中证军工指数创两年新高，华宝高端装备基金亏损14%发布清算公告

Core Insights - The China Securities Military Industry Index has surged by 58.96% from 8154.35 to 12961.76 points since September 24, 2024, reaching a two-year high, driven by geopolitical tensions and national strategic advancements [2] - The announcement of a commemorative event for the 80th anniversary of the victory in the Chinese People's Anti-Japanese War has further fueled market enthusiasm for the military industry sector [2] - Despite the booming military market, the Huabao High-end Equipment Stock Fund has initiated liquidation, raising questions about its performance amidst the industry's growth [2] Fund Performance and Management - The Huabao High-end Equipment Stock Fund, established on August 16, 2022, has entered liquidation due to its net asset value falling below 200 million RMB, triggering termination clauses in its contract [5][6] - The fund's current manager, Zhuang Haoliang, took over in November 2023 and adjusted the portfolio to focus on core military assets, achieving a total return of 8.54% during his tenure, but still underperforming its benchmark by 6.93 percentage points [6] - Since its inception, the fund has recorded a cumulative loss of -14.56%, indicating poor performance despite the military sector's overall growth [6] Manager's Track Record - Zhuang Haoliang's management history shows a pattern of negative returns across most funds he has managed, including significant losses in other products such as Huabao Wisdom Industry Mixed Fund and Huabao Third Industry Mixed Fund [7][10] - The Huabao High-end Equipment Stock Fund's liquidation reflects broader issues in Zhuang's investment strategy, which has not adapted well to varying market conditions, leading to underwhelming performance across different sectors [10] Industry Context - The liquidation of the Huabao High-end Equipment Stock Fund marks the fifth fund liquidation by Huabao since 2025, highlighting ongoing challenges within the firm and the broader market for funds with low asset levels [10][11] - The trend of fund liquidations, including those triggered by low asset values, suggests a difficult environment for certain investment strategies within the industry [11]