In a volatile market, strong long-term performance serves as the litmus test for investment capability. Sun Zhiyuan, a renowned FOF manager at Huashang Fund, has delivered impressive results across multiple FOF products under his management. As of September 30, 2025, several of his FOF funds significantly outperformed their benchmarks over one-year and three-year periods, ranking highly in authoritative ratings—validating the effectiveness of his "defensive counterattack" investment strategy. His upcoming fund, the Huashang Huixiang Multi-Asset Allocation 3-Month Holding Mixed FOF (Class A: 025264, Class C: 025265), is set to launch on November 17, 2025.

**Strong Performance Across Sun’s FOF Portfolio** Sun’s FOF products have demonstrated consistent outperformance. For instance, the Huashang Anyuan Stable Growth 1-Year Holding Mixed FOF (Class A) posted a net value growth rate of 13.16% over the past year (October 1, 2024, to September 30, 2025), while its Class C shares returned 12.72%, both surpassing the benchmark’s 6.19%. Notably, in Galaxy Securities’ rankings, the Class A version secured second place in its category, while Class C claimed the top spot.

For long-term-oriented pension target funds, medium-to-long-term performance is more indicative. Sun’s Huashang Jiayue Balanced Pension Target 3-Year Holding Mixed FOF (Class A) achieved a 20.94% three-year return, exceeding its 17.87% benchmark. Similarly, the Huashang Jiayi Pension Target 2040 3-Year Holding Mixed FOF (Class A) delivered a 21.50% return, significantly outpacing its 15.65% benchmark.

**Robust System and Platform Support** Sun’s success stems from a disciplined investment framework and robust research support. His methodology includes: - Mid-term trend analysis for asset allocation. - A three-dimensional manager evaluation system, categorizing managers into 120 style sub-groups for precise selection. - Absolute return FOF management with three sub-strategies to enhance risk-adjusted returns. - Multi-strategy integration to capitalize on market opportunities.

Backed by Huashang Fund’s 20-year active management expertise and top-tier research, the firm earned a 5A rating from Tianxiang Investment Consulting for its three-year comprehensive performance. Additionally, Guotai Haitong Securities data ranked Huashang Fund second in active equity and first in active fixed income over seven years.

**Fund Launch Details** The Huashang Huixiang Multi-Asset Allocation 3-Month Holding Mixed FOF will leverage Sun’s strategy and Huashang’s 5A research strength. The subscription period runs from November 17 to December 5, 2025.

**Risk Disclosure** The fund imposes a minimum 3-month holding period, during which redemptions are restricted. Past performance does not guarantee future results. Investors should review the fund’s legal documents and assess risk tolerance before investing. Market risks apply, including potential losses from港股通investments.