In 2026, why is there a need for a financial "jade pendant"?

Ancients have said, “A gentleman has no reason to part with jade; jade will not leave his person.” Over thousands of years up to the present day, whether it is a jade cong clenched in the hand, or a jade set worn at the waist, jade gives the people of China not only visual beauty, but also a spiritual anchor and moral constraints.

As time moves forward to today in 2026, when we face a turbulent and far-reaching financial market and a large amount of residents’ term deposits approaching maturity, is there also a financial product like this: one that has a gentle “floor,” like jade’s smooth warmth; and also has a resilient “upside,” like jade’s highest strength? The answer is yes—this is the “fixed-income+” fund that is attracting intense attention right now. It is like a piece of “jade” carefully crafted by modern finance, becoming that indispensable financial “jade pendant” in asset allocation in a low-interest-rate era.

“Fixed-income+” products are drawing increasing attention

Against the backdrop of a stock market that is mostly trading sideways and the maturity of many residents’ term deposits, “fixed-income+” funds that balance returns and volatility are becoming a popular choice for the public’s asset allocation. “Fixed-income+” products may not bring stunning short-term returns, but when markets are volatile, they often provide investors with the confidence to “hold onto it and sleep well.”

Wind data shows that as of March 8, there were 31 “fixed-income+” funds newly established within the year, with a total issuance size exceeding 35 billion yuan. From the perspective of the new-issue market, market funds are gradually shifting toward “fixed-income+” funds, including primary bond funds, secondary bond funds, debt-heavy hybrid funds, and convertible bond funds.

Wind data shows that as of the end of 2025, “fixed-income+” funds had a size of 2.74 trillion yuan, and they have maintained a growth trend for four consecutive quarters. A research report from China International Capital Corporation notes that the estimated amount of residents’ term deposits maturing in 2026 is about 75 trillion yuan*, and “fixed-income+” products, positioned to strive to serve as a solid foundation with fixed income while thickening returns with equity, are also expected to absorb some portion of that capital, becoming one of the tracks where public funds will ramp up efforts.

The secret of big-name fixed-income firms

Take Boshi Fund, for example—an industry-leading institution that has comprehensively built a “fixed-income+” product lineup. Its product matrix has clear characteristics: systematic operation across multiple asset classes and multiple strategies, and complete coverage across volatility ranges from low to medium to high. The product lineup covers primary bond funds, secondary bond funds, debt-heavy hybrid funds, and convertible bond funds, aiming to maximize investment value. Boshi Fund is one of the first batch of the “Big Five” Chinese public fund managers and is also an early mover in building “fixed-income+” products, making it a major fixed-income firm.

As is well known, the core competition in “fixed-income+” product operation lies in two capabilities: first, large-class asset allocation and relative pricing ability; second, pricing ability across various sub-segment assets. Meanwhile, the allocation proportions and timing of major asset classes such as stocks and bonds determine the fundamental risk-return characteristics of such products, which is crucial for portfolio operation.

The “fixed-income+” team at Boshi Fund has achieved exchanges and analysis in various forms, including dynamic communication, weekly, monthly, and quarterly discussions, fully sharing internal and external research results to guide investment directions.

The “fixed-income+” team—well staffed with talent

In addition to a mature investment research and portfolio management system and a well-developed product layout, Boshi Fund is able to maintain its position in the first echelon of the fixed-income space also thanks to a strong and fully built investment research team. The team is led by veteran fund managers, with backbone members deeply focused on sub-segments, and it achieves experience accumulation and capability iteration through a “passing-on techniques” mechanism.

The Boshi “fixed-income+” team is led by Zhang Liling, a seasoned veteran with rich investment experience. He advocates allocating to assets with attractive risk-return value within stocks and bonds. On the equity side, he actively participates in equity market investment opportunities, selects products with relatively smaller risks, participates at appropriate times, and aims to capture returns. At the same time, he flexibly allocates bonds to hedge the tail-end risks of the portfolio, striving to improve the portfolio’s Sharpe ratio. During management, he maintains a relatively active duration, balances risks between equities and bonds, and aims to reduce portfolio volatility.

