
The subscription fee structure for the HuaShang Hongsheng Pure Bond Fund varies by amount: a 0.80% fee for amounts under 1 million yuan; 0.60% for amounts between 1 million and 3 million yuan; 0.30% for amounts between 3 million and 5 million yuan; and a flat fee of 100 yuan per transaction for amounts of 5 million yuan or more. Redemption fees are based on holding periods: a 1.50% fee for holdings less than 7 days, and no redemption fee for holdings of 7 days or longer. The fund does not charge a sales service fee. Subscription fees for pension clients purchasing fund shares through the fund manager's direct sales center are detailed in the fund's prospectus and related announcements.
Risk disclosure: The fund manager is committed to managing and utilizing fund assets with integrity, diligence, and prudence but does not guarantee profitability or a minimum return. Investors should carefully read the fund contract, prospectus, and other legal documents before purchasing fund shares. Investors are advised to choose products that align with their risk tolerance and investment objectives. The views expressed do not constitute investment advice. Market risks exist, and caution is advised when investing in funds.