Zheshang Huijin short-term debt is a kind of fixed-income variety with safe and good investment liquidity. Including treasury bonds, local government bonds, financial bonds, enterprise bonds, corporate bonds, central bank bills, medium-term bills, short-term financing bills, ultra-short-term financing bills, asset-backed securities, subordinated debts, pure debt part of separable convertible bonds, bond repurchase, bank deposits (including agreement deposits, call deposits and time deposits), interbank deposit certificates, money market instruments and other fixed-income varieties, treasury bonds futures and stocks that are stipulated or not invested by laws and regulations.

The Fund will achieve a stable return exceeding the benchmark on the basis of effectively managing risks and maintaining high liquidity of assets. The investment strategies of the Fund include asset allocation strategy, bond portfolio strategy, credit bond investment strategy, asset-backed securities investment strategy and treasury bond futures trading strategy.

1. Asset allocation strategy On the basis of analyzing the economic cycle, macro-policy direction and yield curve, combined with the implementation of national monetary and fiscal policies, the change of market yield curve and market liquidity, the Fund comprehensively analyzes the changing trend of the bond market. Finally, determine the investment proportion of the fund in the bond assets, and construct and adjust the bond portfolio.

2. Bond portfolio strategy In the construction and adjustment of bond portfolio, the Fund comprehensively uses portfolio management methods such as duration allocation, term structure allocation, generic asset allocation, yield curve strategy and leverage amplification strategy for daily management.

(1) Duration allocation strategy Duration allocation is to determine the overall duration of the portfolio based on the analysis of macroeconomic data and the operating characteristics of the financial market, and effectively control the overall asset risk on the premise that the duration of the portfolio and the duration of the closed period are properly matched. When the interest rate is predicted to rise, the target duration of the portfolio is appropriately shortened, and when the interest rate level is predicted to fall, the target duration of the portfolio is appropriately extended.

(2) Term Structure Allocation Strategy The short-term bonds invested by the Fund refer to bond assets with a remaining maturity of no more than 397 days, including government bonds, local government bonds, central bank bills, financial bonds, corporate bonds, medium-term bills, short-term financing bonds, ultra-short-term financing bonds, subordinated bonds, short-term corporate bonds of securities companies, pure debt parts of convertible bonds that can be traded separately and other financial instruments.