Hongyi Yuanfang Medium and Short-Term Bond Securities Investment Fund is a bond fund managed by Hongyi Yuanfang Fund Management Co., Ltd. and custody by Ningbo Bank Co., Ltd. The fund mainly invests in financial instruments with good liquidity, including domestic bonds issued and listed in accordance with the law (including government bonds, central bank bills, financial bonds, corporate bonds, company bonds, medium-term notes, short-term financing bonds, ultra-short-term financing bonds, subordinated bonds, government agency bonds, local government bonds), asset-backed securities, bond repurchases, interbank certificates of deposit, bank deposits (including negotiable certificates of deposit, time deposits and other bank deposits), money market instruments and financial instruments permitted by laws and regulations or the China Securities Regulatory Commission to invest in the fund (but subject to the relevant provisions of the China Securities Regulatory Commission). The liquidity risk of the fund is moderate under normal market conditions. However, if the trading volume of the securities market decreases rapidly under special market conditions, the fund experiences a large-scale redemption and other unexpected special circumstances, the fund's assets may become less liquid, thus causing liquidity risk.