Many investors who purchase enhanced fixed-income products often find themselves wondering what exactly has been added to their portfolio. This scenario is far from unusual, representing a common point of confusion when investors review their account statements. Over the past two years, a substantial migration of household deposits has created a significant growth opportunity for the "enhanced fixed-income" category. As interest rates have declined and the average return of pure bond funds has slipped to around 2.5%, capital has begun seeking alternative destinations, with enhanced fixed-income emerging as a natural beneficiary of this shift. Data from CICC shows that as of the end of the second quarter of 2026, the total number of enhanced fixed-income funds across the market reached 2,496, with existing assets under management surpassing RMB 3.95 trillion (including primary bond funds, secondary bond funds, partial-equity hybrid funds, partial-equity hybrid FOFs, equity long-short funds, and flexible allocation funds with maximum equity exposure not exceeding 40% over the past four reporting periods). The rapid expansion of enhanced fixed-income products has given more investors access to this category, while simultaneously subjecting the risk-return characteristics of these products to a concentrated real-world test.

The market pullback since July has served as a wake-up call: enhanced fixed-income strategies are not a guaranteed safe harbor, particularly for products that maintained heavy exposure to technology stocks. However, this experience highlights that when substantial capital flows into a quickly growing category, the clarity of a product's design logic and risk boundaries becomes paramount. What is the appropriate level of enhancement for a fixed-income portfolio, and how should it be implemented? Different institutions have adopted divergent approaches to answering these questions. Some pursue the "flagship" route, offering comprehensive one-stop solutions designed to appeal to a broad clientele. Others operate as "tool-type" product supermarkets, letting investors select funds based on their preferred style. The approach taken by the fixed-income enhancement team at CITIC Prudential Fund Management is distinctive: first, determine how much risk investors can tolerate, then work backward to design the product accordingly. This philosophy was systematically formalized in 2026 into a clear brand expression, "Xin Xiang Plus," captured succinctly as: "A little addition, just right."

Adding a Dose of Contrarian Thinking to Create Products Investors Actually Need

The design logic of most enhanced fixed-income products on the market typically follows this sequence: first establish the asset allocation framework, then search for suitable investors. The approach of the CITIC Prudential fixed-income team is the opposite: they begin by thoroughly understanding market risk preferences and drawdown tolerance, reverse-engineer a product's risk budget, and then, within the parameters of the fund contract, allocate assets, select strategies, and set positions based on those constraints. Zheng Yisa, head of the fixed income department at CITIC Prudential Fund Management, has drawn an analogy internally: most watch brands first produce products at various price points and display them in showcases for customers to pick from, whereas a challenger brand first researches its target customers' budget range—whether that is 500, 1,000, or 1,500 yuan—and within that price ceiling creates the best possible product, providing customers with a more cost-effective option and thereby building lasting brand appeal. This reasoning has been adapted to the product design process of the CITIC Prudential fixed-income team: determine the maximum drawdown investors can accept first, then decide what to offer. Consequently, every enhanced fixed-income product has a clearly defined and anchored risk-return profile from its inception: what the maximum drawdown target is, what volatility range is acceptable, and what serves as the primary source of returns. This is not a vague notion of "fixed income with a bit of equity tacked on" but rather a precise solution derived backward from a risk budget.

Following this approach, the CITIC Prudential enhanced fixed-income product line covers three broad categories—primary bond funds, including CITIC Prudential High Quality Pure Bond and CITIC Prudential Shuangying Bond (LOF); secondary bond funds, including CITIC Prudential Sandeyi Bond, CITIC Prudential Enhanced Return Bond (LOF), CITIC Prudential Anxin Return, CITIC Prudential Huili, and CITIC Prudential Huize 18-Month Closed-End Bond; and partial-equity/ flexible allocation funds, including CITIC Prudential Shengyu One-Year Holding Hybrid, CITIC Prudential Fengyu One-Year Holding Hybrid, CITIC Prudential Ruifeng 6-Month Hybrid, CITIC Prudential Zhixuan Hybrid, CITIC Prudential Zhiyu Hybrid, and CITIC Prudential Xinwang Hybrid (LOF)—with risk levels forming a complete ladder from low to high. The note is that this content is for demonstrating research logic and current market views only and does not constitute an investment commitment. Flexible allocation products do not necessarily hold fixed-income assets. A fund's investment strategy, allocation industries, and specific investment targets and proportions may adjust within the scope permitted by the fund contract based on market conditions; please refer to the fund's legal documents for details.

