"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. Her focus is primarily on the “Fixed Income+” strategy, covering bonds, equities, and multi-asset allocation, while managing 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 about cognition and temperament. She prefers not to chase hot trends blindly but to seek certainty in high-quality assets. This “pragmatism” is rooted in her extensive experience with insurance funds—deeply understanding the essence of large capital management and long-term perspectives, with mature risk prediction and control capabilities.

In Bao Xiaohui’s view, in the asset management industry, women’s main unique advantage in research and investment is patience and long-term focus. They are less likely to be swayed by short-term market emotions, more capable of sticking to long-term strategic logic, and better aligned with the core requirements of value investing. Long-term investing here does not mean “blindly holding long,” but rather selecting targets with long-term value based on current market trends and in-depth industry research, focusing on trends rather than 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 for the year but emphasizes finding certainty through phase-specific characteristics. Regarding hot topics like AI and quantitative strategies, she demonstrates a strong core stability: “For my investment framework, it’s ‘complementary rather than 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 practices the principle of “capable people rise, average performers yield, and underperformers step down,” letting results speak for themselves—enabling capable individuals to earn 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 institution to founding Changli Asset, she has broken age and identity barriers, always 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 in investing are: first, years of experience in insurance funds, with a deep understanding of large capital management and long-term perspectives, and mature risk prediction and control; second, skill in distinguishing industry trends from trading rhythms—able to act decisively when opportunities arise and stay disciplined during market fluctuations; third, emphasizing multi-asset coordination, flexible strategy adjustments based on market changes, balancing returns and safety. If I had to describe my style in one word, it would be “pragmatic.” I dislike 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 do you think are women’s unique advantages 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 unique advantage women have in research and investment is patience and long-term focus. From my observations, women managers tend to use leverage more cautiously, which may cause them to miss some excess gains but also helps avoid potential risks from aggressive moves. Women are less likely to be swayed by short-term market emotions, more able to adhere to long-term strategic logic, and better aligned with the core principles 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 swings, to enjoy the full growth dividends of an industry—like photovoltaics in previous years or AI in recent years—that’s value investing.

Risk control is always our top priority at Changli Asset and the premise of all investment decisions—more important than returns. We believe that in this market, the organizations 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 help clients navigate 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 ease mental tension, maintaining a calm mindset; second, returning to research—deeply reviewing industry logic and market fluctuations, using professional cognition to stabilize the mind and stay rational.

To accompany clients through cycles, we focus on performance. Since we adopt a balanced investment strategy, even during major market swings, we can often achieve relatively good returns. I believe what truly moves investors is not motivational words during downturns but consistent, stable returns.

Q: How do you mitigate 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 weaker credits. 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 logic? What risks should investors pay attention to?

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. Personally, I will focus more on the petrochemical industry in the first half of the year, while also maintaining some high-quality asset allocations.

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

Bao Xiaohui: Honestly, they have no impact.

The rapid development of AI and quantitative methods is more of a “supplement rather than a revolution” to my framework. We now mainly use AI and quantitative tools to improve research efficiency—helping us gather data and summarize insights from vast information, 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 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 you’re good at catching market hot spots or uncovering opportunities in traditional sectors, those who deliver good results will be rewarded generously.

Our management principle at Changli Asset is “capable people rise, average performers yield, and underperformers step down.” 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 excel. Results speak for themselves: capable people earn money and stand firm. It’s that simple.

Q: What are your expectations for your future investments and life? What would you like to say to the clients managing your products?

Bao Xiaohui: I believe my future is full of infinite possibilities. Just like when I left an insurance institution and reached where I am today—I never imagined I could get here. I hope to always maintain passion and composure, not be defined by age or identity, balance professional growth with life’s warmth, live as I like, and inspire more women in the industry.

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

Text by Qian Xiaorui

Edited by Wang Xinyu and Xu Nan