The global bond market continued to decline overall, with the comprehensive index of US dollar-denominated bonds in emerging markets falling nearly 1%.

Important Information: 01) The Easy Fund Unit Trust—Easy Fund (Hong Kong) Short-Term Bond Fund ('Sub-Fund') is subject to general market fluctuations and other inherent factors related to the Sub-Fund's assets. Therefore, you must bear the risk that the principal invested in the Sub-Fund may not be recovered or a significant portion or all of the investment could be lost. 02) The Sub-Fund primarily invests in a portfolio of debt securities denominated in US dollars, euros, Hong Kong dollars, or offshore renminbi with maturities not exceeding three years, including debt securities issued in emerging markets, aiming to generate a stable income stream for the Sub-Fund beyond capital appreciation, thereby achieving long-term capital growth. There is no guarantee that the Sub-Fund will achieve its investment objectives. 03) The Sub-Fund may be exposed to a) investment risks, b) risks associated with investing in debt securities (including credit/counterparty risks, interest rate risks, sovereign debt risks, credit rating and credit downgrade risks, valuation risks, and risks associated with below-investment-grade and/or unrated debt securities), c) 'dim sum' bond risks, d) emerging market risks, e) risks associated with sale and repurchase agreements, f) risks associated with reverse repurchase agreements, g) concentration risks, h) renminbi currency risks, renminbi-denominated class risks, and hedging renminbi class risks, i) risks associated with perpetual bonds, j) convertible bond risks, k) risks associated with investing in other collective investment schemes/funds, l) risks associated with investing in loss-absorbing debt instruments, m) risks associated with contingent convertible bonds (including trigger level risks/full write-down risks upon conversion, coupon cancellation risks, sector concentration risks, and novel/untested risks), n) risks associated with equity securities, o) Eurozone and European country risks, p) hedging/derivative instrument risks, q) currency risks, r) risks associated with distributions paid out of capital and/or effectively out of capital, and s) risks associated with collateralized and/or securitized products. 04) You should not invest in the Sub-Fund unless the intermediary has explained to you that this fund is suitable for you after considering your financial situation, investment experience, and objectives during the sale of the fund. 05) Dividends will be distributed monthly at the discretion of the fund manager. Distributions may be paid out of capital or effectively out of capital, which will immediately reduce the net asset value of the Sub-Fund. The fund distribution rate does not represent the fund’s return rate; a positive distribution rate does not mean the fund return is positive, and past distribution rates do not indicate future distribution rates. 06) Investors should not make investment decisions based solely on the information provided in this document and should carefully read the details and risk factors contained in the fund's offering documents.

Hello, fellow investors. What significant changes occurred in the market last week? Let’s take a look together:

Last week, the US focused on the Fed's March interest rate meeting while also monitoring inflation and economic forecast adjustments, alongside the issue of Powell’s tenure. The Federal Reserve announced that it would maintain the target range for the federal funds rate at 3.5%-3.75%, marking the second consecutive hold this year. Among the 12 FOMC members, 11 supported this decision, with only one advocating for a 25 basis point rate cut.Previously dissenting members who opposed pausing rate cuts have shifted to supporting no change. The meeting emphasized the uncertain impact of Middle East geopolitical conflicts.The transmission of high oil prices to inflation needs continued observation. Meanwhile, the forecast for PCE inflation in 2026 was raised to 2.7%, GDP growth slightly increased to 2.4%, and the unemployment rate was maintained at 4.4%.The dot plot shows officials converging toward fewer rate cuts, with the median projecting one rate cut this year.Market expectations for rate cuts have receded. Additionally, Powell clearly stated he has no intention of leaving the Federal Reserve Board before the investigation concludes. If the nomination for a new chair isn’t confirmed in time, he will serve as the interim chair, though his personal policy guidance role has diminished.

Last week, China released economic data for January-February. Overall, the year has started strongly, showing a steady and positive trend.On the consumption front, total retail sales increased by 2.8% year-on-year, strongly supported by online consumption. Growth in catering consumption rebounded, and discretionary consumption continued to recover. However, auto-related consumption declined significantly. Excluding autos and petroleum, core retail sales growth reached 8.9%. In terms of industry, value-added industrial output for enterprises above designated size grew by 6.3% year-on-year, with private enterprises leading the growth.High-end manufacturing industries such as computer communications, railways, shipping, and aviation have shown notable growth rates, while energy production has remained stable.Crude oil production turned from a decline to an increase, and the growth rate of electricity production accelerated. In terms of investment, national fixed asset investment increased by 1.8% year-on-year, infrastructure investment grew by 11.4%, industrial investment rose by 5.4%, but private investment declined year-on-year. The drop in real estate development investment narrowed, but sales and new construction starts continued to fall.In terms of employment, the average urban surveyed unemployment rate for January-February was 5.3%, unchanged from the same period last year.The youth unemployment rate for ages 16-24 fell for six consecutive months, and overall employment remained stable.

In terms of bond market performance,Global bond markets continued to retreat overall over the past week.The global composite index fell by 0.14%, the U.S. composite index dropped by 0.51%, U.S. investment-grade corporate bonds fell by 0.27%, and U.S. high-yield corporate bonds declined by 0.31%. The emerging market USD bond composite index decreased by 0.99%.The Chinese dollar-denominated credit bond index fell by 0.39%. In terms of interest rates, U.S. Treasury yields rose overall,The 2-year U.S. Treasury yield rose by 18 basis points to 3.90%, while the 10-year U.S. Treasury yield increased by 10 basis points to 4.38%.

$E Fund (HK) Short-Duration Bond Fund (HK0000625282.MF)$ The net asset value of the B-class Accumulation HKD share class is 113.264*. In response to recent developments in the bond market, we will focus on high-quality bonds with relatively higher coupons to build a solid foundation for stable returns. Meanwhile, we will continue to seize trading opportunities in volatile markets to further enhance overall returns.Short-term bond funds have a lower sensitivity to interest rate fluctuations, making their allocation advantages more prominent.

Key economic data releases to watch this week:

On Tuesday, the US will release the preliminary S&P Global Manufacturing PMI for March.

On Friday, the US will release the University of Michigan Consumer Sentiment data for March.

*Data sourced from the E Fund Hong Kong website, as of 2026/3/23.

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