Adding Diversification Across Multiple Dimensions to Broaden the Sources of Return

If asking "how much risk can you bear" defines the starting point of product design, then "what to add" determines whether a product can consistently create value within its risk boundaries. The CITIC Prudential enhanced fixed-income product line encompasses four distinct enhancement pathways, each with well-defined strategic logic and capability backing, corresponding to the risk budgets of different investor segments. The first is active equity enhancement, which leverages research capabilities across cyclical, growth, value, and micro-cap segments for individual stock selection. Styles include large-cap value, large-cap growth, and cyclical growth, avoiding concentration in any single direction while giving each product its own area of focus. Representative products include CITIC Prudential Enhanced Return Bond (LOF) Class A, established in 2010, which has translated "earnings surprises plus gap-up patterns" into a replicable net profit gap stock-selection framework, combined with a risk-parity model for asset allocation, achieving a cumulative net value growth rate of 178.89% since inception. CITIC Prudential Sandeyi Bond Class A, established in 2008, dynamically selects among four methodologies—trend, reversal, high quality, and low valuation—navigating multiple bull and bear cycles and posting a cumulative net value growth of 130.61% since inception. CITIC Prudential Huize 18-Month Closed-End Bond Class A has realized net value growth of 6.18% over the past year, while CITIC Prudential Shengyu One-Year Holding Class A has returned 5.79% over the same period (data as of August 17, 2026, verified by the custodian bank. The performance benchmarks since inception are 92.33% for CITIC Prudential Sandeyi Bond Class A, 90.5% for CITIC Prudential Enhanced Return Bond (LOF) Class A, 3.8% for CITIC Prudential Shengyu One-Year Holding Class A over the past year, and 2.43% for CITIC Prudential Huize 18-Month Closed-End Bond Class A over the past year. Past performance does not guarantee future results, and fund NAV carries volatility. Fund NAV growth rates do not represent actual returns for investors.)

The second pathway is quantitative enhancement, using model-based methods to capture stable, replicable excess returns, such as CSI 300 enhancement strategies, micro-cap strategies, and barbell strategies. The most distinctive approach currently employed by the CITIC Prudential team is its micro-cap stock strategy, which uses quantitative models to detect contrarian investment signals and capture valuation-recovery gains within the universe of smaller-market-cap listed companies. This category of strategy is relatively rare in enhanced fixed-income funds and exhibits low correlation with active equity strategies, offering valuable diversification. The third pathway—convertible bond enhancement—is currently undergoing a methodological overhaul. Historically viewed as "defensive counter-attack" instruments, convertible bonds now face valuations at historically elevated levels, with implied volatility significantly exceeding the actual volatility of the underlying stocks. As a result, convertibles may have shifted from "volatility discount" to "volatility amplifier" assets. The team adopts a "active industry selection, quantitative bond picking, algorithmic execution" approach, managing convertibles as a beta amplifier within the portfolio. Reviewing historical semi-annual and annual reports, representative products such as CITIC Prudential High Quality Pure Bond Class A have delivered solid performance across 12 consecutive full years from 2014 to 2025. (Data sourced from periodic fund reports; past performance does not guarantee future results. NAVs fluctuate. Growth rates do not represent actual investor returns. Positions disclosed in periodic reports are point-in-time data and do not reflect current or future holdings. Investment proportions and targets may be adjusted according to market conditions within the scope of the contract; please refer to fund legal documents.) The fourth pathway is FOF/ETF rotation enhancement, which first employs a quantitative model—a macro four-factor framework—to assess whether equities, bonds, commodities, or currencies offer the most favorable risk-reward profile and calculate the risk budget, then incorporates active judgment to select suitable ETFs and funds. Leveraging the high liquidity and low cost of ETFs enables flexible allocation, serving as both a return generator and a drawdown management tool.

These four tools are not independent components working in isolation but operate in concert under an integrated framework. Each tool has distinct capabilities; each product matches an appropriate enhancement combination. It is not about accumulating more tools but rather achieving the principle of "a little addition, just right." The enhancement assets and their core strategies include: active equity using net profit gap and risk-parity equity-bond hedging, covering value, growth, and cyclical styles; quantitative approaches including micro-cap strategies, CSI 300 enhancement, and barbell strategies, covering micro-cap, CSI 300 enhancement, and A500 enhancement; convertible bonds selected via active direction plus quantitative bond selection plus algorithmic execution, targeting balanced allocation across cyclical and tech sectors; and FOF strategies combining quantitative-dominant with active-supplementary rotation for multi-asset ETF allocation.

