"Her Power" | Xinyuan Fund's Three Female Equity Leaders: Investment Value, Harvested Value

In traditional understanding, strength is often associated with rigidity and sharpness, but the capital markets are never short of edge. Female fund managers are redefining professional strength by combining firmness and flexibility. The current “Her Power” breaks this binary—being firm means sticking to principles and bottom lines, while softness signifies wisdom and guidance. Together, they forge an investment path that balances intensity and warmth, reflected in net value curves and long-term value.

Xinyuan Fund brings together professionals with diverse styles and rich investment experience, each with unique investment philosophies, capable of addressing various investment needs comprehensively.

Optimistically Moving Forward, Practicing Value Investing from a Long-Term Perspective—Xinyuan Fund’s Wang Lijun

“Investing is a long-cycle assessment, ultimately testing human nature’s weaknesses. Therefore, I view macro cycle changes from a long-term perspective, seek global investment opportunities with broad vision, and always maintain an optimistic attitude to discover excellent companies, striving to deliver better returns for our investors,” summarized Wang Lijun of Xinyuan Fund.

Wang Lijun, Manager of Xinyuan Hong Kong Stock Connect Leading Hybrid Fund

With nineteen years of securities industry experience and deep expertise in multi-asset allocation, Wang Lijun advocates a globalized approach to macro asset allocation. She believes Chinese companies’ competitiveness has deeply integrated into the global supply chain. Understanding Chinese assets requires a global perspective, employing systematic investment frameworks to navigate market cycles and seize cross-market and cross-sector structural opportunities.

Wang Lijun has a mature investment methodology, emphasizing breaking out of single-market limitations. She starts from global macroeconomics and industrial patterns, selecting quality assets worldwide and exploring cross-market opportunities. Facing complex and volatile overseas markets, she has built a rigorous, systematic investment logic, maintaining rational thinking through long-term efforts, iterating and improving her investment system across multiple market cycles. She has developed research capabilities covering major global economies, macro, interest rates, and exchange rates, along with top-down asset allocation skills.

Looking ahead to 2026, Wang Lijun is optimistic about global equity and commodity markets. She remains positive on global tech stocks, citing ongoing AI capital investment, upward revisions in computing power demand, and semiconductor industry cycles, making tech stocks attractive for allocation. China’s tech sector is accelerating breakthroughs, with valuation opportunities driven by industry logic in military, domestic chips, and innovative pharmaceuticals. AI applications in autonomous driving and other fields are rapidly landing, becoming long-term investment themes.

In commodities, she favors industrial metals like copper and aluminum. Under a weak dollar environment and expectations of U.S. economic recovery, copper faces supply constraints, resonating with industrial and financial attributes, highlighting its allocation value. Chinese core assets also warrant attention; with the renminbi expected to strengthen, sectors like finance, new energy storage, and Hong Kong’s Hang Seng Tech have potential. Cyclical industries such as machinery, chemicals, and automotive, with global expansion capabilities, are showing signs of turning points, offering opportunities for excess returns.

Regarding AI industry, Wang believes it is an industrial revolution that will reshape national strength. Over the next decade, China is expected to develop a new high-tech industrial system, with semiconductor, quantum, aerospace, and other frontier technologies. Investment logic has shifted from “domestic substitution” to “technological breakthroughs and manufacturing going global,” driven by a dual engine of innovation and export. She firmly believes that technological innovation industries are strategically vital for national strength.

Message:

First, I am a very optimistic person, always maintaining continuous learning and accumulation. My investment framework is rooted in long-term experience and practice. Over nearly 20 years in the industry, I have covered real estate, consumer sectors, internet, cycles, and overseas macro research, consistently embracing market changes, committed to lifelong learning, and moving in sync with the times.

At the same time, I believe investing is a long-cycle assessment, ultimately testing human weaknesses. Therefore, I view macro cycle changes from a long-term perspective, seek global investment opportunities with broad vision, and always maintain an optimistic attitude to discover excellent companies, striving to deliver better returns for our investors.

Xinyuan Fund’s Xu Huan: Navigating Cycles with Absolute Returns, a Long-term Steady Value Guardian

“Top investors can extend their careers beyond 70 years old while remaining active, always doing meaningful, passionate, and valuable work. That’s the state I aspire to—systematic and disciplined, creating social value while realizing personal worth,” summarized Xu Huan of Xinyuan Fund.