In addition to the veteran “captain,” fund managers such as Gao Hui, Xie Zelin, Jing Peng, Li Shi, and Jiang Haifeng at Boshi Fund have also become a key force in the company’s “fixed-income+” team. For example, Gao Hui, assistant to the director of investment for the mixed-asset department and also leader of Boshi’s convertible bond integrated investment research group, has extensive experience in areas such as fundamental research on individual convertible bonds, convertible bond pricing models, and convertible bond strategy investments. With “risk control and value investing” as its core investment philosophy, he emphasizes the long-term nature and robustness of investments, as well as the depth of research. Meanwhile, he focuses on risk control and portfolio volatility, pursuing excess returns after adjusting for risk.

Jing Peng seeks long-term compound returns and downplays short-term performance rankings. At the same time, Jing Peng seeks consistency in investment methods and does not create style drift; he seeks a balance between returns and drawdowns and pays attention to the experience of holders. In stock investing, he selects stocks from the bottom up, focusing on business models, free cash flow, shareholder returns, and growth prospects; operationally, he leans toward the left side and adjusts individual stocks based on valuation and trends.

Xie Zelin, meanwhile, determines the equity position level according to the macro environment. In terms of industries, he chooses industries in the first half of an upward cycle and increases their allocation ratio. For individual stocks, he focuses on selecting stocks across three key dimensions: business model, competitive advantage, and industry trends—while in the medium to long term, he mainly makes money from companies whose performance continues to grow.

By contrast, Li Shi strives for absolute returns to give customers a sense of earned value. He emphasizes controlling risk and seeks to maintain a stable product style, and he emphasizes controlling volatility.

In addition, Jiang Haifeng, based on judgments about the macro environment and asset valuations, emphasizes allocating to sub-segment directions of assets that fit medium-term changes and have reasonable yet relatively low valuations, supplemented by opportunities to identify individual stocks with space for excess growth. He also works with a relatively comprehensive approach to controlling risk and volatility, aiming to achieve a relatively stable long-term return target.

Building a dual-fund-manager decision framework

In terms of the investment research and decision-making framework, Boshi Fund’s “fixed-income+” products feature a “dual fund manager” decision-making approach. It forms a team in which an equity-position fund manager and a fixed-income-position fund manager jointly shoulder responsibilities for decision-making and execution. Under the protection of the company’s investment committee and absolute return investment committee, it effectively achieves a “connected” investment allocation thought process, shared external information, and the resolution of disputes.

This mechanism not only strengthens the scientific nature and discipline of asset allocation for Boshi’s “fixed-income+” products, but also significantly improves the timeliness of strategy adjustments and execution precision through coordination with equal rights and responsibilities and complementary capabilities. As a result, in a complex and ever-changing market environment, it strives to both hold the core position and accurately capture equity investment opportunities.

In an environment of “timing, location, and people,” multiple Boshi “fixed-income+” products have delivered impressive medium- to long-term performance. Taking the secondary bond fund—Boshi Hengle Fund A shares—as an example, the fund is jointly managed by Zhang Liling and Jiang Haifeng. The fund’s 2025 fourth-quarter report shows that for the A shares, the 2025 return rate is 6.74%, higher than the performance comparison benchmark of 3.63% for the same period. (Zhang Liling has served as fund manager of Boshi Hengle Fund from April 28, 2022 to the present; Jiang Haifeng has served as fund manager of Boshi Hengle Fund from December 31, 2025 to the present.)

Many outstanding “fixed-income+” products under Boshi Fund have built a diversified and high-quality asset allocation platform for investors. Behind the impressive performance are Boshi Fund’s many efforts; this mature investment research and management system, the professional management team, and the rigorous decision framework together form Boshi Fund’s core competitiveness as a “fixed-income+” big-name firm, enabling it to stand out in fierce market competition and strive to create more attractive long-term value for investors.

