Fund Type: Hybrid | Medium Risk Date of Establishment: 20 15-04- 17 Fund Size: 840 million Fund Manager: Chen Le, Fund Full Name: Southern Litao Flexible Allocation Hybrid Securities Investment Fund Fund Manager: southern fund Management Co., Ltd.

Analysis of Fund Investment Strategy and Operation during the Reporting Period

202 1, the stock market is mixed. The CSI 300 closed at 4,940.37 points, with an annual decrease of 5.20%, and the GEM index closed at 3,322.67 points, with an annual increase of 12.02%. In terms of industries, power equipment and new energy, basic chemicals, non-ferrous metals, coal and other industries performed well, while consumer services, non-bank finance, home appliances, real estate and other industries performed poorly.

202 1, the bond market fluctuated upward. The yield of one-year treasury bonds fell by 23bp to 2.24%, and the yield of one-year AAA credit bonds fell by 39bp to 2.75%.

202 1, the fund's style is basically stable, and it mainly adopts a top-down and bottom-up investment framework. Macroscopically, funds rely on the valuation of large-scale assets and the judgment of macroeconomic cycle.