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A novel hierarchy of integrable nonlinear evolution equations related to the combined Ablowitz–Kaup–Newell–Segur (AKNS) and Wadati–Konno–Ichikawa (WKI) spectral problems is proposed, from which the Lax pair for a corresponding negative flow and its infinite many conservation laws are obtained. Furthermore, a reduction of this hierarchy is discussed, by which a generalized sinh-Gordon equation is derived on the basis of its negative flow.