Not every stone can be called jade, and not every “fixed-income+” product can withstand the test of time and deliver an answer that makes people feel at ease. Excellent “fixed-income+” product managers—like experienced jade-carving masters—need comprehensive qualities to identify good material (large-class asset allocation capability), to design meticulously (coordination across multiple strategies), and to patiently refine (volatility control and long-term holding). A truly high-quality “fixed-income+” product is like premium Hetian jade seed material: it endures the washing of time (market booms and busts), and remains smooth yet powerful (relatively lower volatility with some degree of elasticity).

With low interest rates becoming the norm and many uncertainties in the market, “fixed-income+” products may be that piece of “financial jade” that should always be worn close to us in asset allocation. Choosing a suitable “fixed-income+” product is not only a sincere desire to achieve steady asset appreciation, but also a reflection of maintaining calm and wisdom amid market noise.

After all, nurturing jade is nurturing the heart; investing is practice.

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Note: The risk level of Boshi Hengle Fund is medium-low (this is the manager’s rating).

*Data is from the report 《The “Narrative” of Moving Deposits and Reality—New Forms of Monetary Liquidity (5)》 released by China International Capital Corporation on January 11, 2026.

Zhang Liling currently manages 11 funds (data sourced from each year’s Q4 reports from 2021 to 2025):

