"Her Power" | Director Chen Lu of Ningyin Wealth Management's Cross-Border Investment Department and Project Investment Department: Don't set limits for yourself; this industry doesn't set limits for us either.

As the spring breeze brushes through March and all things grow, the International Women’s Day on March 8th arrives as scheduled. On this women’s holiday, we speak with Chen Lu, Director of Cross-Border Investment and Project Investment at Ningbo Yinzhou Bank Wealth Management, to explore how female managers carve their own paths in the asset management industry. When market volatility becomes the norm and low interest rates deepen, how do they leverage their unique perspectives to manage risks and navigate cycles?

Chen Lu, Director of Cross-Border Investment and Project Investment at Ningbo Yinzhou Bank Wealth Management

With 12 years of experience in finance, Chen Lu currently oversees two strategically important sectors of Ningbo Yinzhou Bank Wealth Management—Cross-Border Investment and Project Investment. Broadening investment boundaries, diversifying portfolios, and capturing resilient returns are shared goals of these departments. Under Chen Lu’s leadership, they form the core strength of Ningbo Yinzhou Bank Wealth Management in facing complex market environments.

In early 2025, amid intense global market fluctuations, Chen Lu led her team to make a different judgment from mainstream expectations—decisively shortening duration exposure, increasing currency hedging, and boosting domestic equity allocations. This strategy resulted in excellent performance of the Jingyao Cross-Border Fixed Income Series products managed by Chen Lu, delivering impressive results: the annualized return of the Jingyao Fixed-Term Series 2025 was 3.34%; the closed RMB products maturing in 2025 averaged 3.91%, fully meeting performance benchmarks; the Jingyao USD open products have had zero drawdowns since inception, with an average return of 3.72%.

She summarizes her management style as “setting boundaries while giving space.” Cross-border and project investments involve diverse markets and assets, with many potential pitfalls. Therefore, “setting boundaries” is the baseline—rigorous research frameworks, strict risk controls, and standardized decision processes are essential. Within these boundaries, she encourages her team to explore boldly and think independently. “Everyone leveraging their professional strengths can bring more diverse perspectives to the team.”

When developing her team, Chen Lu values three qualities most: curiosity, perseverance, and responsibility. Curiosity enables penetrating macro uncertainties and seizing opportunities; perseverance is the discipline to uphold long-term logic amid fluctuations; responsibility means always standing in the client’s shoes, understanding the weight of every entrusted task.

She also clearly defines her role at Ningbo Yinzhou Bank Wealth Management—“a seeker of professional boundaries” and “a connector of resource allocation.” As a seeker, she believes there is still much room for in-depth research in cross-border and project investments within the wealth management industry. As a connector, she emphasizes that the ultimate value of these departments lies in linking domestic and overseas markets, traditional bonds and equities, balancing short-term volatility with long-term value.

When asked about the impact of being a woman in the male-dominated financial investment field, Chen Lu responds straightforwardly: “Gender is not a boundary of ability; perspective is.” She says, doubts don’t come because you are female, but because of a lack of professionalism. “When your judgments are repeatedly validated by the market, and your portfolios deliver excess returns amid volatility, gender becomes just a background, not a label.”

Chen Lu demonstrates through her actions that she is forging her own path in asset management—breaking free from gender labels and earning respect through professionalism. She offers this advice to young women: “Don’t set limits for yourself; this industry doesn’t set limits for us either.”

Selected excerpts from the interview:

On Career Path: From Personal Wealth Management to Professional Mission

Q: With 12 years of experience in finance, looking back, what prompted you to choose the financial industry and delve into cross-border and project investments?

Chen Lu: My initial interest in finance was simple—I just wanted to understand how to manage my own money well. As I learned and practiced, experiencing market ups and downs, I realized two basic truths: first, wealth management is shifting from a luxury for the few to a necessity for thousands of households, carrying the hopes of ordinary people for a better life; second, scientific investment decisions require extensive learning and research, and need professionals to do professional work. Faced with opportunities and challenges, I was motivated to become that professional and help more families grow their wealth steadily.

Q: As head of Cross-Border Investment and Project Investment, how do you see these departments’ roles in Ningbo Yinzhou Bank Wealth Management’s asset allocation landscape? What challenges do they pose to your overall management? How do you define your current role?