Building Institutional Mechanisms to Ensure Stability Rather Than Reliance on Individuals

The four enhancement pathways establish the strategic framework, but having tools in the toolbox raises the question of who uses them, how they coordinate, and how to ensure everyone operates within proper parameters—this requires a comprehensive mechanism. The CITIC Prudential fixed-income team has converted strategies from "available" to "controllable" through systematic design. The first step is establishing drawdown control as a hard constraint. Specifically, each product sets clear drawdown targets before launch, and maximum drawdown carries substantial weight in fund manager performance evaluations. However, a single boundary line is insufficient. The team has implemented a weekly drawdown monitoring mechanism: every week, each product's drawdown percentile among its peers is calculated, and if a fund ranks persistently in the lower range, its manager must explain the reasons at the weekly meeting. This mechanism's design logic is subtle—providing a one-week buffer for course correction rather than imposing forced intervention the moment a drawdown occurs. If constraints are too rigid, fund managers are likely to abandon active judgment and simply follow the crowd; the weekly review provides both pressure and room to rectify, while pressuring managers to research markets, track competitors, and understand their product's position within its peer group. In March 2026, geopolitical conflict triggered a sharp decline in equity markets, putting this mechanism to a real-world test. The weekly monitoring detected early in the month that certain products' drawdown rankings had slipped into the lower percentile. After thorough discussion at the weekly meeting, the team reached a consensus: the emotional shock from the geopolitical conflict was being released, but the medium-term market logic remained intact; what was truly necessary was distinguishing between short-term volatility and structural risk. Over the following week, relevant fund managers, guided by their respective product positioning and risk budgets, independently made portfolio adjustments, concentrating holdings toward positions with stronger fundamental support. This enabled the team to avoid a sharp downturn in late March and preserved capacity to add positions ahead of the April rebound.

Yet sound mechanisms do more than manage risk; they also facilitate the flow of capabilities. In most institutions, credit research, fundamental research, and investing operate on parallel tracks. Here, the credit research team maintains professional independence while making its findings available to all. In weekly meetings, convertible bond specialists, equity investors, quantitative analysts, and macro strategists sit together—not to report, but to engage in productive exchange. The team deliberately preserves "dissenting voices"—when consensus becomes too uniform, there is reason to remain wary of collective misjudgment. Strategies are likewise treated as team assets. Net profit gap, micro-cap quantitative, risk parity, convertible dual-drive, and FOF rotation—these strategies are not any individual's private property but a shared toolkit. When a new product launches, a fund manager can pull suitable modules from this repository based on the risk profile and assemble them quickly, ensuring that a single strategic innovation benefits the entire team rather than forcing each person to reinvent the wheel. While institutions govern behavior, investing remains fundamentally a human endeavor. Team coordination begins with an appreciation of each member's investment style, understanding their habits, experience, and strategic frameworks, and recognizing the risk-return structure of every investment decision—no cookie-cutter approaches, no forcing uniformity. The CITIC Prudential fixed-income team currently comprises ten core members spanning four fields—active equity, quantitative, convertible bonds, and FOF—each with distinct specialties. They share a common language, a shared risk management framework, and aligned objectives; each focuses on what they do best, ultimately achieving long-term, stable team output. This content is for illustrating research logic and current market perspectives only, not an investment commitment. Fund investment strategies, allocation industries, and specific targets and proportions may adjust per market conditions within the contract's scope.

Strengthening the Fixed-Income Foundation to Make Enhancements Truly Add Value

Though mechanisms regulate operational boundaries, the very essence of "enhanced fixed-income" remains grounded in fixed income. The amount and stability of enhancement depend heavily on the depth and quality of the fixed-income base portfolio. If the base portfolio yields are sufficiently high, the overall portfolio has greater room to allocate to enhancement assets like equities and convertibles; if the base itself is unstable, the "enhancement" component must be correspondingly restrained. Expertise in fixed-income remains the core discipline. When fixed income is poorly managed, even the best "enhancement" becomes a castle in the air; with a solid fixed-income foundation, enhancements have genuine room to thrive. The quality of the base portfolio is sustained through a continuously operating monitoring and adjustment system rather than any single precise prediction. Within the CITIC Prudential fixed-income team's base management approach, the pure bond allocation consists mainly of medium-to-high-grade credit bonds, with returns derived from risk-free rate declines, sector rotation, and credit spread compression. Portfolio duration is actively and flexibly managed through two mechanisms: first, active management of bond positions and duration to create a hedging effect against enhancement strategies rather than relying solely on coupon income, delivering the contributions expected of a standard pure bond fund; second, combining traditional bond analysis frameworks with quantitative duration calculations to rationally allocate duration, credit, and leverage parameters. Additionally, the team uses quantitative tools to track duration movements across bond funds market-wide, comparing the department's weekly fund duration changes against the market to assess whether their risk appetite deviates from the market center. AI tools are now embedded in daily research workflows—for example, automatically generating 30-year treasury momentum and overnight information reports each morning to provide real-time scoring for bond investments. In the age of large models, research capabilities across different institutions are converging toward parity; as long as the right questions are posed, high-quality research support is accessible to all. Fund strategies, allocation industries, and specific targets and proportions may be adjusted within the contract's scope based on market conditions.

