Summary: Choosing Hua'an FOF means choosing not the judgment of an individual fund manager, but the collective wisdom output of an entire investment research ecosystem.

Against the backdrop of a continuously declining interest rate center and intensifying volatility in single assets, the demand for multi-asset allocation is steadily rising.

Currently, the 10-year government bond yield has dropped to a low of around 1.68%, and relying solely on pure bond investment makes it increasingly difficult to obtain ideal returns.

To achieve more desirable long-term returns, it is necessary to increase allocation to diversified assets such as equities and commodities.

However, the volatility of equities and the difficulty of timing are both considerable.

Since the "9/24" market rally, the Shanghai Composite Index climbed from 2,731 points all the way up, with gains at one point exceeding 50% to hit a near 10-year high.

At the same time, sector rotation has become increasingly frequent, and ordinary investors often find it hard to grasp the rhythm of rotation, making it difficult to consistently achieve ideal returns.

Single assets struggle to simultaneously balance stability and returns, which is precisely the problem that multi-asset allocation aims to solve.

FOF (fund of funds) is a typical tool that puts this concept into practice: first, diversification is done at the major asset class level, and then a second layer of diversification is done at the sub-fund level, using the hedging effects between low-correlation assets to smooth volatility and control drawdowns.

In addition to domestic equities and bonds, FOF can also invest in overseas equities, commodities, REITs and other assets, providing a one-stop allocation solution that allows investors to complete diversified asset deployment without having to time the market or select funds themselves.

In 2026, the Hua'an Fund FOF team completed a round of deep iteration and upgrading, systematically sorting out team division of labor, investment research processes and the multi-asset allocation framework.

On October 12, Hua'an Fund will launch the Hua'an Yingsheng Multi-Asset 6-Month Holding Period FOF, with Yang Zhiyuan as the proposed fund manager.

As a multi-asset FOF launched after the team's integration and upgrading, the product uses a risk parity model as its core, covering equities, bonds, overseas equities, commodities, REITs and other asset classes, and represents a systematic practice of the Hua'an FOF team's multi-asset allocation methodology.

Penetrating Collaboration: The Investment Research Methodology of the Hua'an Fund FOF Team

The Hua'an Fund FOF team is divided into three groups: the Asset Allocation and Fixed Income Group, the Equity Group, and the Overseas and Alternatives Group.

The allocation and fixed income group is responsible for macro positioning and fixed income investment, providing top-level design for the portfolio's asset allocation plan and a fixed income ballast, and offering basic analysis and recommendations from the top down on asset allocation direction, fixed income direction and underlying bond fund selection.

The equity group digs deep into the A-share market, with refined division of labor by strategy and fund variety, covering balanced, quantitative and various style themes.

To cope with the complex equity market, this group divides labor along two dimensions: first, the strategy dimension, developing and tracking style and industry rotation models; second, the fund variety dimension, classifying equity funds into balanced, quantitative and sector categories.

The third group is the overseas and alternatives group, focusing on low-correlation assets such as overseas assets, QDII, commodities and REITs, providing diversified sources of risk dispersion for the portfolio.

Chen Juan, Director of the Fund Portfolio Investment Department at Hua'an Fund, said that there are no isolated departmental walls between the three groups, only penetrating collaboration.

Each member digs deep into the field they are best at, while a mutual information-sharing mechanism ensures that no one is an "island."

Under the penetrating collaboration mechanism, the team forms互补 among macro and micro, active and quantitative, domestic and overseas, traditional and alternative, ensuring that under different market environments, someone is always sending signals in key areas.

This complementarity comes from the differing backgrounds and division of labor of the team's core members.

At the same time, the investment side of the FOF team brings together experienced members: the "fixed income core" digs deep into low-volatility strategies and pension investment with deep practical experience; the "equity backbone" manages equity-biased products with a composite background in securities proprietary trading, insurance asset management and quantitative investment, with performance consistently leading; the head of overseas and alternative assets opens up sources of returns for the portfolio with more than 30 years of cross-market experience, and also handles research, investment advisory and segregated accounts, serving as a generalist who provides multi-dimensional perspectives in fixed income plus product screening.

