Based on the famous Shimizu–Morioka system, this paper proposes a novel five-dimensional Shimizu–Morioka-type hyperchaotic system that has an infinite set of heteroclinic orbits. Of particular interest are the following observed properties of the system: (i) the existence of both ellipse-parabola-type and hyperbola-parabola-type of equilibria; (ii) the strange attractor coexisting either non-isolated equilibria or two pairs of symmetrical equilibria; (iii) the existence of the proposed strange attractors and hyperchaotic attractors bifurcated from the corresponding singularly degenerate heteroclinic cycles; (iv) the existence of an infinite set of both ellipse-parabola-type and hyperbola-parabola-type heteroclinic orbits.