Xu Huan, Manager of Xinyuan Fund’s FOF

With twelve years of securities experience, Xu Huan focuses on providing stable positive returns for investors rather than merely outperforming the index. Through flexible asset allocation, strict risk control, and selective investments, she seeks asymmetric risk-reward structures (“small losses, big gains”) to generate returns while controlling drawdowns, balancing offense and defense, and emphasizing sustainable long-term performance.

On the advantages of female investors, Xu believes they should build core competitiveness over the medium to long term: maintaining physical and mental health to reduce errors, adhering to mission and values, and continuously iterating in their passions. She is convinced that excellent investors combine female patience and caution with male foresight and pioneering spirit.

Xu always adheres to fundamental principles, aligning with Howard Marks’ investment philosophy: outstanding investors are those who take on low risk relative to their returns. She admits that long-term investing is ideal, but in reality, investment durations are limited by liabilities. She aims to buy when assets are overlooked and sell when they are crowded, though the timing and path of mean reversion are uncertain, and capital cycles may face obstacles. Proper asset-liability duration management is essential to provide reasonable returns within a rational timeframe.

In the current market, Xu has a clear opportunity-seeking approach. She identifies three methods: first, assets in an upward trend, such as most equity and commodity assets today; second, assets with significant declines and low valuations, with potential for reversal or rebound—short-term broad indices like Hang Seng Tech, and sectors like food & beverage, home appliances, and pharmaceuticals; third, medium- to long-term opportunities over 3-5 years, focusing on China’s “hidden champions.”

Regarding AI and quantitative industry changes, she recognizes AI’s efficiency in information filtering and research coverage but emphasizes that human investors need deep understanding and contrarian thinking to overcome algorithm limitations. For AI industry investments, she advocates patience—waiting until business models mature, leading companies emerge, and valuations normalize before deploying capital, maintaining a long-term, steady investment approach.

Message:

Top investors can extend their careers beyond 70 years old while remaining active, always doing meaningful, passionate, and valuable work. That’s the state I aspire to—systematic and disciplined, creating social value while realizing personal worth.

As stated in periodic reports, as an absolute return product, the funds managed will continue to operate prudently, adhering to the “long-termism” investment philosophy. Thank you for your reading, support from investors and partners, and the diligent efforts of sub-fund managers.

Xinyuan Fund’s Bai Yibei: Using Margin of Safety to Navigate Cycles and Capture 2026 Corporate Overseas Expansion Opportunities

“Looking forward to creating sustainable long-term returns for investors. The fundamental principle of investing is valuation rationality: in high-growth industries, actively seize reasonably valued opportunities; in cyclical downturns, identify undervalued opportunities, striving for relatively steady returns through continuous assessment of over- and under-valued assets,” summarized Bai Yibei of Xinyuan Fund.

Bai Yibei, Manager of Xinyuan Medical’s Rui Xuan Hybrid Fund

With nine years of securities experience, Bai Yibei specializes in healthcare equity investments. Against the backdrop of aging populations and booming Chinese medical technology, she aims to generate sustainable long-term returns for investors in this relatively prosperous sector.

Bai Yibei emphasizes long-term, steady gains as her core goal, anchoring investment decisions on intrinsic value. She focuses on sourcing stocks at the source to build safety margins, controlling drawdowns in volatile markets, and pursuing sustainable returns.

She believes the core goal of asset management products is to achieve long-term, stable returns for investors. When evaluating investment targets, intrinsic long-term value should be the benchmark. Risk control is key; she prefers stock selection to timing or position adjustments, reserving sufficient safety margins during screening to avoid high volatility and reduce downside risk.

Navigating cycles is challenging; accurately judging them is difficult. She carefully assesses valuations, buys with safety margins, controls downside risks, and preserves upside potential.

Looking ahead to 2026, Bai Yibei offers a clear outlook: global macro trends include U.S. rate cuts, continued loose fiscal policies in Japan and the U.S., and more favorable global liquidity. The renminbi is expected to appreciate, with foreign capital inflows becoming a significant incremental source for A-shares.

From an industry perspective, Chinese companies’ overseas expansion has shifted from single-point breakthroughs to multi-industry, supply chain cluster-style expansion, becoming a key investment theme amid global changes, offering rich medium- and long-term opportunities. She will continue to focus on long-term value, strictly maintaining safety margins, and seizing quality opportunities driven by liquidity improvements and industrial upgrades, aiming for steady performance and long-term growth with investors.

Message:

In an era of unprecedented change, Bai Yibei hopes to develop products that can sustainably preserve and grow investors’ assets, encouraging more participation in equity markets and sharing the dividends of development and investment.