Manager of Nuoan Pioneer Fund: Mr. Yang Gu. Date of appointment: February 22, 2006. Mr. Yang Gu: Master of Economics, CFA, with fund qualification. He once worked in the comprehensive research institute of Ping An Securities Company and the asset management department of Northwest Securities Company. In June 2003, he joined Nuoan Fund Management Co., Ltd. from 5438- 10, and is currently the deputy general manager and investment director of the company. From June 2006 1 1 to June 2007 1, he was the fund manager of Nuoan Value Growth Equity Securities Investment Fund. Since February 2006, he has been the fund manager of Nuoan Stock Securities Investment Fund. 20 10 from September to now, he has been the fund manager of Noan Theme Select Stock Securities Investment Fund. Name: Zhang _ Date of appointment: 2006. 2065438+In May 2004, he joined Nuoan Fund Management Co., Ltd. as an assistant fund manager. 20 15 served as the flexible hybrid securities investment fund of Nuoan New Power from August 22nd to April 30th, 2020. On April 30, 2020, he served as the fund manager of Nuoan Pioneer Hybrid Securities Investment Fund. Since September 26, 2020, he has served as the fund manager of Nuoan's hybrid securities investment fund with optimal return and flexible allocation.

1. The fund of Nuoan Pioneer pursues an active investment strategy. In terms of asset class allocation, the Fund pays attention to the flow of market funds among various capital markets and dynamically adjusts the allocation ratio of stock assets; On this basis, the Fund focuses on research and investment in advantageous industries with China's comparative advantages and international development foundation; At the level of stock selection, the Fund explores stocks with medium and long-term investment value through quantitative analysis of the profitability and sustainability of the main business of listed companies; In terms of bond investment, the Fund will use a variety of investment strategies to strive for a higher return on investment than the market average. Stock investment strategy The Fund adopts a combination of bottom-up and top-down investment strategies, and the investment concept reflects the asset category allocation of core value and medium-and long-term investment value. The proportion of stocks and bonds is actually the timing of stock investment.

2. Analysis of stock investment value The concept of value investment is a stock investment strategy based on stock valuation. Theoretically, the value of listed companies comes from the following three aspects: asset value, profitability and profitability growth. In fact, the value of listed companies depends more on their sustainable profitability. Combined with the investment value analysis model and the actual situation of listed companies in China, Nuoan Fund Company has developed a sustainable profit analysis model including key factor stock selection and core competitiveness analysis. Through the quantitative and qualitative analysis of the total net profit, sales management expenses, accounts receivable, inventory turnover, bad debt reserve, accumulated orders, capital R&D expenditure, etc. of listed companies, combined with macroeconomic factors such as inflation and government supervision, the profitability and quality of listed companies are analyzed, and then the sustainable profitability of listed companies is judged and classified, from which the stock base with core investment value is screened and constructed.