The functional side is supported by roles that run through the entire chain: the "multi-asset strategy hub" is responsible for model development and maintenance, reaching every link of the investment research chain; the "technology engine" undertakes system development and quantitative research, translating investment ideas into verifiable code; the "research hub" digs deep into overseas and alternative assets, possessing dual capabilities in macro reports and micro sectors, serving as a bridge within the team.

The Hua'an Fund FOF team emphasizes systematization, discipline and iterability, and possesses a unique methodology.

In daily investment research, the team reviews daily, debates weekly, makes tactical allocation decisions monthly, and deeply integrates with the company's overall investment research system.

On the model side, the team uses a multi-asset multi-strategy model matrix, with the risk parity model as a stabilizer, while also using quantitative strategies such as multi-asset timing, style rotation and factor-based fund selection to support various decisions.

On the fund selection side, the team adopts a three-tier fund screening logic, from the preliminary fund pool to the candidate fund pool and then to the core fund pool, checking layer by layer and tracking dynamically, making the fund pool a living system.

"Daily reviews, weekly discussions, monthly TAA meetings, and irregular thematic exchanges form the capillaries of the team's information flow. At critical moments, the team dares to speak up and is also happy to be reminded," Chen Juan said. Choosing Hua'an FOF means choosing not the personal judgment of a certain fund manager, but the collective wisdom output of the entire investment research ecosystem.

From the company level, the FOF team is backed by Hua'an Fund's mature investment research platform, relying on the company's centralized research platform and diversified investment team, aggregating the research strength of the entire company to provide infrastructure support for FOF investment.

Hua'an Fund is one of the first five fund companies established in China's public fund industry, with 28 years of history.

The company emphasizes collaboration and diversification, advocates an open and win-win team ecosystem, encourages full communication within and across teams, improves research efficiency, and promotes communication habits and mutual trust among teams.

Hua'an Fund's team collaboration and investment research output are also reflected in the profit experience of holders.

According to the 2026 fund interim report, for 10 FOF products under Hua'an Fund, the proportion of profitable investors over the past year all exceeded 99%, with 5 products achieving 100% holder profitability.

Strong Platform Support, Adhering to Steady Progress

Supported by the Hua'an FOF team's systematic methodology, the newly issued Hua'an Yingsheng Multi-Asset 6-Month Holding Period FOF continues its consistent features: full coverage, precise allocation and strong platform.

Full coverage means using FOF as the vehicle to achieve full asset coverage; in addition to domestic equities and bonds, it can invest in U.S. equities, Japanese equities, German equities, gold, soybean meal, silver, non-ferrous metals, U.S. bonds, REITs and other assets.

Precise allocation means using the risk parity quantitative model as the skeleton to fill in multiple assets, overlaying satellite timing strategies for strategy enhancement, anchoring on low correlation, balancing the risk contribution of various assets, selecting the superior and eliminating the inferior, and obtaining higher risk-adjusted returns.

Strong platform means Hua'an Fund's centralized investment research platform, diversified investment team and complete product line provide solid support for multi-asset FOF investment.

The team structure and methodology also directly constitute the product's investment research support.

The three groups provide professional division of labor in asset allocation, equities, and overseas and alternatives, while the systematic investment research mechanism is responsible for transforming the division of labor into portfolio decisions.

The proposed fund manager of Hua'an Yingsheng Multi-Asset 6-Month Holding Period FOF is Yang Zhiyuan, who has 15 years of securities and fund industry experience, including 10 years of FOF investment experience.

Yang Zhiyuan is skilled at selecting funds across the whole market and arranging asset allocation with steady strategies.