① Boshi Credit Bond Pure Bond Bond Fund A was established on 09/07/2012, B was established on 11/13/2023, and C was established on 09/21/2015. Zhang Liling’s tenure was 07/16/2015 to 03/11/2020 and 07/13/2020 to present. The co-managed fund manager is Li Yucheng (tenure date: 11/24/2023 to present). Chen Kaiyang’s tenure was 03/11/2020 to 03/18/2021, and Pi Min’s tenure was 09/07/2012 to 07/16/2015. The A-share annual return rates for 2021–2025 were: 4.72%, 2.76%, 5.03%, 5.02%, and 0.41%; the B-share annual return rates for 2023–2025 were: 0.84%, 4.90%, and 0.31%; the C-share annual return rates for 2021–2025 were: 4.31%, 2.34%, 4.62%, 4.58%, and 0.01%; the performance comparison benchmark return rates for 2021–2025 in the same period were: 4.02%, 2.42%, 4.37%, 4.16%, and 1.84%. ② Boshi Hengze Hybrid Fund A was established on 02/08/2021 and C was established on 02/08/2021. Zhang Liling’s tenure dates are the same. The co-managed fund manager is Jiang Haifeng (tenure date: 12/31/2025 to present), and Wang Yansheng’s tenure was 02/08/2021 to 01/24/2022. The A-share annual return rates for 2021–2025 were: 2.32%, -2.62%, 1.70%, 9.23%, and 6.33%; the C-share annual return rates for 2021–2025 were: 1.91%, -3.06%, 1.23%, 8.75%, and 5.86%; the performance comparison benchmark return rates for 2021–2025 in the same period were: 0.33%, -2.63%, 0.38%, 9.63%, and 5.34%. ③ Boshi Hengtai Bond Fund A was established on 04/22/2021 and C was established on 04/22/2021, and E was established on 03/07/2025. Zhang Liling’s tenure dates are the same. The co-managed fund manager is Tang Wei (tenure date: 06/25/2025), Jing Peng (tenure date: 12/20/2024), and Jin Shengzhe (tenure date: 04/22/2021 to 01/27/2025). The A-share annual return rates for 2021–2025 were: 3.46%, 0.10%, 2.39%, 4.09%, and 6.59%; the C-share annual return rates for 2021–2025 were: 3.21%, -0.26%, 2.03%, 3.73%, and 6.23%; the E-share annual return rate for 2025 was: 5.50%; the performance comparison benchmark return rates for 2021–2025 in the same period were: 0.19%, -0.99%, 0.71%, 6.33%, and 0.79%. ④ Boshi Fuxin Pure Bond Bond Fund A was established on 11/17/2016 and C was established on 07/20/2022. Zhang Liling’s tenure was 08/10/2021 to present. The co-managed fund managers include Tang Wei (tenure date: 06/15/2022), Zhang Lu (tenure date: 02/10/2017 to 08/10/2021), and Wang Shen (tenure date: 11/17/2016 to 07/16/2018). The A-share annual return rates for 2021–2025 were: 5.84%, 1.85%, 5.50%, 5.26%, and 1.19%; the C-share annual return rates for 2022–2025 were: -0.59%, 5.18%, 4.97%, and 0.99%; the performance comparison benchmark return rates for 2021–2025 in the same period were: 4.73%, 3.12%, 4.45%, 6.99%, and 0.73%. ⑤ Boshi Boying Steady 6-Month Holding Period Hybrid Fund A was established on 08/10/2021 and C was established on 08/10/2021. Zhang Liling’s tenure dates are the same. The co-managed fund manager is Xie Zelin (tenure date: 08/16/2024), Li Chongyang (tenure date: 03/23/2023 to 10/09/2024), and Wu Wei (tenure date: 08/10/2021 to 04/14/2023). The A-share annual return rates for 2021–2025 were: 0.75%, -6.18%, -2.43%, -4.29%, and 8.33%; the C-share annual return rates for 2021–2025 were: 0.63%, -6.46%, -2.73%, -4.58%, and 8.00%; the performance comparison benchmark return rates for 2021–2025 in the same period were: 0.63%, -0.02%, 2.02%, 8.77%, and 3.63%. ⑥ Boshi Wenye 9-Month Holding Period Hybrid Fund A was established on 11/09/2021 and C was established on 11/09/2021. Zhang Liling’s tenure dates are the same. The co-managed fund manager is Jiang Haifeng (tenure date: 12/31/2025 to present), and Chen Wei’s tenure was 11/09/2021 to 02/06/2025. The A-share annual return rates for 2022–2025 were: -0.54%, 1.95%, 9.29%, and 7.94%; the C-share annual return rates for 2022–2025 were: -0.84%, 1.64%, 8.97%, and 7.62%; the performance comparison benchmark return rates for 2022–2025 in the same period were: -0.02%, 2.02%, 8.77%, and 3.63%. ⑦ Boshi Hengyi Steady One-Year Holding Period Hybrid Fund A was established on 04/14/2022 and C was established on 04/14/2022. Zhang Liling’s tenure dates are the same. The co-managed fund manager is Li Shi (tenure date: 09/26/2024). The A-share annual return rates for 2022–2025 were: 1.22%, 1.68%, 7.17%, and 7.72%; the C-share annual return rates for 2022–2025 were: 1.00%, 1.37%, 6.86%, and 7.40%; the performance comparison benchmark return rates for 2022–2025 in the same period were: 1.36%, 2.02%, 8.77%, and 3.63%. ⑧ Boshi Shuangji Le 6-Month Holding Period Bond Fund A was established on 04/15/2022 and C was established on 04/15/2022. Zhang Liling’s tenure dates are the same. The co-managed fund manager is Li Yucheng (tenure date: 03/05/2024). The A-share annual return rates for 2022–2025 were: 1.49%, 5.30%, 5.82%, and 0.02%; the C-share annual return rates for 2022–2025 were: 1.28%, 4.99%, 5.50%, and -0.28%; the performance comparison benchmark return rates for 2022–2025 in the same period were: 1.99%, 4.45%, 6.99%, and 0.73%. ⑨ Boshi Hengle Bond Fund A was established on 04/28/2022 and C was established on 04/28/2022. Zhang Liling’s tenure dates are the same. The co-managed fund manager is Jiang Haifeng (tenure date: 12/31/2025). The A-share annual return rates for 2022–2025 were: 1.21%, 2.16%, 9.63%, and 6.74%; the C-share annual return rates for 2022–2025 were: 1.05%, 1.80%, 9.18%, and 6.47%; the performance comparison benchmark return rates for 2022–2025 in the same period were: 2.05%, 2.02%, 8.77%, and 3.63%. ⑩ Boshi Stable Value Bond Fund was formed by transforming from Boshi Stable Value Bond Investment Fund on 09/06/2007. A shares were established on 08/24/2005, B shares were established on 08/24/2005, and E shares were established on 02/21/2025. Zhang Liling’s tenure was 05/22/2015 to 02/24/2020 and 09/01/2023 to present. Co-managed fund managers include Qiao Qibing (tenure date: 12/10/2024), Luo Xiao (tenure date: 07/28/2023). Chen Kaiyang’s tenure was 07/23/2020 to 07/28/2023. Deng Xinyu’s tenure was 02/24/2020 to 10/20/2023. Yang Yongguang’s tenure was 02/13/2014 to 05/22/2015. Zhang Yan’s tenure was 08/04/2010 to 02/13/2014, Zhang Yong’s tenure was 08/04/2010 to 02/13/2014, and Guo Jun’s tenure was 08/24/2005 to 08/04/2010. The A-share annual return rates for 2021–2025 were: 6.24%, 0.73%, 3.70%, 5.77%, and 4.53%; the B-share annual return rates for 2021–2025 were: 5.95%, 0.44%, 3.38%, 5.46%, and 4.21%; the E-share annual return rate for 2025 was: 2.77%; the performance comparison benchmark return rates for 2021–2025 in the same period were: 5.23%, 3.32%, 4.81%, 7.89%, and 0.70%. (11) Boshi Medium-to-High Grade Credit Bond Fund A was established on 12/13/2023 and C was established on 12/13/2023. Zhang Liling’s tenure dates are the same. The co-managed fund manager is Tang Wei (tenure date: 05/07/2024). The A-share annual return rates for 2024–2025 were: 5.75% and 0.91%; the C-share annual return rates for 2024–2025 were: 5.45% and 0.61%; the performance comparison benchmark return rates for 2024–2025 in the same period were: 4.33% and 1.76%.