Delivering Predictability So Investors Can Stay the Course

When investors choose enhanced fixed-income, they are fundamentally making a choice: finding a position in the gap between insufficient pure bond yields and excessive equity volatility where they can sleep relatively soundly. There is no universally correct answer to this trade-off; it varies from person to person. But a good enhanced fixed-income product should at minimum let its holders clearly understand: what exactly they have bought, what volatility might look like, and how much they could lose in worst-case scenarios. This is precisely what CITIC Prudential Fund Management's "Xin Xiang Plus" aims to deliver—not a promised return figure but a clear, predictable risk-return framework. Each product has an anchored risk budget, drawdown target, and strategy combination from inception, with those boundaries actively protected through institutional mechanisms throughout its operation. In an environment where low interest rates are likely to persist and household deposits remain significantly outstanding, the capital that enhanced fixed-income products absorb is likely to continue growing over the long term. Yet in this domain, what genuinely retains investors is not short-term performance spikes but clear, predictable risk-return characteristics. Enhanced fixed-income is not an asset grab-bag but a way of thinking. First understand what the market needs, then discuss how to build the product. What CITIC Prudential Fund Management's "Xin Xiang Plus" is attempting is to replace the question of "how much to add" with a more practical consideration—How much risk can you bear? We will strive to deliver exactly that amount. And in August of this year, the "Xin Xiang Plus" product line welcomed a new addition: CITIC Prudential Huixin Bond Securities Investment Fund officially launched on August 31st. As a secondary bond fund, Huixin maintains a bond allocation of no less than 80%, anchored to medium-to-short duration, high-grade credit bonds, and flexibly deploys strategies including coupon, leverage, duration, riding, and security selection. For equity-linked assets, the combined allocation to equity securities, convertible bonds (including exchangeable bonds) is controlled within a range of 5%–20% of fund assets, with dynamic adjustment among trend, quality, and value style frameworks: trend and quality assets serve as the primary allocation, with reversal and value assets as supplementary, while anchoring to risk appetite and strictly limiting the proportion of high-volatility components. This issuance represents another practical manifestation of the "a little addition, just right" philosophy and provides investors across different risk preferences with a new allocation option. The fund's proposed fund managers are Wu Hao and Xi Xingyi, with a fund risk rating of R2.

Performance History of Representative Products (Data as of 2025)

