With the Federal Reserve's interest rate hike finally confirmed, global assets are entering a new phase. As markets remain uncertain and worried about the Fed's future rate hike pace, the direction of various asset classes has become significantly more unpredictable.

Against this backdrop, multi-asset allocation may become a solution for investors navigating these changes. The Yinhua Juheng Steady Enhanced Return Three-Month Holding Period Mixed FOF (Class A: 028902, Class C: 028903) launches today, potentially offering investors a fresh option for diversified allocation.

Facing a complex market environment, FOF products leverage the advantages of multi-asset and multi-strategy approaches, striving to effectively smooth portfolio volatility and improve overall stability. Data shows that from 2018 to present, the Wind Partial Debt Mixed FOF Index achieved a cumulative return of 31.68% with an annualized volatility of 4.30%, delivering significant excess returns and lower annualized volatility compared to the CSI 300 Index.

Multi-asset allocation is also a prominent feature of the Yinhua Juheng FOF. According to public information, the fund diversifies risk through a multi-asset, multi-strategy dimension, continuously tracks market changes, and dynamically allocates and adjusts assets and strategies, striving to help investors achieve stable long-term returns.

In terms of investment strategy, it does not bet on a single asset but instead focuses on investment opportunities across bonds, A-shares, US equities, commodities, and other assets. By utilizing the low correlation between major asset classes and reasonably employing quantitative models for dynamic allocation, it aims to provide investors with a portfolio featuring lower volatility, smaller drawdowns, and higher Sharpe ratios.

Compared to ordinary FOF products, the Yinhua Juheng Steady Enhanced Return Three-Month Holding Period Mixed FOF also applies quantitative models in asset allocation, active fund selection, and ETF rotation. For the fixed-income portion, it uses quantitative models to select medium-to-long-term pure bond funds, paired with quantitative tools to replicate returns through bond ETFs, reducing portfolio fees while increasing flexibility, striving to obtain relatively stable returns. For the equity portion, it uses quantitative models to select active equity funds and prefers deeply undervalued stocks to hedge risks and smooth volatility alongside active equity funds.

Additionally, the Yinhua Juheng Steady Enhanced Return Three-Month Holding Period Mixed FOF also focuses on assets with low correlation to A-shares, such as US equities and commodities, to further diversify portfolio risk and strive to increase sources of return.

The FOF's cross-asset allocation framework places higher demands on the fund manager's asset allocation capabilities. The proposed fund manager for the Yinhua Juheng Steady Enhanced Return Three-Month Holding Period Mixed FOF, Liu Luoning, has a combined background in finance and quantitative analysis. He adheres to a quantitative-primary, qualitative-secondary approach and excels in using quantitative models to research multi-asset allocation models, quantitative fund selection systems, and ETF rotation, striving to achieve long-term stable appreciation in multi-asset, multi-strategy, and multi-dimensional FOF investments. His rich investment experience and mature investment philosophy also lay the foundation for the subsequent stable operation of the Yinhua Juheng FOF.

Looking ahead, with the September rate hike confirmed, the Federal Reserve will enter a data observation window. Monetary policy is marginally easing, and external factors suppressing market risk appetite are improving, providing key support for market valuation repair and sentiment recovery. Investors may consider the Yinhua Juheng Steady Enhanced Return Three-Month Holding Period Mixed FOF (Class A: 028902, Class C: 028903) launched today, using multi-asset allocation to address market uncertainty and strive to capture investment opportunities across different assets.