Chen Lu: Broadening investment boundaries, diversifying portfolios, and capturing resilient returns are common pursuits of both sectors. Ningbo Yinzhou Bank Wealth Management holds full licenses for derivatives trading, foreign exchange, and QDII, giving us a complete toolkit to achieve these goals. Leveraging diversified assets like bonds, equities, derivatives, and offshore assets, we continuously develop and refine specialized investment strategies to enhance clients’ wealth management experience.

The management challenge lies in the broad scope of expertise required—covering overseas macro research, exchange rate risk management, and domestic asset pricing—necessitating deep research, professional teams, and scientific decision processes.

Regarding my role, I prefer to see myself as “a seeker of professional boundaries” and “a connector of resource allocation.” As a seeker, I believe there is still much room for in-depth research in cross-border and project investments. As a connector, I emphasize that the ultimate value of these departments is in providing clients with richer choices and more stable, higher returns—connecting domestic and international markets, traditional bonds and equities, balancing short-term fluctuations with long-term value.

On Investment Philosophy: Anchoring on Clients, Embracing Diversity

Q: You’re skilled in macro asset judgment and interest rate trend analysis. In the current environment of global divergence and complex interest rate conditions, what do you see as the core “anchor” for effective macro asset allocation?

Chen Lu: The most prominent features now are low interest rates becoming the norm and increased market volatility. In this environment, I believe the key is to focus on two dimensions:

First, starting from client needs. We’ve observed that since last year, risk appetite among bank wealth management clients shows a divergence—some prefer low risk, others are marginally more willing to take risks. This reminds us that allocation should not chase single yield targets but should be based on in-depth analysis of different client needs, matching suitable portfolio strategies and products.

Second, adopting multi-asset allocation. In a low-rate era, relying solely on bonds and traditional “fixed income” strategies is no longer sustainable. The real challenge has become “how to assemble assets effectively.” Expanding boundaries through cross-border investments, enriching strategies via project investments, and controlling overall portfolio volatility through low correlations among assets are essential responses to uncertainty.

Q: Over your 12-year career, which market fluctuation or investment decision left the deepest impression? Can you share an experience of successfully “crossing cycles” in interest rate or macro asset judgment?

Chen Lu: Early 2025, global markets experienced significant volatility. At that time, expectations for Fed rate cuts fluctuated, and selling USD assets was common. Based on continuous monitoring of US fundamentals, we judged that the pace of rate cuts might be slower than expected, so we shortened duration exposure and increased currency hedging, shifting more into domestic equities.

This strategy was validated in 2025. Despite market swings, our Jingyao Cross-Border Fixed Income Series performed well, delivering excellent results: the annualized return of the one-year fixed-term series was 3.34%; the RMB maturing products averaged 3.91%, fully meeting benchmarks; the USD open products have had zero drawdowns since inception, with an average return of 3.72%.

Q: How does the Jingyao series balance investor needs for liquidity, stable returns, and cross-border opportunities?

Chen Lu: First, through multi-term, dual-currency layouts, building a comprehensive ladder of products including daily open, short-term, fixed-term, and closed-end structures, issuing in USD and RMB, with risk levels from PR1 to PR3, to meet different liquidity and currency needs.

Second, by anchoring in high-quality fixed income assets, controlling duration and credit risk to keep net value fluctuations within predictable ranges.

Third, maintaining strategic flexibility by reserving a portion of flexible positions to capture structural opportunities in domestic and cross-border markets. When clear signals emerge, these positions can be quickly built up to contribute to portfolio resilience.

On Management Strategies: Setting Boundaries, Giving Space

Q: As head of Cross-Border Investment and Project Investment, can you share your management style? What qualities do you prioritize when cultivating your investment team?

Chen Lu: My management style can be summarized as “setting boundaries while giving space.” Cross-border and project investments involve diverse markets and assets, with many potential errors. Therefore, “setting boundaries” is the baseline—rigid research frameworks, strict risk controls, and standardized decision processes are non-negotiable. Within these boundaries, I encourage the team to explore boldly, think independently, and seek diverse investment opportunities. Everyone leveraging their expertise can bring more perspectives to the team.

When developing the team, I value three qualities most:

First, curiosity. In today’s macro environment of rising uncertainties, opportunities often hide in change. Without curiosity, it’s hard to see through surface and seize opportunities.

Second, perseverance. Investment is a long-term discipline. The real test is whether one can stay focused during ups and downs, identify main trends amid chaos, and uphold long-term logic under pressure. This perseverance is the result of accumulated professionalism and ensures decision quality.

Third, responsibility. Responsible investment managers always stand in clients’ shoes, understanding the weight of each trust. This awareness ultimately reflects in portfolio performance and client trust.

