华商基金胡中原：当前市场大有可为 结构性行情或将成为下半年主线

Group 1 - The A-share market has shown significant upward movement, with over 120 funds being liquidated and some funds achieving returns exceeding 88% as of June 30, 2025 [1] - The Huashang Runfeng Flexible Allocation Mixed Fund C (007509) has ranked first among its peers over the past three and five years, demonstrating strong performance under the management of fund manager Hu Zhongyuan since March 2019 [1][4] - Hu Zhongyuan has a solid financial background and 11 years of experience in the securities industry, focusing on risk-return ratios in his investment philosophy [2][5] Group 2 - Hu Zhongyuan believes that the current market has significant potential, with structural trends expected to dominate in the second half of the year, supported by positive signals from multiple departments to stabilize the stock market [3] - The current liquidity in the market and the declining value of real estate assets make equity assets more attractive for wealth management among residents [3] - Emerging industries such as artificial intelligence, new consumption, innovative pharmaceuticals, and solid-state batteries are expected to provide more structural investment opportunities in the A-share market [3] Group 3 - The Huashang Runfeng Flexible Allocation Mixed Fund A has also performed well, ranking 2nd and 3rd in its category over the past three and five years, respectively [4] - The fund's performance from 2019 to 2024 shows a net value growth rate of 16.03%, 59.02%, 8.69%, 3.05%, 0.74%, and 32.90%, compared to its benchmark growth rates [4][5] - The fund has undergone changes in management, with Hu Zhongyuan taking over in March 2019 and continuing to manage the fund to date [4][5]