The accumulated performance history for CITIC Prudential High Quality Pure Bond A over the past 12 years (2014–2025) versus its benchmark is as follows: 14.97%/9.41%, 17.56%/6.16%, 1.64%/2.12%, 4%/0.28%, 6.26%/8.12%, 7.11%/4.67%, 4.45%/2.97%, 4.43%/5.23%, 2.18%/3.32%, 3.77%/4.81%, 2.12%/7.89%, 4.34%/0.70%. CITIC Prudential Shengyu One-Year Holding was established on June 22, 2021, with a performance benchmark of 85% ChinaBond Composite Wealth (Total Return) Index return plus 10% CSI 300 Index return plus 5% Hang Seng Index return. For the years 2022–2025, the net value growth rates/benchmark returns are: Class A: -2.98%/-0.13%, -3.66%/2.21%, -0.54%/9.12%, 6.26%/3.71%. Class C: -3.38%/-0.13%, -4.03%/2.21%, -0.95%/9.12%, 5.84%/3.71%. Former and current managers: Han Haiping (2021-06-22 to 2024-07-08), Sun Huicheng (2024-07-08 to present), Wu Qiujun (2024-07-08 to present). The fund's risk rating is R3. CITIC Prudential Sandeyi was established on September 27, 2008, with a performance benchmark of 80% CSI Aggregate Bond Index return plus 20% one-year bank deposit rate (after tax). Class A historical performance/benchmark returns: 2021–2025: 2.39%/4.48%, -2.83%/2.96%, -0.09%/4.15%, 3.97%/6.59%, 6.10%/0.86%. Class B historical performance/benchmark returns: 1.92%/4.48%, -3.22%/2.96%, -0.44%/4.15%, 3.93%/6.59%, 6.08%/0.86%. Class D shares have been in existence for less than six months and performance is not yet available. Former and current managers: Mao Weiwen (2008-09-27 to 2010-03-30), Wang Guoqiang (2008-09-27 to 2013-10-15), Li Pu (2012-06-18 to 2014-02-18), Song Haijuan (2014-02-11 to 2023-08-28), Han Haiping (2019-08-27 to 2023-08-28), Yang Lichun (2023-08-28 to present), Wu Hao (2023-08-28 to present). The fund's risk rating is R2. CITIC Prudential Huize 18-Month was established on October 12, 2018, with a performance benchmark of 80% CSI Aggregate Bond Index return plus 20% one-year bank deposit rate (after tax). Its net value growth rates over the past five years (2021–2025) versus the benchmark are: Class A: 4.41%/2.68%, 3.91%/4.48%, 1.81%/2.96%, 3.06%/4.15%, 3.87%/6.95%, 4.15%/0.86%. Class C (2025): 3.76%/0.86%. Class D (2025): 4.14%/0.86%. Former and current managers: Yang Lichun (2018-10-12 to 2018-10-29), Miao Xiamei (2018-10-12 to 2020-01-15), He Wenzhong (2019-12-30 to 2022-08-05), Song Haijuan (2022-07-13 to 2024-01-16), Wu Qiujun (2023-12-11 to present). The fund's risk rating is R2. CITIC Prudential Enhanced Return Bond LOF was established on September 29, 2010, with a performance benchmark of the CSI Aggregate Bond Index return. Class A shares' net value growth rates/benchmark returns over the past five years (2021–2025): 16.53%/5.23%, -12.22%/3.32%, -1.16%/4.81%, 9.34%/7.89%, 7.49%/0.70%. Class C shares were established on September 26, 2024, with cumulative net value growth/benchmark returns of 3.77%/0.11% since inception; 2025: 7.09%/0.70%. Former and current managers: Wang Xuwei (2010-09-29 to 2016-07-24), Wang Xuwei/Song Haijuan (2016-07-25 to 2016-08-04), Song Haijuan (2016-08-05 to 2020-10-14), Song Haijuan/Chen Lan (2020-10-15 to 2021-04-25), Song Haijuan (2021-04-26 to 2023-11-06), Wu Qiujun (2023-10-19 to present). The fund's risk rating is R2. CITIC Prudential High Quality Pure Bond, established on February 7, 2013, with a performance benchmark of the CSI Aggregate Bond Index return. Over the past five years (2021–2025), performance/benchmark returns: Class A: 4.43%/5.23%, 2.18%/3.32%, 3.77%/4.81%, 2.12%/7.89%, 4.34%/0.70%. Class B: 3.98%/5.23%, 1.90%/3.32%, 3.27%/4.81%, 1.67%/7.89%, 3.93%/0.70%. Class C was established on December 5, 2022; 2023–2025 performance/benchmark: 3.59%/4.81%, 2.03%/7.89%, 4.27%/0.70%. Class I was established on December 21, 2023; 2024–2025 performance/benchmark: 2.05%/7.89%, 4.34%/0.70%. Class D was established on April 1, 2025; performance/benchmark: 3.93%/1.36% (from 2025-04-01 to 2025-03-31). Former and current managers: Li Pu (2013-02-07 to 2014-02-18), Wang Guoqiang (2014-02-11 to 2019-11-25), Wu Yinxi (2019-11-21 to 2023-09-05), Yang Mubin (2023-08-31 to 2024-09-23), Liu Hongliang (2024-07-16 to 2026-01-29), Zheng Yisa (2024-01-29 to present). The fund's risk rating is R2.