Jiang Haifeng currently manages 4 funds (data sourced from each year’s Q4 reports from 2021 to 2025):

① Boshi Hengze Hybrid Fund A was established on 02/08/2021 and C was established on 02/08/2021. Jiang Haifeng’s tenure was 12/31/2025 to present. The co-managed fund manager is Zhang Liling (same tenure dates). Wang Yansheng’s tenure was 02/08/2021 to 01/24/2022. The A-share annual return rates for 2021–2025 were: 2.32%, -2.62%, 1.70%, 9.23%, and 6.33%; the C-share annual return rates for 2021–2025 were: 1.91%, -3.06%, 1.23%, 8.75%, and 5.86%; the performance comparison benchmark return rates for 2021–2025 in the same period were: 0.33%, -2.63%, 0.38%, 9.63%, and 5.34%. ② Boshi Wenye 9-Month Holding Period Hybrid Fund A was established on 11/09/2021 and C was established on 11/09/2021. Jiang Haifeng’s tenure was 12/31/2025 to present. The co-managed fund manager is Zhang Liling (same tenure dates), and Chen Wei’s tenure was 11/09/2021 to 02/06/2025. The A-share annual return rates for 2022–2025 were: -0.54%, 1.95%, 9.29%, and 7.94%; the C-share annual return rates for 2022–2025 were: -0.84%, 1.64%, 8.97%, and 7.62%; the performance comparison benchmark return rates for 2022–2025 in the same period were: -0.02%, 2.02%, 8.77%, and 3.63%. ③ Boshi Hengle Bond Fund A was established on 04/28/2022 and C was established on 04/28/2022. Jiang Haifeng’s tenure was 12/31/2025 to present. The co-managed fund manager is Zhang Liling (same tenure dates). The A-share annual return rates for 2022–2025 were: 1.21%, 2.16%, 9.63%, and 6.74%; the C-share annual return rates for 2022–2025 were: 1.05%, 1.80%, 9.18%, and 6.47%; the performance comparison benchmark return rates for 2022–2025 in the same period were: 2.05%, 2.02%, 8.77%, and 3.63%. ④ Boshi Stable Growth and Profit Bond Fund A was established on 06/20/2023 and C was established on 06/20/2023. Jiang Haifeng’s tenure was 12/31/2025 to present. The co-managed fund manager is Luo Xiao (tenure date: 10/20/2023). Dong Yangyang’s tenure was 10/20/2023 to 11/21/2024. Deng Xinyu’s tenure was 06/20/2023 to 10/20/2023. The A-share annual return rates for 2023–2025 were: 1.04%, 5.31%, and 7.61%; the C-share annual return rates for 2023–2025 were: 0.85%, 4.96%, and 7.25%; the performance comparison benchmark return rates for 2023–2025 in the same period were: 0.51%, 8.33%, and 2.78%.

