"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 sharpness. Female fund managers are redefining professional strength by combining firmness and flexibility. The current “her power” breaks this binary opposition—firmness means sticking to principles and bottom lines, while flexibility 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 gathers 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 with a long-term perspective—Xinyuan Fund’s Wang Lijun

“Investment 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 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 view of major asset classes. She believes Chinese companies’ competitiveness has deeply integrated into the global supply chain. Understanding Chinese assets requires a global perspective, utilizing 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 macro, interest rates, and exchange rates in major economies, as well as 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 as supporting factors. China’s tech sector is accelerating breakthroughs, with valuation-boosting opportunities in military industry, domestic chips, and innovative drugs driven by industry logic. AI applications in autonomous driving and other fields are rapidly being implemented, 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 investment value. Chinese core assets also warrant attention; with the RMB 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 the AI industry, Wang Lijun views it as 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 macroeconomics, consistently embracing market changes, committed to lifelong learning, and moving in sync with the times.

At the same time, I believe investment 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 investors.

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

“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 industry 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.

Regarding women’s investment advantages, Xu Huan believes women 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 women’s patience and caution with men’s foresight and pioneering spirit.

Xu Huan 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 prefers to buy when assets are overlooked and sell when they are highly popular, though the timing and path of mean reversion are uncertain, and capital cycles may be hindered by various factors. Proper asset-liability duration management is essential to provide reasonable returns within appropriate timeframes.

Focusing on current markets, Xu Huan has a clear opportunity identification approach: 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, including broad indices like Hang Seng Tech and sectors like food & beverage, home appliances, and healthcare; third, identifying major opportunities over the next 3-5 years for long-term positioning in 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 algorithmic 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-focused 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: Navigating Cycles with Margin of Safety to Capture the 2026 Corporate Overseas Expansion Opportunities

“Looking forward to creating sustainable long-term returns for investors. The fundamental principle of investing is reasonable valuation: actively seizing investment opportunities with fair valuations in high-growth industries; and in cyclical downturns, uncovering undervalued opportunities, striving for relatively stable returns through continuous assessment of over- and under-valued assets,” summarized Bai Yibei of Xinyuan Fund.

Bai Yibei, Manager of Xinyuan Healthcare Select Hybrid Fund

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

Bai Yibei emphasizes long-term, steady gains, anchoring investment decisions on intrinsic value. She focuses on source-based stock selection to build safety margins, controlling drawdowns and pursuing sustainable returns in volatile markets.

She believes the core goal of asset management products is to deliver long-term, stable returns, evaluating investment targets based on intrinsic value. Risk control is key; she prefers stock selection for risk management, reserving sufficient safety margins during screening to avoid high volatility.

Navigating cycles is challenging; precise judgment is difficult. She carefully assesses valuations, reserving safety margins at purchase, controlling downside risks, and maintaining upside potential.

Looking ahead to 2026, Bai Yibei sees a global macro environment with the U.S. easing monetary policy, Japan and other countries maintaining loose fiscal policies, and global liquidity becoming more favorable. The RMB is expected to appreciate, with foreign capital inflows becoming an important incremental source for A-shares.

Industry-wise, Chinese companies’ overseas expansion has shifted from single-point breakthroughs to multi-sector collaboration and cluster-based strategies, 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 for investors.

Message:

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

(Edited by: Xu Nannan)

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