Risk Disclosure: The Wind Partial Debt Mixed FOF Index has a base date of October 25, 2017, with returns of 4.60%, -4.92%, -1.65%, 3.82%, and 6.16% from 2021 to 2025 respectively. The CSI 300 Index has a base date of December 31, 2004, with returns of -5.20%, -21.63%, -11.38%, 14.68%, and 17.66% from 2021 to 2025 respectively. Data source: Wind, as of December 31, 2025. Historical index performance does not predict future results. Liu Luoning's biography: Master's degree. Previously worked at Ping An Technology (Shenzhen) Co., Ltd., Industrial Economic Research and Consulting Co., Ltd., and Zhongtai Securities Co., Ltd. Joined Yinhua Fund Management Co., Ltd. in November 2022, currently serving as fund manager/assistant fund manager in the FOF Investment Management Department. Currently manages the following fund: Yinhua Huazhi Three-Month Holding Period Mixed FOF (since December 1, 2025). Liu Luoning's current fund performance: Yinhua Huazhi Three-Month Holding Period Mixed FOF was established on September 8, 2021. Its net value growth rates for 2022, 2023, 2024, 2025, and since the fund contract took effect are -4.58%, -2.64%, 2.73%, 4.97%, and 8.16% respectively, while the benchmark returns over the same periods are -4.38%, 0.13%, 11.08%, 4.22%, and 14.97% respectively. (Data source: Fund periodic reports, as of June 30, 2026) Investing involves risk, and caution is required. Funds are long-term investment tools whose primary function is to diversify investments and reduce the individual risks associated with investing in a single security. Funds differ from bank deposits and other financial instruments that can provide fixed return expectations. When you purchase a fund product, you may share in the gains generated by fund investments based on your holding shares, and you may also bear the losses from fund investments. Before making investment decisions, please carefully read the fund contract, fund prospectus, fund product information summary, and other product legal documents and this risk disclosure. Fully understand the risk-return characteristics and product features of this fund, carefully consider the various risk factors, and fully consider your own risk tolerance based on your investment objectives, investment horizon, investment experience, and asset status. Make rational judgments and cautious investment decisions based on understanding the product and suitability opinions. According to relevant laws and regulations, Yinhua Fund Management Co., Ltd. makes the following risk disclosures: 1. Based on different investment objects, funds are classified into equity funds, mixed funds, bond funds, money market funds, fund of funds, commodity funds, and other types. Investing in different types of funds will yield different return expectations and bear different levels of risk. Generally, the higher the return expectation of a fund, the greater the risk you bear. 2. Funds may face various risks during investment operations, including market risk, as well as the fund's own management risk, technical risk, and compliance risk. Massive redemption risk is a risk unique to open-end funds, meaning when the net redemption applications on a single open day exceed a certain proportion of the fund's total shares (10% for open-end funds, 20% for regularly open funds, except for special products stipulated by the China Securities Regulatory Commission), you may be unable to redeem all fund shares in a timely manner, or your redemption proceeds may be delayed. 3. You should fully understand the differences between regular fixed-amount fund investment and savings methods such as zero-deposit lump-withdrawal. Regular fixed-amount investment is a simple and easy investment method that guides investors toward long-term investment and averaging investment costs, but it cannot avoid the inherent risks of fund investment, cannot guarantee investor returns, and is not an equivalent wealth management method to savings. 4. Risk disclosure for special types of products: 1. The fund contract stipulates the minimum holding period for fund shares. During the minimum holding period, you will face liquidity constraints due to being unable to redeem or sell fund shares. For details, please refer to the "Risk Disclosure" section in the fund prospectus. 2. This fund may invest in stocks under the Hong Kong Stock Connect, and will face specific risks arising from differences in investment environment, investment targets, market systems, and trading rules under the Hong Kong Stock Connect mechanism. 5. The fund manager commits to managing and utilizing fund assets with honesty, credibility, and due diligence, but does not guarantee that this fund will definitely profit or guarantee minimum returns. The past performance of this fund and its net value levels do not predict future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of this fund's performance. Yinhua Fund Management Co., Ltd. reminds you of the "buyer beware" principle in fund investment. After making investment decisions, the investment risks arising from fund operations and changes in fund net value shall be borne by you. The fund manager, fund custodian, fund sales institutions, and related parties make no commitments or guarantees regarding fund investment returns. 6. This fund is applied for fundraising by Yinhua Fund Management Co., Ltd. in accordance with relevant laws, regulations, and agreements, and has been registered with the approval of the China Securities Regulatory Commission (hereinafter referred to as the "CSRC"). The fund contract, fund prospectus, and fund product information summary have been publicly disclosed through the CSRC Fund Electronic Disclosure Website at http://eid.csrc.gov.cn/fund and the fund manager's website at www.yhfund.com.cn. The CSRC's registration of this fund does not indicate that it makes any substantive judgment or guarantee regarding the investment value, market prospects, or returns of this fund, nor does it indicate that investing in this fund is risk-free.