Yinhua Return Flexible Allocation Regular Open Mixed Fund (000904) has entered a new subscription period. The fund will be open for purchases, redemptions, and conversions from March 25 to March 31, 2026. Against the backdrop of increasing market volatility and growing investor focus on balancing returns and risks, the fund adheres to an absolute return strategy with a core emphasis on strict drawdown control, which is expected to attract further market attention during this open period.

According to custodian bank data, as of March 10, 2026, since fund manager Zhou Jing began managing the fund on April 30, 2025, Yinhua Return Flexible Allocation Regular Open Mixed Fund has achieved a return of 37.48%, significantly outperforming its benchmark return of 4.41% over the same period. Galaxy Securities data shows that as of February 28, 2026, the fund ranked 27th out of 106 peer funds in the flexible strategy absolute return category (Class A) over the past three years, placing it in the top third of its category.

In terms of investment philosophy, Yinhua Return Fund maintains a clear focus on absolute returns. Fund manager Zhou Jing prioritizes achieving strong risk-adjusted returns by strictly controlling drawdowns and volatility, aiming to create a net asset value curve characterized by low volatility and minimal declines. Her investment principle is "first manage risk, then strive for absolute returns." The fund adopts a large-cap balanced value style, avoiding short-term market trends and consistently adhering to contrarian investing. This approach involves positioning during market style shifts or significant short-term stock fluctuations and taking profits when target prices are met or market sentiment becomes overheated, thereby managing overall portfolio risk exposure. The fund also enforces strict risk control discipline, avoiding over-concentration in any single sector to hedge against systemic risks.

In stock selection and portfolio management, Zhou Jing employs a bottom-up strategy, focusing on leading companies across sectors that exhibit "three lows and one scarcity"—low valuation, low volatility, low market attention, and limited speculative trading—while showing positive fundamental changes. The portfolio is constructed with high-probability stocks as core holdings to seek stable returns, complemented by high-potential stocks to enhance return flexibility.

Zhou Jing brings 19 years of securities industry experience and over 12 years of fund management expertise, with deep expertise in the consumer and cyclical sectors. Within cyclical industries, she focuses on areas such as non-ferrous metals, machinery, and power equipment, emphasizing "supply-demand gaps and their sustainability" and selecting leading companies with solid profit foundations and reasonable valuations. In the consumer sector, she prioritizes home appliances, food and beverage, and pharmaceuticals, believing that the core value of consumer stocks lies in "stable high return on equity (ROE) and sustained cash flow." She seeks investment opportunities in undervalued leading companies with these traits and also explores inflection point opportunities within the consumer space.

Regarding market outlook, Zhou Jing noted that short-term A-share market rotations have accelerated with amplified volatility, and certain themes, such as AI, have become excessively speculative, with some stocks detached from fundamental support. However, she remains optimistic about long-term market opportunities, particularly within her core areas of expertise like consumer and cyclical sectors, as well as non-bank financials, machinery, and chemicals, where she sees potential for high-value contrarian investments.

Yinhua Return Flexible Allocation Regular Open Mixed Fund operates on a regular open basis, opening every three months to balance investor liquidity needs with portfolio stability. Investors should note that scheduled investment plans will not be available during this open period. All purchase, redemption, and conversion requests must be submitted by 15:00 on March 31, 2026; requests after this time will be invalid. Following this open period, the fund will enter a new closed operation phase starting April 1, 2026, until the next open period.