As one of the core members of the Hua'an FOF team, the Hua'an Yingrui Steady Preferred 6-Month Holding Mixed FOF A managed by Yang Zhiyuan achieved a return of 11.76% over the past three years, compared with a benchmark return of 6.31%, and the proportion of profitable investors over the past year was 100.00%.

The newly issued fund continues a strategy framework similar to that of Hua'an Yingrui Steady Preferred 6-Month Holding Mixed FOF, so which investors is it suitable for?

The first category is investors who have idle funds and investment needs but are confused about investment planning, and these investors are relatively sensitive to volatility.

Hua'an Yingsheng Multi-Asset 6-Month Holding Period FOF is oriented toward absolute returns, mainly using quantitative decisions with qualitative supplement, and has a dynamic risk control mechanism, placing risk control first.

The product uses bond assets as a foundation and seeks return elasticity through equities, commodities and other assets, which may provide an option for such investors.

The second category is investors with a need to improve returns.

For investors who invest more in products such as money market funds and pure bond funds and pursue a certain degree of return elasticity, this fund, while pursuing stable investment, seeks to appropriately allocate multiple assets through the risk parity model and other means to enhance return elasticity.

The third category is investors with asset allocation needs.

In addition to the basic domestic equity and bond binary assets, Hua'an Yingsheng Multi-Asset 6-Month Holding Period FOF can invest in overseas U.S. equities, U.S. bonds, Japanese equities, German equities and others, commodities such as gold, soybean meal, silver, non-ferrous metals and others, as well as REITs and other assets, making it truly multi-asset.

Risk warning: The fund management company does not guarantee that this fund will necessarily be profitable, nor does it guarantee minimum returns. Past performance of the fund does not indicate its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund product returns are subject to volatility risks, and investment requires caution; please carefully read the fund contract, prospectus and other fund legal documents for details.

Fee explanation for Hua'an Yingsheng Multi-Asset 6-Month Holding Period FOF: subscription/purchase fee rate (M represents subscription/purchase amount), Class A shares: M<10 million yuan, 0.5%; M≥10 million yuan, 1,000 yuan per transaction; Class C shares do not charge subscription/purchase fees. The redemption fee rates for A/C shares (Y represents holding period) are both: Y<180 days, 0.50%; Y≥180 days, 0. Management fee rate: 0.50% per year. Custody fee rate: 0.15% per year. Class A shares do not charge sales service fees; Class C shares charge a sales service fee of 0.40% per year. The portion of the fund's assets invested in funds issued or managed by the fund manager does not charge management fees. The portion of the fund's assets invested in funds custodied by the fund custodian does not charge custody fees. Non-pension clients apply the above rates. If an investor makes multiple subscriptions/purchases within one day, the applicable fee rate is calculated separately for each transaction.