Fee Structure and Risk Disclosure

The following fee rates are taken from the most recent prospectus and other legal documents and are subject to official announcements from the fund manager or sales institutions. CITIC Prudential Huixin charges a management fee of 0.60% per annum and a custodian fee of 0.10% per annum. Class A subscription rates: 0.30% for amounts under RMB 1 million; 0.2% for RMB 1–5 million; RMB 1,000 per transaction for amounts over RMB 5 million. Class C sales service fee is 0.2% per annum. For institutional investors, Class A/C redemption fees: 1.5% for holding periods under 7 days; 1% for 7–30 days; 0% for over 30 days. For individual investors, Class A/C redemption fees: 1.5% under 7 days; 0% for 7 days and above. Repeated subscriptions are charged separately according to the applicable fee tier for each subscription. Specific transaction fees and rules are subject to the latest legal documents and announcements. For CITIC Prudential Enhanced Return Bond: Class C has a 0% subscription fee, redemption fees of 1.5% under 7 days, 0.1% for 7–30 days, 0% above 30 days, management fee 0.7%, custodian fee 0.2%, sales service fee 0.4%. Class A subscription fees are 0.8% under RMB 1 million, 0.5% for RMB 1–2 million, 0.3% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million, with redemption fees of 1.5% within 7 days on-exchange/off-exchange, 0.1% for 7 days to 1 year on-exchange, 0.1% for 7–365 days off-exchange, 0.05% for 1–2 years off-exchange, and 0% above 2 years off-exchange, management fee 0.7%, custodian fee 0.2%, no sales service fee. For CITIC Prudential Huize 18-Month: Class D subscription fees are 0.8% under RMB 1 million, 0.5% for RMB 1–2 million, 0.3% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million, redemption fees of 1.5% under 7 days and 0% above 7 days, management fee 0.3%, custodian fee 0.1%, no sales service fee. Class C has a 0% subscription fee, redemption fees of 1.5% under 7 days and 0% above 7 days, management fee 0.3%, custodian fee 0.1%, sales service fee 0.3%. Class A subscription fees are RMB 1,000 per transaction for amounts over RMB 5 million; after conversion to an LOF from the 18th monthly anniversary of the fund contract effective date, subscription fees are 0.8% under RMB 1 million, 0.5% for RMB 1–2 million, 0.3% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million; redemption fees are 1.5% under 7 days (on-exchange)/off-exchange, 0.3% for 7 days and above on-exchange, 0.5% for 7–30 days off-exchange, 0.3% for 30–365 days off-exchange, 0.15% for 1–2 years off-exchange, and 0% above 2 years off-exchange; management fee 0.3%, custodian fee 0.1%, no sales service fee. For CITIC Prudential High Quality Pure Bond: Class I subscription fees are 0.8% under RMB 1 million, 0.5% for RMB 1–2 million, 0.3% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million, redemption fees of 1.5% under 7 days, 0.5% for 7–30 days, and 0% above 30 days, management fee 0.3%, custodian fee 0.1%, no sales service fee. Class D subscription fees are 0.8% under RMB 1 million, 0.5% for RMB 1–2 million, 0.3% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million, redemption fees of 1.5% under 7 days and 0% above 7 days, management fee 0.3%, custodian fee 0.1%, no sales service fee. Class C has a 0% subscription fee, redemption fees of 1.5% under 7 days, 0.5% for 7–30 days, and 0% above 30 days, management fee 0.3%, custodian fee 0.1%, sales service fee 0.1%. Class B has a 0% subscription fee, redemption fees of 1.5% for 0–7 days, 0.5% for 7–30 days, and 0% above 30 days, management fee 0.3%, custodian fee 0.1%, sales service fee 0.4%. Class A subscription fees are 0.8% under RMB 1 million, 0.5% for RMB 1–2 million, 0.3% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million, with redemption fees of 1.5% for 0–7 days, 0.5% for 7–30 days, 0.3% for 30–365 days, 0.15% for 1–2 years, and 0% above 2 years, management fee 0.3%, custodian fee 0.1%, no sales service fee. For CITIC Prudential Zhixuan: Class E has a 0% subscription fee, redemption fees of 1.5% under 7 days, 0.5% for 7–30 days, 0.1% for 30–90 days, and 0% above 90 days, management fee 0.6%, custodian fee 0.1%, sales service fee 0.4%. Class C has a 0% subscription fee, redemption fees of 1.5% for 0–7 days, 0.5% for 7–30 days, and 0% above 30 days, management fee 0.6%, custodian fee 0.1%, sales service fee 0.1%. Class A subscription fees are 0.8% under RMB 500,000, 0.5% for RMB 500,000–2 million, 0.3% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million, redemption fees of 1.5% under 7 days, 0.75% for 7–30 days, 0.5% for 30–180 days, and 0% above 6 months, management fee 0.6%, custodian fee 0.1%, no sales service fee. For CITIC Prudential Shuangying: Class D subscription fees are 0.8% under RMB 1 