Recent market volatility, influenced by external sentiment, internal structural divergence, and the digestion of high valuations, has led to an adjustment phase for the technology sector. However, the AI-driven technological revolution continues to deepen, positioning the tech track as a long-term core theme in the market. Given the numerous sub-sectors within technology, stock selection poses significant challenges. Investors may consider focusing on skilled "Big Tech" managers who cover multiple sub-sectors. It is reported that the Invesco Great Wall Xinyou Growth Fund (Fund Code: 026463), with Nong Bingli as the designated fund manager, will be launched soon. Nong Bingli has a distinct investment style, specializing deeply in the big tech sector. His approach combines industry trends with individual stock research to enhance investment stability, while emphasizing portfolio risk control through diversified allocations across low-correlation industries to mitigate over-concentration risk and reduce drawdowns.

**Specializing in Big Tech to Capture Outperformance** Despite significant volatility in the technology growth sector over the past three years, fund managers capable of capturing alpha remain a key focus for investors. Nong Bingli is one such manager. For example, his representative fund, Invesco Great Wall Quality Evergreen A, achieved returns of 63.97% over the past year, 184.86% over the past two years, and 124.9% since the start of his tenure, all outperforming the respective benchmark and the Wind Mixed-Asset Partial Equity Fund Index. Its two-year return ranked in the top 3% of its peer group. Due to its strong performance, the fund has received three-year five-star ratings from three authoritative institutions: Morningstar, Cathay Haitong, and China Galaxy Securities. (Fund performance data source: Invesco Great Wall; benchmark and index source: Wind; ranking source: Morningstar, peer group is Shanghai-Hong Kong-Shenzhen Active Allocation, all data as of January 31, 2026. Ratings sources: Cathay Haitong (as of October 31, 2025), China Galaxy (as of December 31, 2025), Morningstar (as of December 31, 2025). Nong Bingli began managing Invesco Great Wall Quality Evergreen on July 6, 2023; the benchmark returns for the same periods were 21.56%, 44.61%, and 24.6%, while the Wind Mixed-Asset Partial Equity Fund Index returns were 42.71%, 72.05%, and 30.32%.)

The ability to consistently generate significant alpha in volatile markets stems from Nong Bingli's distinct and mature investment framework. As a key member of Invesco Great Wall's technology team, Nong possesses a comprehensive ability circle, covering TMT hard tech, soft tech, media, and internet, and has recently expanded into high-end manufacturing, new energy vehicles, and defense technology growth areas, while also maintaining focus on sectors like consumer and healthcare. In his investment management, he does not concentrate on a single specific sector but emphasizes industry diversification, focusing on companies within industry trends that possess core competitive advantages, long-term operational vision, and potential for non-linear growth, aiming to grow alongside excellent entrepreneurs. In individual stock holdings, Nong typically avoids beta rotation between sectors, instead focusing on the alpha of high-quality companies. He pays close attention to metrics such as the balance of R&D investment, operational control, profit realization and sustainability, and corporate strategy and incentives at the top level, considering investment returns from a longer-term perspective.

Reviewing his investment operations, Nong Bingli maintains a balanced allocation within the big tech sector, deeply excavating quality targets across various emerging industries, including broad technology. Taking the sector holdings of Invesco Great Wall Quality Evergreen as an example, since taking over the fund in the third quarter of 2023, Nong has heavily weighted stocks in the electronics and computing power industries, making him one of the earlier managers to position for the current AI trend. Furthermore, in the first quarter of 2024, he heavily weighted the new consumer sector in Hong Kong stocks, capturing opportunities in new consumption while avoiding over-concentration risk in the AI industry chain, thereby effectively controlling the fund portfolio's drawdown risk. Data shows the fund's maximum drawdown since Nong's tenure began was -24.65%, compared to -26.54% for the Wind Mixed-Asset Partial Equity Fund Index over the same period. (Data source: Wind, as of February 5, 2026)

**Investing in A-Shares and H-Shares, Favorable on Tech, Internet, New Consumption, and Innovative Drugs** The soon-to-be-launched Invesco Great Wall Xinyou Growth Fund will have an equity investment ratio of 60%-95% of fund assets, covering A-shares and H-shares, among others. Up to 50% of the equity allocation can be invested in stocks eligible for the Stock Connect program. Nong Bingli also has considerable experience investing in Hong Kong stocks. For instance, in the fund Invesco Great Wall Quality Evergreen, from the first to the fourth quarter of 2025, he consistently allocated to Hong Kong stock new consumer sectors like gold and trendy toys, with Hong Kong stocks consistently comprising over 36% of the equity portfolio. (Hong Kong stock holding data from fund periodic reports, as of the Q4 2025 report)

In terms of product structure, the Invesco Great Wall Xinyou Growth Fund adopts a floating management fee mechanism linked to fund performance, incentivizing the fund management company and manager to enhance their ability to generate excess returns and encouraging investors to hold for the long term. Additionally, the fund emphasizes benchmark discipline, striving to outperform its benchmark, which is composed of 60% CSI 800 Index return + 20% CSI Hong Kong Stock Connect Comprehensive Index (RMB) return + 20% ChinaBond Composite Total Price Index (under 1 year) return.

Looking ahead at the market, Nong Bingli expressed optimism for the equity market in 2026, stating that the strategy will place greater emphasis on the certainty of profit growth. Regarding the current timing, he views the first quarter as a potentially suitable window for building positions. On one hand, it coincides with the season and annual report periods when most companies provide clearer operational guidance for the new year. On the other hand, following a phase of relatively active thematic investing at the start of the year, companies with clear profit growth often see their valuations adjust to more attractive levels, generally improving the risk-reward profile for investments. Specifically, he focuses on sectors including technology (such as computing power and semiconductors), internet, Hong Kong stock new consumption, innovative drugs, and consumer electronics. Regarding Hong Kong stocks, Nong believes that after a previous significant adjustment, many companies already offer attractive investment value.