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Risk Disclosure Letter

Dear investors:

Investing involves risks; you should act with caution. A publicly offered securities investment fund (hereinafter referred to as the “Fund”) is a long-term investment instrument. Its main function is to diversify investments and reduce individual risks arising from investing in a single security. A fund differs from financial tools such as bank deposits that can provide fixed-income return expectations. When you purchase a fund product, you may either share in the gains generated by the fund investments based on your holdings, or you may bear losses that the fund investments may cause.

Before making an investment decision, please read carefully the legal documents for the fund, including the fund contract, the fund prospectus, and the summary of fund product information, as well as this Risk Disclosure Letter. Fully understand the fund’s risk-return characteristics and product features, seriously consider all risk factors that this fund entails, and—based on your own investment objectives, investment horizon, investment experience, and asset situation—fully consider your own risk tolerance. After understanding the product information and the sales appropriateness opinions, make a rational judgment and make an investment decision prudently.

Pursuant to relevant laws and regulations, Boshi Fund hereby makes the following risk disclosures:

I. Depending on the investment targets, funds are divided into different types such as stock funds, hybrid funds, bond funds, money market funds, funds-of-funds, and commodity funds. If you invest in different types of funds, you will have different return expectations and bear different degrees of risk. Generally speaking, the higher the expected return of a fund, the greater the risk you bear.

II. During the course of fund investment operations, the fund may face various risks, including market risk as well as risks related to the fund’s own management, technical risks, compliance risks, and so on. The risk of large redemptions is a risk unique to open-end funds: when, on a single open day, the net redemption applications for the fund exceed a certain proportion of the fund’s total units (for open-end funds: ten percent; for periodically open funds: twenty percent; excluding special products as specified by the CSRC), you may be unable to redeem all of your fund units in a timely manner, or the redemption proceeds you receive may be delayed.

III. You should fully understand the differences between savings methods such as regular and periodic investment (定期定额投资) and zero-deposit-with-fixed-amount savings (零存整取). Regular and periodic investment is a simple and practical way to guide investors into long-term investing and average investment costs, but it cannot avoid the risks inherent in fund investments; it cannot guarantee that investors will obtain returns, nor is it an equivalent wealth-management method that replaces savings.

IV. Risk disclosure for special-type products: If you purchase a product that invests in securities outside the mainland, besides needing to bear general investment risks similar to those faced by funds that invest in securities within the mainland—such as market volatility risks—the fund also faces special investment risks faced by overseas securities markets, such as exchange-rate risk. If the product operates in a periodically open manner or if the fund contract specifies a minimum holding period for fund units, then during the closed period or the minimum holding period, you will face liquidity constraints due to not being able to redeem or sell fund units.

V. The fund manager undertakes to manage and use the fund assets under the principles of honesty and trustworthiness and due diligence, but does not guarantee that this fund will definitely generate profits, nor does it guarantee a minimum level of returns. Past performance and the level of the fund’s net value do not predict the fund’s future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of this fund’s performance. Boshi Fund reminds you of the principle of “buyers bear all responsibility.” After you make your investment decision, the investment risks arising from the fund’s operating conditions and changes in the fund’s net value are borne by you. The fund manager, the fund custodian, the fund sales institutions, and related institutions make no promises or guarantees regarding fund investment returns.

VI. The fund contract, fund prospectus, and summary of fund product information of the fund have been disclosed through the China Securities Regulatory Commission’s fund electronic disclosure website.

__Edited by丨Zhang Lan
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