million, 0.5% for RMB 1–2 million, 0.3% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million, redemption fees of 1.5% under 7 days and 0% above 7 days, management fee 0.5%, custodian fee 0.15%, no sales service fee. Class C has a 0% subscription fee, redemption fees of 1.5% under 7 days and 0% above 7 days, management fee 0.5%, custodian fee 0.15%, sales service fee 0.1%. Class A subscription fees are 0.8% under RMB 1 million, 0.5% for RMB 1–2 million, 0.3% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million; redemption fees are 1.5% under 7 days (on/off-exchange), 0.1% for 7–180 days on/off-exchange, and 0% above 180 days off-exchange, management fee 0.5%, custodian fee 0.15%, no sales service fee. For CITIC Prudential Sandeyi Bond: Class D subscription fees are 0.3% for amounts under RMB 5 million and RMB 1,000 per transaction for amounts of RMB 5 million and above, redemption fees of 1.5% for holding periods under 7 days and 0% from 7 days, management fee 0.7%, custodian fee 0.2%. Class B has a 0% subscription fee, redemption fees of 1.5% for 0–7 days, 0.5% for 7–30 days, and 0% above 30 days, management fee 0.7%, custodian fee 0.2%, sales service fee 0.01%. Class A subscription fees are 0.8% under RMB 1 million, 0.5% for RMB 1–2 million, 0.3% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million, with redemption fees of 1.5% for 0–7 days, 0.5% for 7–30 days, 0.3% for 30–365 days, 0.15% for 1–2 years, and 0% above 2 years, management fee 0.7%, custodian fee 0.2%, no sales service fee. For CITIC Prudential Xinwang Return: Class C has a 0% subscription fee, redemption fees of 1.5% under 7 days off-exchange, 0.5% for 7–30 days off-exchange, and 0% above 30 days off-exchange, management fee 0.6%, custodian fee 0.2%, sales service fee 0.1%. Class A subscription fees are 1.5% under RMB 500,000, 1.2% for RMB 500,000–2 million, 0.8% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million; redemption fees are 1.5% under 7 days (on/off-exchange), 0.125% for 7 days to 1 year on-exchange and off-exchange, 0.063% for 1–2 years off-exchange, and 0% above 2 years off-exchange, management fee 0.6%, custodian fee 0.2%, no sales service fee. For CITIC Prudential Fengyu One-Year Holding: Class C has a 0% subscription fee, redemption fees of 0% above 1 year, management fee 0.8%, custodian fee 0.15%, sales service fee 0.4%. Class A subscription fees are 1% under RMB 1 million, 0.6% for RMB 1–3 million, 0.3% for RMB 3–5 million, and RMB 1,000 per transaction over RMB 5 million, redemption fees of 0% above 1 year, management fee 0.8%, custodian fee 0.15%, no sales service fee. For CITIC Prudential Huili: Class C has a 0% subscription fee, redemption fees of 1.5% under 7 days and 0% above 7 days, management fee 0.6%, custodian fee 0.15%, sales service fee 0.4%. Class A subscription fees are 0.8% under RMB 500,000, 0.5% for RMB 500,000–2 million, 0.3% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million, redemption fees of 1.5% under 7 days and 0% above 7 days, management fee 0.6%, custodian fee 0.15%, no sales service fee. For CITIC Prudential Zhiyu: Class C has a 0% subscription fee, redemption fees of 1.5% for 0–7 days, 0.5% for 7–30 days, and 0% above 30 days, management fee 0.6%, custodian fee 0.1%, sales service fee 0.1%. Class A subscription fees are 0.8% under RMB 500,000, 0.5% for RMB 500,000–2 million, 0.3% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million, redemption fees of 1.5% under 7 days, 0.75% for 7–30 days, 0.5% for 30–180 days, and 0% above 6 months, management fee 0.6%, custodian fee 0.1%, no sales service fee. For CITIC Prudential Anxin Return: Class E has a 0% subscription fee, redemption fees of 1.5% under 7 days and 0% above 7 days, management fee 0.7%, custodian fee 0.15%, sales service fee 0.1%. Class D subscription fees are 0.8% under RMB 500,000, 0.5% for RMB 500,000–2 million, 0.3% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million, redemption fees of 1.5% under 7 days and 0% above 7 days, management fee 0.7%, custodian fee 0.15%, no sales service fee. Class C has a 0% subscription fee, redemption fees of 1.5% under 7 days, 0.1% for 7–30 days, and 0% above 30 days, management fee 0.7%, custodian fee 0.15%, sales service fee 0.4%. Class A subscription fees are 0.8% under RMB 500,000, 0.5% for RMB 500,000–2 million, 0.3% for RMB 2–5 million, and RMB 1,000 per transaction over RMB 5 million, redemption fees of 1.5% under 7 days, 0.5% for 7–30 days, 0.3% for 30–180 days, and 0% above 180 days, management fee 0.7%, custodian fee 0.15%, no sales service fee. For CITIC Prudential Ruifeng 6-Month: Class C has a 0% subscription fee, redemption fees of 0% above 6 months, management fee 0.8%, custodian fee 0.15%, sales service fee 0.4%. Class A subscription fees are 1% under