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Lu, 43, from Chinese Taipei, fired a blistering 10 birdies at Yalong Bay Golf Club to lead by one stroke from title-holder Goosen and Campbell, who returned matching 64s in the 300,000-dollar Asian Tour event.
England's Yasin Ali, tied sixth in the Taiwan Open last week, extended his rich vein of form with a 66 while Scott Strange of Australia, Malaysia's Danny Chia and China's Huang Ming-jie were a shot further back.
With all the attention on the Major champions this week, Lu quietly slipped under the radar.
"I really like this course, it's windy here which is similar to conditions back home," said Lu, a two-time winner on the Asian Tour.
"I didn't play well last week as there was a lot of pressure playing at home as everyone knows me. So coming into this week, it's mentally more relaxing as I'm unknown in China."
Starting from the 10th, Lu parred the first three holes before successive birdies on the 13th, 14th and 15th holes, holing putts from inside 15 feet. He rolled in another five-foot birdie putt on 17 before his lone bogey on 18.
On the inward nine, the experienced campaigner maintained his sizzling form, rifling iron shots close and even chipping in for birdie on the third hole. Lu signed off in style by closing with a hat-trick of birdies.
"My putting was amazing. I only missed two greens and holed some good putts. It feels good to be leading the US Open champions," said Lu.
A 20-foot eagle conversion at his fourth hole, the 15th, sparked Campbell's morning round. He picked up six more birdies to signal his intentions of improving from last year's runner-up finish to Goosen.
"I lost half a shot on the seventh. If it was five yards right, it would have been perfect and I could have easily made birdie," said the New Zealander.
Goosen responded superbly to Lu's and Campbell's flying start with a wonderful display of ball striking, reeling in an eagle, seven birdies and a bogey.
The South African also carded an opening 64 en route to victory in this event last year.
"I got off to a slow start and suddenly I made three birdies in a row (from the fourth). But I played the par fives poorly in one under and lost a few shots," said Goosen, a two-time US Open champion.
Little-known Chinese player Huang, 25, carried the nation's challenge with a seven-birdie round.
Chinese favourite Zhang Lian-wei scrambled to a 72 while last week's Taiwan Open winner Lin Wen-tang of Chinese Taipei enjoyed a solid start with a 68.