Q: Managing cross-border portfolios involves risks from exchange rate fluctuations and international regulatory differences. How does your team build a research and decision-making system across markets to effectively manage these additional risks?

Chen Lu: We’ve established a “research-driven, decision-complete, risk-controlled” cross-market investment system. On the research side, macro, strategy, and credit teams collaborate to turn deep analysis into clear, actionable investment decisions; at the decision level, monthly investment committees and daily market briefings ensure strategies are promptly reviewed and adjusted; on risk control, thresholds are set pre-investment, real-time reviews during investment, and dynamic post-investment tracking, with departments working in coordination and checks and balances maintained.

On “Her Power”: Gender is No Barrier, Professionalism Is the Proof

Q: “Her Power” is gaining attention in the workplace. Do you see being a woman in the traditionally male-dominated finance industry as an advantage or a challenge?

Chen Lu: I increasingly believe that gender is not a boundary of ability; perspective is. Every pitch, every decision, doubts don’t come because you are female, but because of a lack of professionalism. My approach is simple—let performance speak. When your judgments are repeatedly validated by the market, and your portfolios generate excess returns amid volatility, gender becomes just a background, not a label. Ultimately, what remains are those who respect the market, value research, and prioritize clients’ trust.

Q: As a female leader, how do you view the rise of “Her Power” in the asset management industry? What marks has your gender left on your management style?

Chen Lu: I see it as a sign of the industry’s maturing. As asset management moves toward specialization and more talented women enter the field, time will naturally select those truly suited for investment, regardless of gender.

Regarding gender differences in decision-making, I prefer to dispel stereotypes. People often think men are more decisive and women more meticulous. But in my experience working with excellent colleagues, both qualities are found across genders—I’ve seen meticulous male investors and decisive female leaders. It’s not about gender-based strengths, but about individual professional capabilities.

Q: The outside world often discusses how women balance career and family. What’s your view?

Chen Lu: That’s a long-term topic for every professional. My approach is to set clear boundaries—fully focus on work when working, and dedicate time to family at home. True balance isn’t a solo effort but a team effort involving family cooperation.

Q: What career advice would you give to young women in the industry? How should they plan their growth and bravely step into decision-making roles?

Chen Lu: I want to share a fact: in our company, talented women are present across all lines—from research and risk management to trading and product development—and women are also present in core decision-making roles. This isn’t by design but a natural outcome of professionalism—if you are excellent enough, gender is never a ceiling. So, don’t limit yourself; this industry doesn’t limit us either.

On the Future: Navigating Cycles, Fulfilling Trust

Q: How do you see the necessity of cross-border asset allocation for domestic investors evolving? What trends will the bank’s cross-border investment sector, Ningbo Yinzhou Bank Wealth Management, exhibit?

Chen Lu: Cross-border asset allocation is shifting from “optional” to “essential.” This is driven by three factors: the natural extension of household wealth accumulation; the “asset scarcity” caused by low domestic interest rates; and maturing investment concepts, with more ordinary investors recognizing the value of diversification.

As for industry trends, I foresee three major changes: first, product forms evolving from “single tools” to “multi-solution offerings,” catering to different risk preferences; second, global investment horizons expanding beyond USD bonds and Chinese bonds to include more diverse markets; third, research capabilities moving from “broad coverage” to “deep specialization,” with internationalization posing the greatest challenge being deep understanding of overseas markets.

Our advantages in cross-border investment include: first, talent—our dedicated team with extensive overseas market research experience, especially in FX strategies, macro, and credit; second, innovation—an efficient decision-making mechanism that responds swiftly to client needs and captures opportunities; third, licensing—full licenses for derivatives, foreign exchange, and QDII, enabling us to share global returns through multiple channels.

Q: Looking ahead, what are your plans and visions for the Jingyao series and Ningbo Yinzhou Bank’s cross-border investment landscape?

Chen Lu: I hope the Jingyao series can live up to its beautiful name—accompanying clients long-term, clearing the fog, crossing cycles, and shining steadily through market fluctuations, illuminating the path of wealth.

Q: Finally, what would you like to say to the product holders?

Chen Lu: Thank you for your trust and companionship. We will continue to uphold professionalism, prudent decision-making, and steady operation, carefully safeguarding every trust. No matter how markets change, we will stay committed, maintain perseverance, and walk with you toward the long-term future.

Text by Qian Xiaorui

Edited by Wang Xinyu and Xu Nan