"Her Power" | Changli Asset Chairman Bao Xiaohui: Macro Knowledge Base Origin, Long-term Value Recognition

As one of China’s first pension fund managers and absolute return investment managers, Bao Xiaohui, Chairman of Changli Asset, has been deeply involved in the asset management industry for over a decade. She primarily focuses on the “Fixed Income+” strategy, managing bonds, equities, and multi-asset allocations, covering all categories of private equity products. She is a female leader with a background in insurance capital investment. Her investment philosophy of “macro fundamentals with a long-term view” offers a rare calm perspective in a restless market.

Chairman of Changli Asset, Bao Xiaohui

Bao Xiaohui describes her investment style as “pragmatic,” stemming from a reverence for risk and a firm belief in long-termism. She explains that investing is not a sprint but a marathon of cognition and temperament. She prefers not to chase market fads blindly but to seek certainty in high-quality assets. This “pragmatism” is rooted in her extensive experience with insurance capital—understanding the essence of large fund management and maintaining a mature ability to predict and control risks with a long-term perspective.

In Bao Xiaohui’s view, women in the asset management industry have a unique advantage in research and investment: patience and long-term focus. They are less likely to be swayed by short-term market emotions and more capable of adhering to long-term strategic logic, aligning well with the core principles of value investing. Long-term investing here does not mean “blindly holding long,” but involves selecting targets with long-term value based on current market trends and in-depth industry research—focusing on trends rather than short-term swings—to enjoy the full dividends of industry development.

Facing the uncertain market of 2026, Bao Xiaohui remains clear-headed. She does not specify which sectors will perform best this year but emphasizes the importance of identifying certainty through phase-specific characteristics. Regarding hot topics like AI and quantitative strategies, she demonstrates a strong internal stability: “For my investment framework, they are ‘complementary, not disruptive.’” She believes technology can improve efficiency but cannot replace the deep analysis and logical validation of her research team.

In team management, Bao Xiaohui follows the practical principle of “the capable rise, the average yield, the mediocre fall,” letting results speak for themselves—enabling capable people to earn money and stand firm. She believes that ensuring a team’s efficiency and adaptability is simple: focus on performance and results. “Clients don’t care how much research effort we put in; they only care about our performance. So I don’t force team members to do superficial work or chase market hotspots and frontier sectors.”

Beyond investment, Bao Xiaohui’s outlook on life is equally worth appreciating. She believes her future is full of possibilities. Having come from an insurance asset management background and founding Changli Asset, she has broken age and identity barriers, maintaining passion and composure—living as her true self.

Selected Interview Excerpts:

Q: Can you share your investment advantages? Describe your style in one word.

Bao Xiaohui: My core advantages are: first, years of experience in insurance asset management, with a deep understanding of large fund management and a long-term perspective, along with mature risk prediction and control abilities; second, skill in distinguishing industry trends from trading rhythms—being decisive when opportunities arise and maintaining discipline during market fluctuations; third, emphasizing multi-asset coordination, adjusting strategies flexibly based on market changes to balance returns and safety. If I had to describe my style in one word, it would be “pragmatic.” I avoid blindly chasing hot topics and prefer to find certainty in high-quality assets, responding rationally and disciplined to market volatility, pursuing sustainable long-term absolute returns.

Q: What are the unique advantages women have in research and investment? How do you view long-term investing? What role does risk control play in your portfolio?

Bao Xiaohui: I believe the main advantages women have in research and investment are patience and long-term focus. From my observations, female managers tend to use leverage more cautiously, which may cause them to miss some short-term excess gains but helps avoid potential risks from aggressive strategies. Women are less likely to be swayed by short-term market emotions and can better adhere to long-term strategic logic, aligning with the core of value investing.

Long-term investing, in my view, is not about “blindly holding long,” but about selecting targets with long-term value based on current market themes and in-depth industry research—focusing on trends rather than short-term swings to enjoy the full benefits of industry growth, like the photovoltaic sector in previous years or AI in recent years. That’s value investing.

Risk control is always our top priority at Changli Asset—more important than returns—because we believe that in this market, the institutions that can survive the longest are not necessarily those earning the most but those enduring the longest.

Q: How do you manage your emotions and support clients through market cycles?

Bao Xiaohui: When facing market volatility and pressure, I mainly use two methods: first, physical exercise like running, which helps relax the body and mind, easing tension and maintaining a calm mindset; second, returning to research—deeply reviewing industry logic and market fluctuations to stabilize my mindset through professional understanding and rational judgment.

To support clients through cycles, we focus on performance. Since we adopt a balanced approach of offense and defense, even during major market swings, we often still achieve relatively good returns. I believe what truly moves investors is not motivational words during downturns but consistent, stable returns.

Q: How should one avoid interest rate and credit risks in bond investments under current market conditions?

Bao Xiaohui: From my experience, avoiding interest rate risk is easiest by focusing on short-term bonds rather than long-term ones, adjusting holdings flexibly based on market conditions, and controlling the amount invested. As long as you don’t chase high yields greedily, you can reduce the impact of interest rate fluctuations on your portfolio.

For credit risk, the key is selecting good debt issuers—avoiding those with poor creditworthiness. Even if yields are slightly lower, choose entities with good reputation, sufficient cash flow, and reliable repayment ability. Diversification is also crucial—avoiding putting all funds into one sector or bond type to lower the risk of individual defaults.

Q: What sectors or themes do you favor for 2026? What is your reasoning? What risks should investors watch out for?

Bao Xiaohui: It’s hard to specify the most promising sectors for 2026 given the high uncertainty this year. I prefer to identify opportunities based on phase-specific market features. For the first half of the year, I will focus on the petrochemical industry while also allocating some high-quality assets.

Q: How do AI and quantitative strategies impact your investment framework?

Bao Xiaohui: Honestly, they have no significant impact.

The rapid development of AI and quantitative methods is more of a “supplement, not a revolution” to my framework. We mainly use AI and quantitative tools to improve research efficiency—helping us gather data and summarize information from vast sources, saving time on exploring new industries, so our research team can focus on deep analysis and logical validation. Our core investment framework remains consistent; AI is just a tool, not our main brain.

Q: How do you ensure your team quickly adapts to changing market conditions? What specific management strategies do you employ?

Bao Xiaohui: Our approach is simple: focus on performance and results.

Although it sounds harsh, it’s the reality of our industry. Clients don’t care how much research effort we put in; they only care about our performance. Whether we chase market hotspots or find opportunities in traditional sectors, those who deliver good results will be rewarded generously.

At Changli Asset, our management principle is “the capable rise, the average stay, the mediocre fall.” We don’t look at seniority or relationships—only real ability and contribution. Those who can win are given the best rewards and space to perform. Results speak for themselves: capable people earn money and establish credibility—that’s all.

Q: What are your hopes for your future investment and life? What would you like to say to clients managing products?

Bao Xiaohui: I believe my future is full of infinite possibilities. Just like when I left the insurance asset management industry, I never imagined I could reach where I am today. I hope to always stay passionate and composed, not defined by age or identity, balancing professional growth with life’s warmth—living as my true self. I also want to inspire more women in the industry.

To clients: Thank you for your trust and long-term support. Changli Asset will continue to approach each investment with professionalism and rigor, accompanying you through market cycles, witnessing the value of time, and living up to every trust and expectation.

Text / Qian Xiaorui

Editing / Wang Xinyu, Xu Nan