RMB 1 million, 0.6% for RMB 1–3 million, 0.3% for RMB 3–5 million, and RMB 1,000 per transaction over RMB 5 million, redemption fees of 0% above 6 months, management fee 0.8%, custodian fee 0.15%, no sales service fee. For CITIC Prudential Shengyu One-Year Holding: Class C has a 0% subscription fee, redemption fees of 0% above 1 year, management fee 0.8%, custodian fee 0.2%, sales service fee 0.4%. Class A subscription fees are 1% under RMB 1 million, 0.6% for RMB 1–3 million, 0.3% for RMB 3–5 million, and RMB 1,000 per transaction over RMB 5 million, redemption fees of 0% above 1 year, management fee 0.8%, custodian fee 0.2%, no sales service fee. Risk Warning: Funds differ from financial instruments like bank deposits that can provide fixed income expectations. When purchasing fund products, you may share in the gains generated by fund investments according to your shareholding, but you may also bear losses arising from fund investments. Before investing, please carefully read the prospectus, product information summary, fund contract, and other legal documents as well as this risk disclosure, fully understand the risk-return characteristics and product features of the fund, carefully consider all risk factors, and, taking into account your own investment objectives, time horizon, experience, and financial situation, fully assess your own risk tolerance. Based on an understanding of the fund's specifics, make independent investment decisions based on your own risk tolerance, time horizon, and investment objectives, and select the appropriate product. Under applicable laws and regulations, the fund manager makes the following risk disclosures: First, depending on the investment target, funds are classified into different types such as equity funds, hybrid funds, bond funds, money market funds, fund of funds, and commodity funds. Investing in different types of funds will yield different return expectations and bear varying degrees of risk. Generally, the higher the expected return, the greater the risk you bear. Second, 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. The risk of substantial redemption is unique to open-end funds—when the net redemption applications on a single open day exceed a certain percentage of total fund shares (10% for open-end funds, 20% for periodically open funds, except as otherwise specified by the CSRC), you may be unable to redeem all fund shares in a timely manner, or redemption payments may be delayed. Third, you should fully understand the difference between periodic fixed-amount investments and savings methods like installment deposits. Periodic fixed-amount investment is a simple way to guide investors toward long-term investing and averaging investment costs, but it cannot avoid the inherent risks of fund investing, does not guarantee returns, and is not an equivalent saving alternative. The fund manager reminds you of the "buyer beware" principle: after making an investment decision, investment risks arising from fund operations and net asset value changes are borne by the investor. Past performance and net asset values do not predict future performance, and other funds' performance does not constitute a guarantee of this fund's performance. The fund manager undertakes to manage and use fund assets with honesty, good faith, and diligence, but does not guarantee that the fund will be profitable, nor does it guarantee minimum returns or principal safety. The individual stocks/sectors/industries mentioned in this material are for reference only and do not represent any investment advice from the fund manager, nor do they represent fund holdings or trading directions. Stock gains do not represent the fund's future performance and do not constitute any investment advice or recommendation. The views expressed by the fund manager do not constitute any guarantee regarding future market trends. The fund mentioned in this material is raised and registered by the fund manager in accordance with relevant laws, regulations, and agreements, and approved by the China Securities Regulatory Commission (CSRC). The fund contract, prospectus, and product information summary have been publicly disclosed on the CSRC's electronic disclosure website and the fund manager's website. Registration by the CSRC does not indicate a substantive judgment or guarantee of the fund's investment value, market prospects, or returns, nor does it indicate that investing in the fund is risk-free. If the product you purchase operates on a periodic open-end basis or the fund contract stipulates a minimum holding period, you will face liquidity constraints in the form of restrictions on redeeming or selling fund shares during the closed period or minimum holding period. Funds involve risk; invest with caution.