The historical performance of similar products managed by Yang Zhiyuan is as follows: Hua'an Yingrui Steady Preferred 6-Month Holding Mixed (FOF) A/C was established on 2023.05.19, and the benchmark is "China Bond Composite Full Price Index return ×85% + CSI 300 Index return ×3% + Hang Seng Index return (valuation exchange rate adjusted) ×3% + Shanghai Gold Exchange Au99.99 spot physical contract return ×4% + commercial bank demand deposit rate (after tax) ×5%." In 2023, the year of establishment (2023.05.19 to December 31, half a year), the net value growth rate (benchmark return) was -0.74%/-0.96% (-1.67%); in 2024-2025 and 2026H1, the net value growth rates (benchmark returns) were 5.03%/4.66% (5.60%), 4.16%/3.79% (1.84%), and 3.16%/2.98% (0.31%), respectively. The successive fund managers were: Lu Jingchang (20230519-202603) and Yang Zhiyuan (20230519 to present). The E-class shares of Hua'an Yingrui Steady Preferred 6-Month Holding Mixed (FOF) were added on 2024.05.23, with the same benchmark. In 2024, the year of addition (2024.05.23 to December 31, half a year), the net value growth rate (benchmark return) was 2.53% (3.24%); in 2025 and 2026H1, the net value growth rates (benchmark returns) were 3.84% (1.84%) and 3.01% (0.31%), respectively. The successive fund managers were: Lu Jingchang (20240523-202603) and Yang Zhiyuan (20240523 to present). Hua'an Steady Pension Target One-Year Holding Mixed Initiating (FOF) A was established on 2019.11.26, and the benchmark is "CSI 800 Index return ×20% + China Bond Composite Wealth (Total Value) Index return ×80%." In 2021-2025 and 2026H1, the net value growth rates (benchmark returns) were 3.60% (3.92%), -5.69% (-1.62%), -0.14% (1.75%), 4.53% (8.96%), 4.74% (4.64%), and 4.04% (3.93%), respectively. The successive fund managers were: He Yizhi (20191126-202512), Yang Zhiyuan (20191126 to present), and Chen Juan (20260622 to present). Hua'an Steady Pension Target One-Year Holding Mixed Initiating (FOF) Y is a personal pension Y-class share added on 2022.11.28; because the addition year was less than half a year, 2022 performance is not disclosed. In 2023-2025 and 2026H1, the net value growth rates (benchmark returns) were 0.12% (1.75%), 4.81% (8.96%), 5.05% (4.64%), and 4.20% (3.93%), respectively. The successive fund managers were: Yang Zhiyuan (20221128 to present) and Chen Juan (20260622 to present). Hua'an Youxiang Steady Pension Target One-Year Holding Mixed Initiating (FOF) A was established on 2021.12.07, and the benchmark is "CSI 800 Index return ×20% + China Bond Composite Wealth (Total Value) Index return ×80%." Since the A-class shares were less than half a year from establishment to the end of 2021, 2021 performance is not disclosed. In 2022-2025 and 2026H1, the net value growth rates (benchmark returns) were -1.94% (-1.62%), -1.24% (1.75%), 4.60% (8.96%), 4.54% (4.64%), and 4.31% (3.93%), respectively. The successive fund managers were: Yuan Guanqun (20211207-20260629), Yang Zhiyuan (20211207 to present), and Chen Juan (20260629 to present). Hua'an Youxiang Steady Pension Target One-Year Holding Mixed Initiating (FOF) Y (017348) is a personal pension Y-class share added on 2022.11.28; because the addition year was less than half a year, 2022 performance is not disclosed. In 2023-2025 and 2026H1, the net value growth rates (benchmark returns) were -0.95% (1.75%), 4.90% (8.96%), 4.85% (4.64%), and 4.50% (3.93%), respectively. The successive fund managers were: Yuan Guanqun (20221128-20260629), Yang Zhiyuan (20221128 to present), and Chen Juan (20260629 to present). Hua'an Ying'an Steady Preferred 3-Month Holding Period Bond Fund of Funds (FOF): benchmark "China Bond Composite Full Price Index return *90% + CSI 800 Index return *10%." Class A/C was established on 2023/03/16, and the historical performance for "2023-2025 and 2026H1" (and benchmark performance) was 0.91%/0.62% (0.35%), 2.65%/2.29% (5.92%), 1.42%/1.09% (0.58%), and 2.11%/1.92% (1.97%); Class E was established on 2025/05/28, and the performance for "2025 and 2026H1" (and benchmark performance) was 0.88% (1.13%) and 2.00% (1.97%). Yang Zhiyuan's management period is from 2023/03/16 to present.

