"Her Power" | Two female fixed income fund managers from Huashang Fund meet the era with professionalism

At China Merchants Fund, there is a group of female fund managers who base their work on knowledge and wield professionalism as their blade. They delve deeply into diverse investment fields such as equities, fixed income, high-end manufacturing, technology, pharmaceuticals, and cyclical industries. They incorporate women’s sensitivity, resilience, and wisdom into every investment decision, continuously creating wealth for investors. The brand spirit of China Merchants Fund—“Professional, Proactive, Honest, Innovative, Responsible”—becomes even more vibrant through their blossoming.

Wu Yuling

Master of Finance, Renmin University of China

Fund Manager of China Merchants Hongfeng Pure Bond Fund

Fund Manager of China Merchants Hongxin Pure Bond Fund

Personal Background:

Joined China Merchants Fund Management Co., Ltd. in 2017, serving as Fixed Income Researcher, Assistant Fund Manager, and Fund Manager. As of the end of 2025, she has 8.4 years of securities industry experience (6.6 years in securities research, 1.8 years in securities investment).

Investment Style:

Wu Yuling at China Merchants Fund excels at actively seizing trading opportunities while strictly controlling portfolio credit and liquidity risks. She aims to generate long-term, stable returns for investors, striving to balance returns, risks, and liquidity.

She adopts a top-down analysis framework, primarily based on fundamentals, to judge medium- and long-term interest rate trends. On this basis, she constructs a comprehensive high-frequency data and indicator tracking system to identify dominant factors under different market conditions, dynamically adjusting the portfolio’s duration and leverage. Her extensive credit research across industries such as real estate, urban investment, building materials, media, agriculture, light industry, and tourism enables her to grasp industry cycles, uncover excess returns in individual bonds, and capitalize on sector spread rotations.

Investment Outlook:

Based on domestic fundamentals and policy environment, Wu Yuling maintains a market-neutral to slightly higher duration in her portfolio. She continues to adopt a conservative credit strategy, mainly investing in interest rate bonds and medium- to high-grade credit bonds, while actively engaging in band trading of interest rate and credit bonds.

Message to Investors:

The road is long and arduous, but perseverance will lead us there; keep moving forward, and the future is promising.

Zhang Yudi

Master of Economics, Wuhan University

Fund Manager of China Merchants Stable and Steady One-Year Holding Hybrid Fund

Personal Background:

Joined China Merchants Fund in 2020, serving as Industry Researcher, Assistant Fund Manager, and Fund Manager. As of the end of 2025, she has 7.4 years of securities industry experience (including 6.6 years in securities research and 0.8 years in securities investment).

Investment Philosophy:

Zhang Yudi specializes in cyclical industries, focusing on in-depth research and multi-dimensional validation. She aims to turn high-risk cyclical stock investments into low-risk, high-probability high-quality opportunities.

She emphasizes data analysis, roadshows, and surveys, combining macro and mid-cycle economic trends for cross-validation, thereby improving the accuracy and lead time of her sector cycle judgments. She values continuous industry research and tracking, transforming high-risk cyclical stock investments into low-risk, high-probability ones. She also focuses on identifying industries and companies with stable business models and competitive advantages. Based on this, she closely monitors valuation risks and market expectations, actively seeking “double-click” opportunities in valuation and performance to achieve steady portfolio growth.

Investment Outlook:

Looking ahead, Zhang Yudi expects continued efforts in stabilizing growth policies, with the economy likely to stabilize and rebound further. Corporate profits are expected to improve steadily, driving a perceptible acceleration in China’s economic growth. In the bond market, she anticipates a balanced supply and demand, with continued volatility. Regarding equities, considering China’s resilient fundamentals and valuation advantages amid the restructuring of the international order, the index may continue to fluctuate upward.

Message to Investors:

Wisdom and resilience walk together—protect every responsibility, and forge the future with stability.

(Edited by: Xu Nannan)

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