The sales fee rates of products managed by Yang Zhiyuan are listed as follows: the current collection standards for subscription fees, redemption fees, sales service fees, management fees and custody fees of Hua'an Yingrui Steady Preferred 6-Month Holding Mixed (FOF) (A: 016768; C: 016769; E: 021459) are as follows (fee discounts are subject to the display of the sales institution; M/N respectively refer to amount/holding period): Class A shares (016768) subscription fee rates: social security, pension, enterprise annuity 500 yuan per transaction; M<1 million yuan 0.80%; 1 million yuan≤M<2 million yuan 0.60%; 2 million yuan≤M<5 million yuan 0.40%; M≥5 million yuan 1,000 yuan per transaction, with no sales service fee or redemption fee. Class C shares (016769) do not charge subscription or redemption fees, and the annual sales service fee rate is 0.35%. Class E shares (021459) do not charge subscription or redemption fees, and the annual sales service fee rate is 0.30%. The annual management fee and custody fee rates of Hua'an Yingrui Steady Preferred 6-Month Holding Mixed (FOF) (A: 016768; C: 016769; E: 021459) are both 0.60% and 0.15%. The collection standards for subscription fees, redemption fees, sales service fees, management fees and custody fees of Hua'an Steady Pension Target One-Year Holding Mixed (FOF) (A: 007643; Y: 017347) are as follows (fee discounts are subject to the display of the sales institution; M/N respectively refer to amount/holding period): Class A shares (007643) subscription fee rates: social security, pension, enterprise annuity 500 yuan per transaction; M<1 million yuan 1.20%; 1 million yuan≤M<2 million yuan 1.00%; 2 million yuan≤M<5 million yuan 0.80%; M≥5 million yuan 1,000 yuan per transaction, with no sales service fee, and redemption fee rate: N>1 year 0.00%; annual management fee and custody fee rates are 0.60% and 0.15%. Class Y shares (017347) subscription fee rates: M<1 million yuan 1.20%; 1 million yuan≤M<2 million yuan 1.00%; 2 million yuan≤M<5 million yuan 0.80%; M≥5 million yuan 1,000 yuan per transaction; redemption fee rate: N>1 year 0.00%; annual management fee and custody fee rates are 0.30% and 0.075%. The current collection standards for subscription fees, redemption fees, sales service fees, management fees and custody fees of Hua'an Youxiang Steady Pension Target One-Year Holding Mixed (FOF) (A: 013254; Y: 017348) are as follows (fee discounts are subject to the display of the sales institution; M/N respectively refer to amount/holding period): Class A shares (013254) subscription fee rates: social security, pension, enterprise annuity 500 yuan per transaction; M<1 million yuan 1.20%; 1 million yuan≤M<2 million yuan 1.00%; 2 million yuan≤M<5 million yuan 0.60%; M≥5 million yuan 1,000 yuan per transaction, with no sales service fee, and redemption fee rate: N>1 year 0.00%; annual management fee and custody fee rates are 0.60% and 0.20%. Class Y shares (017348) subscription fee rates: M<1 million yuan 1.20%; 1 million yuan≤M<2 million yuan 1.00%; 2 million yuan≤M<5 million yuan 0.60%; M≥5 million yuan 1,000 yuan per transaction; redemption fee rate: N>1 year 0.00%; annual management fee and custody fee rates are 0.30% and 0.10%. The collection standards for subscription fees, redemption fees, sales service fees, management fees and custody fees of Hua'an Ying'an Steady Preferred 3-Month Holding Period Bond (FOF) (A: 016770; C: 016771; E: 024334) are as follows (fee discounts are subject to the display of the sales institution; M/N respectively refer to amount/holding period): Class A shares (016770) subscription fee rates: social security, pension, enterprise annuity 500 yuan per transaction; M<1 million yuan 0.30%; 1 million yuan≤M<5 million yuan 0.10%; M≥5 million yuan 1,000 yuan per transaction, with no sales service fee or redemption fee. Class C shares (016771) do not charge subscription or redemption fees, and the annual sales service fee rate is 0.35%. Class E shares (024334) do not charge subscription or redemption fees, and the annual sales service fee rate is 0.20%. The annual management fee and custody fee rates of Hua'an Yingrui Steady Preferred 6-Month Holding Mixed (FOF) (A: 016768; C: 016769; E: 021459) are both 0.30% and 0.10%.